Age: 26
Spouse’s/Partner's age: 26
Monthly net income from employment or profession: 1800
Monthly net income of spouse: 2200
Type of employment: e.g. Civil Servant, self-employed : Both employees, private sector
In general are you spending more than you earn or are you saving? Not saving but not building up debt either
Rough estimate of value of home: 360,000
Amount outstanding on your mortgage: 290,000
What interest rate are you paying? Tracker mortgage (not sure of exact rate but it is a new mortgage and it was the best rate at the time we got it -about 12 months ago)
Other borrowings – car loans/personal loans etc
My car loan €11000 outstanding (268 per month)
His car loan €5000 outstanding (155 per month)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2k on mine, €7k on his (accumulated during a period of unemployment last year)
he tries to pay 400 per month off his which wouldn't be possible if we had another child. I pay approx 100-200 off mine per month.
Savings and investments: None
Do you have a pension scheme? I don't, his work contribute a sum of approx €200 per month to his pension (they won't reduce his pension and pay him more - we've tried)
Do you own any investment or other property? No
Ages of children: One child aged 5
Life insurance: €54 per month for us both (loaded due to a health condition I have)
What specific question do you have or what issues are of concern to you?
We are considering having another child but not sure if it will stretch us too much financially.
We would be looking at another 800 per month at least for a creche for a baby. At the moment it costs us €325 per month for our older child.
We are also considering consolidating all our loans and credit cards into one loan (approx 500 per month) and cancelling my credit card and reducing the limit on his to €1000.
This would mean our income would be 4300(including childrens allowance for 2 children)
Less mortgage(1500), loan repayment(500), insurance(120), creche fees for 2 children(1200 approx) Total 3320
This leaves us with approx 240 per week for food, petrol, ESB, phone bills and essentials which doesn't feel like enough.
I am elegible for maternity benefit (total 1120 approx per month). My employer will not top up my maternity benefit. I would return to work once my paid maternity benefit ran out. I would also remove our older child from creche whilst off work leaving a shortfall of 355 per month while I was off work so i am not too concerned about that period of time.
My main issue is the cost when I return to work. I have looked into childminders but it is not that much less expensive than creche. I am adverse to the idea of an au pair.
All suggestions welcome.
Spouse’s/Partner's age: 26
Monthly net income from employment or profession: 1800
Monthly net income of spouse: 2200
Type of employment: e.g. Civil Servant, self-employed : Both employees, private sector
In general are you spending more than you earn or are you saving? Not saving but not building up debt either
Rough estimate of value of home: 360,000
Amount outstanding on your mortgage: 290,000
What interest rate are you paying? Tracker mortgage (not sure of exact rate but it is a new mortgage and it was the best rate at the time we got it -about 12 months ago)
Other borrowings – car loans/personal loans etc
My car loan €11000 outstanding (268 per month)
His car loan €5000 outstanding (155 per month)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2k on mine, €7k on his (accumulated during a period of unemployment last year)
he tries to pay 400 per month off his which wouldn't be possible if we had another child. I pay approx 100-200 off mine per month.
Savings and investments: None
Do you have a pension scheme? I don't, his work contribute a sum of approx €200 per month to his pension (they won't reduce his pension and pay him more - we've tried)
Do you own any investment or other property? No
Ages of children: One child aged 5
Life insurance: €54 per month for us both (loaded due to a health condition I have)
What specific question do you have or what issues are of concern to you?
We are considering having another child but not sure if it will stretch us too much financially.
We would be looking at another 800 per month at least for a creche for a baby. At the moment it costs us €325 per month for our older child.
We are also considering consolidating all our loans and credit cards into one loan (approx 500 per month) and cancelling my credit card and reducing the limit on his to €1000.
This would mean our income would be 4300(including childrens allowance for 2 children)
Less mortgage(1500), loan repayment(500), insurance(120), creche fees for 2 children(1200 approx) Total 3320
This leaves us with approx 240 per week for food, petrol, ESB, phone bills and essentials which doesn't feel like enough.
I am elegible for maternity benefit (total 1120 approx per month). My employer will not top up my maternity benefit. I would return to work once my paid maternity benefit ran out. I would also remove our older child from creche whilst off work leaving a shortfall of 355 per month while I was off work so i am not too concerned about that period of time.
My main issue is the cost when I return to work. I have looked into childminders but it is not that much less expensive than creche. I am adverse to the idea of an au pair.
All suggestions welcome.