H
HelperSam
Guest
Age: 38
Spouse's/Partner's age: 38
Annual gross income from employment or profession: €60,000
Annual gross income spouse: €29,000
(Monthly take-home income of €2,800 + €1,800 = €4,600)
Type of employment: e.g. Civil Servant, self-employed: Factory - Technician. Spouse-clerical.
Expenditure pattern: In general are you spending more than you earn or are you saving?
Normally, our balance is quite low just before payday. We tend to live paycheque to paycheque.
Expenditure: The usual household bills (phone, ESB, cable) run at about 4 to 500 p/m with school fees, once-offs, etc.
€200 p/m to Credit Union (loan payment only).
Rough estimate of value of home €240,000
Mortgage on home €23,000
Mortgage provider: NIB
Type of mortgage: Variable
Interest rate: 5%
Other borrowings – car loans/personal loans etc:
Credit Union: €16,000
Credit Card: €1,300
Do you pay off your full credit card balance each month? No.
If not, what is the balance on your credit card? €1,300
Savings and investments:
No savings account, except for €4,000 with Credit Union.
Have vested share options from employer (c. USD$8,000 worth) now.
Do you have a pension scheme? Yes - employer scheme through BoI. Employer matches AVC contributions up to 3% of salary - paying this much in each paycheque.
Do you own any investment or other property? No.
Ages of children: 16.
Life insurance: Very basic - original requirement for the mortgage.
What specific question do you have or what issues are of concern to you?
We realise our attitude and habits towards money are not ideal. We both come from backgrounds that would not have had much of it about growing up. I think we are still compensating for this both for ourselves and our daughter!
Our home (c. 30 yrs old) is in need of repairs/double-glazing, etc. The estimated cost of this is around €60,000 - 80,000. We don't want to move house right now, but maybe in 3-6 years.
Also, it is likely that I will have the opportunity to take redundancy in the coming months - this will amount to roughly €50,000 nett. I would like to take this chance to change careers, though this will more than likely mean earning less for a few years.
We are in a good position in many ways, but we just don't seem to be making the right long-term plans for ourselves.
I am looking for advice on the best path to financial security and the "best practice" approach! At the end of the day, we would like to have a nicer house, savings for a rainy day and be able to treat ourselves every so often.
Your input is appreciated.
Spouse's/Partner's age: 38
Annual gross income from employment or profession: €60,000
Annual gross income spouse: €29,000
(Monthly take-home income of €2,800 + €1,800 = €4,600)
Type of employment: e.g. Civil Servant, self-employed: Factory - Technician. Spouse-clerical.
Expenditure pattern: In general are you spending more than you earn or are you saving?
Normally, our balance is quite low just before payday. We tend to live paycheque to paycheque.
Expenditure: The usual household bills (phone, ESB, cable) run at about 4 to 500 p/m with school fees, once-offs, etc.
€200 p/m to Credit Union (loan payment only).
Rough estimate of value of home €240,000
Mortgage on home €23,000
Mortgage provider: NIB
Type of mortgage: Variable
Interest rate: 5%
Other borrowings – car loans/personal loans etc:
Credit Union: €16,000
Credit Card: €1,300
Do you pay off your full credit card balance each month? No.
If not, what is the balance on your credit card? €1,300
Savings and investments:
No savings account, except for €4,000 with Credit Union.
Have vested share options from employer (c. USD$8,000 worth) now.
Do you have a pension scheme? Yes - employer scheme through BoI. Employer matches AVC contributions up to 3% of salary - paying this much in each paycheque.
Do you own any investment or other property? No.
Ages of children: 16.
Life insurance: Very basic - original requirement for the mortgage.
What specific question do you have or what issues are of concern to you?
We realise our attitude and habits towards money are not ideal. We both come from backgrounds that would not have had much of it about growing up. I think we are still compensating for this both for ourselves and our daughter!
Our home (c. 30 yrs old) is in need of repairs/double-glazing, etc. The estimated cost of this is around €60,000 - 80,000. We don't want to move house right now, but maybe in 3-6 years.
Also, it is likely that I will have the opportunity to take redundancy in the coming months - this will amount to roughly €50,000 nett. I would like to take this chance to change careers, though this will more than likely mean earning less for a few years.
We are in a good position in many ways, but we just don't seem to be making the right long-term plans for ourselves.
I am looking for advice on the best path to financial security and the "best practice" approach! At the end of the day, we would like to have a nicer house, savings for a rainy day and be able to treat ourselves every so often.
Your input is appreciated.