Whatever about anything else, you need to analyse your spending to see where exactly your €7k net income after mortgage costs (plus extra from savings) is going each month, in my opinion.3. I find we are running out of money every month and constantly dipping into the savings so I dont' want to see them dwindle away over the next few years. We live fairly frugally ourselves but are always treating the kids or paying for their hobbies etc.
Are you sure that these figures are correct?Income and expenditure
Annual gross income from employment or profession: €82,000 basic
Annual gross income of spouse: €70,000
Monthly take-home pay €3,800 and €3,200 approx
Defined Contribution pension fund: €170k (me ) paying in €2,000 per month including 8% from employer. Himself started later. fund worth maybe $50k and he pays in around €1000 per month.
Figure of 9k net per month seems of in this calc.Are you sure that these figures are correct?
Using this calculator and gross incomes of €82k/€70k, joint assessment, and annual pension contributions of €36k I get a net of ~ €9k+ p.m. (ignoring child benefit) not €7k.
View attachment 7770
Agreed, starting today !Whatever about anything else, you need to analyse your spending to see where exactly your €7k net income after mortgage costs (plus extra from savings) is going each month, in my opinion.
Thank you for this advice, I'm thinking along the same lines.In your shoes, I would definitely pay off your mortgage. That’s pretty much a no brainer.
I think you also need to get serious about funding your retirement. At your ages, you could (and should) be getting tax relief on pension contributions of up to 25% of your salaries - regardless of any employer contributions.
I wouldn’t give up on the “dream” of retiring to a costal property. But treat it as a long-term aspiration - something to look forward to once the kids have flown the nest.
Thanks Clubman, I will plug the figures in here and see what it comes up withAre you sure that these figures are correct?
Using this calculator and gross incomes of €82k/€70k, joint assessment, and annual pension contributions of €36k I get a net of ~ €9k+ p.m. (ignoring child benefit) not €7k.
View attachment 7770
You don't need a calculator. You can just look at your payslips and end of year balancing statements on your Revenue online myAccount.Thanks Clubman, I will plug the figures in here and see what it comes up with
The calculator linked is clearly incorrect - you can't have a take home pay higher than your taxable pay.Thanks Clubman, I will plug the figures in here and see what it comes up with
Ok, I didn't notice that and don't really understand what's going on there. I've contacted the calculator owner to flag the issue.The calculator linked is clearly incorrect - you can't have a take home pay higher than your taxable pay.
1 Yes ASAPWhat specific question do you have or what issues are of concern to you?
1. Should we pay off the mortgage ? If we do, I would like to save the money or invest it in a Davy account for something similiar.
2. I would like to buy an investment property in a nearby coastal town with a view to renting it out for a few years and eventually retiring there. What would be the best way of financing this.
3. I find we are running out of money every month and constantly dipping into the savings so I dont' want to see them dwindle away over the next few years. We live fairly frugally ourselves but are always treating the kids or paying for their hobbies etc.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?