Moneymakeover Would love opinions on my finances please

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coolaboola12

Registered User
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Personal details

Your age: 45
Your spouse's age: 40
Partner's age if not married:

Number and age of children: 1 child aged 9


Income and expenditure
Annual gross income from employment or profession: 87000
Annual gross income of spouse/partner: 70000

Monthly take-home pay:3650

Type of employment - Employee
Employer type:me private / wife public sector

In general are you:
(a) spending more than you earn,


Summary of Assets and Liabilities
Family home value: 400000
Mortgage on family home: 78000
Net equity:

Cash: 95000
Defined Contribution pension fund: 275000 (maxing contributions)


Family home mortgage information
Lender AIB
Interest rate 2.5%
Type of interest rate: fixed
If fixed, what is the term remaining of the fixed rate ? 1 year
Remaining term: 14 years
Monthly repayment: 567

Pension information

Value of pension fund: 275000 maxing contributions


What specific question do you have or what issues are of concern to you?

Im wondering what to do with my cash, pay off mortgage / invest / upgrade the house or keep the money as cash in case of redundancy (work in tech)

Thanks for any help and advice
 
coolaboola12 said:
Im wondering what to do with my cash, pay off mortgage / invest / upgrade the house or keep the money as cash in case of redundancy (work in tech)
Click to expand...
This key thread might be of relevance in this context.

Key Post - Overpay mortgage or contribute to pension or do something else?

This comes up in a lot of different threads, so I will set out some principles here to kick off the discussion. I will edit it in the light of feedback. There are many options with your savings in excess of your emergency cash fund Pay down your mortgage Build up a fund to enable you to trade...
www.askaboutmoney.com
 
Do you have income protection, could you pivot in to the public sector yourself? Spending a lot heating your home? That's an affordable mortgage even if you lost your job.
 
coolaboola12 said:
Im wondering what to do with my cash, pay off mortgage / invest / upgrade the house or keep the money as cash in case of redundancy (work in tech)
Click to expand...
How many months/years expenditure does the cash cover? It's unlikely to be getting after DIRT interest in excess of your mortgage rate, so it would make sense to pay what you don't need for the emergency fund off the mortgage.

What needs to be upgraded in the house?
 
If not short if they're maximising pension contributions (25%)
 
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ClubMan said:
What is your household monthly expenditure and how much is it in excess of your household net income?
Click to expand...
The OP has given us scant details on which to offer advice.

Take home pay seems low, we have no idea if his home improvements are necessary or whether that’s what he wants to do.
 
If you are interested more information on the family income and expenditure (monthly) would be of benefit. You appear to be maximising your pension but I think you are only quoting your take home pay and not the family income. So outgoings on the major factors would be of interest.
Mortgage
Childcare (if any)
Health Insurance
house Insurance
Groceries
Holidays
Heating
Electricity
Bins
Car maintenance and tax
House maintenance
Phones
Etc, etc.

Even if you don’t want to post all that detail here doing the exercise for yourself should be very enlightening.
 
Bronte said:
The OP has given us scant details on which to offer advice.
Click to expand...
Doesn't really matter since they never act on the advice.

What to do with 100k

Hi all I have 100k on deposit, no mortgage and maxing out my pension with 100% equities Is a buy to let the best place for my 100k? Thanks for any advice
www.askaboutmoney.com

What to do with 1500 per month

Hi all I'm maxing pension and mortgage free and fortunately generating 1500 a month surplus cash and would like opinions on what to do with it. I have a high 5 figure lump sum in AIB so don't just want to save it as cash I can't decide what to do : 1. Go down the etf route with the taxes and...
www.askaboutmoney.com

Options for 50k investment

Hi all I have 50k to invest and just wondering what people would do with this amount of money My pension is 100% equities so not sure if the 50k should go into equities also ? I was thinking of splitting it up amongst a few investment trusts like fcit / jam etc
www.askaboutmoney.com
 
Last edited:
OP asked for opinions so here is one.... you are in lucky, comtable position to keep it sinple and enjoy your life..
Maximise pension
Buy a decent primary resident
Keep rainy day saving

And enjoy your life....
 
With you cash i would do the following:

1. Max pension for your wife through avcs.
2. Pay down half the o/s mortgage bal.
3. Keep some rainey day funds of maybe 15k
 
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