Age: 37
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 35K
Annual gross income of spouse: 24K
Monthly take-home pay
Type of employment: PAYE Private sector ( Both of us)
In general are you:
(b) saving - Save €50 a week between the 2 of us.
Rough estimate of value of home: €250K
Amount outstanding on your mortgage: €205K - 27 years remaining
What interest rate are you paying? Tracker
Other borrowings – No other loans. Credit card paid off each month on time ( Usually no more than €100 is spent a month using the credit card).
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Savings: €10k
Prizebonds: €3k
Shares: €4k
Do you have a pension scheme? Neither of us have a pension.
Do you own any investment or other property? Yes. Value is €200K. Outstanding mortgage of €149K with 27 years remaining.
Rental income covers mortgage repayment and all other associated costs.
Ages of children: Girl aged 9, Boy aged 2.
Life insurance: I have life assurance for €200k & my wife for €60k.
What specific question do you have or what issues are of concern to you?
I am concerned that we have so little savings and no pensions.
After all expenses such as car tax, insurance etc etc we (at best) save €50 a week in total.
Obviously when the kids are older they will require different things and also hopefully go to college so I want to have the savings for this.
Any suggestions as to how to increase our financial situation?
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 35K
Annual gross income of spouse: 24K
Monthly take-home pay
Type of employment: PAYE Private sector ( Both of us)
In general are you:
(b) saving - Save €50 a week between the 2 of us.
Rough estimate of value of home: €250K
Amount outstanding on your mortgage: €205K - 27 years remaining
What interest rate are you paying? Tracker
Other borrowings – No other loans. Credit card paid off each month on time ( Usually no more than €100 is spent a month using the credit card).
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Savings: €10k
Prizebonds: €3k
Shares: €4k
Do you have a pension scheme? Neither of us have a pension.
Do you own any investment or other property? Yes. Value is €200K. Outstanding mortgage of €149K with 27 years remaining.
Rental income covers mortgage repayment and all other associated costs.
Ages of children: Girl aged 9, Boy aged 2.
Life insurance: I have life assurance for €200k & my wife for €60k.
What specific question do you have or what issues are of concern to you?
I am concerned that we have so little savings and no pensions.
After all expenses such as car tax, insurance etc etc we (at best) save €50 a week in total.
Obviously when the kids are older they will require different things and also hopefully go to college so I want to have the savings for this.
Any suggestions as to how to increase our financial situation?