Age: 36
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 35k
Annual gross income of spouse:33k
Monthly take-home pay : 3800 after 20% AVCs each, motor and health insurance comes out
Type of employment: Private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Both, put full AVC into pension and a regular savings of 400, then allow ourselves to spend the rest if needed/wanted. No cable/satellite and use prepaid phones, old car paid off. Like a bit of GAA , pub and travel.
Rough estimate of value of home 315k
Amount outstanding on your mortgage: 220k
What interest rate are you paying? 3.5% SVR, approx. 1000 per month (one year done, 29 more to go!)
Other borrowings – none but approx. 1000 in crèche fees
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:
Regular savings account: 27k, and 400 per month
Do you have a pension scheme?
Defined Contribution through work about 70k and 105k for spouse, we are putting in full 20% AVC and company puts in 15% for me and 11% for spouse
Do you own any investment or other property?
130k in target date index funds ( 80%stock, 20% bonds), have already checked that this is the lowest choice in fees
Ages of children:
1 girl, 2 years old, hope for one more
Life insurance:
Just mortgage cover and cover through DC pensions at work, approx. 130k each
What specific question do you have or what issues are of concern to you?
We don’t have any major debt problems as we came into home buying and kids later so had a chance to save up. However as we are relatively low earners for our age and don’t see any big changes in future income coming our way, we wanted to hear if there were any other suggestions for improvement and/or thoughts on below.
- Thinking of paying 200 extra to mortgage from December, but otherwise don’t know what else we could be doing. Went for 30 years mortgage with the intention of paying more than just the monthly payment but giving us room in case of job loss/ illness/ etc.
-Currently have VHI health insurance where work pays half but wondering if the policy for daughter is even needed with GP care free until 12 and it seems that most paediatric hospital work is on a public basis anyways? We attend a renal clinic in Temple Street several times a year for a checkup but she seems to be on a public list for all visits and scans.
-Planning for 2nd child, but should we hold off 2 months to get Sept 2016 Paternity Leave? Last time around, pregnant within 2 weeks so just thinking ahead
-With new budget, is it a flat 2 years of preschool or from 3 until 5 ½, therefore maximum of 2 ½ years free? Does anyone know approx. fees to top up the free preschool to a full day in crèche?
Thanks for any help.
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 35k
Annual gross income of spouse:33k
Monthly take-home pay : 3800 after 20% AVCs each, motor and health insurance comes out
Type of employment: Private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Both, put full AVC into pension and a regular savings of 400, then allow ourselves to spend the rest if needed/wanted. No cable/satellite and use prepaid phones, old car paid off. Like a bit of GAA , pub and travel.
Rough estimate of value of home 315k
Amount outstanding on your mortgage: 220k
What interest rate are you paying? 3.5% SVR, approx. 1000 per month (one year done, 29 more to go!)
Other borrowings – none but approx. 1000 in crèche fees
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:
Regular savings account: 27k, and 400 per month
Do you have a pension scheme?
Defined Contribution through work about 70k and 105k for spouse, we are putting in full 20% AVC and company puts in 15% for me and 11% for spouse
Do you own any investment or other property?
130k in target date index funds ( 80%stock, 20% bonds), have already checked that this is the lowest choice in fees
Ages of children:
1 girl, 2 years old, hope for one more
Life insurance:
Just mortgage cover and cover through DC pensions at work, approx. 130k each
What specific question do you have or what issues are of concern to you?
We don’t have any major debt problems as we came into home buying and kids later so had a chance to save up. However as we are relatively low earners for our age and don’t see any big changes in future income coming our way, we wanted to hear if there were any other suggestions for improvement and/or thoughts on below.
- Thinking of paying 200 extra to mortgage from December, but otherwise don’t know what else we could be doing. Went for 30 years mortgage with the intention of paying more than just the monthly payment but giving us room in case of job loss/ illness/ etc.
-Currently have VHI health insurance where work pays half but wondering if the policy for daughter is even needed with GP care free until 12 and it seems that most paediatric hospital work is on a public basis anyways? We attend a renal clinic in Temple Street several times a year for a checkup but she seems to be on a public list for all visits and scans.
-Planning for 2nd child, but should we hold off 2 months to get Sept 2016 Paternity Leave? Last time around, pregnant within 2 weeks so just thinking ahead
-With new budget, is it a flat 2 years of preschool or from 3 until 5 ½, therefore maximum of 2 ½ years free? Does anyone know approx. fees to top up the free preschool to a full day in crèche?
Thanks for any help.