YoungBonnie
Registered User
- Messages
- 4
Hi all,
I feel like we are an average enough family with decent jobs and but we'd like to put some structure on our future so looking for advice about what to do with spare cash, pension planning and children's investments.
We are probably a little risk averse and frugal enough. Very conscious of the squeeze that the cost of living increases are putting on everything e.g. utilities, groceries, fuel etc.
We are both working in the civil service, details below:
Personal details
Age: 37
Spouse’s/Partner's age: 36
Number and age of children: Two – 2 years old and 8 months old
Income and expenditure
Annual gross income from employment or profession: €73,000
Annual gross income of spouse: €64,000 (80% due to parental leave)
Monthly take-home pay:
- Me: €3,580
- Spouse: €2,800
Type of employment:
- Me: Civil Servant
- Spouse: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Personally, saving more; approx. €800 a month.
Contributing €700 per month into Joint A/C (spouse contributing €600pm) which probably breaks even on our expenditure but Child Benefit is also being paid into this account.
Summary of Assets and Liabilities
Family home worth: €320k (estimated value, bought for €235k in 2020 & renovated) with a €186k mortgage remaining.
Cash of €6k in Joint A/C
Personal cash of €155k in non-performing savings accounts
Pension:
- Me: Civil service pension with 7 years service
- Spouse: Civil service pension with 8 years service & contributing to AVC (Cornmarket)
Family home mortgage information
Lender: BOI (transferred from KBC)
Interest rate 3.3% variable (3-year fixed ended in Aug ’23)
If fixed, what is the term remaining of the fixed rate? N/A
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? No Credit Card
If not, what is the balance on your credit card?
Buy to let properties – N/A
Value:
Rental income per year:
Rough annual expenses other than mortgage interest:
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
Do you have a pension scheme? Single Public Service Pension Scheme
Do you own any investment or other property? No
Other information which might be relevant:
Life insurance: Mortgage Protection
Spouse has Salary/Income Protection with Cornmarket
Main queries:
I have a few queries, apologies.
I feel like we are an average enough family with decent jobs and but we'd like to put some structure on our future so looking for advice about what to do with spare cash, pension planning and children's investments.
We are probably a little risk averse and frugal enough. Very conscious of the squeeze that the cost of living increases are putting on everything e.g. utilities, groceries, fuel etc.
We are both working in the civil service, details below:
Personal details
Age: 37
Spouse’s/Partner's age: 36
Number and age of children: Two – 2 years old and 8 months old
Income and expenditure
Annual gross income from employment or profession: €73,000
Annual gross income of spouse: €64,000 (80% due to parental leave)
Monthly take-home pay:
- Me: €3,580
- Spouse: €2,800
Type of employment:
- Me: Civil Servant
- Spouse: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Personally, saving more; approx. €800 a month.
Contributing €700 per month into Joint A/C (spouse contributing €600pm) which probably breaks even on our expenditure but Child Benefit is also being paid into this account.
Summary of Assets and Liabilities
Family home worth: €320k (estimated value, bought for €235k in 2020 & renovated) with a €186k mortgage remaining.
Cash of €6k in Joint A/C
Personal cash of €155k in non-performing savings accounts
Pension:
- Me: Civil service pension with 7 years service
- Spouse: Civil service pension with 8 years service & contributing to AVC (Cornmarket)
Family home mortgage information
Lender: BOI (transferred from KBC)
Interest rate 3.3% variable (3-year fixed ended in Aug ’23)
If fixed, what is the term remaining of the fixed rate? N/A
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? No Credit Card
If not, what is the balance on your credit card?
Buy to let properties – N/A
Value:
Rental income per year:
Rough annual expenses other than mortgage interest:
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
Do you have a pension scheme? Single Public Service Pension Scheme
Do you own any investment or other property? No
Other information which might be relevant:
Life insurance: Mortgage Protection
Spouse has Salary/Income Protection with Cornmarket
Main queries:
I have a few queries, apologies.
- How to best invest for children’s education etc. (Child Benefit is currently paid into joint account and is being spent as normal income)
- Should we overpay the mortgage? Should we fix for a few years?
- Should I start an AVC? And what’s the best and most economical route?
- What should I do with the cash I currently have which is not performing. Considering the amount, I could put a portion away for a longish period