Personal details
Age: 39
Spouse’s/Partner's age: N/A
Number and age of children: N/A
Income and expenditure
Annual gross income from employment or profession: 95,000
Monthly take-home pay €4,500
Type of employment: e.g. Civil Servant, self-employed - Employed
In general are you:
(a) spending more than you earn, or
(b) saving? Saving but currently not making most of money
Summary of Assets and Liabilities
Family home worth €320k with a €190k mortgage
Cash of €52k
Defined Contribution pension fund: €95k
Company shares : RSUs that will mature over next 4 years. Currently value approx. 45k
Shares that have vested: 6k (These have taken a hit this year so haven’t cashed these in, longer term projection good)
Family home mortgage information
Lender BOI
Interest rate Tracker 1.15 + ECB - Repayment 1100 pm
20 years remaining
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Other savings and investments:
Do you have a pension scheme? Yes Total 15% Me 8% Employer 7% Maxing employer contributions Current value 95k approx.
Also have small DB pension – worth about 2k per year. This is indexed linked
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: With mortgage. Death in service/ critical illness through employment
What specific question do you have or what issues are of concern to you?
My goals over next few years
This year change car – Potentially cost of 20 – 25k
If achievable I’d like to move home within next 5 years – current cost of type of house I’d like is 450 – 475k mark
I spent some money last year on home renovations and am now looking at my finances. I’m aware that currently I have too much money in cash and not sure if paying off balance of mortgage is best use of funds ?
My questions - what should I do with savings pot ?
Should I also overpay on mortgage monthly considering tracker costs have risen. I don’t think it’s worth moving to fixed if I will re mortgage in a few years
What is a reasonable savings target and where to allocate it?
Also what should I be targeting as savings amount and where best to allocate if I keep the home move as a pipeline dream ?
Thanks
Age: 39
Spouse’s/Partner's age: N/A
Number and age of children: N/A
Income and expenditure
Annual gross income from employment or profession: 95,000
Monthly take-home pay €4,500
Type of employment: e.g. Civil Servant, self-employed - Employed
In general are you:
(a) spending more than you earn, or
(b) saving? Saving but currently not making most of money
Summary of Assets and Liabilities
Family home worth €320k with a €190k mortgage
Cash of €52k
Defined Contribution pension fund: €95k
Company shares : RSUs that will mature over next 4 years. Currently value approx. 45k
Shares that have vested: 6k (These have taken a hit this year so haven’t cashed these in, longer term projection good)
Family home mortgage information
Lender BOI
Interest rate Tracker 1.15 + ECB - Repayment 1100 pm
20 years remaining
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Other savings and investments:
Do you have a pension scheme? Yes Total 15% Me 8% Employer 7% Maxing employer contributions Current value 95k approx.
Also have small DB pension – worth about 2k per year. This is indexed linked
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: With mortgage. Death in service/ critical illness through employment
What specific question do you have or what issues are of concern to you?
My goals over next few years
This year change car – Potentially cost of 20 – 25k
If achievable I’d like to move home within next 5 years – current cost of type of house I’d like is 450 – 475k mark
I spent some money last year on home renovations and am now looking at my finances. I’m aware that currently I have too much money in cash and not sure if paying off balance of mortgage is best use of funds ?
My questions - what should I do with savings pot ?
Should I also overpay on mortgage monthly considering tracker costs have risen. I don’t think it’s worth moving to fixed if I will re mortgage in a few years
What is a reasonable savings target and where to allocate it?
Also what should I be targeting as savings amount and where best to allocate if I keep the home move as a pipeline dream ?
Thanks