I always enjoy when people updates threads so here we are 1 year on…..
Age: 36
Spouse’s/Partner's age: 37
Number and age of children: (5, 4, due 2023) 6,5, 11 months
Income and expenditure
Annual gross income from employment or profession: 150k + 20% bonus (private sector)
Annual gross income of spouse: 60-70k depending on over time (public sector)
Monthly take-home pay: Between €8-€9k after deductions
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth €950k with a €520k €510k mortgage
Cash of €75k €18k
Family home mortgage information
Lender BOI
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? 3 2 years 1% cash back due in 3 2 years
Other borrowings – car loans/personal loans etc
9.5 years left on 70k credit union home improvement loan @4.75% Cleared
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes I pay 6% company 4% spouse civil service
Other information which might be relevant
Childcare fees: currently €1500, likely close to €2000 after baby born Just over €2000
Life insurance: Yes, health, mortgage protection, death in service and critical illness
What specific question do you have or what issues are of concern to you?
Thanks to a higher than expected bonus and following a lot of the advice here, we are possibly in a better position than expected/feared. We used our savings to pay off the home improvement loan upgraded the car with solid, sensible but dull 7 seater 2nd hand car.
I’m not going to lie found the year of reduced income on maternity leave very tough. I obviously knew that our spending had increased inline with earnings but was eye opening to stick to a strict monthly budget.
Plan now is to enjoy income being back for a bit then start to slightly overpay mortgage and increase pension contributions unless anyone else has better ideas.