B
BlueMoo
Guest
Age:
34
Spouse’s/Partner's age:
31
Annual gross income from employment or profession:
85,000
Annual gross income of spouse:
30,000
Type of employment: e.g.
Employed, private sector - both of us
In general are you: - not spending more but not saving either
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home
300,000
Amount outstanding on your mortgage:
278,000
What interest rate are you paying?
ecb +.75%
Other borrowings?
No
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
7,000 left over from ssia
Have some Bank shares - not worth much now
Do you have a pension scheme?
Paying 30% of salary into PRSA (to maximise tax incentives)
Partner has static one from previous job
Do you own any investment or other property?
No
Ages of children:
None, but first due in January ‘10
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
General Info:
Partner has new job, contract for a year.
Baby on the way, live in a small 2 bed apartment
Want to maximise our money usage – so?
Pay additional off mortgage?
Increase/decrease pension payments in the short term/long term?
Save outside of pension in accessible account?
Need to start planning for baby related outgoings – initials costs, then schools, colleges etc
Is there a best or recommended approach for dealing with these things?
I appreciate we’re in a good position currently because of my job, but that could change when the baby is born as it is most likely my current company won’t pay maternity leave, which will leave us with quite a shortfall.
Current thinkings:
There is no guarantee that Partner’s job will be extended beyond the year’s contract or how long he will be looking for another job once that contract is up.
34
Spouse’s/Partner's age:
31
Annual gross income from employment or profession:
85,000
Annual gross income of spouse:
30,000
Type of employment: e.g.
Employed, private sector - both of us
In general are you: - not spending more but not saving either
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home
300,000
Amount outstanding on your mortgage:
278,000
What interest rate are you paying?
ecb +.75%
Other borrowings?
No
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
7,000 left over from ssia
Have some Bank shares - not worth much now
Do you have a pension scheme?
Paying 30% of salary into PRSA (to maximise tax incentives)
Partner has static one from previous job
Do you own any investment or other property?
No
Ages of children:
None, but first due in January ‘10
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
General Info:
Partner has new job, contract for a year.
Baby on the way, live in a small 2 bed apartment
Want to maximise our money usage – so?
Pay additional off mortgage?
Increase/decrease pension payments in the short term/long term?
Save outside of pension in accessible account?
Need to start planning for baby related outgoings – initials costs, then schools, colleges etc
Is there a best or recommended approach for dealing with these things?
I appreciate we’re in a good position currently because of my job, but that could change when the baby is born as it is most likely my current company won’t pay maternity leave, which will leave us with quite a shortfall.
Current thinkings:
- Continue mortgage payments as are
- Reduce PRSA payments to figure such as 500 per month, putting the additional take-home pay straight into savings
- Will have extra available every month now, as partner now has income and can assist with bills – again start saving the difference
There is no guarantee that Partner’s job will be extended beyond the year’s contract or how long he will be looking for another job once that contract is up.