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Guest
Age: 38
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: Circa €150,000
Annual gross income of spouse: none - recently became SAHP
Type of employment: e.g. Civil Servant, self-employed Self-employed
In general are you:
(a) spending more than you earn, or
(b) saving? SAVING
Rough estimate of value of home €360,000 - taken as 15% below current asking prices
Amount outstanding on your mortgage: €360,000
What interest rate are you paying? 1.75%, tracker.
Other borrowings – car loans/personal loans etc None
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: Savings - €55,000 in various accounts. Saving €1,000 a month & hoping to increase this to €1,500 a month once older child starts school & montesorri fees finish. Savings had been higher but used funds to purchase a property in France, convert attic & purchase a car.
Do you have a pension scheme? Yes, having been making maximum pension contributions for last few years.
Do you own any investment or other property? Rental property in France - guaranteed rent, yearly shortfall of €3,500. €85,000 oustanding
Ages of children: 4 & 6months
Life insurance: mortgage protection policy & separate policy for €300,000
What specific question do you have or what issues are of concern to you?
Feeling very stressed at the moment and can't really see the woods for the trees. I'm finding the change from a 2 income to one income family a hard adjustment and feel constantly worried about money, even when I have no reason to be worried.
My income has taken a drop from last year, dropping from €180k to €150k and this isn't helping with the stress levels.
Anyway, I have a good fix on our outgoings etc and know that including savings that we need a net income of €6,000 a month.
I have prepared some initial calculations of my tax bills for 2009 which include me doing the max pension. Basically, I've worked out I can either do the max pension and have a lower net income or reduce the pension.
So am I better to
Do the max pension and reduce my level of savings
or
Do a lower level of pension and keep saving at the same rate.
My own preference is to keep saving as I have no clarity on whether my income will drop even further over the next few years & I feel it might be better to have accessible funds available.
Also any suggestions on our finances would also be helpful.
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: Circa €150,000
Annual gross income of spouse: none - recently became SAHP
Type of employment: e.g. Civil Servant, self-employed Self-employed
In general are you:
(a) spending more than you earn, or
(b) saving? SAVING
Rough estimate of value of home €360,000 - taken as 15% below current asking prices
Amount outstanding on your mortgage: €360,000
What interest rate are you paying? 1.75%, tracker.
Other borrowings – car loans/personal loans etc None
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: Savings - €55,000 in various accounts. Saving €1,000 a month & hoping to increase this to €1,500 a month once older child starts school & montesorri fees finish. Savings had been higher but used funds to purchase a property in France, convert attic & purchase a car.
Do you have a pension scheme? Yes, having been making maximum pension contributions for last few years.
Do you own any investment or other property? Rental property in France - guaranteed rent, yearly shortfall of €3,500. €85,000 oustanding
Ages of children: 4 & 6months
Life insurance: mortgage protection policy & separate policy for €300,000
What specific question do you have or what issues are of concern to you?
Feeling very stressed at the moment and can't really see the woods for the trees. I'm finding the change from a 2 income to one income family a hard adjustment and feel constantly worried about money, even when I have no reason to be worried.
My income has taken a drop from last year, dropping from €180k to €150k and this isn't helping with the stress levels.
Anyway, I have a good fix on our outgoings etc and know that including savings that we need a net income of €6,000 a month.
I have prepared some initial calculations of my tax bills for 2009 which include me doing the max pension. Basically, I've worked out I can either do the max pension and have a lower net income or reduce the pension.
So am I better to
Do the max pension and reduce my level of savings
or
Do a lower level of pension and keep saving at the same rate.
My own preference is to keep saving as I have no clarity on whether my income will drop even further over the next few years & I feel it might be better to have accessible funds available.
Also any suggestions on our finances would also be helpful.