Age: 33
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 68k
Annual gross income spouse: 63k
Type of employment: e.g. permanent full time both salaried PAYE
Expenditure pattern: Finding it hard to make ends meet despite having a low frills life style. Old car/ no carpet on the stairs/ very little furniture/ hate clothes shopping etc
Rough estimate of value of home 1.9million
Mortgage on home 700k
Mortgage provider: First Active
Type of mortgage: Tracker
Interest rate .75 above ECB (know there's better out there but we needed to draw it down in installments and NIB won't let us do that - did some building work)
Other borrowings – 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: Joint account with €250 a month going in/ Child allowance into An Post account, couple of grand (less than 5k at any time in current account)
Do you have a pension scheme? Yes DB for spouse, had to wait qualifying period to join mine which I will do this year - DC
Do you own any investment or other property? No
Ages of children: 2.5 years and 7 months
Life insurance: Yes
Creche fees - €2000 a month full time for two
Problem
Despite earning good wages between us and having a low mortgage compared to the value of the property and having no car loans etc we are still struggling. Wonder if we are missing something but between the mortgage and creche we seem to have little if nothing left and I'd really like to get a saving scheme going for my own children to help them later in life. Any advice???
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 68k
Annual gross income spouse: 63k
Type of employment: e.g. permanent full time both salaried PAYE
Expenditure pattern: Finding it hard to make ends meet despite having a low frills life style. Old car/ no carpet on the stairs/ very little furniture/ hate clothes shopping etc
Rough estimate of value of home 1.9million
Mortgage on home 700k
Mortgage provider: First Active
Type of mortgage: Tracker
Interest rate .75 above ECB (know there's better out there but we needed to draw it down in installments and NIB won't let us do that - did some building work)
Other borrowings – 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: Joint account with €250 a month going in/ Child allowance into An Post account, couple of grand (less than 5k at any time in current account)
Do you have a pension scheme? Yes DB for spouse, had to wait qualifying period to join mine which I will do this year - DC
Do you own any investment or other property? No
Ages of children: 2.5 years and 7 months
Life insurance: Yes
Creche fees - €2000 a month full time for two
Problem
Despite earning good wages between us and having a low mortgage compared to the value of the property and having no car loans etc we are still struggling. Wonder if we are missing something but between the mortgage and creche we seem to have little if nothing left and I'd really like to get a saving scheme going for my own children to help them later in life. Any advice???