cuttothechase
Registered User
- Messages
- 3
Age: 46
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 76,000
Annual gross income of spouse: 63,500
Monthly take-home pay: 7,300
Type of employment: e.g. Civil Servant, self-employed: both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving? saving
Rough estimate of value of home: 400,000
Amount outstanding on your mortgage: 240,000
What interest rate are you paying? 2.95 variable with AIB with 14 years left on the mortgage.
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:
Not much savings, just 10,000 in deposit account in the bank. We are not big savers and usually save with a goal in mind, e.g house renovations, cars, etc..
I suppose we live for the moment and don't plan for the future too much.
Do you have a pension scheme? Public sector pensions for both of us.
Do you own any investment or other property? No
Ages of children: 3 children, 9, 8 & 5.
Life insurance:
350 Life insurance through the mortgage, 75,000 critical illness cover for both of us. Salary protection and life cover/death benefit through work also.
What specific question do you have or what issues are of concern to you?
1. We don't really have a financial plan at the minute. I know we don't have much savings, so my concern is how should we proceed going forward. We are both not really up on financial matters?
2. I would like to have the mortgage cleared before my eldest child starts college so we would be able to fund that instead of having the mortgage. I just cant see us having big savings for when the children go to college.
3. Should we be saving more so that we could retire at about 64/65?
Any advice greatly appreciated, many thanks.
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 76,000
Annual gross income of spouse: 63,500
Monthly take-home pay: 7,300
Type of employment: e.g. Civil Servant, self-employed: both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving? saving
Rough estimate of value of home: 400,000
Amount outstanding on your mortgage: 240,000
What interest rate are you paying? 2.95 variable with AIB with 14 years left on the mortgage.
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:
Not much savings, just 10,000 in deposit account in the bank. We are not big savers and usually save with a goal in mind, e.g house renovations, cars, etc..
I suppose we live for the moment and don't plan for the future too much.
Do you have a pension scheme? Public sector pensions for both of us.
Do you own any investment or other property? No
Ages of children: 3 children, 9, 8 & 5.
Life insurance:
350 Life insurance through the mortgage, 75,000 critical illness cover for both of us. Salary protection and life cover/death benefit through work also.
What specific question do you have or what issues are of concern to you?
1. We don't really have a financial plan at the minute. I know we don't have much savings, so my concern is how should we proceed going forward. We are both not really up on financial matters?
2. I would like to have the mortgage cleared before my eldest child starts college so we would be able to fund that instead of having the mortgage. I just cant see us having big savings for when the children go to college.
3. Should we be saving more so that we could retire at about 64/65?
Any advice greatly appreciated, many thanks.