Age: 36
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 40000
Annual gross income of spouse:44000
Type of employment: e.g. Civil Servant, self-employed
Public Sector - Local Govt, Full Time, Perm
Spouse - Private Sector: Full Time Permanent
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home €400K
Amount outstanding on your mortgage: €348K
What interest rate are you paying? 3.49% fixed until end of 2012
Other borrowings – car loans/personal loans etc
Own €400/month
Spouse €200/month
Both to credit union
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1600
Savings and investments: None
Do you have a pension scheme? Both
Do you own any investment or other property? Yes, Value:Unsure but at a guess €180K, Mortgage outstanding: €120K, variable rate 4.2%
Currently rented out @ €850/month with mortgage repayments of €930/month so difference made up by us plus other expenses such as NPPR, PRTB, maintenance, etc. Really don't want to sell this property as it is almost paying for itself and we have really good tenants, so far anyway.
Ages of children: 2yrs and 1 yr old
Life insurance: €45/month tied to Mortgage on principal residence
Health Ins: €230/month for family
Car Insurance: €62/month for two cars
House Ins: €41/month
Childcare:€650/month
Phone: approx €40/month
Sky: €67/month: cannot reduce this until Nov as stuck in a 12 month contract
Mobiles: €50 approx for both
Broadband: €20/month
Groceries: €500/month
Electricity: approx €72/month
Oil Refill: €83/month - new house with only last winter to judge by, amount spread over 12 months for budgetary purposes
Petrol: €250/month on both cars - going to work in opposite directions so cannot share car
What specific question do you have or what issues are of concern to you?
Every month we both put an equal amount into our joint account to cover expenses outlined above. However we never have anything left over to put away for things that come up once or twice a year such as car tax, rubbish collection, birthdays, etc. We have two weddings this year, both abroad, both close familty members so can't opt out. We never go out, do the majority of grocery shopping in Aldi, with extra baby stuff from Dunnes or Supervalu. I am really concerned as every month our outgoings are exceeding our income and with rising taxes, end of fixed rate in less than 18 months and increased charges i.e. property/water, we are already facing a rising credit card bill that we cannot pay off. We had managed to reduce the credit card from €4k to what it is now but cannot see how to get it down to zero. I always thought we were quite careful with money but we never have enough to make ends meet anymore as there are alway extra expenses, such as doctor visits, prescriptions and so on.
Any advise welcomed, thanks.
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 40000
Annual gross income of spouse:44000
Type of employment: e.g. Civil Servant, self-employed
Public Sector - Local Govt, Full Time, Perm
Spouse - Private Sector: Full Time Permanent
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending more than we earn
Rough estimate of value of home €400K
Amount outstanding on your mortgage: €348K
What interest rate are you paying? 3.49% fixed until end of 2012
Other borrowings – car loans/personal loans etc
Own €400/month
Spouse €200/month
Both to credit union
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1600
Savings and investments: None
Do you have a pension scheme? Both
Do you own any investment or other property? Yes, Value:Unsure but at a guess €180K, Mortgage outstanding: €120K, variable rate 4.2%
Currently rented out @ €850/month with mortgage repayments of €930/month so difference made up by us plus other expenses such as NPPR, PRTB, maintenance, etc. Really don't want to sell this property as it is almost paying for itself and we have really good tenants, so far anyway.
Ages of children: 2yrs and 1 yr old
Life insurance: €45/month tied to Mortgage on principal residence
Health Ins: €230/month for family
Car Insurance: €62/month for two cars
House Ins: €41/month
Childcare:€650/month
Phone: approx €40/month
Sky: €67/month: cannot reduce this until Nov as stuck in a 12 month contract
Mobiles: €50 approx for both
Broadband: €20/month
Groceries: €500/month
Electricity: approx €72/month
Oil Refill: €83/month - new house with only last winter to judge by, amount spread over 12 months for budgetary purposes
Petrol: €250/month on both cars - going to work in opposite directions so cannot share car
What specific question do you have or what issues are of concern to you?
Every month we both put an equal amount into our joint account to cover expenses outlined above. However we never have anything left over to put away for things that come up once or twice a year such as car tax, rubbish collection, birthdays, etc. We have two weddings this year, both abroad, both close familty members so can't opt out. We never go out, do the majority of grocery shopping in Aldi, with extra baby stuff from Dunnes or Supervalu. I am really concerned as every month our outgoings are exceeding our income and with rising taxes, end of fixed rate in less than 18 months and increased charges i.e. property/water, we are already facing a rising credit card bill that we cannot pay off. We had managed to reduce the credit card from €4k to what it is now but cannot see how to get it down to zero. I always thought we were quite careful with money but we never have enough to make ends meet anymore as there are alway extra expenses, such as doctor visits, prescriptions and so on.
Any advise welcomed, thanks.