Personal details
Age: 40
Spouse’s/Partner's age: 45
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: 42500
Annual gross income of spouse: 60000
Monthly take-home pay: Paid weekly €568 after deductions. Partner varies each month with commission etc. We operate separate bank accounts
Type of employment: e.g. Civil Servant, self-employed - Employee private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving a variable amount each month. Aim is €1000 minimum but is very much dependent on bills, incidentals incurred in the month as to the final end of month sum.
Summary of Assets and Liabilities
Family home worth €450K with a €205K mortgage
Cash of €25k
Defined Contribution pension fund: Recently started contributions 15% myself, 5% my employer
Family home mortgage information
Lender Bank of Ireland
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? Fixed rate ends August
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
PCP for car paying €345 per month with term ending July 2023
Do you pay off your full credit card balance each month? Yes however the savings amount may be reduced as a result of this!!
If not, what is the balance on your credit card?
Buy to let properties - N/A
Other savings and investments:
Do you have a pension scheme? Yes with approx 6 months contributions
Partner has been contributing to a pension for some time he is unsure of the current value of the fund. He contributes 5% and is matched by employer. He says he is increasing the amount next month onwards
Do you own any investment or other property? No
Other information which might be relevant
Life insurance:
For me Mortgage Protection only.
Partner Mortage protection, death in service lump sum of €100K plus three times salary
What specific question do you have or what issues are of concern to you?
Any advice is much appreciated.
I have spent my 30's working in a family business that was a disasterous career move.
I sacrificed my career, pay increases bonuses etc with a view that the business would eventually be passed on. A very difficult situation developed and I had to make the decision to walk away. I have therefore missed out on career progression and salary increases in that period.
I am now trying to get back on track financially.
We have not had kids and are unsure if this will happen at this stage of life.
We have lived in our home for approx 10 years and are getting to the point where improvements are required. We are estimating a spend of approximately €50K which we are hoping to incorporate in a new mortgage amount when the fixed rate expires this Summer.
We are considering starting an investment fund allocating a Direct Debit payment each month of €400 as opposed to a lumpsum commitment.
We are at a crossroads in a lot of aspects of life and really need any guidance or advice as to how we progress financially from here. Are we mad to consider the investment fund? I would like to maintain a lumpsum of €25K in savings and once our remortgage is sorted start to overpay the mortgage.
We are open to any advice, experience direction you can offer.
Thanks in advance!!
Age: 40
Spouse’s/Partner's age: 45
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: 42500
Annual gross income of spouse: 60000
Monthly take-home pay: Paid weekly €568 after deductions. Partner varies each month with commission etc. We operate separate bank accounts
Type of employment: e.g. Civil Servant, self-employed - Employee private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving a variable amount each month. Aim is €1000 minimum but is very much dependent on bills, incidentals incurred in the month as to the final end of month sum.
Summary of Assets and Liabilities
Family home worth €450K with a €205K mortgage
Cash of €25k
Defined Contribution pension fund: Recently started contributions 15% myself, 5% my employer
Family home mortgage information
Lender Bank of Ireland
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? Fixed rate ends August
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
PCP for car paying €345 per month with term ending July 2023
Do you pay off your full credit card balance each month? Yes however the savings amount may be reduced as a result of this!!
If not, what is the balance on your credit card?
Buy to let properties - N/A
Other savings and investments:
Do you have a pension scheme? Yes with approx 6 months contributions
Partner has been contributing to a pension for some time he is unsure of the current value of the fund. He contributes 5% and is matched by employer. He says he is increasing the amount next month onwards
Do you own any investment or other property? No
Other information which might be relevant
Life insurance:
For me Mortgage Protection only.
Partner Mortage protection, death in service lump sum of €100K plus three times salary
What specific question do you have or what issues are of concern to you?
Any advice is much appreciated.
I have spent my 30's working in a family business that was a disasterous career move.
I sacrificed my career, pay increases bonuses etc with a view that the business would eventually be passed on. A very difficult situation developed and I had to make the decision to walk away. I have therefore missed out on career progression and salary increases in that period.
I am now trying to get back on track financially.
We have not had kids and are unsure if this will happen at this stage of life.
We have lived in our home for approx 10 years and are getting to the point where improvements are required. We are estimating a spend of approximately €50K which we are hoping to incorporate in a new mortgage amount when the fixed rate expires this Summer.
We are considering starting an investment fund allocating a Direct Debit payment each month of €400 as opposed to a lumpsum commitment.
We are at a crossroads in a lot of aspects of life and really need any guidance or advice as to how we progress financially from here. Are we mad to consider the investment fund? I would like to maintain a lumpsum of €25K in savings and once our remortgage is sorted start to overpay the mortgage.
We are open to any advice, experience direction you can offer.
Thanks in advance!!
