willyfones
Registered User
- Messages
- 39
Age: 36
Spouse’s/Partner's age: 34
Annual gross income from employment: 46,000
Annual gross income of spouse: 40,000
Monthly take-home pay: 5350 pm total
Type of employment: Both PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
We never like to borrow and never have (apart from mortgage) breaking even a bit for the last 2 years with doing up our house and having a child.
Rough estimate of value of home: 555k
Amount outstanding on your mortgage: 220k
What interest rate are you paying? 3.1% with KBC 927 per month
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? None
Savings and investments: 12k savings in Credit Union.
Do you have a pension scheme? Two DC pensions about 5 – 6 % contributions maybe 20k in total in both.
Do you own any investment or other property? No
Ages of children: 1 two year old
Life insurance: Joint mortgage protection, Health Insurance,
What specific question do you have or what issues are of concern to you?
We pay 600 euro a month childcare (and this is only for 2 days a week) we have a relative minding for the other 3 days. But we would like to have another child so this will rise to maybe 800 plus a month or more.
I have been thinking maybe it would be better if we drastically cut back on our expenditure and try to live off one wage for maybe the next 5 years. I was thinking I could save maybe 8k over the next year and a half. Then bring our savings up to 20k and drip feed this into our expenditure over the 5 years.
Both working – 5350 per month or 1230 per week
Single working – 3170 per month 730 per week plus savings (807 per week)
How can I financially plan for something like this to see if it is viable? We both would love to have our child and future child minded at home. We obviously would have to drastically cut back on our spending.
Spouse’s/Partner's age: 34
Annual gross income from employment: 46,000
Annual gross income of spouse: 40,000
Monthly take-home pay: 5350 pm total
Type of employment: Both PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
We never like to borrow and never have (apart from mortgage) breaking even a bit for the last 2 years with doing up our house and having a child.
Rough estimate of value of home: 555k
Amount outstanding on your mortgage: 220k
What interest rate are you paying? 3.1% with KBC 927 per month
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? None
Savings and investments: 12k savings in Credit Union.
Do you have a pension scheme? Two DC pensions about 5 – 6 % contributions maybe 20k in total in both.
Do you own any investment or other property? No
Ages of children: 1 two year old
Life insurance: Joint mortgage protection, Health Insurance,
What specific question do you have or what issues are of concern to you?
We pay 600 euro a month childcare (and this is only for 2 days a week) we have a relative minding for the other 3 days. But we would like to have another child so this will rise to maybe 800 plus a month or more.
I have been thinking maybe it would be better if we drastically cut back on our expenditure and try to live off one wage for maybe the next 5 years. I was thinking I could save maybe 8k over the next year and a half. Then bring our savings up to 20k and drip feed this into our expenditure over the 5 years.
Both working – 5350 per month or 1230 per week
Single working – 3170 per month 730 per week plus savings (807 per week)
How can I financially plan for something like this to see if it is viable? We both would love to have our child and future child minded at home. We obviously would have to drastically cut back on our spending.