What should I be doing ?

1andonly

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3
Age: 39
Spouse’s/Partner's age: N/A

Annual gross income from employment or profession: 58000
Annual gross income of spouse: N/A

Monthly take-home pay 29000

Type of employment: Private Sector

In general are you:

(b) saving?

Rough estimate of value of home 150K
Amount outstanding on your mortgage: 107K
What interest rate are you paying? ECB +.75

Other borrowings – car loans/personal loans etc none

Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? 1500

Savings and investments:

Boi Deposit A/C 24,500
KBC Reg Saver 24,500 +400 per month

Do you have a pension scheme?

DB Scheme with work
also AVC's @1800 P/A current Value 30K


Do you own any investment or other property?
NO

Ages of children:
N/A

Life insurance: mortgage protection
Serious illness cover in place


Hi,

I turn 40 this year and really have not being paying attention to my finances and feel i'm missing direction and a lack of Planning.
my employment is relatively stable but little likelihood of mayor salary increase

Questions:

1. I would like to get to a point where i can move house either by keeping my existing place current rental income would be circa. 900 p/m or selling an moving on what are people views on the best way to achieve this ?

2. should i be looking at life insurance ?

3. savings will be over 50K at year end with all other debts paid, where is the best place to put this? I would consider some medium term medium risk investment for a portion of this

4. I have started a spending diary to increase my monthly savings

5. what should i be doing about the AVC's
 
2. should i be looking at life insurance ?
Do you have any dependents? If not, then there's no need for life insurance - your estate is worth more than enough to cover your funeral, so you won't leave anybody out of pocket.
 
savings will be over 50K at year end with all other debts paid, where is the best place to put this? I would consider some medium term medium risk investment for a portion of this
Does this clash somewhat with Q1. I.e. If you intend purchasing a new property in the short term you should take no longer than a 12 month view on your savings. Look for best rate over that period in cash.
 
Why are you not paying the credit card off immediately ? Or is it a misprint ? Clear that at all times rather than having money on deposit at much lower interest rates.
 
Is it actually serious illness cover you have or might it be income protection? Income protection is a better option.
 
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