# how to manage our savings in long term (mid age with 2 kids)



## Taohua (25 Feb 2014)

Age: 32
Spouse’s/Partner's age: 31

Annual gross income from employment or profession: 0
Annual gross income of spouse: 81K + 5K bonus

Monthly take-home pay 
4165(monthly)+2300(yearly bonus)+260(child benefit monthly) (this is for 2014)

Type of employment: privte sector

(b) saving 20K in 2013, plan to save between 25-28K in 2014

Rough estimate of value of home: 250-300K
Amount outstanding on your mortgage: 0
*What interest rate are you paying? 0*

Other borrowings – car loans/personal loans: No

Do you pay off your full credit card balance each month? 
If not, what is the balance on your credit card? 
No credit card 

Savings and investments: 100K in Ptsb but budget to spend 30K in next 6 months to finish our new house.

Do you have a pension scheme? 
5% yearly pay, company matches 5% with Irish Life.

Do you own any investment or other property? 
No

Ages of children: 4 & 2

Life insurance: company pay 340/m we get taxed on it. 


*What specific question do you have or what issues are of concern to you?*

*We want to save for our kids furture education, travelling, weddings(dont laugh), how to manage our money to reduce the devaluation?*

*1. I have put 25k in 1 year deposit with Ptsb.*
*2. I have 18k in regular saving account with Ptsb.(1k/m)*
*3. the 32k in instand access.*
*4. 30k will be mature by end of may (made 1500 interest first in 2012 at that time before DIRT rise.)*
*5. I invested 2k in stock and I lost it all due to poor management and very little knowledge on stock shares. *
*6. Shall we invest on property?*


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## cremeegg (3 Apr 2014)

If I understand you correctly you have, 

€70k in savings after paying for work on your house, 
no mortgage on the house 
€20k plus savings a year
a good pension arrangement

In my opinion you should invest, and property could be an option for you. Although the returns are low, see this thread

http://www.askaboutmoney.com/showthread.php?t=184415

however you could probably borrow to take advantage of the tax relief on interest, and because of your good income, you would not be in trouble if you ran into any problems withs voids etc.

Are you are happy with the idea of being a landlord ?

In your situation I would borrow most of the money for the investment and for as long a term as possible.

What did you learn from your losses with shares ?

Would you go down that road again ?

By the way and just as an aside,

 you are not mid age you  are *YOUNG*


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