# starting a family



## jezzebel2008 (24 Jun 2008)

Age: 29
Spouse’s age: 31

Annual gross income from employment or profession: 34K
Annual gross income of spouse: 40k

Type of employment: public sector

In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home 240,000
Amount outstanding on your mortgage: 180,000
What interest rate are you paying? 4.9%

Other borrowings – car loans/personal loans etc: None


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

Savings and investments: 8k
Spouse:12k

Do you have a pension scheme? yes

Do you own any investment or other property? no

Ages of children:none

Life insurance: yes... the most basic for the mortgage


What specific question do you have or what issues are of concern to you?
We are married a year and hoping to start a family soon but are very worried about money.... is there anything that we could be doing now that would make life easier
for when we may have a child?

All advice appreciated..


----------



## ClubMan (24 Jun 2008)

*Re: advice before starting a family*

Why are you worried? You seem to have no unsecured debts, significant savings, jobs for life including pension cover, a mortgage of c. 75% _LTV _and a competitive rate (or is this just a year one discounted rate?)?

All I can suggest (to improve further on what seems to already be a good/comfortable situation) is to  keep a spending diary, see where further savings might be made (within reason - you don't seem to be in any sort of tight spot!) if you want to make your money go further, draw up a spending budget and stick to it and then make sure that you are maximising your savings/investment returns (e.g. look at the _Financial Best Buys_ forum and www.itsyourmoney.ie lists of the best savings accounts/rates on offer and maybe put some money into longer term, higher risk/reward investments such as low charges unit linked equity funds).


----------



## jezzebel2008 (24 Jun 2008)

*Re: advice before starting a family*

Thanks for the quick reply.

Unfortunately not jobs for life!  I wish!  I'm on a 2 year contract.. as is himself... 
The mortgage is fixed at this rate for 3 years... we're just entering our third year in August.

I'll have a look at itsyourmoney .. thanks.


----------



## ClubMan (24 Jun 2008)

*Re: advice before starting a family*

I assumed public sector meant permanent and pensionable?


----------



## jezzebel2008 (24 Jun 2008)

*Re: advice before starting a family*

Ha! Not nowadays!  Half my peer group... (maybe it's just my circle?) are on short-term contracts bouncing from one short-term contract to another within the public sector... could be worse though.


----------



## sadie (24 Jun 2008)

*Re: advice before starting a family*

You could if you wanted start a childcare fund - put away a few hundred a month for creche/childminder fees so that you have enough to cover a years' childcare.With both of you on contracts there is a chance someone will be out of work at some stage (possibly). Also if and when you do find yourself on maternity leave you may not get any employer maternity benefit top up if you are not in a permanent job. Better still could you try and get a permanent and pensionable job before you start your family, even if it means a bit of a drop in salary. That way you will get maternity benefits and the option to go back to work.​


----------



## jezzebel2008 (26 Jun 2008)

*Re: advice before starting a family*

That's good advice re the child care fund.. at least a certain amount would be put aside.  Looking at creches here in Cork and the average price near us seems to be €200-230 a week. Some of the girls here at work said they give a private child minder about €150 a week... so at least we have an idea of what we'll be likely to expect down the road...


----------



## ClubMan (26 Jun 2008)

*Re: advice before starting a family*

On the childcare cost issue this thread might be of interest:

Comparison of childcare costs around country


----------



## jezzebel2008 (26 Jun 2008)

*Re: advice before starting a family*

That's really useful.  Thanks ClubMan.


----------



## Pantone (26 Jun 2008)

*Re: advice before starting a family*



sadie said:


> Better still could you try and get a permanent and pensionable job before you start your family, even if it means a bit of a drop in salary. That way you will get maternity benefits and the option to go back to work.​


 
Unfortunately having a permanent job that is pensionable does not mean that you will get maternity benefits in the form of employer top up. I have a permanent job in a large company that considers itself very progressive and forward looking, yet they give no maternity benefit to any of its female staff (and there are only a few of them). 

In my experience this is the norm in most Irish companies (please do correct me if I am wrong) although they are unlikely to disclose this type of information to women until after they have taken a job. It will not be mentioned in interview or in contracts, so it is very difficult for women to work this out in advance. In my experience, most women would not ask this type of information at interview for fear of not getting the job over a man.

Maybe I am totally off the mark here, but this is just my personal opinion on the issue. Has anyone else experienced this, or are there some nice family-friendly companies out there!? I really do hope so.


----------



## ClubMan (26 Jun 2008)

*Re: advice before starting a family*



Pantone said:


> Unfortunately having a permanent job that is pensionable does not mean that you will get maternity benefits in the form of employer top up.


I don't think that the previous poster was necessarily referring to partial or full salary payment during maternity leave. I assumed they just meant _Maternity Benefit _(assuming you have the required _PRSI _contribution track record).

It is certainly not unusual for some employers not to pay ANY salary during maternity leave. It's a contractual issue and there is no statutory entitlement.


----------



## Pantone (26 Jun 2008)

*Re: advice before starting a family*

It's a shame that it is optional for employers, or at least its a shame that some choose not to offer anything to employees.


----------



## so-crates (26 Jun 2008)

*Re: advice before starting a family*

It is optional for employers to pay salary during maternity leave. Some choose to do so, many as you pointed out ... don't.


----------



## mu66 (26 Jun 2008)

*Re: advice before starting a family*

It is also a shame that some employers are already close to going bust - the cheek of them!


----------



## ClubMan (26 Jun 2008)

*Re: advice before starting a family*



Pantone said:


> It's a shame that it is optional for employers, or at least its a shame that some choose not to offer anything to employees.


Well employees are free to choose an employer or negotiate a contract of employment that guarantees this sort of benefit as part of the package.


----------

