# Windfall of 25k and how to apply it to personal finances



## jdq0604 (14 Nov 2012)

Hi

Thought I better edit considering the forum:

Age: 31
Spouse’s/Partner's age: 30

Annual gross income from employment or profession: 26000
Annual gross income of spouse:33000

Monthly take-home pay - roughly 3k

Type of employment: e.g. PAYE Employee

In general are you:
(a) spending more than you earn, or
(b) saving?

Barely breaking even each month, not saving.
Rough estimate of value of home - 130000
Amount outstanding on your mortgage: roughly 120k
*What interest rate are you paying? Think its around 4% we are on interest only at the minute*

Other borrowings – car loans/personal loans etc I have none except for €500 overdraft, my partner on the otherhand has roughly €600/700 per month to pay back between credit cards, car loans etc

Do you pay off your full credit card balance each month? I dont have a credit card and want to keep it that way!
If not, what is the balance on your credit card? 

Savings and investments:

Do you have a pension scheme? Have roughly 10 in a paid up co pension scheme

Do you own any investment or other property? No and current property was bought by partner in her own name

Ages of children: None

Life insurance: In the process of setting up joint life plan circa €40 per month

I am about to come in to a windfall of roughly €25k and wanted to ask one or two questions. I currently have no savings and I want to be in a position to obtain a mortgage in about 5/6 years (if I can). My partner has a mortgage that I pay towords (we are on interest only at the moment) but as far as the banks are concerned I dont have a mortgage yet. 

I'm hoping to put €2500 in to the state savings over 5 years which I have read and understand - fairly straightforward. The tricky bit is I'm also looking to put an initial 5k lump sum in to a savings/investment plan accompanied by a €150/200 per month regular savings element. Firstly does this sound like a wise Idea? I have worked out my budget for paying bills etc and I am pretty sure I can manage this. The balance of the money is going in to doing up the house and a holiday. I want to make sure that the money does not slip in to being used for everyday costs - paying bills etc, but would it be wise to pay off my partners bills?

Can anyone reccommend products or product providers who would offer this bearing in mind that I will be looking to exit in about 5 to 6 years? I'm young enough and feel that with the safety of the state savings I can go with equitys (for the most part) with the remainder in order to maximise growth over the term. Any advice help would be appreciated.

Thanks and sorry for the long winded post!


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## jdq0604 (14 Nov 2012)

Plan to marry at some stage yes, problem is the place is way to small and we are going to have to look at somewhereelse down the line..


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## BoscoTalking (14 Nov 2012)

Your plans seem sound enough to me - this is your partners mortgage and not yours, yet so I 'ed be cautious personally paying more incase the relationshio broke down. (Sorry it happens) 
how long is your partner going to have the pay back that kind of money? and is she going to change her attitude to money in the near future? you seem poles apart money wise if you don't mind me saying!


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