# Saving - How and Why



## REOS (24 May 2012)

Age:30
Spouse’s/Partner's age: 30

Annual gross income from employment or profession: €22K 
Annual gross income of spouse:€23K

In general are you spending more than you earn or are you saving? Saving 

Rough estimate of value of home : Renting €6K Annual

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:Savings €100K

Do you have a pension scheme? No
Do you own any investment or other property? No

Ages of children:None
Life insurance: No 


What specific question do you have or what issues are of concern to you?
Partner and I have a comfortable lifestyle.We enjoy an annual holiday,dinners out and buy luxury items for occassions. We save where possible and avoid spending unnecessary.My question is with having a a lump set aside and having the ability of saving monthly, long term what ballpark figure should we aim to save.A good financial situation currently and would like to continue. Items to save for long term mortgage,education,wedding ,kids ,retirement. Annual expenses to be covered by annual wages?
Looking for advice on where to go from here. As im sure there are many areas over looked. Is there a spreedsheet that financial advisors use.Taking into account age and income. Whats the best way forward from here, as personally i would like to be prepaired when i can instead of looking back thinking i should have done/known that.

I would appriciate any advise on this. 

REOS


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## idkwatmi (24 May 2012)

Personally (and others may disagree) I would probably not be putting some of your plans as long term. While you do have good savings your combined salaries are modest and so you may need to put a substantial amount towards any mortgage you get. Again personally I would rather not have a mortgage term run into my old age so its often better to get it sorted earlier rather than later when means allow. Bear in mind again your combined salaries could mean a shorter loan period not being viable – depending of course on how much you want to borrow.   
  It’s impossible to tell how much you can save with just your rental figure as we can’t see what other outgoings you have.   By that I mean bills etc

  I would also consider a pension plan at this stage.

  Where is the money invested?


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## REOS (25 May 2012)

My impression is instant access is important. Spoke with a Permanent TSB advisor yesterday and she said there rates had recently dropped are other rates going to drop, also spoke with a Ulster Bank advisor and they are willing to give me 4% 1 year. As some on my money is with them and have good dealing with them I’m leaning towards going with this. Where does Ulster Bank rate with my money been secure?


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## REOS (25 May 2012)

Last post was for deposit form. 

Thanks so much for the reply . I do agree with in you in relation to the mortgage. My intensions are get the shortest term possible merely because the amount paid on the mortgage over the term. Our combined salaries are modest and for this reason i want to make the most of our situation.

Its more a question of figure we have as a target. Its like asking how long is a piece of sting but I’m just looking for guidelines / ballpark figure of what things cost, to compare are we doing well or should we be doing better(can we spend what we have left over in a rainy day fun or should it be saved)


The lump sum is sitting in a deposit account (I have posted a tread in the deposit section to get the best advice for it


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## Xenixenik (25 May 2012)

*oh its great*

Oh, that's Great Sir !!


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## Jim2007 (25 May 2012)

REOS said:


> My impression is instant access is important. Spoke with a Permanent TSB advisor yesterday and she said there rates had recently dropped are other rates going to drop, also spoke with a Ulster Bank advisor and they are willing to give me 4% 1 year. As some on my money is with them and have good dealing with them I’m leaning towards going with this. Where does Ulster Bank rate with my money been secure?



It is important to call these people the correct term - sales people!!!  They will not advise you on anything other than which of their products you should buy and that is it....


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