# Comfortable - but need a restructure



## Roundcircle (18 Feb 2010)

Age: 35
   Spouse’s/Partner's age: 34

   Annual gross income from employment or profession: 85k
   Annual gross income of spouse: 45k

   Type of employment: e.g. Civil Servant,  self-employed private sector / public sector

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

Saving - approx 700 / month

   Rough estimate of value of home 550k
   Amount outstanding on your mortgage: 410k
*What interest rate    are you paying? Tracker - ECB +1.15%*

   Other borrowings – car loans/personal loans etc No

   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: Approx 35k in cash deposit ac - no interest on it

   Do you have a pension scheme? No

   Do you own any investment or other property? Shares - 5k in 1 company

   Ages of children: 1,2

   Life insurance: Yes


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

*Obviously I have a large cash deposit and thankfully no real debts apart from my mortgage (28 years left!) I can increase my mortgage repayments which would be better than leaving it in an interest free deposit account.

Looking for any advice as to what I can do with my cash / savings. Want to have some access to it - as need to invest in house / garden etc. Any suggestions would be greatly appreciated.

Despite my tag - I am not a first time poster - just want to remain undercover!!


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## chlipps (18 Feb 2010)

1. You need to get your savings earning some interest. I would not use it to pay off mortgage as I think you need a 35k rainy day fund. refer to the best buys threads

2. I would like to know what you are paying back per month on mortgage. You are earning 130K per yr between you. I'm surprised that you can only manage to save 700 eur per month. I think you need to look at your spending habits and cut out some of the perks. I think you should be able to save 2k per month as your joint incomes are high


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## Towger (18 Feb 2010)

Also, does not state type of employment. Mid 30s and no pension, with both incomes at the top rate of tax, so loosing out on pension relief.


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## Hobbs256 (18 Feb 2010)

You  will need to break it down abit more so we might be able to give better advice to you.  I would be saving alot more then 700 per month if you can afford it. 

How much are you paying out monthly in other costs besides your mortgage?


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## Roundcircle (18 Feb 2010)

Thanks for your help.

Currently have 2 kids in creche - approx cost there is €1,600 - hence why the little savings. No car loan or any other loan. Don't think we could save much more - we are not big spenders and try and keep a tight budget. 

Pension - a defo that I have to do - will get the finger out. Wife has a state pension. 

Currently paying €1,500 / month on mortgage

Need any more?

Thanks again.


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## chlipps (19 Feb 2010)

As per towger post, break out as much as possible

Incoming
You - ?? per month after tax
OH - ?? per month after tax
child benefit??

Outgoings
Mortgage: 1500
Creche: 1600
Car Ins?
House Insur?
Telephone & Broadband?
Gas/Oil
ESB
TV - NTL or sky?
Food bill monthly?
Going Out?
Health insurance?
etc..

List out what you spend monthly so that others can compare to their spending and highlight if high.

In this way, we will be able to see if 700 per month is accurate and how you maybe able to increase it


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