# how much savings should we have?



## rania (28 Jun 2011)

age:31
Spouse’s/Partner's age: 33

Annual gross income from employment or profession: 
Annual gross income of spouse:80

Type of employment: e.g. Civil Servant, self-employed :employed

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

Rough estimate of value of home-190k
Amount outstanding on your mortgage: 265k
What interest rate are you paying? 5.09%

Other borrowings – car loans/personal loans etc-575p/m loan,7 months left

Do you pay off your full credit card balance each month? no
If not, what is the balance on your credit card? 4600

Savings and investments:3.5k

Do you have a pension scheme? yes,public,200p/m

Do you own any investment or other property? no

Ages of children: 3,1

Life insurance: yes with house for both of us
outgoings yearly
500 registration fees
2000 work related fees
6000-college fees each year
1800 health insurance
300-life ins
300-house ins
1000 car tax-2 cars
1000 car ins-2 cars
2000 holidays/misc


What specific question do you have or what issues are of concern to you?
we have a lot of outgoings and cover them all but do not have any savings,the 3.5k will only cover some uni fees for year.
the loan will be gone in 7 months and trying to plough some money to get rid of c/c,what amount of savings should we have at our age and income,where are we going wrong,we pay all bills etc and save towards hols etc but nothing long term,intend when loan is gone to keep saving and add to it,thinking 700pm ?should we be aiming for more?
edted to add,i know we could not go on hols etc and save that amount but my dh works 70hours per week,so we cherish them))


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## niceoneted (28 Jun 2011)

What is the net take home pay per month. Add to this childrens allowance for two. 

What are the household bills like - gas, esb, phone, tv etc?
Have you got creche fees? Not sure who is in college you or your other half? Is it a full or part time course and when is it due to finish? 

I would start by tackling the CC. Either look to move it to a 0% balance transfer one or use your savings to clear most of it and cut it up. Keep the number perhaps for the likes of booking hols/flights etc on line. 

You need to set up the likes of a budget account where you put monthly payments into it that will cover all your known outgoings such as car tax/ins, house ins, life assurance, gas, esb etc, 

Then set up a savings account and transfer money to it.


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## rania (29 Jun 2011)

What is the net take home pay per month. Add to this childrens allowance for two. 
minmumum 3280 pm,max 5k p/m,varies each month

What are the household bills like - gas, esb, phone, tv etc?

110 airtricity p/m for nex 6mths-budget a/c
mobile top ups 20p/m
no tv/internet costs

Have you got creche fees?

no creche fees,i am at home with children

 Not sure who is in college you or your other half? Is it a full or part time course and when is it due to finish? 
parttime,dh 3 years,must do this,leads to promotion,

I would start by tackling the CC. Either look to move it to a 0% balance transfer one or use your savings to clear most of it and cut it up. Keep the number perhaps for the likes of booking hols/flights etc on line. 

You need to set up the likes of a budget account where you put monthly payments into it that will cover all your known outgoings such as car tax/ins, house ins, life assurance, gas, esb etc, 
have a budget a/c,we leave the wages in 1 a/c and move 800p/m to spending a./ for petrol /food/fun.petrol is costing 300 -400 p month though,so i end up moving extra money over 
all left wages after mortage etc comes out is left to accumaulate and pay  the annual bills etc as they occur

Then set up a savings account and transfer money to it
at moment i have a dd of 40 pm and when there are extra wages i out money into credit union ac.but this saved money such as the 2k ends up on college fees again


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