Hi All,
Appreciate any feedback, as per the above i am trying to decide if (further) overpaying my mortgage or upping AVC contributions should be my priority. Details as follow.
Age: 38
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: approx 130k (Approx as its sales based)
Annual gross income of spouse: €0 (Stay at home Mom)
Monthly take-home pay - approx 6k on average
Type of employment: e.g. Civil Servant, self-employed - PAYE, Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving at the moment after realizing how little we had put away
Rough estimate of value of home - Approx 400k
Amount outstanding on your mortgage: - 180k over 30 years (payments are 850pm but we make a payment of 1150pm as we were able to hold original payment after fixing at lower rate)
What interest rate are you paying? - 3% fixed, term up in March
Other borrowings – car loans/personal loans etc - nothing right now
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:
2k emergency fund
20k rainy day money - add approx €500pm
Approx 80k in Stock i cannot access for another 4 years - 60k directly earmarked for Mortgage, 20k for improvement to house
Do you have a pension scheme?
Just started one this year, currently paying 6% + Employer match of 6% and an AVC of 10% on top to try and make up for lost time
Do you own any investment or other property? No
Ages of children: 3 kids all under 5 currently no College savings for them but planning on starting same at rate of 100pm soon
Life insurance: None right now, work provide Income protection and limited Death in Service benefit
Appreciate any feedback, as per the above i am trying to decide if (further) overpaying my mortgage or upping AVC contributions should be my priority. Details as follow.
Age: 38
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: approx 130k (Approx as its sales based)
Annual gross income of spouse: €0 (Stay at home Mom)
Monthly take-home pay - approx 6k on average
Type of employment: e.g. Civil Servant, self-employed - PAYE, Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving at the moment after realizing how little we had put away
Rough estimate of value of home - Approx 400k
Amount outstanding on your mortgage: - 180k over 30 years (payments are 850pm but we make a payment of 1150pm as we were able to hold original payment after fixing at lower rate)
What interest rate are you paying? - 3% fixed, term up in March
Other borrowings – car loans/personal loans etc - nothing right now
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:
2k emergency fund
20k rainy day money - add approx €500pm
Approx 80k in Stock i cannot access for another 4 years - 60k directly earmarked for Mortgage, 20k for improvement to house
Do you have a pension scheme?
Just started one this year, currently paying 6% + Employer match of 6% and an AVC of 10% on top to try and make up for lost time
Do you own any investment or other property? No
Ages of children: 3 kids all under 5 currently no College savings for them but planning on starting same at rate of 100pm soon
Life insurance: None right now, work provide Income protection and limited Death in Service benefit
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