Single income PAYE household, trying to get a handle on finances as we'd love to move in the next 5 years as our current home is just too small. I don't know how realistic that is as we'd need to borrow another 100-150k to afford anything bigger and make the move worthwhile close to where we live. We've been a single income family since 2008 and lived on 40-50k gross a year until quite recently so have lived frugally with no eating out/nights out, no holidays, one car, PAYG mobile, no tv subs etc. and don't want to go back to that but am wondering if we've over done the bounce back.
Age: 39
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 116k from P60 Employer pays family health and makes a pension contribution.
Annual gross income of spouse: N/a
Monthly take-home pay 5600 I get a performance bonus quarterly approx. €1000-1400
Type of employment: e.g. Civil Servant, self-employed - PAYE Worker
In general are you:
Breaking even some months money is saved for near term expenses e.g. summer holidays/Christmas/Birthdays/Communions etc.
Rough estimate of value of home 315k
Amount outstanding on your mortgage: 270k
What interest rate are you paying? 3%
Other borrowings – car loans/personal loans etc
9k Car loan 4.5 years left 300pm
6k family loan no current repayment probably due in 12-18 months
Do you pay off your full credit card balance each month? Yes
Savings and investments: Approx 20k in an old pension
Do you have a pension scheme? Yes
I pay 400 pm and employer matches it
Do you own any investment or other property?
No
Ages of children:
11,9,7,5
Life insurance:
Mortgage Cover only.
Monthly Outgoings
Mortgage €1260
Electric €120
Gas €60
Broadband/TV €120
Canada Life €35
CC €2500 Typically made up of
Mobiles €70
Car Loan €310
Car AA/Fuel/Tax/Ins €450
Annual holidays/travel 5-7k
edit:
I briefly saw @lepers post but welcome any input no matter how critical we both need a bit of a wake up as I said we lived hand to mouth for a long time but that has be significantly reversed over the last 18-24 months.
Currently the child allowance €560 is diverted into building an emergency fund only the last 4 months so far was hoping to get this to 4k and just leave it in the Credit Union prior to that I paid down the family loan from 15k to the current 6k over about 18 months.
Sometimes there is money over and sometimes short this year had a few big expenses too, my OH got her engagement and wedding ring 10 years late, along with a few long over due home improvements to make things comfortable. But yes on the cusp of spending everything that's earned and that has me worried.
Re income protection with work I have protection that if I die or unable to work they'll pay a certain % (I think its 50%+) until retirement age but I must get the details on that again. What should I have in place?
The OH should be able to return to work in the next 5 years (The health issues have improved significantly in the last 2 years plus an upcoming surgery likely this year and we'll know for certain) just need to weigh up the costs of childcare and the logistics of getting 4 kids out to school, and the extra circular stuff.
Pension fund is 20k locked in with a previous employer and about 10k built up with this employment I'm contributing 5% and my employer is matching but need to confirm it.
The bigger elephant in the room is the OHs residual debt from a buy to let gone bad we can get no info from the fund that bought the debt other than to keep submitting financials along with a proposal and they will get back to us, so far every proposal has been rejected. I think this has the biggest chance of preventing any move but we've been in limbo on it for years now with no movement so need to start planning for the future.
Age: 39
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 116k from P60 Employer pays family health and makes a pension contribution.
Annual gross income of spouse: N/a
Monthly take-home pay 5600 I get a performance bonus quarterly approx. €1000-1400
Type of employment: e.g. Civil Servant, self-employed - PAYE Worker
In general are you:
Breaking even some months money is saved for near term expenses e.g. summer holidays/Christmas/Birthdays/Communions etc.
Rough estimate of value of home 315k
Amount outstanding on your mortgage: 270k
What interest rate are you paying? 3%
Other borrowings – car loans/personal loans etc
9k Car loan 4.5 years left 300pm
6k family loan no current repayment probably due in 12-18 months
Do you pay off your full credit card balance each month? Yes
Savings and investments: Approx 20k in an old pension
Do you have a pension scheme? Yes
I pay 400 pm and employer matches it
Do you own any investment or other property?
No
Ages of children:
11,9,7,5
Life insurance:
Mortgage Cover only.
Monthly Outgoings
Mortgage €1260
Electric €120
Gas €60
Broadband/TV €120
Canada Life €35
CC €2500 Typically made up of
Groceries €1200,
Eating Out - €220,
Household(Bins, Insurance, Maintenance, furnishings) - €320,
Extra Curricular €320,
Birthdays/Family €170,
Clothes €150
Cash up to €500 typically whatever is left after the other expenses - Typically covers day to day expenses, school trips, charity sponsorships, babysitter/nights out 2/3 a monthMobiles €70
Car Loan €310
Car AA/Fuel/Tax/Ins €450
Annual holidays/travel 5-7k
edit:
I briefly saw @lepers post but welcome any input no matter how critical we both need a bit of a wake up as I said we lived hand to mouth for a long time but that has be significantly reversed over the last 18-24 months.
Currently the child allowance €560 is diverted into building an emergency fund only the last 4 months so far was hoping to get this to 4k and just leave it in the Credit Union prior to that I paid down the family loan from 15k to the current 6k over about 18 months.
Sometimes there is money over and sometimes short this year had a few big expenses too, my OH got her engagement and wedding ring 10 years late, along with a few long over due home improvements to make things comfortable. But yes on the cusp of spending everything that's earned and that has me worried.
Re income protection with work I have protection that if I die or unable to work they'll pay a certain % (I think its 50%+) until retirement age but I must get the details on that again. What should I have in place?
The OH should be able to return to work in the next 5 years (The health issues have improved significantly in the last 2 years plus an upcoming surgery likely this year and we'll know for certain) just need to weigh up the costs of childcare and the logistics of getting 4 kids out to school, and the extra circular stuff.
Pension fund is 20k locked in with a previous employer and about 10k built up with this employment I'm contributing 5% and my employer is matching but need to confirm it.
The bigger elephant in the room is the OHs residual debt from a buy to let gone bad we can get no info from the fund that bought the debt other than to keep submitting financials along with a proposal and they will get back to us, so far every proposal has been rejected. I think this has the biggest chance of preventing any move but we've been in limbo on it for years now with no movement so need to start planning for the future.
Last edited: