Finances2020
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- 15
Age: 44
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: €48,000
Annual gross income of spouse: €60,000
Monthly take-home pay: €2,700 (mine - after health insurance) Spouse €3,000
Type of employment: Public Servants.
In general, are you:
(a) spending more than you earn, or
(b) saving?
(a) spending more than we earn
Rough estimate of value of home: €250,000
Amount outstanding on your mortgage: €250,000
What interest rate are you paying? 4.5%. We are paying roughly €1460 a month. We bought just before the crash - spent 340,000 on a house 14 years ago that is only now just about worth what is left on the mortgage - bitter!
Other borrowings – car loans/personal loans etc: 15k car loan
Do you pay off your full credit card balance each month? No - approx 2k remaining on both credit cards
Savings and investments: €1,000 in total
Do you have a pension scheme? Yes - both public sector pension schemes. Not as good as they could be as I have worked part time for a few years
Do you own any investment or other property? No.
Ages of children: 8 and 6
Childcare is €40 a week (one afternoon) - work part time hours to facilitate child care
Life insurance: Yes
So - as you can see, we've not been great with money to date - the screw up with the house coupled with early deaths of parents gave me a bit of a 'whats the point' attitude, life is for living etc - but its worn off a bit now and I'm trying to be more financially sensible. I am due to receive approximately 100k inheritance and my question is - what to do with it? Obviously pay off the debt first but after that? I'm not minded to pay anything into the mortgage - I know it would make sense but I genuinely feel that it would be a waste of money as one of us could die (thereby paying off the mortgage - morbid I know but its my experience in my family) and I'd prefer to keep the money. I will look into switching the mortgage now that the house is out of negative equity and we can look for better interest rates. I'm using 'I' here but all money is shared and the inheritance will be shared.
I'd be grateful for any suggestions
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: €48,000
Annual gross income of spouse: €60,000
Monthly take-home pay: €2,700 (mine - after health insurance) Spouse €3,000
Type of employment: Public Servants.
In general, are you:
(a) spending more than you earn, or
(b) saving?
(a) spending more than we earn
Rough estimate of value of home: €250,000
Amount outstanding on your mortgage: €250,000
What interest rate are you paying? 4.5%. We are paying roughly €1460 a month. We bought just before the crash - spent 340,000 on a house 14 years ago that is only now just about worth what is left on the mortgage - bitter!
Other borrowings – car loans/personal loans etc: 15k car loan
Do you pay off your full credit card balance each month? No - approx 2k remaining on both credit cards
Savings and investments: €1,000 in total
Do you have a pension scheme? Yes - both public sector pension schemes. Not as good as they could be as I have worked part time for a few years
Do you own any investment or other property? No.
Ages of children: 8 and 6
Childcare is €40 a week (one afternoon) - work part time hours to facilitate child care
Life insurance: Yes
So - as you can see, we've not been great with money to date - the screw up with the house coupled with early deaths of parents gave me a bit of a 'whats the point' attitude, life is for living etc - but its worn off a bit now and I'm trying to be more financially sensible. I am due to receive approximately 100k inheritance and my question is - what to do with it? Obviously pay off the debt first but after that? I'm not minded to pay anything into the mortgage - I know it would make sense but I genuinely feel that it would be a waste of money as one of us could die (thereby paying off the mortgage - morbid I know but its my experience in my family) and I'd prefer to keep the money. I will look into switching the mortgage now that the house is out of negative equity and we can look for better interest rates. I'm using 'I' here but all money is shared and the inheritance will be shared.
I'd be grateful for any suggestions