BusinessFailure
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- 36
Age: 44
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €100K
Annual gross income of spouse: €120K
Monthly take-home pay: €3,800 + €4,500 = €8,300
Type of employment: Private Sector PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
"Saving", in that we're left with about 4K a month but not doing much with it.
Rough estimate of value of home: €450,000
Amount outstanding on your mortgage: €300,000 - 25 years left on mortgage
What interest rate are you paying? 3.0% (fixed for another 9 years) -> €1,500 but overpaying an extra €600
Other borrowings – None
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: About €40K in cash not doing much in the bank
Do you have a pension scheme? Yes. Both maxing out at 25%
Do you own any investment or other property? No
Ages of children: None
What specific question do you have or what issues are of concern to you?
For many years we were not in a great financial position, and didn't have any savings or pensions to speak of. This has changed in the past year and we are now in a much better position, but we're not making our money work effectively (it's just sitting in our current account). The first things we did were start overpaying the mortgage, and maxing out pension contributions, but we still have about €4k left over each month that we should be doing something with. We'd be fairly open to risk, so was thinking about putting the €40k in a bond (rainy day fund) and start buying ETFs, but wanted to ask if there were better ideas. Would we be much better off if we broke out of the mortgage, setting up an overpayment that is much larger than the current €600?
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €100K
Annual gross income of spouse: €120K
Monthly take-home pay: €3,800 + €4,500 = €8,300
Type of employment: Private Sector PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
"Saving", in that we're left with about 4K a month but not doing much with it.
Rough estimate of value of home: €450,000
Amount outstanding on your mortgage: €300,000 - 25 years left on mortgage
What interest rate are you paying? 3.0% (fixed for another 9 years) -> €1,500 but overpaying an extra €600
Other borrowings – None
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: About €40K in cash not doing much in the bank
Do you have a pension scheme? Yes. Both maxing out at 25%
Do you own any investment or other property? No
Ages of children: None
What specific question do you have or what issues are of concern to you?
For many years we were not in a great financial position, and didn't have any savings or pensions to speak of. This has changed in the past year and we are now in a much better position, but we're not making our money work effectively (it's just sitting in our current account). The first things we did were start overpaying the mortgage, and maxing out pension contributions, but we still have about €4k left over each month that we should be doing something with. We'd be fairly open to risk, so was thinking about putting the €40k in a bond (rainy day fund) and start buying ETFs, but wanted to ask if there were better ideas. Would we be much better off if we broke out of the mortgage, setting up an overpayment that is much larger than the current €600?