Long time lurker, first time poster - thoroughly enjoy the threads on here!
Age: 26
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €37,000
Annual gross income of spouse: n/a
Monthly take-home pay: €2,400
Type of employment: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving, €400 p/m salary deduction, though I do dip into this at Christmas etc. I will be upping this to €600 p/m from next week onwards.
Rough estimate of value of home: €75,000 (One third share in home worth €225,000) - can be bought out when the time is right.
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc. n/a
Do you pay off your full credit card balance each month?
Yes, though I think I should cancel it after the next statement in anticipation of a mortgage application in the next year or two.
If not, what is the balance on your credit card?
Savings and investments:
€4,000 in the credit union.
Do you have a pension scheme?
Member of the Single Public Service Pension Scheme, one year in.
€500 in AVC PRSA with Davy - new venture, not a particular priority but something I’d like to be adding a little to whenever I have spare cash, I buy Vanguard S&P500 etf units 0.07% ongoing charge, 0.75% amc.
Do you own any investment or other property?
One quarter share in a property, about to be sold, valued at €45,000.
Ages of children:
None
Life insurance:
None, though death in service benefit as part of SPSPS.
What specific question do you have or what issues are of concern to you?
What should I do with the money I get from the forthcoming sale of the share in a house (valued at €45,000) in the medium term? Eventually I will put this towards my own house, but I’m worried about inflation in the meantime.
Overall I’m trying to position myself to apply for a mortgage as a single person in the coming years, bolstered by the equity in both properties eventually being converted to cash to put towards any purchase.
Am I stupid to be putting money into AVC’s before having my own mortgage started? Should I be saving much more cash from wages into an emergency/house deposit fund before even thinking about mortgages?
It’s an unusual situation as I’m very much at the start of the financial/career ladder but have property assets due to family bereavements, and want to get things right from the start as regards pensions/savings to set things up for the next few years.
Age: 26
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €37,000
Annual gross income of spouse: n/a
Monthly take-home pay: €2,400
Type of employment: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving, €400 p/m salary deduction, though I do dip into this at Christmas etc. I will be upping this to €600 p/m from next week onwards.
Rough estimate of value of home: €75,000 (One third share in home worth €225,000) - can be bought out when the time is right.
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc. n/a
Do you pay off your full credit card balance each month?
Yes, though I think I should cancel it after the next statement in anticipation of a mortgage application in the next year or two.
If not, what is the balance on your credit card?
Savings and investments:
€4,000 in the credit union.
Do you have a pension scheme?
Member of the Single Public Service Pension Scheme, one year in.
€500 in AVC PRSA with Davy - new venture, not a particular priority but something I’d like to be adding a little to whenever I have spare cash, I buy Vanguard S&P500 etf units 0.07% ongoing charge, 0.75% amc.
Do you own any investment or other property?
One quarter share in a property, about to be sold, valued at €45,000.
Ages of children:
None
Life insurance:
None, though death in service benefit as part of SPSPS.
What specific question do you have or what issues are of concern to you?
What should I do with the money I get from the forthcoming sale of the share in a house (valued at €45,000) in the medium term? Eventually I will put this towards my own house, but I’m worried about inflation in the meantime.
Overall I’m trying to position myself to apply for a mortgage as a single person in the coming years, bolstered by the equity in both properties eventually being converted to cash to put towards any purchase.
Am I stupid to be putting money into AVC’s before having my own mortgage started? Should I be saving much more cash from wages into an emergency/house deposit fund before even thinking about mortgages?
It’s an unusual situation as I’m very much at the start of the financial/career ladder but have property assets due to family bereavements, and want to get things right from the start as regards pensions/savings to set things up for the next few years.