Age: 40
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 40k
Annual gross income of spouse: n/a
Monthly take-home pay
Approx 2,400 pm (based on 35k)
I take a fixed monthly salary from the company based on 35k pa, and at the end of the year, depending on how the year has been, generally top this up by 5k (40k pa = 2,600 pm).
Trying to increase this so salary can rise to 45k
Type of employment:
Director Ltd company (sole employee)
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: n/a
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Rent (1-bed in Dublin city centre) & Utility bills = approx 1,000 pm
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? n/a
Savings and investments:
75k on deposit, as follows;
50k (maxed out ) in PTSB Online Regular Saver, 0.9%
15k (maxed out ) in Ulster Bank Special Interest Deposit, 0.85%
5k in PTSB 21day notice, currently adding to this monthly, 500 - 1k per month, 0.4%
5k in 10year State Savings Bond, issue 6, 16% total return, in Year 1, matures 2030 (treating it as part of emergency fund, ie break open this piggy bank as last resort)
Other: Small amount in Shares, approx 5k
Do you have a pension scheme?
PRSA, current value 25k
Began in 2006, paused monthly contributions from 2009 (recession), have made some one-off contributions since then
I partly didn't recommence making monthly contributions as having money accessible outside the pension was more important for a future house purchase
Do you own any investment or other property?
No.
Ages of children: n/a
I might have children, I'm male so it doesn't fully depend on me, but it is not something that drives future decisions, yet.
Life insurance: None
Health insurance: None
What specific question do you have or what issues are of concern to you?
I've looked at these moneymakers over the years and found them very interesting with helpful impartial advice.
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I have always been a saver, and have been saving towards a house purchase, but currently questioning what is possible and what I should be doing with my money.
1. I was in a long term relationship that ended last year, we had plans to buy a house together which would have been possible with our joint income
Now, as a single person, how can I plan to buy a house in Dublin? Is this idea still possible?
Possible Mortgage of €140-160k (40-45k x 3.5) + 60k Savings = €200-220k Purchase Price
I have the skills to work on a second-hand house needing refurbishment (this would be my preference), which might lower the purchase price but probably not to a level that seems do-able in Dublin at current prices, a bank will still want to see money to fund the renovation
2. In the future I see myself in a relationship, however how connected is house purchase to this?
3. Should I be contributing money into my PRSA? or continue to save all money outside the pension?
4. While continuing to save towards house purchase, should I be putting some of my savings into other investments, funds, ETF etc so they get a better return?
5. Should I just continue to rent (in a very nice place) and save alongside this for the next 10years, detaching my self from homeownership?
Long term goal = have own place to live in Dublin, and have a place to live in the countryside with some land, and part rent one or both of them which could provide some pension income.
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 40k
Annual gross income of spouse: n/a
Monthly take-home pay
Approx 2,400 pm (based on 35k)
I take a fixed monthly salary from the company based on 35k pa, and at the end of the year, depending on how the year has been, generally top this up by 5k (40k pa = 2,600 pm).
Trying to increase this so salary can rise to 45k
Type of employment:
Director Ltd company (sole employee)
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: n/a
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Rent (1-bed in Dublin city centre) & Utility bills = approx 1,000 pm
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? n/a
Savings and investments:
75k on deposit, as follows;
50k (maxed out ) in PTSB Online Regular Saver, 0.9%
15k (maxed out ) in Ulster Bank Special Interest Deposit, 0.85%
5k in PTSB 21day notice, currently adding to this monthly, 500 - 1k per month, 0.4%
5k in 10year State Savings Bond, issue 6, 16% total return, in Year 1, matures 2030 (treating it as part of emergency fund, ie break open this piggy bank as last resort)
Other: Small amount in Shares, approx 5k
Do you have a pension scheme?
PRSA, current value 25k
Began in 2006, paused monthly contributions from 2009 (recession), have made some one-off contributions since then
I partly didn't recommence making monthly contributions as having money accessible outside the pension was more important for a future house purchase
Do you own any investment or other property?
No.
Ages of children: n/a
I might have children, I'm male so it doesn't fully depend on me, but it is not something that drives future decisions, yet.
Life insurance: None
Health insurance: None
What specific question do you have or what issues are of concern to you?
I've looked at these moneymakers over the years and found them very interesting with helpful impartial advice.
-
I have always been a saver, and have been saving towards a house purchase, but currently questioning what is possible and what I should be doing with my money.
1. I was in a long term relationship that ended last year, we had plans to buy a house together which would have been possible with our joint income
Now, as a single person, how can I plan to buy a house in Dublin? Is this idea still possible?
Possible Mortgage of €140-160k (40-45k x 3.5) + 60k Savings = €200-220k Purchase Price
I have the skills to work on a second-hand house needing refurbishment (this would be my preference), which might lower the purchase price but probably not to a level that seems do-able in Dublin at current prices, a bank will still want to see money to fund the renovation
2. In the future I see myself in a relationship, however how connected is house purchase to this?
3. Should I be contributing money into my PRSA? or continue to save all money outside the pension?
4. While continuing to save towards house purchase, should I be putting some of my savings into other investments, funds, ETF etc so they get a better return?
5. Should I just continue to rent (in a very nice place) and save alongside this for the next 10years, detaching my self from homeownership?
Long term goal = have own place to live in Dublin, and have a place to live in the countryside with some land, and part rent one or both of them which could provide some pension income.