Age: 37
Spouse’s/Partner's age: recently separated, was not married
Annual gross income from employment or profession: on unpaid leave with work, 44k per annum for a 3 day week
Annual gross income of spouse: N/A. He is unemployed currently and not able to contribute towards our child.
Monthly take-home pay: would be 2700 eur per month for a 3 day week when/ if go back to work
Type of employment: e.g. Civil Servant, self-employed: civil servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending into savings as no income currently.
Rough estimate of value of home: 325k
Amount outstanding on your mortgage: 122k
What interest rate are you paying? 2.25% fixed with KBC
Other borrowings – car loans/personal loans etc: n/a
Do you pay off your full credit card balance each month? use for online purchases and cleared each month
Savings and investments: Approx 40k shares
Do you have a pension scheme? Yes but putting in bare minimum specified by work, no AVC
Do you own any investment or other property? No
Ages of children: 1 (1 year old)
Life insurance: no life insurance, no health insurance
What specific question do you have or what issues are of concern to you?
My background is that I a recently separated mum of one. Baby is one years old. I am unpaid leave till May 2021 and then I will have to decide what I will do workwise. I had a rough year last year-my Mum and sister both passed away. My ex and I were not getting on and decided to separate before Christmas. I suffer from depression and my doctor advised that he is happy to sign me on illness benefit if I need to.
My main concerns are:
I feel quite vulnerable financially (and in other ways but I will stick to the finances given focus of this website). I want to take care of my daughter as best I can financially.
Specific concerns:
1. Would I be better of paying off partially my mortgage with the 40k shares and thus reducing my monthly mortgage payment? I queried with my bank and partial repayment would incur breakage fee in the low hundreds.
2. I have 12k eur in current savings that I am hanging onto for my daily outgoings as am unpaid leave as well as to use as an emergency fund. Is that sufficient in your opinion?
3. Should I increase my pension contributions-AVCs..given the tax benefits?
4. I have no life assurance, health insurance. I can't really afford them right now but know I am exposed.
5. In the next few years, I would like to move house but have no deposit/savings for it.
A friend suggested maybe applying for the lone parent allowance to see me through but am aware I would have to leave my job. I am trying to offer my daughter the best opportunities I can and not sure if applying for social welfare is a good idea. It may be easier for my life in the short run only.
There's alot in the above. I would really appreciate some honest and practical advise. Thank you.
Spouse’s/Partner's age: recently separated, was not married
Annual gross income from employment or profession: on unpaid leave with work, 44k per annum for a 3 day week
Annual gross income of spouse: N/A. He is unemployed currently and not able to contribute towards our child.
Monthly take-home pay: would be 2700 eur per month for a 3 day week when/ if go back to work
Type of employment: e.g. Civil Servant, self-employed: civil servant
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending into savings as no income currently.
Rough estimate of value of home: 325k
Amount outstanding on your mortgage: 122k
What interest rate are you paying? 2.25% fixed with KBC
Other borrowings – car loans/personal loans etc: n/a
Do you pay off your full credit card balance each month? use for online purchases and cleared each month
Savings and investments: Approx 40k shares
Do you have a pension scheme? Yes but putting in bare minimum specified by work, no AVC
Do you own any investment or other property? No
Ages of children: 1 (1 year old)
Life insurance: no life insurance, no health insurance
What specific question do you have or what issues are of concern to you?
My background is that I a recently separated mum of one. Baby is one years old. I am unpaid leave till May 2021 and then I will have to decide what I will do workwise. I had a rough year last year-my Mum and sister both passed away. My ex and I were not getting on and decided to separate before Christmas. I suffer from depression and my doctor advised that he is happy to sign me on illness benefit if I need to.
My main concerns are:
I feel quite vulnerable financially (and in other ways but I will stick to the finances given focus of this website). I want to take care of my daughter as best I can financially.
Specific concerns:
1. Would I be better of paying off partially my mortgage with the 40k shares and thus reducing my monthly mortgage payment? I queried with my bank and partial repayment would incur breakage fee in the low hundreds.
2. I have 12k eur in current savings that I am hanging onto for my daily outgoings as am unpaid leave as well as to use as an emergency fund. Is that sufficient in your opinion?
3. Should I increase my pension contributions-AVCs..given the tax benefits?
4. I have no life assurance, health insurance. I can't really afford them right now but know I am exposed.
5. In the next few years, I would like to move house but have no deposit/savings for it.
A friend suggested maybe applying for the lone parent allowance to see me through but am aware I would have to leave my job. I am trying to offer my daughter the best opportunities I can and not sure if applying for social welfare is a good idea. It may be easier for my life in the short run only.
There's alot in the above. I would really appreciate some honest and practical advise. Thank you.