Age: 44
Spouse’s/Partner's age: 41
Annual gross income from employment or profession: €77,500
Annual gross income of spouse: €17,000
Monthly take-home pay €4,900
Type of employment: Both Public Sector
In general are you:
(a) spending more than you earn
Rough estimate of value of home €250,000
Amount outstanding on your mortgage: €250,000
What interest rate are you paying? tracker 1.15% 19 years left, €1139 repayment per month
Other borrowings – car loans/personal loans etc
Credit Union loan of 15,000 - four years remaining - €390 per month
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2,000
Savings and investments:
€3,000 in wife's credit union account for emergencies
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 12, 10, 3 - childcare costs €600 per month (part-time)
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We really need to start a savings plan for the kids' college fund. The oldest is about to start secondary school. The problem is we can never seem to find any extra money at all to put away. In fact the 420 a month we get in child benefit is usually needed to fill in the hole in the current account. The way we structure our finances is that my wife's salary covers the mortgage and mine covers the other bills, food, loans etc. On paper it all seems do-able, albeit a bit tight. The problem is there is always something extra to pay for - whether it's a dishwasher that needs to be replaced, gas boiler fan, kids birthday parties, medical expenses, car repairs etc. etc. etc. etc. etc. We claim all of our tax entitlements.
Our youngest is eligible for the so-called 'free' pre-school year from January which will reduce the childcare by €250 per month - and I am due some pay restorations over the next two years which will be worth about €200 per month.
Spouse’s/Partner's age: 41
Annual gross income from employment or profession: €77,500
Annual gross income of spouse: €17,000
Monthly take-home pay €4,900
Type of employment: Both Public Sector
In general are you:
(a) spending more than you earn
Rough estimate of value of home €250,000
Amount outstanding on your mortgage: €250,000
What interest rate are you paying? tracker 1.15% 19 years left, €1139 repayment per month
Other borrowings – car loans/personal loans etc
Credit Union loan of 15,000 - four years remaining - €390 per month
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2,000
Savings and investments:
€3,000 in wife's credit union account for emergencies
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 12, 10, 3 - childcare costs €600 per month (part-time)
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We really need to start a savings plan for the kids' college fund. The oldest is about to start secondary school. The problem is we can never seem to find any extra money at all to put away. In fact the 420 a month we get in child benefit is usually needed to fill in the hole in the current account. The way we structure our finances is that my wife's salary covers the mortgage and mine covers the other bills, food, loans etc. On paper it all seems do-able, albeit a bit tight. The problem is there is always something extra to pay for - whether it's a dishwasher that needs to be replaced, gas boiler fan, kids birthday parties, medical expenses, car repairs etc. etc. etc. etc. etc. We claim all of our tax entitlements.
Our youngest is eligible for the so-called 'free' pre-school year from January which will reduce the childcare by €250 per month - and I am due some pay restorations over the next two years which will be worth about €200 per month.