G
grazia
Guest
hi all, I've just discovered this excellent forum and I'm interested to hear your thoughts of our situation.
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 35K
Annual gross income spouse: 40K
Type of employment: employees
Expenditure pattern: Living modest lifestyle, not big spenders. Never overspend.
Rough estimate of value of home: 320 (based on recent slowing down of the Galway market)
Mortgage on home: 320
Type of mortgage: Tracker (5.1%)
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? n/a
Savings and investments: circa 50K savings - in various high interest a/c's (Rabo X 3, Anglo, AIB online savings etc..)
Do you have a pension scheme?: Yes / spouse-no
Do you own any investment or other property? : no
Ages of children: n/a
Life insurance: min level (decreasing sum mortgage prot.)
What specific question do you have or what issues are of concern to you?
We work very hard and are very careful with our money. We are lucky enough to have good stable jobs and have managed to save a bit of money while also making mortgage payments and maintaining our lifestyle.
But we think that we probably need a 'money makeover'! What would others do in our situation - use some savings to reduce mortgage ? start a pension for spouse (despite them being just over the min income tax rate threshold) ? consider putting some money on a (long) term deposit ? invest in lottery tickets!?!
I know a lot of what we could do depends on our long term objectives. I suppose one of our main long term objectives is to get our mortgage paid off asap...
I'm hoping that some of you 'experienced' AAMers might have been in a similar situation in the past and I'd be interested in hearing your thoughts.
Thanks.
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 35K
Annual gross income spouse: 40K
Type of employment: employees
Expenditure pattern: Living modest lifestyle, not big spenders. Never overspend.
Rough estimate of value of home: 320 (based on recent slowing down of the Galway market)
Mortgage on home: 320
Type of mortgage: Tracker (5.1%)
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? n/a
Savings and investments: circa 50K savings - in various high interest a/c's (Rabo X 3, Anglo, AIB online savings etc..)
Do you have a pension scheme?: Yes / spouse-no
Do you own any investment or other property? : no
Ages of children: n/a
Life insurance: min level (decreasing sum mortgage prot.)
What specific question do you have or what issues are of concern to you?
We work very hard and are very careful with our money. We are lucky enough to have good stable jobs and have managed to save a bit of money while also making mortgage payments and maintaining our lifestyle.
But we think that we probably need a 'money makeover'! What would others do in our situation - use some savings to reduce mortgage ? start a pension for spouse (despite them being just over the min income tax rate threshold) ? consider putting some money on a (long) term deposit ? invest in lottery tickets!?!
I know a lot of what we could do depends on our long term objectives. I suppose one of our main long term objectives is to get our mortgage paid off asap...
I'm hoping that some of you 'experienced' AAMers might have been in a similar situation in the past and I'd be interested in hearing your thoughts.
Thanks.