Hello everyone,
I'm a new member but I've been a reader for years. I'd be interested in your advice on my financial situation
Age: 44
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 95,000
Annual gross income of spouse: N/A
Monthly take-home pay: 3,600
Type of employment: e.g. Civil Servant, self-employed. Private Sector, permanent contract
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 240,000
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €115k in CU, €80k in Ulster Bank Loyalty Saver, €17.5 in Ulster Bank Home Saver, 1k in Prize Bonds
Do you have a pension scheme? Yes, using AVC's to make maximum 25% contributions
Do you own any investment or other property? No
Ages of children: none
Life insurance: Death in Service benefit I think..
What specific question do you have or what issues are of concern to you?
I think it's pointless having €115k in the credit union, annual return wouldn't even cover inflation but I don't know how to improve the situation.
I really want to move it somewhere that it has the opportunity to make a better return. I'm comfortable with locking it away for 5 years. The mortgage is paid off, I'm happy where I'm living and don't have the urge or need to move anytime soon. I would consider myself to have a medium to high risk attitude, 4 out 5 which I know isn't reflected in my current situation.
Do you have any advice for my situation please? Or maybe to make it more interesting if I handed control of my finances to you, what changes would you make, savings wise not spending
I'm a new member but I've been a reader for years. I'd be interested in your advice on my financial situation
Age: 44
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 95,000
Annual gross income of spouse: N/A
Monthly take-home pay: 3,600
Type of employment: e.g. Civil Servant, self-employed. Private Sector, permanent contract
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 240,000
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €115k in CU, €80k in Ulster Bank Loyalty Saver, €17.5 in Ulster Bank Home Saver, 1k in Prize Bonds
Do you have a pension scheme? Yes, using AVC's to make maximum 25% contributions
Do you own any investment or other property? No
Ages of children: none
Life insurance: Death in Service benefit I think..
What specific question do you have or what issues are of concern to you?
I think it's pointless having €115k in the credit union, annual return wouldn't even cover inflation but I don't know how to improve the situation.
I really want to move it somewhere that it has the opportunity to make a better return. I'm comfortable with locking it away for 5 years. The mortgage is paid off, I'm happy where I'm living and don't have the urge or need to move anytime soon. I would consider myself to have a medium to high risk attitude, 4 out 5 which I know isn't reflected in my current situation.
Do you have any advice for my situation please? Or maybe to make it more interesting if I handed control of my finances to you, what changes would you make, savings wise not spending