Age: 35
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €70,000
Monthly take-home pay - about €6300
Type of employment: one HSE, one private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home - €500,000 but we are about to do an extension etc and put €150k into house - this is from an inheritance and no tax due. The value should hold when work is done - we hope - it's in city centre.
Amount outstanding on your mortgage: - Roughly €380,000
What interest rate are you paying? – 3% fixed for another 4 years (we pay 10% over so 1600 pm)
Other borrowings – car loans/personal loans etc
Car on PCP is €300 pm - we have option to buy it for €10k next year
Do you pay off your full credit card balance each month?
No credit card
Savings and investments:
Small credit union account of about €7000 - but we are eating into this each month and it's dwindling!
Do you have a pension scheme?
I am in Public Service Pension Scheme (but only joined in 2014 so it's the single scheme i.e. the crap one) and also put in €300 pm to an AVC
He put in €580 each month to a private scheme
Do you own any investment or other property?
No
Ages of children:
Two - 9 months and 2.5 years. Both in creche - 1600 pm. This will go down a bit when eldest starts preschool but realistically we will be paying a minder over €1000 pm while they're in school anyway for pickups etc.
Life insurance: yes €115 pm for a 750k policy and also Mortgage Payment Protection 45 pm.
Both have Income Continuance Plan in place €150 pm for both of us.
Health insurance about €250 pm.
Other expenses groceries €400pm and cleaner €200pm (not negotiable as we both work full-time), internet and TV €100pm. Utilities 120pm. I am a bit of a divil of online shopping too. Probably €200 pm on that. We do eat out at weekends with the kids etc too.
At the moment we are breaking even/dipping into credit union for a few hundred extra each month (I realise now the online shopping is probably the culprit - it's only when you sit and write these things down you realise!)
Good news - next year my take-home pay will double as I will be a hospital Consultant. If pay parity is restored it might go up to €180k. While I realise I am very fortunate I really don't want to be working until I'm 68.
What should we do with the extra money - we are doing fine just about on what we have now - would people recommend putting more into pensions, other investment fund, pay off some mortgage once our fixed rate is up?
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €70,000
Monthly take-home pay - about €6300
Type of employment: one HSE, one private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home - €500,000 but we are about to do an extension etc and put €150k into house - this is from an inheritance and no tax due. The value should hold when work is done - we hope - it's in city centre.
Amount outstanding on your mortgage: - Roughly €380,000
What interest rate are you paying? – 3% fixed for another 4 years (we pay 10% over so 1600 pm)
Other borrowings – car loans/personal loans etc
Car on PCP is €300 pm - we have option to buy it for €10k next year
Do you pay off your full credit card balance each month?
No credit card
Savings and investments:
Small credit union account of about €7000 - but we are eating into this each month and it's dwindling!
Do you have a pension scheme?
I am in Public Service Pension Scheme (but only joined in 2014 so it's the single scheme i.e. the crap one) and also put in €300 pm to an AVC
He put in €580 each month to a private scheme
Do you own any investment or other property?
No
Ages of children:
Two - 9 months and 2.5 years. Both in creche - 1600 pm. This will go down a bit when eldest starts preschool but realistically we will be paying a minder over €1000 pm while they're in school anyway for pickups etc.
Life insurance: yes €115 pm for a 750k policy and also Mortgage Payment Protection 45 pm.
Both have Income Continuance Plan in place €150 pm for both of us.
Health insurance about €250 pm.
Other expenses groceries €400pm and cleaner €200pm (not negotiable as we both work full-time), internet and TV €100pm. Utilities 120pm. I am a bit of a divil of online shopping too. Probably €200 pm on that. We do eat out at weekends with the kids etc too.
At the moment we are breaking even/dipping into credit union for a few hundred extra each month (I realise now the online shopping is probably the culprit - it's only when you sit and write these things down you realise!)
Good news - next year my take-home pay will double as I will be a hospital Consultant. If pay parity is restored it might go up to €180k. While I realise I am very fortunate I really don't want to be working until I'm 68.
What should we do with the extra money - we are doing fine just about on what we have now - would people recommend putting more into pensions, other investment fund, pay off some mortgage once our fixed rate is up?