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Financial worries - New parents

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  • 11-01-2008 8:40pm
    #1
    galwaydude
    Registered Users Posts: 1,390 ✭✭✭


    My wife had a baby a few months and to say things are tough financially is an understatement. We are in the crazy world of having 2 houses, one here in the states and one back home which we bought 2 years ago. I know it is just plain stupid. The plan was too eventually move back to the house in ireland after a few years in the states. Well the **** has hit the fan. We had the house in ireland up for sale since last year but there was no concrete offers. At this rate we couldnt give it away. How do families cope with one partner working - i know my wife has just gone back to work part time.

    At this stage the only option is move back home as we cannot afford the house anymore. Rent barely covers 60% of the mortgage. Is the economy really that bad back home. Would we be better to stay here? The US economy is not much better and things are getting alot more expensive especially in MA. I just want whats best for my wife and child. If looking back we would have never moved to the states.


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    #2
    skelliser
    Registered Users Posts: 2,985 ✭✭✭skelliser


    are you claiming all the benefits which your entitled to from the irish gov. im specifically talking about the grand u get for your child every year, not sure about the ins and outs about it, check the parenting and state benefits forums.
    i think your still entitled to these up until your gone outa ireland 5 years or more


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    #3
    rs
    Closed Accounts Posts: 365 ✭✭rs


    Generally the Economy here is still pretty OK as far as I know. I guess it really depends on what industry you are in. The property market is very dead at the moment (and I assume construction is staring to wind down a bit), but I think everything else seems to still be pretty solid.

    Most people seem to be taking the "wait and see" approach with the property market and that is causing the huge decline in sales and houses not shifting. Everyone one thinks that if they wait a little longer prices will continue to fall, and that is proving to be true. I suspect that it will reach a point where the investors will come back in and start buying up property again and that will get things moving.

    Just remember that College is free here for Junior when the time comes :)


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    #4
    Shiny
    Registered Users Posts: 2,259 ✭✭✭Shiny


    Agree with rs here too. Property wise, things can only get worse than they are now
    in the US and you should earn considerably more here in Ireland than where you are.

    Get back over here now!!! We need our skilled workforce!


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    #5
    Pete4779
    Closed Accounts Posts: 622 ✭✭✭Pete4779


    galwaydude wrote: »
    The US economy is not much better and things are getting alot more expensive especially in MA. I just want whats best for my wife and child. If looking back we would have never moved to the states.

    You need to look at what your job is to see what are your options in Ireland. However, because you already own property in Ireland, you would be living in your own home, and more money (probably).

    Taxes I am sure are around the same, averaging 30-35% for most people. But you will not have the added burden of health insurance or school fees (unless you choose to).

    Ireland's economy will follow the rest of the western world's impending economic downturn over the next 12 months. I would say if you want to move, then do it. If you want to sell a house then price to sell, lock in a profit in real cash terms if you want/can, whatever it is.

    I don't think selling property in Ireland over the next 3-4 years will get easier; it will probably be harder. While the cost of raising children is not cheap here or the US (vs. France, Germany), you will have a lot more social supports and benefits accessible in Ireland. The "economy" is fine depending on what industry you work in and what jobs are available to you. I.e., if you are in the business of property construction or selling houses, then don't come to Ireland !.


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    #6
    galwaydude
    Registered Users Posts: 1,390 ✭✭✭galwaydude


    I work in IT and if we did decide to move home then it would most likely to Galway.

    My wife is in the healthcare industry so she would earn considerly more than what she earns here.


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    #7
    MIN2511
    Registered Users Posts: 5,398 ✭✭✭MIN2511


    galwaydude wrote: »
    I work in IT and if we did decide to move home then it would most likely to Galway.

    My wife is in the healthcare industry so she would earn considerly more than what she earns here.
    I believe you have answered your question!
    There are loads of IT jobs available and Healthcare jobs shouldn't be a problem, you would have support from family and friends as well.
    Although childcare is expensive!


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