20k savings pot

jbm1

Age: 36
Spouse’s age: 36

Annual gross income from employment or profession: 36k net
Annual gross income of spouse: 25k net (4 day week)

Type of employment: private sector (both)

In general we are: saving... very slowly

Amount outstanding on your mortgage: 270k (approx 30 years @ 1000 p/m)
What interest rate are you paying : 1.75% tracker

Other borrowings: None

Do you pay off your full credit card balance each month: Yes

Savings : 20k aib deposit account (from 4 year lockedin a/c)

Also 15k on balance (earmarked for garden new house – as nothing done)

Do you have a pension scheme:
None
Spouse yes - 200 /month - only since 2006

Do you own any investment or other property:
1 x 2 bedroom townhouses
mortgage is cleared since 06
value of property??? Approx 150,000 (firesale)
At present rented €600/month.

Ages of children: under 1 and 3
Childrens allowance - untouched going into govt 5/7 year bonus saver account

Life insurance: dual life - to cover mortgage 270 + extra 200k


?
Job situation has been volatile in last 36 months – unemployed for periods twice.
High mortgage payments but not in arrears.
Cars will have to be upgraded in next 2 years – age/depreciation not for new models!
Good position TG but no major disposable income, eg to do further study etc…
My main questions are what are financial key priorities for next 5 to 10 year view with kids etc. especially best use of 20k savings pot??

thanks for advice

Kennie1

Here's a good peace of advice...Pay the fee for the financial review istead of trying to blag a free one here:P

coylemj

+1

First time posters looking for free advice don't usually get far on boards, go away and pay a professional.

Masala

Jeez.... give the OP a break!!! Talk about jumping on him/her!!!!

So... what if a 1st time poster.....he/she just asking .......!!!!

I don't see him/her looking for guarantees / signed statement in blood for advice given.

So....I'll give my 2 cent worth. Make sure that you have a nest-egg for the kids to go to college. If they are only 2 yrs apart - you could have 2 in college at the one time. and if you do not live in Dublin/Cork/Limerick r Galway - your costs will be approx €8-10k each on Accommodation, Fees, Travel and Allowances. So... bank that Child Allowance as you have!!

So says the voice of experience!!

jbm1

To kennie - point taken:) ! but maybe im asking here because it is free, and objective?? the financial review is a load of crap, waste of time (and money).

to coyle - charming, ok I'll go to askaboutmoney - professionals mfa :mad:


Masala - thank you for sound advice, thats all im seeking a few opinions, no more no less....

Mort5000

Those figures look alright!

I'd be putting some more into the pension.

Assuming you're going to need the 20K soonish, it can be shuffled around into whichever account pays the highest interest until needed.

Don't worry about kennie and coyle, they're just suffering from low potassium right now *gives them each a banana*