It’s an effort to stop most people glazing over once they hear financial planning but if you have read this far you might as well read on. It will be worth it – promise! My name is Nick (have a look at my bio for my background) and I’m here to do three things:
- educate
- advise
- entertain
If any of my posts fail to do any of those three things then please tell me.
I feel a blog is only as good as the comments from the readers so please talk to me! It should be a two way street with interaction between you and I, otherwise it’s just the sound of my own voice. What’s the point of that?
Let me know what you are interested in and what you need advice on. Post questions and I will try my best to answer then. I will try not to confuse you with jargon or industry speak but if I do, don’t be shy to tell me to stop showing off and I will explain my point in plain simple English.
A little about me, I’m an expectant parent too – due date is today (8/9/10- easy one to remember) so I’m hoping I can get to the end of this post without having to rush off to the hospital.
As well as giving relevant financial advice I will actually tell you what I am doing as a new father to get my finances in order. At the moment as a financial advisor, it is a case of do as I say not do as I do. We do not have life insurance (we have mortgage protection – don’t worry I will explain the difference in a future post!), my savings are all over the place and as for investments – does buying a family car count?
Anyway that’s enough from me, hopefully you will find my posts useful and as I said, please comment as much as you like (even if it’s just to say hello or to thank me for putting you to sleep for a few hours..)
So how many comments will I get on this post? I’d be happy with one (starting off slow). Here goes, hello eumomers (and eudaddyers), my name is Nick and I’m a financial advisor – anybody out there?
8th September 2010 by life4less in Dads, Fathers, Money | 13 Comments »Tags: fathers, Money, News
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I am trying to figure out if i am better off working full or part time financially
as paying for childcare 30 a day/ 5 days a week
at the moment Both earning husband approx 48400 gross, me 29950 gross
Hi Helen,
I would say your local tax office would be the best place to start.
Have a look here
Joint assessment: to nominate or change the assessable spouse for 2011, you must contact Revenue before 31 March 2011
Hope this helps.
Hi Nick
I am thinking of giving up work next year to mind my small children. I want to transfer my tax credits to my husband – do I contact any particular section of the tax office? Do they need much notice? Thanks
Hi Issy,
I’m afraid I’ll have to pass on this one. I’m not allowed to give taxation advice. You’ll have to persevere with the Revenue I’m afraid.
Sorry I could not be more helpful.
Hi Nick really wanted to ask a question. My husband rang the Revenue just to change around our tax credits when they asked was on JSB he said I was then she said that it is taxable and sent us two knew tax certificates for this year. I was wondering if you are a short time should you have to pay this tax. I thought that it was not taxable. I rang them and they said that it is Social Welfare that puts this code in their system and that I would have to ring them. Do you what Social Welfare you should be getting for 3 days as I dont want to make my situation any worse. I am working 3 days a week.
Thanks so much
Hi Sibh,
I’m afraid I am not an expert on maternity leave and the whole social welfare system but I did some digging on your behalf and found this.
If you are in insurable employment, an employment contribution may be credited to you for each week that you take unpaid maternity leave under the terms of the Maternity Protection Act, 1994. This makes sure that your cover for social welfare benefits is kept up to date.
This PRSI credit may be given for each week you have taken unpaid additional maternity leave up to a maximum of 16 weeks. Additional unpaid maternity leave must start immediately after your maternity leave or paid Maternity Benefit otherwise you will not be entitled to credits for your unpaid leave.
If you take unpaid leave, please have your employer complete the application form for maternity leave credits, after you return to work.
Send the completed application to:
Maternity Benefit Section
Department of Social Protection
Inner Relief Road
Ardarvan
Buncrana
Co. Donegal.
LoCall: 1890 690 690 (from the Republic of Ireland only)
+ 353 1 47 15898 (from Northern Ireland or overseas)
It might be worth giving that LoCall number a buzz, they will be able to help you more than I can.
Hi there,
I am 30 weeks pregnant. I work as a barperson / waitress and have being working here for 13years. I am finding work really really hard but my GP does not give out certs freely. She has told me to stick at it. I have never in my 13years of employment taking any sickness benefit.
I was wondering what my options are… Things to consider: My place of employment is not doing so well and there is a fear it will close over the coming months… I have being working full time for 8years here. If I was to take unpaid leave for a few weeks until my maternity leave begins would this firstly affect my maternity leave or my redunancy if it happens??
Thanks
Sibh
Hi Melbirl,
Sorry to hear about your situation but remember you are not alone, there are many people in a similar situation unfortunately. The banks will be willing to talk to you to try and come to some sort of arrangement. Have you spoke to the Money Advice and Budgeting Services (www.mabs.ie)? Here is their advice on credit card debt:
If you are having difficulty in keeping things under control, it is a good idea to take stock of your situation. Take a piece of paper and on one side write down the money you have coming in each week or month, and on the other make a list of all your weekly or monthly spending and commitments. Try to be honest with yourself and involve other family members if at all possible. You can get a budget sheet listing a number of common items of expenditure from any MABS if you feel it would help. Add everything up and identify areas where you could cut back on spending. Seeing the full situation on paper can help you to identify how much you can realistically afford towards your credit card and other commitments. If this is less than you should be paying, sending the company a copy of your budget
is often an effective way of persuading them to accept reduced payments. Credit card providers are often reluctant to suspend interest, but may be more willing to do so if you cut up the card and send it back to the company. Alternatively, if you want to keep this line of credit open for the future, paying more than the minimum payment will reduce your balance over time, providing you don’t continue to use the card.
Hope this helps.
Hi nick, im lookin for some info. Im unemployed and my stamps are gone so just getting 130 a week. Hubby is also out of work but getting his stamps. We have a visa credit card and its over its limit i cant seem to be able to make any payments or bring it down. Every month im being crippled with the interest what do i do.
Thanks Erik.
If there is any particular financial subject you would like to see an post on, please let me know.
Great Information, thanks for the fine Post. I will subscribe to your feed for updates.
Hi Sadie,
Firstly thanks for the good wishes.
From a purely financial point of view you should do a budget and include the cost of a new child – as you say double your current expenditure. Interest rates are rising so if you are not on a fixed rate then your mortgage costs are also going to increase in the next few year. Add to this the chance that you may lose your tenant (if rented at the moment). How secure are your jobs? What if one of you was out of work for an extended period?
After doing this budget do you have enough left in the pot to comfortably live on? If not then now may not be the best time to make an addition to your family. I know this is a very clinical way of looking at things and there are parents out there who will disagree but it is the only answer I can give on the little information to hand.
If you decided not to have another child, my advice would be to pay off the car loan as soon as you can and then try and make a rainy day fund of around 6 months salary.
Other readers please feel free to agree or disagree but from a financial viewpoint Sadie, I would think long and hard about it.
Thanks for your comment.
Hi there,
Good luck and congrats on the impending arrival of your new baby! Let us know how you get on!
My query for a finincial advisor is this: we currently have 2 mortgages, a small car loan left and one Child who is 15 months old. Both of us earn around €450000 a year between us and we are paying childcare at €650 a month…….i would truly love another baby but worry about our jobs and our finances…in your professional opnion do you think it is financially wise to have another child and therefore double all childcare and child related costs while paying 2 mortgages (cant be helped for the forseeable future) and loans and usual bills?
Thanks
Sadie