Family Finances: A Look at €80,000 Income in Munster

The financial dynamics of a family living in Munster, Ireland, reveal how a combined income of €80,000 is managed in today’s economy. This profile follows a household comprised of a part-time customer assistant and her husband, a hotel manager. Their story highlights how they navigate expenses, savings, and everyday purchases while raising two children.

Understanding the Family’s Financial Landscape

The couple’s combined salaries amount to €80,000, with the husband earning €55,000 and the wife bringing in €25,000 annually. Monthly, the husband receives a net pay of approximately €3,700, while the wife earns an average of €450 weekly. Their financial planning is primarily influenced by their recent home purchase, which drained much of their savings.

With a mortgage payment of €1,350 per month, the family is still adjusting to their new financial reality. They allocate €200 each per month for discretionary spending as they continue to furnish their home. The wife manages the household’s grocery bills, car expenses, and loan payments, while larger expenses typically fall under the husband’s financial responsibilities.

Monthly Expenses Breakdown

The family’s monthly transport costs are significant, reflecting their need for two cars. This includes an annual insurance cost of €1,000, €400 for tax, and approximately €400 for petrol. Additionally, they pay a monthly car loan of €360, which will be settled in about three and a half years.

Household bills also contribute to their budget: home insurance costs €400 per year, electricity amounts to €110 monthly, and gas expenses are around €38 for a bottle refill. They also pay €64 monthly for their mobile phone plans. The husband’s health insurance is covered by his employer, while the wife currently does not have health insurance.

Grocery shopping is a considerable expense, with monthly costs ranging from €600 to €800. They also maintain several subscriptions, including broadband at €30, Netflix (€15), Spotify (€20), Xbox (€15), and YouTube (€12), which collectively add to their monthly outgoings.

Child-related expenses include around €40 monthly for activities and approximately €180 per school year for the older child’s school fees. Additional costs for lunches and pocket money further impact their budget.

A Week in Their Lives: Daily Spending Insights

The family documents their week to showcase typical spending habits. On Monday, the wife begins her day leisurely, waking up to a quiet house as her husband takes care of the school run. After a quick breakfast, she heads out for errands, including a stop at Lidl, where she spends €43.80.

On Tuesday, she balances work and family life, clocking in at 6:00 am for her retail job. During her break, she spends €7.60 on lunch. After work, grocery shopping incurs an additional €39. The day wraps up with a family dinner and a little online shopping for household items.

By Wednesday, the routine continues with early mornings and busy days. The wife manages to clock out early and takes the kids to play outside before preparing dinner. A quick trip for a pastry costs €1.50, bringing her daily total to a modest €1.50.

Thursday sees similar spending patterns, with a focus on family needs and household budgeting. She spends €8.50 on essentials and €45 on clothing for the children.

On Friday, she enjoys a productive day at work, receiving her wages and managing family responsibilities. A beauty treatment she schedules costs €50, and dinner includes a pizza for the kids, highlighting their adaptive spending on comfort meals.

The weekend brings family activities, with Saturday’s costs including a trip to the playground and a note of €43 for petrol. Sunday is spent at work, with a sandwich for lunch and a coffee outing with her husband.

Throughout the week, the family totals €474.90 in expenditures. They reflect on their financial habits, noting the need to improve savings and explore pension options.

This detailed financial account provides a window into the everyday spending of a middle-income family in Munster, illustrating the balancing act many families face as they manage their finances in a challenging economic landscape.