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  #21  
Old 24-01-2006, 10:30 PM
doberden doberden is offline
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Default Re: I can't manage my money. What can I do?

1. Buy "the richest man in babylon" by George Clason. An easy to read story about managing money. It's an excellent book.

2. Organise your bank accounts better so you can track where your money is going:

a). Savings account - no matter what save at least 10 to 15% of your take home pay every month. This is the first bill you pay every month

b). Transfer the money for bills, food, petrol etc in a separate account

c). Leave enough money in your account for personal stuff - that's your spending money, you do what you want with this.

With a seperate account for bills etc you'll see where you money is going.

d). don't spend on your credit card, get rid of any store cards and get rid of your large car loan!

If you want to learn a bit about property investment go to one of the ICES Property Investment meetings. It cost 20 euro but you'll learn loads (no, I don't have any affiliation with them!):

http://www.theicesgroup.com/
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  #22  
Old 24-01-2006, 10:38 PM
markowitzman markowitzman is offline
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Default Re: I can't manage my money. What can I do?

Based on your income you do not need a credit card. Burn it.
Pay yourself first (savings).
Clear the car loan.
In future only take out good debt (for asset purchase).
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  #23  
Old 24-01-2006, 10:41 PM
extopia extopia is offline
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Default Re: I can't manage my money. What can I do?

The Millionaire Next Door is also a good read - widely available. Teaches you that high income does not equate to wealth, and that a low income does not preclude you from wealth.
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  #24  
Old 24-01-2006, 11:17 PM
Guest127 Guest127 is offline
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Default Re: I can't manage my money. What can I do?

I suspect that you are probably lavish at Christmas with friends/family and at weddings, etc. If so this is an area you can definitely cut down on and don't be put off by the thought that you won't be as 'popular' at Christmas etc by reducing or cutting out unnecessary/unwanted presents. You will be. maybe even more so as you wont be puttiing others under pressure. Just shows that even on €90k that money can be a problem if not managed. Good Luck
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  #25  
Old 26-01-2006, 11:05 AM
paddyodoors paddyodoors is offline
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Default Re: I can't manage my money. What can I do?

Totally agree with earlier comments re the savings plan, your spending rises to meet your salary - therefore reduce the money available to spend and get a portion auto deducted by direct debit into a savings account. Do it on the day you receive the cash, or close to it if the day fluctuates, - if you are with AIB use their online savings account - where you can transfer up to 1000 pm.

Also suggest you start this savings plan asap and save the amount that it would cost you to rent equivalent accomodation.

Have you elected for joint assesment for tax purposes, ensuring you receive the transferable allowance from your spouse?
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  #26  
Old 26-01-2006, 02:32 PM
Gordanus Gordanus is offline
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Default Re: I can't manage my money. What can I do?

If as you say the problem is psychological, the only question you need ask yourself is "What is stopping me managing my money?" Is it the tediousness of it (of keeping spending logs and working out all your outgoings), is it something to do with how you want other people to see you, is it feeling that counting the pennies is just plain mean? What's your family and childhood experience with money.

Also, I saw in a post above you mentioned a psychoanalytic approach. This is very different to a CBT approach, which Clubman mentioned. There's an introduction to what CBT is about on www.eabct.com, which might be worth looking at. Also, if you do go looking for a therapist DON'T take their word for their training - there's no statutory regulation for psychologists/psychotherapists/counsellors like there is for dentists, doctors, nurses, and opticians. PM me if you want any information regardiing proper accreditation.
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  #27  
Old 27-01-2006, 02:49 PM
Thrifty Thrifty is offline
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Default Re: I can't manage my money. What can I do?

The fact you have got a house rent free for a year is a wonderful incentive to start saving money for the deposit, legal costs etc to buy your own. Think of it like this - if you are spending all your money now with no rent to pay do you really want to be in the situation in a years time where you are paying out for rent and possibly at that time deciding you want to buy. Start putting aside now at least what you are going to have to pay in rent in a years time - get used to not having that amount anyway otherwise it will be a nasty shock.
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  #28  
Old 29-01-2006, 01:39 PM
maura maura is offline
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Default Re: I can't manage my money. What can I do?

Join a library and get all the books mentioned there for free. Its a start.
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