S
S&TT
Guest
So first time to post a thread here and have to admit, the thoughts of setting out my financial situation in black and white is daunting to say the least. To put it mildly I feel I'm living on the edge as regards income and expenditure week to week. I think I'm doing what I can to keep my head above water but would appreciate any advice on how to make my situation any better.
I'm a single Mum living in rented accommodation. My income is €2,500 per month plus €160 child benefit. My outgoings monthly are rent €950, crèche €800, €100 insurance, AIB car loan €350 (€17k left - I consolidated a previous personal loan) this was originally €420 a month but I extended the term to reduce the payments, €200 towards credit union loan of €2,600, €150 MBA personal loan which I got to pay off two MBNA credit cards (6.5K left). I have an overdraft of €2,500 with AIB which is maxed constantly and an AIB credit card with a €2k limit which is maxed constantly also. I've applied to Tesco for a card so I can transfer the balance and hopefully wipe it clean within a year or so. Day to day expenses like groceries, petrol (I have a long commute!)etc. usually total €400 a month. Savings I have roughly €800 in the CU in case of emergencies. I receive maintenance sporadically which should be €100 a week however it cant be relied on and is never consistent despite court proceedings.
As a result when I get hit with big bills like home heating oil, car tax, even a new round of shoes etc for my son I never have the money. I try to budget but something always pops up and I end up borrowing from Peter to pay back Paul. Every month I sweat when I look at my bank balance and worry that I wont be able to cover everything, as I said any advice on budgeting or paying debts would be gratefully appreciated.
I'm a single Mum living in rented accommodation. My income is €2,500 per month plus €160 child benefit. My outgoings monthly are rent €950, crèche €800, €100 insurance, AIB car loan €350 (€17k left - I consolidated a previous personal loan) this was originally €420 a month but I extended the term to reduce the payments, €200 towards credit union loan of €2,600, €150 MBA personal loan which I got to pay off two MBNA credit cards (6.5K left). I have an overdraft of €2,500 with AIB which is maxed constantly and an AIB credit card with a €2k limit which is maxed constantly also. I've applied to Tesco for a card so I can transfer the balance and hopefully wipe it clean within a year or so. Day to day expenses like groceries, petrol (I have a long commute!)etc. usually total €400 a month. Savings I have roughly €800 in the CU in case of emergencies. I receive maintenance sporadically which should be €100 a week however it cant be relied on and is never consistent despite court proceedings.
As a result when I get hit with big bills like home heating oil, car tax, even a new round of shoes etc for my son I never have the money. I try to budget but something always pops up and I end up borrowing from Peter to pay back Paul. Every month I sweat when I look at my bank balance and worry that I wont be able to cover everything, as I said any advice on budgeting or paying debts would be gratefully appreciated.