How do I free up some cash ?

Age: 34
Spouse’s/Partner's age: none

Annual gross income from employment or profession: 28500
Annual gross income of spouse:

Type of employment: employee

In general are you spending more than you earn or are you saving? breaking even

Rough estimate of value of home: €280,000
Amount outstanding on your mortgage: 110,000
What interest rate are you paying? 4.60%

Other borrowings – car loans/personal loans etc
Car loan paying €278 per month ( 17 months left)
Personal Loan paying €220 per month (8 yr left)

Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card?
C.C no 1 €2950 balance on €3000 limit
C.C no 2 €1400 balance on €1500 limit

Savings and investments:
10,000 aib savings acc
7000 first active account
1500 in joint savers account with Fiancee (250 a month)
1500 in Friends first 5yr SSIA scheme. (250 a month)
Do you have a pension scheme? no

Do you own any investment or other property? no

Ages of children: none

Life insurance: no


What specific question do you have or what issues are of concern to you? ....I am getting married in 12 months time and am wondering is there any way i could free up some money. I dont want to touch the savings (nest egg) but at the end of every month i have nothing left in my account just for day to day things.
Any ideas how i could free up cash ?
Thank you
Pablo74

I understand if you are getting married soon you want to hold onto the nest egg but why not instantly pay off the cc's both of them and them fire your payments for cc into savings instantly you have saved a massive amount of interest and you are also paying yourself more/

Thanks Gar for the reply.
I did that 2 yrs ago, i cleared both my C.C but i left them amount up again.

Why not do it again?

It makes no sense to have loans which cost you a certain percentage and having savings sitting which earn you less interest that what your loans cost.

why not clear the 2 cc's and the car loan, then save what you would normally be paying p/m into a savings account, you money would tot up rather quickly.

Pablo74 said:

Thanks Gar for the reply.
I did that 2 yrs ago, i cleared both my C.C but i left them amount up again.

Click to expand...

Sounds like you are living beyond your means as a matter of course so you might want to do something about that longer term?

Maintaining savings while carrying (presumably high cost) unsecured debt makes little sense. You are kidding yourself that you actually have money. Look at it from a balance sheet point of view (assets minus liabilities) to get a more realistic view of how much you really have.

Get rid of the credit cards and start using a laser. That way you'll force yourself to live within your means. Why not rent out a room in your house/apartment if you can? Is there any old junk you could sell?