Advice Please

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ClubMan

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i cant believe what im reading!
007007 is not living in poverty, she just needs to budget her money carefully.

Im sorry but i really cant get over people thinking that a girl with no debt other then 1000 euro on a credit card can not afford to pay bills and survive on 800euro.
Here's a mad theory - perhaps it has something to do with the original poster's own comments:
What specific question do you have or what issues are of concern to you?

i just bought a house and my first mortgage payment was this month, EUR1,100, my take home pay is EUR1,900 per month.

bills include, petrol, mobile, heating, electricity, TV, health, life, home insurance etc...

socialising every few weeks, like to keep up with the latest fashion... foreign hols every year.

im afraid i wont be able to keep paying the mortgage payments every month........

Any suggestions would be much appreciated.
Thanks.
 

momomo

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she says im afraid i wont be able to keep up the payments.
im telling her from experience at this second in time its possible as im doing it myself
 

ClubMan

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she says im afraid i wont be able to keep up the payments.
im telling her from experience at this second in time its possible as im doing it myself
Maybe you can do it. I would wonder about the original poster's ability to do it though.
bills include, petrol, mobile, heating, electricity, TV, health, life, home insurance etc...

socialising every few weeks, like to keep up with the latest fashion... foreign hols every year.

im afraid i wont be able to keep paying the mortgage payments every month........
thanks for all your replys.

wont be selling the house, i only just bought it!! dont know why the bank gave me a mortgage on my salary...i even said to them many times are ye sure, my wages are crap!

wont be renting out a room, its only a 2 bed, house is tiny-no privaticy..

...

wont be getting rid of my car, i have no loan on it, why would i want to get rid of it, public transport is crap!!!
 

plant43

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Im sorry but i really cant get over people thinking that a girl with no debt other then 1000 euro on a credit card can not afford to pay bills and survive on 800euro.

I guess it depends on your definition of "survive". I wouldn't get a mortgage unless I could pay it off every month, have enough money to live comfortably and have enough money that I could put a little by in savings for a rainy day.

It's all well and good saying that you're surviving, but are you saving anything? What happens if something unexpected happens like losing your job or you become ill and have to give up work for a while?
 

Noor77

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I think the OP could manage if they took in a lodger, otherwise it is too much of a stretch to pay a mortgage and bills out of their salary.

Why not let the whole apartment / house out for a few years and rent somewhere affordable. You would be able to cover the mortgage with the tennants and might be able to save a bit of money while renting yourself.

You say that you will be able to afford everything, but what about if something went wrong ....like needing to get a plumber or electrician out .... you wouldn't really have the money for that type of emergency expenditure.

As I said previously, I rented a room to someone for 3 years. It had its ups and downs but at least it gave me the money to get by. Now I am in a position where I can live by myself and also afford to only work four days a week. I would not be able to do this if I hadn't rented the room out.
 

Nige

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Why not let the whole apartment / house out for a few years and rent somewhere affordable. You would be able to cover the mortgage with the tennants and might be able to save a bit of money while renting yourself.

stamp duty clawback, tax, hassle of renting.
 

momomo

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I guess it depends on your definition of "survive". I wouldn't get a mortgage unless I could pay it off every month, have enough money to live comfortably and have enough money that I could put a little by in savings for a rainy day.
The OP has savings, so that is a rainy day fund
 

jprender

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Noor has made a very valid point in relation to emergency expenditure. Tradesmen can be v.expensive and that 800 per month can take a serious dent. Never mind if OP had to replace something like a washing machine or its ilk.

Still fair play to you as up til now you have managed to

(1) save at least 20k as a deposit (220 value, mort 200)
(2) have other savings of 3k after kitting out your home with furniture
(3) Have a car fully paid for that I am sure keeps up with modern fashions


I wish I could have done that back in the day.

This is of course assuming that you are not the daughter of a millionaire or are indeed dating one !!;)
 

ClubMan

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The OP has savings, so that is a rainy day fund
Her rainy day is here in the form of an outstanding balance of €1.1K on her CC at the same time as she is finding the general finances tight or difficult to manage.
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 1,100

Savings and investments: savings about 3k
 

efm

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Ok, momomo may well be right! Maybe it is possible to live on 800 a month after paying a mortgage - my gut, and hence my posts, tells me that it is very very difficult to live on 800; but maybe if we had some monthly expenditure figures from 007007 and momomo we could see that it is possible.

I would reckon the following expenses as it stands at the moment:

ESB 50
Gas 50
Phone 50
TV 50
Mortgage Protection 15
House Insurance 15
Health insurance 50
Life assurance 20
Waste charges 20
Car insurance 60
Petrol 50
Car tax 35
Lunch / coffee 100
Food 400

That gives a grand total of 965 Eur per month expenditure
 

ClubMan

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And don't forget the original poster's lifestyle expenditure:
socialising every few weeks, like to keep up with the latest fashion... foreign hols every year.
efm is on the right track though - the original poster needs to do a clear and realistic budget outlining income and all outgoings (including annual and some allowance for contingency/emergency expenditure) in order to see if the existing situation is viable. The fact that some other poster might manage on €800 p.m. is irrelevant unless their circumstances and lifestyle match the original poster's identically.
 

jprender

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Agree totally, a full budget detailing expenditure needs to be prepared by OP to ascertain if it can really be afforded.
 

Noor77

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Because I now work just 4 days a week, after all my bills (incl. mortgage) are paid and my savings scheme money comes out I am left with €230 a week which has to cover food, socialising, any holidays, buses and clothes. I wouldn't be able to manage if that €230 had to cover my bills too.

I really think the OP should rethink her position on a lodger
 

007007

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ESB 50 (for 2 months)
Gas 50
Phone 50
TV 50 (26 per month)
Mortgage Protection 15
House Insurance 15
Health insurance 50
Life assurance 20
Waste charges 20 (i share with a neighbour)
Car insurance 60
Petrol 50 (per month)
Car tax 35
Lunch / coffee 100 (make my own lunch)
Food 400 (that amount on phone would last me 3 months!!!)


i have a friend who is an electrian, another is a plumber, my boyfriend has helped me decorate my house including painting, putting down floors and fitting lights...

i had other savings to buy furniture and stuff for the house.

i have applied for the tax relief it just hasnt come through yet.

no my parents are not millionaires, if they were i wouldnt be on this site..

basically now i do believe i can survive on 900 per month, other people can do it so i dont see why i cant..

FlaxRe: Advice Please
007007,

Is the need to own your home worth living in poverty for a few years?

Why are you in such a hurry to get in such incredible debt?

I am agreement with the other posters who think you need a reality check.

i dont need a reality check Flax..
 

momomo

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have to agree with 007007 about the food, 100 for lunch and 400 a month for food for a girl living on her own, not a chance.
Half that is what i live on, and thats not by budgetting, i just couldnt eat anymore food :)
 

moondance

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have to agree with 007007 about the food, 100 for lunch and 400 a month for food for a girl living on her own, not a chance.
Half that is what i live on, and thats not by budgetting, i just couldnt eat anymore food :)

I'm also a girl living on her own (bought place last Oct) and you've got to remember that 400 for groceries a month would also have to include the expensive items like washing powder, toilet roll, cleaning stuff (eg bleach, flash, cif, dettol, etc), bin bags, etc. I'd easily spend 400 a month on shopping for essential item + food.
 

jprender

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even if you take half of that amount for lunches and food as is suggested, that leaves only about 130 euro per month for everything else.

Toiletries / cosmetics / haircuts / nights in/out etc etc

Thats very tight.


Not saying its impossible but not a great life imo.
 

moondance

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I'll tell you my monthly spends as I'm in a similar position but with lower mortgage and higher earnings:

- Supermarket Shopping 400
- Car Insurance 35
- Car Tax 35 (not sure on this)
- Petrol 80 (about 20 a week)
- ESB 40
- Mobile 40
- Gas 40
- Mgmt Fee 75
- Lunch 100
- Mortgage 639

- Socialising 200
- Holidays 200 (spread over year)
- Misc (weddings, gifts, family occasions, etc) 100

- Savings 10K and save 50 a week

- Loans 0
- Overdraft 0
- Credit Card 0

- Take Home Pay per month 2540
- Total Spend (incl savings) 2184

So technically I should have about 350 extra to play with a month but I don't! No idea where it goes but there's always stuff you don't think of. I know there's a lot on holidays there and that's because I haven't had one in 2 years so going a bit mad this year but I always make sure to keep within budget. I just can't see how I could survive on less than half that.
 
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