I have been doing alot of research into whether or not I can afford to give up work. Long story short but my job isn't working out too well to say the least. Ideally I know it would be best to get a p/t job, but they are proving difficult to find in my area. Firstly I want to know if there is any income I have missed (or hopefully not expenditure I have missed), plus any suggestions on ways to make my money work better - I think I've researched most of the options but someone might see something I'm missing. Do you think we can survive on 1 salary?
Here are our details
Husband on 57.5K
Me on 41k
Joint Monthly Expenses:
DebitsMortgage protection 57.65, Childminding 836, ESB 56, Credit Card 250, Grocery 800, Gas 90,
Home Ins 41, Pension 463, mortgage 1319, Mortgage/ESB/gas Contingency 100, Milk 50, Bins 35, Pet Ins. 20,
Total4117.65
plus landline and basic NTL (paid by DH from his account not sure how much)
plus I also spend 1100 approx on misc stuff including €256/month on car loan, 36 on car tax, 38 on car ins., 150 on petrol.
I reckon if I gave up work I would save in the following areas:
saving/mth
GP (if get a GP card)60
sell 2nd car: Loan, tax etc 400
Loose Cleaner: 100
Transfer of Tax credits 200
Childminding 636
we also get ECB of 500 per quarter, 332 chilcare allowance, rent of 500 from renting a room. I think there is also a home careers tax credit of 900/yr and I may be entitled to tax back at end of yr as have had 4 mths unpaid mat leave. I was thinking of selling my car (worth 19K to an older one which is cheaper on tax too, 5k owing on loan)We would sell 2nd car, worth 4k but that pays off loan only. Need landline as reception in house not good enough for mobiles.
Our mortgage is a tracker variable with a good rate (reviewed recently) as our LTV <50%, mortgage is for 30yr with 25 remaining, around 270K owing.
I only plan to take 1 yr max off.
We have no other loans, credit card is paid off in full monthly. No bank charges etc. €300 savings in total.
I've done a fair bit of sums, but if you can help I'd appreciate it!
Many thanks
Here are our details
Husband on 57.5K
Me on 41k
Joint Monthly Expenses:
DebitsMortgage protection 57.65, Childminding 836, ESB 56, Credit Card 250, Grocery 800, Gas 90,
Home Ins 41, Pension 463, mortgage 1319, Mortgage/ESB/gas Contingency 100, Milk 50, Bins 35, Pet Ins. 20,
Total4117.65
plus landline and basic NTL (paid by DH from his account not sure how much)
plus I also spend 1100 approx on misc stuff including €256/month on car loan, 36 on car tax, 38 on car ins., 150 on petrol.
I reckon if I gave up work I would save in the following areas:
saving/mth
GP (if get a GP card)60
sell 2nd car: Loan, tax etc 400
Loose Cleaner: 100
Transfer of Tax credits 200
Childminding 636
we also get ECB of 500 per quarter, 332 chilcare allowance, rent of 500 from renting a room. I think there is also a home careers tax credit of 900/yr and I may be entitled to tax back at end of yr as have had 4 mths unpaid mat leave. I was thinking of selling my car (worth 19K to an older one which is cheaper on tax too, 5k owing on loan)We would sell 2nd car, worth 4k but that pays off loan only. Need landline as reception in house not good enough for mobiles.
Our mortgage is a tracker variable with a good rate (reviewed recently) as our LTV <50%, mortgage is for 30yr with 25 remaining, around 270K owing.
I only plan to take 1 yr max off.
We have no other loans, credit card is paid off in full monthly. No bank charges etc. €300 savings in total.
I've done a fair bit of sums, but if you can help I'd appreciate it!
Many thanks
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