Hi eveyone
I am looking for some advice on my current financial situation.
I am in my early twenties, still living at home but I hope to move out within the next 18 months. I presently take home €650 after taxes each week. I don't have a college qualification and I don't know how secure my job is in todays climate. If I were to lose my job I think I would be on €500 after tax elsewhere.
Monthly expenses:
€300 rent
€80 contract phone
€230 on petrol - approx
€170 - fixed rate personal loan with 15 months remaining
€150 - socialising
€5-8 daily on sandwiches from Spar on work days, which is probably €150 a month.
€150 on bits and pieces
I have a credit card limit of €5250 and I currently owe €3300. At the moment, I have 4 months 0% interest on payments remaining and I am chipping away at it each week. I normally would owe no more than €500 but I had to pay for car insurance, went on holiday and I had a couple of moments of weakness recently.
Savings:
I have €35,000 in savings, of which €30,000 is tied up in a high rate deposit account until February 2009. So I can realistically only access €5000 at the moment.
I'm adding about €200 each week into my Northern Rock savings account from my wages.
I am doing a course at night, so I will need to come up with €2000 for registration fees next week. I don't know whether to pay with my credit card and chip away at the balance weekly as I have 0% interest for the next 4 months, or should I pay outright by dabbling into my savings, remember I can only access €5000 at the present time. If I pay with my credit card I will have maxed out my card and owe the bank €5250 but as I mentioned it is 0% for the next four months.
I want to buy a car next month for €10,000. I will need to borrow some money to fund it and I was looking towards Tesco 6.9% fixed rate personal loan over three years. I was thinking along the lines of using €3000 of my savings and borrowing the remaining €7000.
I would be grateful for some solid advice on my financial situation.
François
I am looking for some advice on my current financial situation.
I am in my early twenties, still living at home but I hope to move out within the next 18 months. I presently take home €650 after taxes each week. I don't have a college qualification and I don't know how secure my job is in todays climate. If I were to lose my job I think I would be on €500 after tax elsewhere.
Monthly expenses:
€300 rent
€80 contract phone
€230 on petrol - approx
€170 - fixed rate personal loan with 15 months remaining
€150 - socialising
€5-8 daily on sandwiches from Spar on work days, which is probably €150 a month.
€150 on bits and pieces
I have a credit card limit of €5250 and I currently owe €3300. At the moment, I have 4 months 0% interest on payments remaining and I am chipping away at it each week. I normally would owe no more than €500 but I had to pay for car insurance, went on holiday and I had a couple of moments of weakness recently.
Savings:
I have €35,000 in savings, of which €30,000 is tied up in a high rate deposit account until February 2009. So I can realistically only access €5000 at the moment.
I'm adding about €200 each week into my Northern Rock savings account from my wages.
I am doing a course at night, so I will need to come up with €2000 for registration fees next week. I don't know whether to pay with my credit card and chip away at the balance weekly as I have 0% interest for the next 4 months, or should I pay outright by dabbling into my savings, remember I can only access €5000 at the present time. If I pay with my credit card I will have maxed out my card and owe the bank €5250 but as I mentioned it is 0% for the next four months.
I want to buy a car next month for €10,000. I will need to borrow some money to fund it and I was looking towards Tesco 6.9% fixed rate personal loan over three years. I was thinking along the lines of using €3000 of my savings and borrowing the remaining €7000.
I would be grateful for some solid advice on my financial situation.
François