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Presumably you are on about €37K gross? If so then you have debts representing c. 60% of your gross annual income. Not the worst that I've seen posted here but it makes sense to get this down.I take home €2600 / month
Saving and spending on non essentials makes no sense to me while you have debts that should be prioritised for reduction/repayment.I am trying to save about €250 to €300 a month in Credit Union
I am putting in €200 / month in company share scheme
On top of these, I have the usual expenses such as car, gym (€70/month), etc. I do feel some pressure coming towards the end of the month, and would like to be able to budget quite a lot better than I currently am.
You should list out the debts most to least expensive in terms of rate charged and prioritise the most expensive for attention first. Or try to consolidate some or all onto cheaper credit which you will then work to pay off. You should look at the key posts here and in the Banking/Budgeting forum for tips on how to assess your situation, how to draw up a spending budget and stick to it etc.What I am really looking for is some advice on, firstly what you think my current state of finances are (and how bad it may be), and secondly, what would be the best form of attack to try and get some of the debt down.
Your financial situation isn't too bad, your financial knowledge stinks to high heaven.Would you consider my financial situation not too bad then?
This makes no sense. Most BIKs are subject to income tax and PRSI/health contribution deductions. Why do you think/know that this benefit is exempt?The €200 per month into shares is benifit in kind, so no tax on these.
Makes no sense when you have significant debts.I would like to try keep saving is possible.
Not the worst that I've seen but you really need to reduce your high cost, unsecured debts. Redirecting existing regular savings and savings attributable to better budgeting/cost cutting towards this end would make sense. For example it makes no sense to me to be making regular savings or paying gym membership (just go for long walks!) when you have significant debts outstanding.Would you consider my financial situation not too bad then?
If you want to save to build up for a "rainy day" (e.g. loss of job etc.) then this can be beneficial. It depends on your own personal circumstances and wishes as to how much you want to have saved (common rule of thumb of two or three months salary), if you do want an emergency fund.I would like to try keep saving is possible.
You have a healthy income and should be in a position to service your existing debt without too much hardship. The question is really why you got into this position (was it a year off travelling or simply overspending on a continual basis) and how you can avoid getting into this situation again.Would you consider my financial situation not too bad then?
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