According to Karl Grabe's tax calculator at www.taxcalc.eu this should be about €5.5K p.m. take home excluding your investment property rental income below. Maybe you can itemise where it's going?Annual gross income from employment or profession: 40,000
Annual gross income spouse:45,000
Bad idea - outstanding CC balances are usually racking up interest at very hight rates and are usually the most expensive form of borrowing. In particular saving while not clearing this balance makes no sense. If you cannot use a CC such that you clear the outstanding balance every month (as far as possible) then you should get rid of it.Do you pay off your full credit card balance each month? NO
What is the bottom line here - i.e. rental income net of tax after deduction of allowable expenses?Do you own any investment or other property YES RENT1,100 . MORTGAGE 1,400
Expenditure pattern: In general are you spending more than you earn or are you saving? yes
No.It just never workes out that way everything in this country is so Expensive. Do other people feel the same.
ok so maybe i would be a bit too basic for you but my only advice is ditch the credit card, pay off the balance and use cash only for about 6 months and see where you money is actually going.As the previous posts show you really need to itemise your income and expenditure to identify where the money is going and where savings may be made.
you probably were conned into this "we're affluent because we live in new Ireland so i deserve a car worth €xxk and the rest"
Assuming tax free on this you could pay 3k off your CC rather than into a pension of 6k. Jury could be out whether one is better than other but the investment property is currently acting as a pension for you so I suggest you would be better off paying CC.3) I don't agree with contributing to a pension when you are paying big interest on your credit card. In effect, you are using your credit card to make AVCs!
yep - thats my opinion too - hate loans for something that loses its value while costing me money at the same time in maintenance - i was told it was the "culchie way of thinking" when discussing this with a mate a while backNo feeling like driving a nice vehicle you actually own. But that may be just a preference for me, I have a dislike of car loans. Ireland seems addicted to car credit.
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