journalist with case study

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carissacasey

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Hi, I'm a journalist doing a piece on financial anxiety and how to deal with it. As a case study I have a 28 year old woman who is very stressed about her financial situation. I'm talking to other people for the piece but would be interested in what posters here would advice.

Age: 28


Annual gross income from employment or profession: 39k annual, 2610 monthly

Type of employment: Advertising (she's concerned about job security)

In general are you spending more than you earn or are you saving? She's not saving

Rough estimate of value of home: She doesn't know but did a search myself for 1 bed in Ringsend area, prices fluctuate between 249k and 420k (latter seems way excessive to me). She bought for 300k

Amount outstanding on your mortgage: She doesn't know (am getting her to check). Bought 3 years ago for 300k with morg of 250k, pays 1124 per month
What interest rate are you paying? She doesn't know but will get her to check

Other borrowings – car loans/personal loans etc: 4k owing to her parents

Do you pay off your full credit card balance each month? No - 200 paid last month
If not, what is the balance on your credit card? 2k

Savings and investments: None

Do you have a pension scheme? No

Do you own any investment or other property? No

Ages of children: None

Life insurance: Yeah, E16 a month


What specific question do you have or what issues are of concern to you?
She's in a panic cos she doesn't think she will manage if interest rates go up again, and fuel bills etc etc. She feels her financial position is precarious and it is causing a great deal of stress.

Any advice welcome! C
 
Re: financial anxiety

I would advice her to start living fairly frugally for the next few months and clear the credit card start saving. That means no going out, no clothes shopping, bringing lunch to work, shopping in Lidl etc...I would also ask her if the 4k to her parents is repayable immediately or will they wait a while until she knows about the security of her job
 
Re: financial anxiety

sounds familiar. am in pretty much the same situation. im one of the group that banks were throwing mortgages at 2 years ago.it is stressful as you are living pay cheque to pay cheque but legallady is right its a matter of major sacrificing. It can be afforded but you do have to miss out on all the things people in their 20's should be doing i.e. going out,shopping etc,not stressing about mortgages!!!im not panicing and hoping the situation will settle down in a couple of years cos i havnt much choice. I have a house I cant sell and a mortgage that has jumped hugely since i bought the house but thats the risk you take.You have to buy a house eventually. think of the benefits in 20/30 years time when we own our homes.
 
Re: financial anxiety

She has 1500 a month left over???surely her fuel costs and living costs are not that expensive, families with children have alot less to live on after that? its tough times, but she should put away a nest egg for herself incase the rates do go up and she finds herself with an unexpected cost, medical car etc!
 
Re: financial anxiety

Blossy said:
She has 1500 a month left over???surely her fuel costs and living costs are not that expensive, families with children have alot less to live on after that? its tough times, but she should put away a nest egg for herself incase the rates do go up and she finds herself with an unexpected cost, medical car etc!
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Thank God!!
I though i missed something - it is madness to suggest that this person on the breadline - for 1500 roughly per month surplus she has to do like Eddie H saids, Tighted up on discretionary spending,
Breffni12 said:
im one of the group that banks were throwing mortgages at 2 years ago.i
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In fairness you can't blame banks for making you take out a mortgage. Or can you
 
Re: financial anxiety

Age: 28
Annual gross income from employment or profession: 39k annual, 2610 monthly
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First off, I am 28, too and earn much less than she does.

Type of employment: Advertising (she's concerned about job security)
Click to expand...

I am working in Marketing.

pays 1124 per month
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I am paying 1100€ rent aka dead money. She pays 1124€ what is considered an investment.

Other borrowings – car loans/personal loans etc: 4k owing to her parents
Do you pay off your full credit card balance each month? No - 200 paid last month
If not, what is the balance on your credit card? 2k
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:eek:

Savings and investments: None
Do you have a pension scheme? No
Life insurance: Yeah, E16 a month
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:confused: I have all three, even if it's tough to keep it up.

Ages of children: None
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I have one.



Maybe I am missing something here but reading this post made me quite angry. As I stated already, I'm 28, too - I am working full time with much less salary than she does AND I am a single mother who has to pay the Creche every month. It's no secret these days how wacky Creche prices are. I really don't get how this person with so much money to herself is able to make depth (CC, parents...), not able save a penny AND doesn't think of her pension! Who does she think supports her when she is old and unable to work? :mad:
Fair enough, I don't have a car but whoever lives in Dublin and realises they struggle financially can also take the bus/ dart/ luas which saves you money big time! It's not like there aren't any options. I'd love to know why she has a financial anxiety. Re-thinking her lifestyle would be the first thing I'd do. Sorry if I sound harsh BUT there are people like me who don't have parents around to support her and no banks who throw mortgages at you!
I also disagree with the previous poster who said that you cannot enjoy life at such a young age when you're in such a situation where you pay mortgage. Mortgage or rent - money is money and both increase annually and I think this 28 year old from OP sounds rather spoiled and not life-experienced enough to realise how well she is actually off.
Sorry if I let steam of at the same time but people like her really irritate me. :rolleyes:
 
Re: financial anxiety

alaska online...hear hear, i am 26 single mom also, earn a very considerable amount less than OP as mentioned if nervous about her future then start saving! its fairly black and white to me!
 
Re: financial anxiety

Can i just ask as for the study on financial anxiety, i think a more suitable case study would be those that cannot and have not had a social life in a long time, that struggle to make ends meet, that to me in financial anxiety, worrying about a change in lifestyle whilst yes is an anxiety i cant see it being a stressful financial situation, not a serios one to base a case study on!?
 
Re: financial anxiety

Blossy said:
Can i just ask as for the study on financial anxiety, i think a more suitable case study would be those that cannot and have not had a social life in a long time, that struggle to make ends meet, that to me in financial anxiety, worrying about a change in lifestyle whilst yes is an anxiety i cant see it being a stressful financial situation, not a serios one to base a case study on!?
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totally agree with you Blossy and hey great to hear we're in the same boat aka the single mother one. considering we're both coping regardless of our financial circumstances (even if it makes me sometimes cry) it just proves that we rock! :D
 
Re: financial anxiety

true, u can be close to tears at times! cant wait for the day when i can but my groceries in Marks + Spencers...how posh!!! :D but yes we do rock!!! :D
 
Re: financial anxiety

Berni said:
The resulting article is now up, with honourable mention to AAM, and a somewhat toned down synopsis of the advice here :)
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Sorry but that is a fairly insipid article all the same. The should have given the facts posted here and let joe soap comment as we did here.
You almost felt sorry for her piddlin away almost €270 per week on going out and coffee:confused:
 
Re: financial anxiety

I'm quite impressed by the fact that she only spends €60 per month on bought lunches! Somehow I suspect that's a massive underestimate.
 
Re: financial anxiety

She can fix her mortgage rate to give herself the reassurance that her monthly repayments will not go up again.
 
Re: financial anxiety

in response to this i think, i just started a thread 'help for a 47yr old lady'
now that poeple to me is financial anxiety!
this just makes me mad! sorry, not really relevant i know. Clubman will kick my a*s ha
 
Re: financial anxiety

I'm not the best with money, loans coming out my ears at this stage almost, but with 1500 a month left over, I think she's far, far from the breadline.
 
2610 euro a month and shes not happy! my god woman get real. I make 27k a year and being very honest I dont know what to spend half it on. End up saving at least 1,300 a month no probs. Maybe its because I've just finished college a year now and money is a new thing for me and I have been forced to make good saving habits. In saying that I'm sorry but someone making that much money should be in a great situation. And before someone asks I have pension, vhi, benefit in kind and rental bills every month on top of that.
 
Alison should cut down on social nights out instead of twice per week @ 200 euros per week (800 per month) cut down to once or twice a month @ 200 euros a month saving a whopping 600 euros!! She may find herself in financial difficulties in the future and saving for a rainy day should be a priority she has excellent income. It might even be fun!! A night at home with the girls or a party where people bring your own? Why not make use of your home!!
 
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