Agree they are not good overall. But could it have been a credit card purchase at 23% instead? So while not ideal, better than the alternative.
Moneymakeover Married couple - debt and high expenses
- Thread starter angeldelight
- Start date
How do you categorise it in your existing budget? Maybe this is something you should do and report back if you wish. If the total at the end of the receipt is all that gets posted to the ”Budget” under the ”Groceries” heading, then I’m afraid that for your household, for now, you’re not budgeting effectively. Does whoever does the "big shop" have a list? Are there many “milk & bread runs" between the "big shops”?
angeldelight
New Member
- Messages
- 10
I'll preface this by saying I do appreciate the time and effort everyone is putting in to giving help and advice, I think the first thing that's clear is that we need a better handle on the money in and out situation - it's been very much approximate budgeting and flying by the seat of our pants so any vagueness or seemingly nonsensical things that crop up are not to be trying to hide anything or be obtuse it's the best information I have at the time (which I'm going to make a big effort to get a handle on now as that's clear we do not have even the level of awareness I thought we did)
House stuff: 100
Ironing/dry cleaning: 80 Is this necessary?
Subscriptions/broadband/tv: 175 - In Ireland there is free to air?
Clothes: 150
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
I've never included the bonus into our gross/net calculations, it's not guaranteed or reliable at all. My salary of 35000 is an approximation, I'm paid for the hours I work which can vary a bit month to month eg if I take a day off or I'm sick I don't get paid. My hourly rate is inclusive of 8% holiday pay. I know it's not a legal way to do things, it's an industry standard and I do believe the WRC are working on our sector so that may change but for now it's how it is and has always been. Looking back at past payslips, my net income is between 2320-2740 (if there was extra hours worked, but that's not predictable)
Fair point - attempting to budget and doing a bad job
Seems to be the best for now, wouldn't qualify for any green rates
Bank of Ireland - 11k
An Post Money
Most recent statement was November - 17k
In an investment account with Zurich
No benefits in either job
70p/m for a new couch, 0% finance Debt figure suffered rounding again there it's 1925 if you add mortgage, loan, cc and Humm
Not to be awkward but honestly I couldn't - there's an afterschool club that's 56p/m, if they need new clothes or runners or anything it would come out of this pocket but I've never particularly tracked it. Pocket money of 32pm, ice-cream after school on a Friday, Easter camp 110.... it's very ad hoc and not something I've tracked historically
Health insurance is 293, house insurance is 53
9 years old - this figure covers petrol/oil/tolls
Bins are 35p/m and I transfer 200p/m to a separate account for gas and electricity through the year, savings in summer cover the bigger winter bills and usually manage boiler service out of this fund as well
Seems a bit unnecessary, but honestly money issues are very near the bottom of the list about what stresses either of us out which is probably why we have arrived where we are today
DPS + meds not covered on DPS + regular appointment
Cosmetics, skincare, deodorant, sanitary ware, waxing, razors, barbers - we're quite low maintenance so I think that's probably an over-estimation most months
No this is the money spent on stuff for the cats not the insurances above - food, litter, worming & flea treatments
House stuff: 100
Ironing/dry cleaning: 80 Is this necessary?
Subscriptions/broadband/tv: 175 - In Ireland there is free to air?
Yep husband has a work phone, this is just for me - contract with Vodafone is up in May so I've planned to move to GOMo or 48 or someone
Husband's commute to work mostly, plus kids leap cards if they're going somewhere
Clothes: 150
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
Again and not to be awkward but not really - it hasn't been tracked to this point.
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
Blackrock1
Registered User
- Messages
- 2,031
i think the key point here is that you need to set a budget for kids activities rather than book whatever, i understand there is a need for certain things especially for childcare over mid terms etc if you are both working, but effectively you cant afford everything you are paying out every month.
Probably best look at this another way, how much can you reliably say you have coming every month, set aside an amount for DDs, loans, groceries, transport etc, set aside an amount for personal expenditure for you and your partner, set aside an amount that is to be put aside to cover annual expenses.
Then go and figure out the annual non monthly expenses, kids camps, holidays, car service etc etc and see if it can be covered by what you can reasonably put aside every month.
Probably best look at this another way, how much can you reliably say you have coming every month, set aside an amount for DDs, loans, groceries, transport etc, set aside an amount for personal expenditure for you and your partner, set aside an amount that is to be put aside to cover annual expenses.
Then go and figure out the annual non monthly expenses, kids camps, holidays, car service etc etc and see if it can be covered by what you can reasonably put aside every month.
You have a good income. With some changes, you should be able to manage...
The same when you go to the shop and see potential unplanned expenses.
I would avoid saving a card on any website: quick clicks are too easy.
Your children do a lot of activities. On what you mentioned, it's costing you €400+ a month. You should be able to offer it. But currently, you are not. You could look at what they are most interested in. I limited my children to 2 to 3 activities max (for budgetary reason as well as my own sanity).
After loans and mortgage, you have about 5.7k coming each month as well as child benefit. So you are in a good place in terms of income. That income needs to be managed. Currently you live above your means and it probably adds unnecessary stress to your life.
When it's not planned, I would suggest to wait 24 hours to 48 hours before proceeding.
The same when you go to the shop and see potential unplanned expenses.
I would avoid saving a card on any website: quick clicks are too easy.
Your children do a lot of activities. On what you mentioned, it's costing you €400+ a month. You should be able to offer it. But currently, you are not. You could look at what they are most interested in. I limited my children to 2 to 3 activities max (for budgetary reason as well as my own sanity).
I would think you probably had a couch before the redecoration, I would suggest that you don't buy anything using credit.
I can understand that. You could find cheaper alternative. We have a great pizzeria not far from us. Pizza each, a glass of wine = less than €60
After loans and mortgage, you have about 5.7k coming each month as well as child benefit. So you are in a good place in terms of income. That income needs to be managed. Currently you live above your means and it probably adds unnecessary stress to your life.
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The alternative is not to buy at all. But them I'm old school.
Annieindublin
Registered User
- Messages
- 1,104
I think €100 a month is cheaper than marriage counsellors.
Fair play for tackling it. Hope you are both on board and by the end of the year you’ll see a very different picture,
Fair play for tackling it. Hope you are both on board and by the end of the year you’ll see a very different picture,
My salary of 35000 is an approximation, I'm paid for the hours I work which can vary a bit month to month eg if I take a day off or I'm sick I don't get paid. Looking back at past payslips, my net income is between 2320-2740 (if there was extra hours worked, but that's not predictable)
- If you're serious about sorting out your finances you should be able to tell us exactly what your income was last year. This is adding up 12 payslips or looking at 12 transactions on your bank account.
Fair point - attempting to budget and doing a bad job
- Well that's why you're here. But you and only you need to put in the work on doing a budget. We can't do it for you. You have been vague or unclear on some figures, we cannot figure out what you're actually earning nor what you're full expenditure is. How about you come back later to tell us you've dug out your statements to check what's going on, and follow up on starting a spending diary. Are you able to tell us what you spent in the last week for example?
Seems to be the best for now, wouldn't qualify for any green rates
- Agreed mortgage looks fine.
Bank of Ireland - 11k
- There is some good news here. With repayments of 605 this will be cleared in 18 months. This amount can then be used to clear down the CC.
An Post Money (credit card)
- You're very good at getting money all over the place ! Is there any possibility of moving to a % rate?
Most recent statement was November - 17k
- It's important to keep track. And it's a sign you're being serious as you've fished out the info. When you're back on track it would be prudent to see if your husband can up his contributions if there is a tax advantage and if his employer matches it. And in addition when back on track you need to look at your pension.
In an investment account with Zurich
- Child allowance from now on urgently needs to go against the CC debt. Keep the 6K where it is as a rainy day fund for now. Everyone should have a rainy day fund. 3 to 6 months salary, but right now you can't do that. When debt is under control and finances are healthy you need to have a proper savings plan for college, and one for rainy day events.
70p/m for a new couch, 0% finance
- Why did you need a new couch? How much is it? When did you get it? How long is the 0% for? What did you do with the old couch?
Debt figure suffered rounding again there it's 1925 if you add mortgage, loan, cc and Humm
- That's correct, 975 + 605 + 275 + 70. You're getting a better handle on it. Supplying the correct figures shows determination to get a grip on the situation.
Not to be awkward but honestly I couldn't - there's an afterschool club that's 56p/m, if they need new clothes or runners or anything it would come out of this pocket but I've never particularly tracked it. Pocket money of 32pm, ice-cream after school on a Friday, Easter camp 110.... it's very ad hoc and not something I've tracked historically
- As has been pointed out you cannot continue like this.
Health insurance is 293, house insurance is 53
- Is this health insurance like the VHI? Does your husband not have this from work?
Life 60 + IP 190 + cats 85 + House 53 + 293 = 681. That's a lot of insurance.
9 years old - this figure covers petrol/oil/tolls
- At 9 years old you have to start thinking about funding a replacement. The way to do that is save for it. Right now this cannot be done. But it's something you need to think about. Where is the tax and insurance?
Bins are 35p/m and I transfer 200p/m to a separate account for gas and electricity through the year, savings in summer cover the bigger winter bills and usually manage boiler service out of this fund as well
- That's a good strategy for the utilities. Does having separate bank accounts cost more money? Do you transfer automatically money into this account from your current account? I believe in Ireland you can also ask the utilities to spread the bills out so you don't get large one's in winter and low ones in summer.
Seems a bit unnecessary, but honestly money issues are very near the bottom of the list about what stresses either of us out which is probably why we have arrived where we are today
DPS + meds not covered on DPS + regular appointment
Cosmetics, skincare, deodorant, sanitary ware, waxing, razors, barbers - we're quite low maintenance so I think that's probably an over-estimation most months
- The jury is out on low maintenance. Money issues are a cause of the most stress in marriages, in general. The medical stuff we cannot comment on as this is a financial website.
No this is the money spent on stuff for the cats not the insurances above - food, litter, worming & flea treatments
- The cats are costing insurance of 85 + 100 a month. Which is 2220. You didn't answer if you had cats before the current 2?
House stuff: 100
What is this?
Ironing/dry cleaning: 80 Is this necessary?
This was not answered.
Subscriptions/broadband/tv: 175 - In Ireland there is free to air?
Yep husband has a work phone, this is just for me - contract with Vodafone is up in May so I've planned to move to GOMo or 48 or someone
Husband's commute to work mostly, plus kids leap cards if they're going somewhere
Clothes: 150
- Are these clothes for just you?
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
Again and not to be awkward but not really - it hasn't been tracked to this point.
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
- Are all those figures annual or some monthly? We are at 5410.
- If you're serious about sorting out your finances you should be able to tell us exactly what your income was last year. This is adding up 12 payslips or looking at 12 transactions on your bank account.
Fair point - attempting to budget and doing a bad job
- Well that's why you're here. But you and only you need to put in the work on doing a budget. We can't do it for you. You have been vague or unclear on some figures, we cannot figure out what you're actually earning nor what you're full expenditure is. How about you come back later to tell us you've dug out your statements to check what's going on, and follow up on starting a spending diary. Are you able to tell us what you spent in the last week for example?
Seems to be the best for now, wouldn't qualify for any green rates
- Agreed mortgage looks fine.
Bank of Ireland - 11k
- There is some good news here. With repayments of 605 this will be cleared in 18 months. This amount can then be used to clear down the CC.
An Post Money (credit card)
- You're very good at getting money all over the place ! Is there any possibility of moving to a % rate?
Most recent statement was November - 17k
- It's important to keep track. And it's a sign you're being serious as you've fished out the info. When you're back on track it would be prudent to see if your husband can up his contributions if there is a tax advantage and if his employer matches it. And in addition when back on track you need to look at your pension.
In an investment account with Zurich
- Child allowance from now on urgently needs to go against the CC debt. Keep the 6K where it is as a rainy day fund for now. Everyone should have a rainy day fund. 3 to 6 months salary, but right now you can't do that. When debt is under control and finances are healthy you need to have a proper savings plan for college, and one for rainy day events.
70p/m for a new couch, 0% finance
- Why did you need a new couch? How much is it? When did you get it? How long is the 0% for? What did you do with the old couch?
Debt figure suffered rounding again there it's 1925 if you add mortgage, loan, cc and Humm
- That's correct, 975 + 605 + 275 + 70. You're getting a better handle on it. Supplying the correct figures shows determination to get a grip on the situation.
Not to be awkward but honestly I couldn't - there's an afterschool club that's 56p/m, if they need new clothes or runners or anything it would come out of this pocket but I've never particularly tracked it. Pocket money of 32pm, ice-cream after school on a Friday, Easter camp 110.... it's very ad hoc and not something I've tracked historically
- As has been pointed out you cannot continue like this.
Health insurance is 293, house insurance is 53
- Is this health insurance like the VHI? Does your husband not have this from work?
Life 60 + IP 190 + cats 85 + House 53 + 293 = 681. That's a lot of insurance.
9 years old - this figure covers petrol/oil/tolls
- At 9 years old you have to start thinking about funding a replacement. The way to do that is save for it. Right now this cannot be done. But it's something you need to think about. Where is the tax and insurance?
Bins are 35p/m and I transfer 200p/m to a separate account for gas and electricity through the year, savings in summer cover the bigger winter bills and usually manage boiler service out of this fund as well
- That's a good strategy for the utilities. Does having separate bank accounts cost more money? Do you transfer automatically money into this account from your current account? I believe in Ireland you can also ask the utilities to spread the bills out so you don't get large one's in winter and low ones in summer.
Seems a bit unnecessary, but honestly money issues are very near the bottom of the list about what stresses either of us out which is probably why we have arrived where we are today
DPS + meds not covered on DPS + regular appointment
Cosmetics, skincare, deodorant, sanitary ware, waxing, razors, barbers - we're quite low maintenance so I think that's probably an over-estimation most months
- The jury is out on low maintenance. Money issues are a cause of the most stress in marriages, in general. The medical stuff we cannot comment on as this is a financial website.
No this is the money spent on stuff for the cats not the insurances above - food, litter, worming & flea treatments
- The cats are costing insurance of 85 + 100 a month. Which is 2220. You didn't answer if you had cats before the current 2?
House stuff: 100
What is this?
Ironing/dry cleaning: 80 Is this necessary?
This was not answered.
Subscriptions/broadband/tv: 175 - In Ireland there is free to air?
Yep husband has a work phone, this is just for me - contract with Vodafone is up in May so I've planned to move to GOMo or 48 or someone
Husband's commute to work mostly, plus kids leap cards if they're going somewhere
Clothes: 150
- Are these clothes for just you?
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
Again and not to be awkward but not really - it hasn't been tracked to this point.
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
- Are all those figures annual or some monthly? We are at 5410.
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Personally I'm finding it difficult to follow your figures but going back to your original post this seems to be the approximate situation.
- Gross income: €35K + €95K p.a. gross which should be c. €7.8K p.m. net
- Documented outgoings including post 0% credit card payment: c. €5.8K
- Unsecured debts: €23K (€11K bank loan + €12K CC balance)
- Savings: €6K
- What's happening to the spare €2K p.m. income?
- You should pay the €6K savings off the highest cost debt (presumably the CC)
- You should double check your household budget, incomings and essential outgoings, and economise where possible
- You should use spare monthly income to clear the CC debt and maybe then the bank loan
- You should stop buying stuff on credit
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Brendan Burgess
Founder
- Messages
- 58,468
Folks this thread was reported as being all over the place, so I have spent time editing it.
It's ok for one person to recommend ironing your own shirts. But there is no need to have a long debate about it.
Don't let a serious thread become a chat about ironing.
If you include side comments on off-topic stuff, your whole post is at risk of being deleted.
It was also reported for people not using the quoting system properly. Although that is often a problem, it does not seem to be a problem in this thread.
It's ok for one person to recommend ironing your own shirts. But there is no need to have a long debate about it.
Don't let a serious thread become a chat about ironing.
If you include side comments on off-topic stuff, your whole post is at risk of being deleted.
It was also reported for people not using the quoting system properly. Although that is often a problem, it does not seem to be a problem in this thread.
angeldelight
New Member
- Messages
- 10
If you're serious about sorting out your finances you should be able to tell us exactly what your income was last year. This is adding up 12 payslips or looking at 12 transactions on your bank account.
My gross/net for 2025: 38075/30067 (I had a period of increased hours at the beginning of 2025)
Husband's gross/net (excluding bonus): 88333/53082 (he had payrise toward end of the year)
Bank of Ireland - 11k
- There is some good news here. With repayments of 605 this will be cleared in 18 months. This amount can then be used to clear down the CC.
Interesting, others recommend paying CC first, is there a reason you think loan first?
An Post Money (credit card)
- You're very good at getting money all over the place ! Is there any possibility of moving to a % rate?
Looking to move this to a card with 0% on balance transfers for 9 months
70p/m for a new couch, 0% finance
- Why did you need a new couch? How much is it? When did you get it? How long is the 0% for? What did you do with the old couch?
There's no logically sound and good reason for this one, there was a lot of emotions wrapped up in having a new couch/sitting room for a variety of reasons which I won't get into. Couch was 1600, got it in January, 0% is for 24 months. Freecycled old couch
Health insurance is 293, house insurance is 53
- Is this health insurance like the VHI? Does your husband not have this from work?
Life 60 + IP 190 + cats 85 + House 53 + 293 = 681. That's a lot of insurance.
Yep it's VHI, husband's job doesn't offer health insurance
9 years old - this figure covers petrol/oil/tolls
- At 9 years old you have to start thinking about funding a replacement. The way to do that is save for it. Right now this cannot be done. But it's something you need to think about. Where is the tax and insurance?
Tax and insurance I just pay as they fall due - the difference between set expenses and our monthly income usually allowed for some big expense to be paid each month
- That's a good strategy for the utilities. Does having separate bank accounts cost more money? Do you transfer automatically money into this account from your current account? I believe in Ireland you can also ask the utilities to spread the bills out so you don't get large one's in winter and low ones in summer.
No extra cost for having the extra accounts with our bank, yes transfer money over as soon as husband gets paid. Utility companies can spread the bill out but it's based on estimates and as we change provider annually for discounts it's easier to just manage it myself this way
No this is the money spent on stuff for the cats not the insurances above - food, litter, worming & flea treatments
- The cats are costing insurance of 85 + 100 a month. Which is 2220. You didn't answer if you had cats before the current 2?
We didn't
House stuff: 100
What is this?
Typically covered stuff that's not groceries but needs replacing eg new sheets or flowers for front door or random stuff like that
Ironing/dry cleaning: 80 Is this necessary?
Ironed shirts for work and dry-cleaned suits yes, and neither of us are going to do it so I'd say yes at this point
Clothes: 150
- Are these clothes for just you?
Both adults
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
Again and not to be awkward but not really - it hasn't been tracked to this point.
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
- Are all those figures annual or some monthly? We are at 5410. Annual for kids activities
_____________________________________________________________________________________
I can see I missed out on gym fees of 120pm also
In terms of the gap between our standard fixed expenses and our income it really depends on the month what it's spent on eg looking back at last month there was
450 spent on last bits for the sitting room
350 for a consultant visit
200 for dentist
There's probably 400-500 on "miscellaneous" - stuff we didn't really track, lunches or cinema or snacks bought in shop round the corner, takeaway
This month I know there'll be 310 for swiming/diving, 250 for scouts, 300 for kids birthday party...
Anyway I know there's loads of places we can pull back on, feeling in a decent headspace to do it, it was more a feeling of overwhelm when you look at the big picture but it's been helpful to get some first steps so thanks to everyone who has taken the time to respond.
We've paused the payments on the investment, and will redirect it to credit card monthly. We've applied for a CC with 0% on balance transfers for 9 months so the focus for the next 9 momths is get that down as low as possible before we pay interest on it again. And we've started a shared spreadsheet between our 2 phones to track what we spend for the next month.
My gross/net for 2025: 38075/30067 (I had a period of increased hours at the beginning of 2025)
Husband's gross/net (excluding bonus): 88333/53082 (he had payrise toward end of the year)
Bank of Ireland - 11k
- There is some good news here. With repayments of 605 this will be cleared in 18 months. This amount can then be used to clear down the CC.
Interesting, others recommend paying CC first, is there a reason you think loan first?
An Post Money (credit card)
- You're very good at getting money all over the place ! Is there any possibility of moving to a % rate?
Looking to move this to a card with 0% on balance transfers for 9 months
70p/m for a new couch, 0% finance
- Why did you need a new couch? How much is it? When did you get it? How long is the 0% for? What did you do with the old couch?
There's no logically sound and good reason for this one, there was a lot of emotions wrapped up in having a new couch/sitting room for a variety of reasons which I won't get into. Couch was 1600, got it in January, 0% is for 24 months. Freecycled old couch
Health insurance is 293, house insurance is 53
- Is this health insurance like the VHI? Does your husband not have this from work?
Life 60 + IP 190 + cats 85 + House 53 + 293 = 681. That's a lot of insurance.
Yep it's VHI, husband's job doesn't offer health insurance
9 years old - this figure covers petrol/oil/tolls
- At 9 years old you have to start thinking about funding a replacement. The way to do that is save for it. Right now this cannot be done. But it's something you need to think about. Where is the tax and insurance?
Tax and insurance I just pay as they fall due - the difference between set expenses and our monthly income usually allowed for some big expense to be paid each month
- That's a good strategy for the utilities. Does having separate bank accounts cost more money? Do you transfer automatically money into this account from your current account? I believe in Ireland you can also ask the utilities to spread the bills out so you don't get large one's in winter and low ones in summer.
No extra cost for having the extra accounts with our bank, yes transfer money over as soon as husband gets paid. Utility companies can spread the bill out but it's based on estimates and as we change provider annually for discounts it's easier to just manage it myself this way
No this is the money spent on stuff for the cats not the insurances above - food, litter, worming & flea treatments
- The cats are costing insurance of 85 + 100 a month. Which is 2220. You didn't answer if you had cats before the current 2?
We didn't
House stuff: 100
What is this?
Typically covered stuff that's not groceries but needs replacing eg new sheets or flowers for front door or random stuff like that
Ironing/dry cleaning: 80 Is this necessary?
Ironed shirts for work and dry-cleaned suits yes, and neither of us are going to do it so I'd say yes at this point
Clothes: 150
- Are these clothes for just you?
Both adults
LPT: 35
swimming & diving 300 every 10 weeks, gymnastics 300 every 8 weeks, scouts camps and fees - varying amounts ad hoc, kids birthday parties coming up, summer camps, try and keep money aside to do things with kids when they're off school for Easter/summer etc
Again and not to be awkward but not really - it hasn't been tracked to this point.
I've looked back over the past 12 months and gymnastics was 1600, scouts is mostly paid in cash so it's an educated guess at 1000, swimming was 840, diving 465, athletics 140, drama/dance 535, basketball 230
Summer camps probably 600ish, I haven't booked anything for this year yet and will depend on what they want to do vs what's available vs what seems good value
- Are all those figures annual or some monthly? We are at 5410. Annual for kids activities
_____________________________________________________________________________________
I can see I missed out on gym fees of 120pm also
In terms of the gap between our standard fixed expenses and our income it really depends on the month what it's spent on eg looking back at last month there was
450 spent on last bits for the sitting room
350 for a consultant visit
200 for dentist
There's probably 400-500 on "miscellaneous" - stuff we didn't really track, lunches or cinema or snacks bought in shop round the corner, takeaway
This month I know there'll be 310 for swiming/diving, 250 for scouts, 300 for kids birthday party...
Anyway I know there's loads of places we can pull back on, feeling in a decent headspace to do it, it was more a feeling of overwhelm when you look at the big picture but it's been helpful to get some first steps so thanks to everyone who has taken the time to respond.
We've paused the payments on the investment, and will redirect it to credit card monthly. We've applied for a CC with 0% on balance transfers for 9 months so the focus for the next 9 momths is get that down as low as possible before we pay interest on it again. And we've started a shared spreadsheet between our 2 phones to track what we spend for the next month.
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Normally the priority is to pay down the most expensive loans first. I don't think that you've clarified what the interest rates are on the bank loan and the CC balance but usually the latter would be the most expensive.
It's really difficult to follow the thread when posts aren't quoted properly so that the quotes link back to the relevant previous post.
How to reply to or quote a post
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www.askaboutmoney.com
€2K by my calculations. But probably based in information that was wrong in the first place?
Moneymakeover - Married couple - debt and high expenses
As Clubman said. In addition for people like you they make complete sense because you used them correctly. But they are not designed for people like you. These types of products exist to catch out people. That's how they make their money. A bit like that awful Pay Day Loans. Agree they are not...
www.askaboutmoney.com
So it's €83K p.a. net which is €7K p.m. so where's the €1.2K left after €5.8K p.m. expenditure (assuming that that figure is correct?) going?
angeldelight
New Member
- Messages
- 10
I added this to the end of a post above earlier but it probably got lost so adding here for visibility, new user so can’t post more than once an hour
I can see I missed out on gym fees of 120pm also
In terms of the gap between our standard fixed expenses and our income it really depends on the month what it's spent on eg looking back at last month there was
450 spent on last bits for the sitting room
350 for a consultant visit
200 for dentist
There's probably 400-500 on "miscellaneous" - stuff we didn't really track, lunches or cinema or snacks bought in shop round the corner, takeaway
This month I know there'll be 310 for swiming/diving, 250 for scouts, 300 for kids birthday party...
Anyway I know there's loads of places we can pull back on, feeling in a decent headspace to do it, it was more a feeling of overwhelm when you look at the big picture but it's been helpful to get some first steps so thanks to everyone who has taken the time to respond.
We've paused the payments on the investment, and will redirect it to credit card monthly. We've applied for a CC with 0% on balance transfers for 9 months so the focus for the next 9 momths is get that down as low as possible before we pay interest on it again. And we've started a shared spreadsheet between our 2 phones to track what we spend for the next month.
I can see I missed out on gym fees of 120pm also
In terms of the gap between our standard fixed expenses and our income it really depends on the month what it's spent on eg looking back at last month there was
450 spent on last bits for the sitting room
350 for a consultant visit
200 for dentist
There's probably 400-500 on "miscellaneous" - stuff we didn't really track, lunches or cinema or snacks bought in shop round the corner, takeaway
This month I know there'll be 310 for swiming/diving, 250 for scouts, 300 for kids birthday party...
Anyway I know there's loads of places we can pull back on, feeling in a decent headspace to do it, it was more a feeling of overwhelm when you look at the big picture but it's been helpful to get some first steps so thanks to everyone who has taken the time to respond.
We've paused the payments on the investment, and will redirect it to credit card monthly. We've applied for a CC with 0% on balance transfers for 9 months so the focus for the next 9 momths is get that down as low as possible before we pay interest on it again. And we've started a shared spreadsheet between our 2 phones to track what we spend for the next month.
To expand on this point, if only the total is included, there could be excessive booze, scratch cards, caviar, smokes and all sorts in there. It doesn't help make decisions on whether it is necessary expenditure while in the middle of a debt emergency.
It seems that spending without thinking about it is what has got you to where you are. Just hang back a bit from the random frivolous spending and get your existing credit card debt on to 0% interest. As someone pointed out above, your loan will be paid off soon enough by the normal repayments. Just these simple steps will begin your road to improvement. When the loan is paid off, you don't increase your spending, you increase your credit card repayments.
That can be the same with many large tasks. Getting the basics above going will help you not be overwhelmed. Then you can set yourself smaller tasks: change you mobile provider (should be able to get that down to €20 a month easily). Then move on to the next. One step at a time. You don't need to stare at the big picture, just know it exists but that you are dealing with it, brick by brick.
Look at utilities and change every year getting the best price available. Keeps bills and then when renewal comes round, use bonkers or similar to get the best deal. ( broadband, Electric, Gas, etc.)
Similarly do not accept house or car insurance reup price from your current provider. I get the time poor thingy but you could be missing out on hundreds annually and 400or 500 on other utilities.
Have a look at bins as well, €35pm seems high. Ring the provider and ask them if they can improve price if not look at alternative providers.
As mentioned previously, one step/brick/ elephant bite at a time ,)
Adopt a "better in my pocket than yours" philosophy.
Similarly do not accept house or car insurance reup price from your current provider. I get the time poor thingy but you could be missing out on hundreds annually and 400or 500 on other utilities.
Have a look at bins as well, €35pm seems high. Ring the provider and ask them if they can improve price if not look at alternative providers.
As mentioned previously, one step/brick/ elephant bite at a time ,)
Adopt a "better in my pocket than yours" philosophy.
Hillwalker123
Frequent Poster
- Messages
- 52
Reading through your posts, I can see you have a very good income.
I think what you need is a change in mindset. You are overwhelmed by the debt, but is it not a large debt, but is costing you a lot of money and it needs to be cleared urgently. Then never let it build up again. Don't spend what you don't have. It has been said twice already, the best way to eat an elephant is one bite at a time.
You would be amazed at the savings you can make and you won't feel like you are scrimping and saving at all. These add up quickly, and you get a great sense of achievement when you do it, it is weirdly a bit addictive. I have made many changes in the last year like the ones you need to make now.
For example, I was paying sky 96e/mt and broadband 70. Now I get broadband and basic TV from virgin 65e/mt. If there was a sporting event I really wanted to see, I get a NowTV pass. That's 1200e/yr saved.
We switched all in house to gomo, went from 160e/mt to 60e/mt, another 1200e/yr. Was in a fancy gym, 1400e/mt. Left and joined the local council public gym, 400e/yr, another 1000 saved (and it is better..!).
I used to get a coffee on way to work every day. 80e/mt. Now I make way better coffee at home and bring in a keep cup - 30e/mt, that's 600e/yr.
I have noted above 4000e/yr in real savings I have made and my quality of life is no worse. As a higher rate taxpayer, I have to earn 8k before I have that 4k to spend. It really is not that difficult. There are loads more examples, but you get the picture, you will challenge yourself to make more savings, and feel great about it.
You can do it, that debt will be gone very quickly!
Seriously look at your NEEDS and WANTS. You really do not NEED flowers for your front door!
I think what you need is a change in mindset. You are overwhelmed by the debt, but is it not a large debt, but is costing you a lot of money and it needs to be cleared urgently. Then never let it build up again. Don't spend what you don't have. It has been said twice already, the best way to eat an elephant is one bite at a time.
You would be amazed at the savings you can make and you won't feel like you are scrimping and saving at all. These add up quickly, and you get a great sense of achievement when you do it, it is weirdly a bit addictive. I have made many changes in the last year like the ones you need to make now.
For example, I was paying sky 96e/mt and broadband 70. Now I get broadband and basic TV from virgin 65e/mt. If there was a sporting event I really wanted to see, I get a NowTV pass. That's 1200e/yr saved.
We switched all in house to gomo, went from 160e/mt to 60e/mt, another 1200e/yr. Was in a fancy gym, 1400e/mt. Left and joined the local council public gym, 400e/yr, another 1000 saved (and it is better..!).
I used to get a coffee on way to work every day. 80e/mt. Now I make way better coffee at home and bring in a keep cup - 30e/mt, that's 600e/yr.
I have noted above 4000e/yr in real savings I have made and my quality of life is no worse. As a higher rate taxpayer, I have to earn 8k before I have that 4k to spend. It really is not that difficult. There are loads more examples, but you get the picture, you will challenge yourself to make more savings, and feel great about it.
You can do it, that debt will be gone very quickly!
Seriously look at your NEEDS and WANTS. You really do not NEED flowers for your front door!