Unless this is an SSIA you should probably stop it and redirect the money towards reducing your debt. Saving/investing while you have significant outstanding debts (other than a mortgage perhaps) simply does not make sense.Jamjam said:savings with BOI investment thingy=105pm
Why do you have life assurance? If you have no dependents then you should probably also stop this.life assurance=30pm
€24 line rental + €26 in calls? Cut down and/or switch to another cheaper provider.landline=50 pm
If you are an employee and need it for work then they should be reimbursing you for work calls. Otherwise cut down and/or change to a cheaper provider.mobile =100 pm (I need this for work and thats why its a bit high ..sometimes its 200euro)
Are you claiming rent tax relief and other common reliefs/credits?rent=325pm
How much do you have in the CU? Would you be better off using that money to clear/reduce debt? You certainly should not be saving money like this while encumbered with debt.CU loan with 33euro savings
Gross or net of tax/PRSI?I earn 2300 pm
I am getting 3000euro in July for extra work that i have done.
Use it to clear/reduce the most expensive debt first.What is my best use of this? I mean i know its small but should I use some of it to pay CU loan?
I don't understand it either - i certainly wouldn't be worrying myself sick if i were in your situation. Lots of good advice - take it and don't ever get into the situation again because you're too much of a worrier and it's bad for your health!I calculate that you have approximately 1,000 euros left over based on the 2,300 you earn or 1,400 based on the 2,700 you earn - I don't understand why you are getting so worried - some people live on 1,000 a month (including their bills)
Jamjam said:CU loan with 33euro savings=110euro
savings with BOI investment thingy=105pm
jhegarty said:how much is in these saving account ?
to be honest , I don't think things are that bad , we get people on here in far worse shape.... a bit of good planning and moving money around will do you the world of good.....
Most likely not if you have no dependents or mortgage. See this thread:Jamjam said:I have life assurance beacuse I felt I was pushing on (33) and was advised to get it. Is this of no use to me?
Are you sure? It's very unusual to have €5K in CU borrowings on the back of €100 in shares/deposits.My cu savings isn't worth talking about. very little 100euro!
Why are you saving €33 p.m. in the CU and €105 p.m. with BOI when reducing your debts seems to be more of a priority to you? That doesn't make sense. As mentioned above this means that you are effectively borrowing (at credit cards rates) to invest. It's not an issue of whether or not the BOI fund is good/bad but more whether or not it's appropriate for you to be saving/investing when you want to clear/reduce your debts.i have been doing the smart choice savings with BOI with 15months only because I never saved before. Here is a bit about it. If you think I should give it up I will.
As long as you have significant and expensive debts it makes sense to prioritise reducing/clearing these over any other savings/investments (other than SSIA).So should I cancel all savings and pay off loans immedicately?
Yes.I guess I could always start saving again once my debts are paid off.
Most expensive debts first.As for the 3000euro....this is after tax ...so I was thinking of putting 1000 in to MBNA and 1000 in to CU and the rest for my overdraft.
There is a wealth of other useful debt/money management advice in the key topics pinned at the top of this forum.Any other ideas?
Jamjam said:So should I cancel all savings and pay off loans immedicately? I was given a mortage of 265k on my own. Obviously i'm not foolish to take this up!!! I will be renting until my loans are paid
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