B
BrokeMom
Guest
Age: 24
Spouse’s/Partner's age: -
Annual gross income from employment or profession: €29000
Annual gross income of spouse: -
Monthly take-home pay: €2000
Type of employment: e.g. Civil Servant, self-employed.
Employee
In general are you:
(a) spending more than you earn
Other borrowings – car loans/personal loans etc
Car Loan: €9068 (€244 per month, wont be finished until January 2015)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1200
Savings and investments:
Credit Union: €1030
RaboDirect: €160 (€20 going into this every week for annual expenses e.g. car tax/insurance, car service, Xmas etc)
Do you have a pension scheme? Yes. Only contributing €20 a week.
Do you own any investment or other property? No
Ages of children: 4
Life insurance: None
Others: (per month)
Creche: 370
Groceries: 200
Petrol: 120
Savings: 360 (€70 a week into credit union and €20 into Rabodirect for annual expenses)
Rent: 240 (living with parents)
Work lunches: 50
Entertainment: 150 (this includes clothing, hair cuts, dance classes, days out with little one)
Car loan: 244
Total: 1734
Which leaves me with about €260 to pay off credit card.
What specific question do you have or what issues are of concern to you?
I am hoping to start a college course this September when my daughter starts primary school. My income will drop significantly and I want to be prepared for when this happens. I want to try to increase my savings now so I have something to rely on. When I give up work this September I could be waiting months for financial assistance so this is really worrying me. I am not sure whether to try and get rid of my car loan as fast as I can or to just keep paying it until 2015. This could be the biggest burden if I start college as it is €244 a month. I may only be on €300 if I start the course. Downgrading the car is not an option as I have a 4 year old daughter and I need a reliable car.
If anyone can give me any pointers as to what they would do in my position. Just trying to get spending in check and look towards paying off my debts as soon as I can while also having funds to help me get by for the first few months.
At the moment I am concentrating on clearing the credit card. Should I just take out a loan to clear it? The interest is only €20 per month and I plan to have it paid in approx 13 weeks so I am not certain about taking out a loan to clear it. Also DO NOT want to touch my savings of €1000 in the Credit Union if I can. I hope to be able to get a loan from them if I need to during the college years so its important to me that I keep a good bit of my savings in there.
Spouse’s/Partner's age: -
Annual gross income from employment or profession: €29000
Annual gross income of spouse: -
Monthly take-home pay: €2000
Type of employment: e.g. Civil Servant, self-employed.
Employee
In general are you:
(a) spending more than you earn
Other borrowings – car loans/personal loans etc
Car Loan: €9068 (€244 per month, wont be finished until January 2015)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1200
Savings and investments:
Credit Union: €1030
RaboDirect: €160 (€20 going into this every week for annual expenses e.g. car tax/insurance, car service, Xmas etc)
Do you have a pension scheme? Yes. Only contributing €20 a week.
Do you own any investment or other property? No
Ages of children: 4
Life insurance: None
Others: (per month)
Creche: 370
Groceries: 200
Petrol: 120
Savings: 360 (€70 a week into credit union and €20 into Rabodirect for annual expenses)
Rent: 240 (living with parents)
Work lunches: 50
Entertainment: 150 (this includes clothing, hair cuts, dance classes, days out with little one)
Car loan: 244
Total: 1734
Which leaves me with about €260 to pay off credit card.
What specific question do you have or what issues are of concern to you?
I am hoping to start a college course this September when my daughter starts primary school. My income will drop significantly and I want to be prepared for when this happens. I want to try to increase my savings now so I have something to rely on. When I give up work this September I could be waiting months for financial assistance so this is really worrying me. I am not sure whether to try and get rid of my car loan as fast as I can or to just keep paying it until 2015. This could be the biggest burden if I start college as it is €244 a month. I may only be on €300 if I start the course. Downgrading the car is not an option as I have a 4 year old daughter and I need a reliable car.
If anyone can give me any pointers as to what they would do in my position. Just trying to get spending in check and look towards paying off my debts as soon as I can while also having funds to help me get by for the first few months.
At the moment I am concentrating on clearing the credit card. Should I just take out a loan to clear it? The interest is only €20 per month and I plan to have it paid in approx 13 weeks so I am not certain about taking out a loan to clear it. Also DO NOT want to touch my savings of €1000 in the Credit Union if I can. I hope to be able to get a loan from them if I need to during the college years so its important to me that I keep a good bit of my savings in there.