Hi All,
We find ourselves like the majority of people in Ireland at present where money is really tight. On paper we look okay but it just doesnt seem the same on our bank statement.
Net Income
Myself 3175.00
Partner 1993.00 presently working 2 p/t jobs I have most of tax relief etc
Child Allow 280.00
Rental Income 950.00 the dreaded rental property
Total 6398.00 Seems like a lot
Mortgages
PPR 480,000.00 at ecb rate +1.45% (At present we are paying capital on 380k and interest only on 100k
Rental Property 168,000.00 fixed at 5.2% paying capital (We have been refused interest only)
Savings 4500.00 bank account & credit union
Credit Cards
2500.00 outstanding
Outgoings - Monthly
PPR Mortgage 1700.00
Rental Mort 1300.00 (this includes life and home insurance)
Credit Card 250.00
Life Insur 120.00 includes serious illness cover
VHI 155.00
Phone bill 130.00 2 adults and teenager
Light & Heat 220.00
UPC 85.00 includes internet
Bins & TV lic 35.00
Home Ins 65.00 we had a claim 2 years ago
Car Insurance 85.00 2 cars
Car Tax 80.00 2 cars
Petrol 300.00
Food Shopping 610.00 I live in a house with teenage boys they never stop eating
Clothes 100.00 averaging out boys keep on growing
Pet Expenses 40.00 food vet bills boarding kennels
Hair Cuts etc 40.00
School 80.00 School books uniforms reg fees stationery for the year
Total 5295.00
Surplus 1103.33 - never have this I need to start a spending diary
We should have more in our savings but we had some repairs to be done both properties they cleared us out of approximately 3000.00
We should have a surplus each month but it doesnt seem to happen like that and we do not go out for drinks meals etc. We are looking at getting rid of a car to bring down costs as we could manage with one of us getting the bus.
I know the phone bills are high but we are in contracts until December I was earning a lot more when we got them.
My main concern is that I would like to increase our savings to feel more secure in case we lost one of our jobs or the ecb increases.
We are in huge negative equity on our PPR but as we dont need to move and are very happy in our home I am trying not to let it upset me but it sinks in every now and again.
Any ideas and what amount of savings would you recommend for a family in our position to have ?
Thank you in advance for any advice you have to offer
We find ourselves like the majority of people in Ireland at present where money is really tight. On paper we look okay but it just doesnt seem the same on our bank statement.
Net Income
Myself 3175.00
Partner 1993.00 presently working 2 p/t jobs I have most of tax relief etc
Child Allow 280.00
Rental Income 950.00 the dreaded rental property
Total 6398.00 Seems like a lot
Mortgages
PPR 480,000.00 at ecb rate +1.45% (At present we are paying capital on 380k and interest only on 100k
Rental Property 168,000.00 fixed at 5.2% paying capital (We have been refused interest only)
Savings 4500.00 bank account & credit union
Credit Cards
2500.00 outstanding
Outgoings - Monthly
PPR Mortgage 1700.00
Rental Mort 1300.00 (this includes life and home insurance)
Credit Card 250.00
Life Insur 120.00 includes serious illness cover
VHI 155.00
Phone bill 130.00 2 adults and teenager
Light & Heat 220.00
UPC 85.00 includes internet
Bins & TV lic 35.00
Home Ins 65.00 we had a claim 2 years ago
Car Insurance 85.00 2 cars
Car Tax 80.00 2 cars
Petrol 300.00
Food Shopping 610.00 I live in a house with teenage boys they never stop eating
Clothes 100.00 averaging out boys keep on growing
Pet Expenses 40.00 food vet bills boarding kennels
Hair Cuts etc 40.00
School 80.00 School books uniforms reg fees stationery for the year
Total 5295.00
Surplus 1103.33 - never have this I need to start a spending diary
We should have more in our savings but we had some repairs to be done both properties they cleared us out of approximately 3000.00
We should have a surplus each month but it doesnt seem to happen like that and we do not go out for drinks meals etc. We are looking at getting rid of a car to bring down costs as we could manage with one of us getting the bus.
I know the phone bills are high but we are in contracts until December I was earning a lot more when we got them.
My main concern is that I would like to increase our savings to feel more secure in case we lost one of our jobs or the ecb increases.
We are in huge negative equity on our PPR but as we dont need to move and are very happy in our home I am trying not to let it upset me but it sinks in every now and again.
Any ideas and what amount of savings would you recommend for a family in our position to have ?
Thank you in advance for any advice you have to offer