Revise budget to include savings for deposit and wedding
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dereko1969
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start looking at the near grand you're giving yourselves for pocket money! why is your partner spending twice as much a month as you and on what? start keeping a spending diary.
to be honest spending 8k on a wedding when you're trying to come up with a deposit and already owing 20k doesn't make sense.
to be honest spending 8k on a wedding when you're trying to come up with a deposit and already owing 20k doesn't make sense.
niceoneted
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Start a spending diary. - there is 177 unaccounted for in your outgoings you'll soon know where it is going.
Try to reduce food bill by 50 - bring it down to 250.
The fees associated with the two cars is high. Both insurances are high - are you on full licenses, have had an accident? For your ages you should be able to get cheaper options if on full license and no claims. Tax also on the two cars are high is there a chance you can change them or even get rid of one for now as you use the bus. Can you pay for the tax as a one off yearly payment as it is cheaper.
PM is high especially if you are saving. Do you need to get your hair done every month?
Why is your OH taking twice as much in PM give that he is not earning twice as much - that's a lot of incidental spending. Is he a smoker perhaps? Allow yourselves less - if you put it in to savings first that is best.
Mobile phones - look into this to see if you can get a cheaper option that suits your usage.
Can you move to a cheaper rental property or get a reduction in rent.
Try to reduce food bill by 50 - bring it down to 250.
The fees associated with the two cars is high. Both insurances are high - are you on full licenses, have had an accident? For your ages you should be able to get cheaper options if on full license and no claims. Tax also on the two cars are high is there a chance you can change them or even get rid of one for now as you use the bus. Can you pay for the tax as a one off yearly payment as it is cheaper.
PM is high especially if you are saving. Do you need to get your hair done every month?
Why is your OH taking twice as much in PM give that he is not earning twice as much - that's a lot of incidental spending. Is he a smoker perhaps? Allow yourselves less - if you put it in to savings first that is best.
Mobile phones - look into this to see if you can get a cheaper option that suits your usage.
Can you move to a cheaper rental property or get a reduction in rent.
Complainer
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Cut the gym - get a pair of bikes or start running in the park.
Thanks for taking the time to reply.
Re: wedding- budget is 8k but we should be able to bring it in at less than this- fingers crossed anyway. Abroad isn't an option due to specific family circumstances otherwise we would.
As I said we are reducing pocket money but the last few months have had quite a few incidentals so that amount has been required (well we haven't given ourselves that amount at the start of the month, but it has ended up around that figure with things that have gone on).
PM for DH is estimated as we don't work off a joint budget. No he doesn't smoke but he does socialise more than I do. We would also use the PM for furnishings etc (the current rental was unfurnished when we moved in and we took it as we hope to buy it.. eventually!).
Yep the car insurance is dear, but rates have gone up and as I get these through a relative in an insurance broker, they are the best deals available for our circumstances. No penalty points or anything. Larger engine cars and DH has provisional licence so this accounts for some of it.
I've considered several times changing the car to a lower cc model as I don't use it as often as I did. Having said that- the current market value is about 3.5k and I paid 14k two years ago (which I am still paying off! had much better job at the time and didn't forsee the cut to salary- learned a hard lesson there, never again). As car has low mileage and in good nick I'm not keen to let it go for such a big loss. Also new job will mean a lot of driving so would need to change it for a decent car. I know the market has dropped but I don't see me making much profit on the re-sale of 3.5k?? Anyway, will think about it again.
yes I agree on the rental, but DH pays more rent than I do and loves the place. We will ask for a reduction at renewal of lease, but it is less than market value at the moment.
Gym- I've already tried to get out of the membership by cancelling the direct debit but kept getting nasty letters through the post. It's up in March and just going to suck it up until then and cancel.
Can I ask- what do all of you consider to be normal pocket money for those trying to save? How much would you pay yourself? I gave up smoking a few months ago and now would work off 250-350 a month depending on what is coming up that month.
I know we have to cut back on the silly spending, but I think part of the problem is that I have not fully adjusted to the paycut and am living in la la land as to what I can actually afford! This is of course not helped by the CU loan (but sure you can't put a price on education.. or can you?!)
Re: wedding- budget is 8k but we should be able to bring it in at less than this- fingers crossed anyway. Abroad isn't an option due to specific family circumstances otherwise we would.
As I said we are reducing pocket money but the last few months have had quite a few incidentals so that amount has been required (well we haven't given ourselves that amount at the start of the month, but it has ended up around that figure with things that have gone on).
PM for DH is estimated as we don't work off a joint budget. No he doesn't smoke but he does socialise more than I do. We would also use the PM for furnishings etc (the current rental was unfurnished when we moved in and we took it as we hope to buy it.. eventually!).
Yep the car insurance is dear, but rates have gone up and as I get these through a relative in an insurance broker, they are the best deals available for our circumstances. No penalty points or anything. Larger engine cars and DH has provisional licence so this accounts for some of it.
I've considered several times changing the car to a lower cc model as I don't use it as often as I did. Having said that- the current market value is about 3.5k and I paid 14k two years ago (which I am still paying off! had much better job at the time and didn't forsee the cut to salary- learned a hard lesson there, never again). As car has low mileage and in good nick I'm not keen to let it go for such a big loss. Also new job will mean a lot of driving so would need to change it for a decent car. I know the market has dropped but I don't see me making much profit on the re-sale of 3.5k?? Anyway, will think about it again.
yes I agree on the rental, but DH pays more rent than I do and loves the place. We will ask for a reduction at renewal of lease, but it is less than market value at the moment.
Gym- I've already tried to get out of the membership by cancelling the direct debit but kept getting nasty letters through the post. It's up in March and just going to suck it up until then and cancel.
Can I ask- what do all of you consider to be normal pocket money for those trying to save? How much would you pay yourself? I gave up smoking a few months ago and now would work off 250-350 a month depending on what is coming up that month.
I know we have to cut back on the silly spending, but I think part of the problem is that I have not fully adjusted to the paycut and am living in la la land as to what I can actually afford! This is of course not helped by the CU loan (but sure you can't put a price on education.. or can you?!)
niceoneted
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OP in relation to PM, I have all my savings, long term, short term and budget account money taken out before I have money to spend. I have about 550/650 for the month after that, it depends on the shifts I work and it can go up if I do a bit of overtime. (the budget account I have includes all my spending for the yr - hair, xmas, birthdays, weddings, usual utilities, petrol etc. SO spending money is spending money (food is the only thing I take out of it).
I have a real do I need it or do I want it attitude in relation to spending. Recently (because I have accumulated a fair bit of savings) I have decided to treat myself to some things that I have put of buying because they were a want and not a need.
Just because you get the insurances from a relative who is a broker does not mean you are getting the best deal. Check on some of the sites like 123.ie or nononsense.ie when your insurance comes around for renewal. OH needs to work on getting his full license.
OH could go out less or spend less on nights out. Eg could you collect him rather than him get a taxi home.
I have a real do I need it or do I want it attitude in relation to spending. Recently (because I have accumulated a fair bit of savings) I have decided to treat myself to some things that I have put of buying because they were a want and not a need.
Just because you get the insurances from a relative who is a broker does not mean you are getting the best deal. Check on some of the sites like 123.ie or nononsense.ie when your insurance comes around for renewal. OH needs to work on getting his full license.
OH could go out less or spend less on nights out. Eg could you collect him rather than him get a taxi home.
Micro
The positive is that you have a savings goal so that really reduces the whole thing to a maths/budgeting exercise.
You want to have 30k saved up in 2 years time. That's 1.25k a month.
Sit down, work out a budget for the two of ye in whatever way works and stick to it!
The easiest ways that I can see for you to save money is to
- *never* pay any credit card interest (pay them off every month by direct debit). I wonder how much credit card interest you've paid this year so far even if you "generally" pay it off. (30 pm?)
- Cut back on the PM (by just finding a way to track and/or limit it as niceonted says) (down to 250 each would save 400)
- cut the miscellaneous. 200 a month on other people's occasions when you're trying to save for your own? Get real! Save 100 here
- 40 pm you're not saving with cc anymore
- gym savings from March spread pm - 26
By looking at the above you could probably save half of what you need to a month depending on how far you can go with the PM - no point asking other people what their PM is, you concentrate on yours and reduce it. The other half - I don't know - DH get a full license (so reduce insurance?), uni fees ending shortly, possible reduced rent, spend less on food, don't buy so much furnishings - *might* be doable with a major budgeting exercise and a lot of discipline.
The positive is that you have a savings goal so that really reduces the whole thing to a maths/budgeting exercise.
You want to have 30k saved up in 2 years time. That's 1.25k a month.
Sit down, work out a budget for the two of ye in whatever way works and stick to it!
The easiest ways that I can see for you to save money is to
- *never* pay any credit card interest (pay them off every month by direct debit). I wonder how much credit card interest you've paid this year so far even if you "generally" pay it off. (30 pm?)
- Cut back on the PM (by just finding a way to track and/or limit it as niceonted says) (down to 250 each would save 400)
- cut the miscellaneous. 200 a month on other people's occasions when you're trying to save for your own? Get real! Save 100 here
- 40 pm you're not saving with cc anymore
- gym savings from March spread pm - 26
By looking at the above you could probably save half of what you need to a month depending on how far you can go with the PM - no point asking other people what their PM is, you concentrate on yours and reduce it. The other half - I don't know - DH get a full license (so reduce insurance?), uni fees ending shortly, possible reduced rent, spend less on food, don't buy so much furnishings - *might* be doable with a major budgeting exercise and a lot of discipline.
Reduce DH pocket money to same as yours and save 300 pm = €7,200 in October 2012.
There is room for rationalising the car situation. Your household has 2 cars and only 1 person with a full license - so there is never a situation where both cars are being simultaneously used as DH needs to be accompanied by you. Also, as DH has a provisional, he doesnt need it for his job. You should consider getting rid of one of the cars.
I am also trying to budget in order to free up cash - in my case for debt repayment.
For me, a spending diary is a bit of a pain. My solution is to withdraw €200 per week, on the same day each week. I use this money for; buying food, socialising (don't drink or smoke), buying petrol, getting new clothes, haircuts etc. Basically, it covers everything except household bills and big ticket items like car tax and insurance.
It often means that I'm a bit short near the end of the week, and sometimes I have to dip into my savings, but overall it's working for me.
Just thought I'd post it as an altenative idea to a spending diary. The ideas above re cutting back are good. Have you thought about living together in a one bed apt. That, depending on your location, could cut your monthly spend on rent and utilities.
Finally have a look at what you are saving for, a wedding, new house etc are all pretty expensive. Doing them all in such a short space of time, especially when you have large debt to service, is a real challange.
Best of luck with whatever you decide, and well done for facing up to this.
For me, a spending diary is a bit of a pain. My solution is to withdraw €200 per week, on the same day each week. I use this money for; buying food, socialising (don't drink or smoke), buying petrol, getting new clothes, haircuts etc. Basically, it covers everything except household bills and big ticket items like car tax and insurance.
It often means that I'm a bit short near the end of the week, and sometimes I have to dip into my savings, but overall it's working for me.
Just thought I'd post it as an altenative idea to a spending diary. The ideas above re cutting back are good. Have you thought about living together in a one bed apt. That, depending on your location, could cut your monthly spend on rent and utilities.
Finally have a look at what you are saving for, a wedding, new house etc are all pretty expensive. Doing them all in such a short space of time, especially when you have large debt to service, is a real challange.
Best of luck with whatever you decide, and well done for facing up to this.