Saving for college/tightening the purse strings

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Danielle24

Registered User
Messages
209
Hey guys,

I know i've started a few threads here, but the advice I get is always useful. Just looking for advice on my current financial status and any improvements I can make. A few things have changed for me aswell so would be no harm to make a few changes. I started a thread about travelling a while back but i'm putting this on the backburner for now. I will also have some shares maturing in the next few months so advice on what to with them would be lovely. Thanks

Wages - €2115 pm

Bills:

Rent - €400 pm ( I am looking to move closer to work though to save on petrol/rent causes)

AIB - €4118.68 - €134pm

Credit Union - €1938.63 - €200pm (€500 in savings)

R&S - €1720 - €50pm

Overdraft - €650 - Have to start clearing this

CAR - €2055 - €180 pm

Savings:

Shares - Due to mature January all going according to plan should get about 5/6k back

Expenses:

ESB - Average €50 pm

Bins - €23.50 pm

Internet - €30 pm

Petrol - Average €50/€60 per week

Food - €30/€40 per week (more if I eat out/get takeaways, cutting down on this)

Parking - €4 per week

Car Insurance - Paid until July

Tax - €80 every 3 months

Dental Insurance - €10 pm

Any advice greatly appreciated
 
Danielle24 said:
Hey guys,

I know i've started a few threads here, but the advice I get is always useful.
Any advice greatly appreciated
Click to expand...

The advice is useful.......and greatly appreciated??? Seriously Danielle have you re-read your other threads and posts you made on them because I read them all at the time and so I can honestly say I have no desire to post advice here and I will follow this thread with interest to see if it ends up the same as the others.
 
Danielle24 said:
Wages - €2115 pm GROSS or NET??


Bills:

Rent - €400 pm ( I am looking to move closer to work though to save on petrol/rent causes)

AIB - €4118.68 - €134pm

Credit Union - €1938.63 - €200pm (€500 in savings)

R&S - €1720 - €50pm

Overdraft - €650 - Have to start clearing this

CAR - €2055 - €180 pm


So you have 5 loans / debts??? What does R & S mean? Do you know the interest rates on the loans?

PS How can anybody have 5 loans?? I am amazed.


Savings:

Shares - Due to mature January all going according to plan should get about 5/6k back

Expenses:

ESB - Average €50 pm

I pay 35-45 pm for a 4-bed detached house - yours seems a bit high??


Bins - €23.50 pm

This is crazy, crazy. Can you give more details?


Any advice greatly appreciated
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....
 
Bins - €23.50 pm

This is crazy, crazy. Can you give more details?

I am confused by your response Protocal as why do you see this as being crazy, crazy?

I pay 330 euros per year for private bin collection [domestic & recycling] & can claim std relief [well this will be the last year for this] so net cost is 264 which is €22 pm

Am I crazy, crazy as well?
 
My bins are €25pm (gross of tax relief) so I must be crazy, crazy too. :)

My advice is pay off your loans, starting with the one with the highest interest rate. Keep a spending diary, you look to have a good bit of money unbudgeted so throw that at the loans. Once they are clear you can save the amount you were paying towards the loans.
 
Rent - €400 pm ( I am looking to move closer to work though to save on petrol/rent causes)

AIB - €4118.68 - €134pm

Credit Union - €1938.63 - €200pm (€500 in savings)

R&S - €1720 - €50pm

Overdraft - €650 - Have to start clearing this

CAR - €2055 - €180 pm


So you have 5 loans / debts??? What does R & S mean? Do you know the interest rates on the loans?

PS How can anybody have 5 loans?? I am amazed.

R & S is an insurance company it's to do with an accident there's no interest.

AIB - Cleared my credit cards/Overdraft/Paid for Wedding abroad.

Credit Union - College fees

Car - Self explanatory

Overdraft - Student overdraft. No interest.

Savings:

Shares - Due to mature January all going according to plan should get about 5/6k back

Expenses:

ESB - Average €50 pm

I pay 35-45 pm for a 4-bed detached house - yours seems a bit high??

I have not gas/oil etc this is for everything.

Bins - €23.50 pm

This is crazy, crazy. Can you give more details?

It works out at €75 for 6 months but because I houseshare and they come and go a good bit I've just started paying it monthly so I don't stung paying for 6 months and a new tenant doesn't have to pay anything.

I forgot to mention my college fees for next year are €3,000 and I claim taxback for them at 20% or €600. Starting saving for these next year.
 
glasto said:
My bins are €25pm (gross of tax relief) so I must be crazy, crazy too. :)

My advice is pay off your loans, starting with the one with the highest interest rate. Keep a spending diary, you look to have a good bit of money unbudgeted so throw that at the loans. Once they are clear you can save the amount you were paying towards the loans.
Click to expand...


Thanks Glasto.

On paper it looks like I have a good bit over/unbudgeted but I always end up broke coming near the end of the month.
 
Hi, well, the first thing is that I am glad to hear that you have put your travelling plans on the backburner for now. I think they should stay there for another while until you get all that sorted out.

I think this was suggested to you on the other thread but have you started to do a spending diary? It would give you an idea of where every penny is going and from there you can see where you overspend.

Could you take up a second job for a few months? in the evenings? week ends? The idea may not excite you but it will allow to have a little more money to pay off some of your debt, also you would have less time to spend it!

From your thread, there is one thing that came across. You seem to be relying on those shares due to mature next year. Next year...? that is a long time away and you should not rely on them. When the time comes and IF that is the amount you get, it should be a bonus and no be already accounted for so I would forget about that for now...

I did post a reply on your last thread and I do hope that alongside all the advice you got (from some quite angry people, and I could completely understand where they were coming from!!!) you did get something out of it.
 
Mongola said:
Hi, well, the first thing is that I am glad to hear that you have put your travelling plans on the backburner for now. I think they should stay there for another while until you get all that sorted out.

I think this was suggested to you on the other thread but have you started to do a spending diary? It would give you an idea of where every penny is going and from there you can see where you overspend.

Could you take up a second job for a few months? in the evenings? week ends? The idea may not excite you but it will allow to have a little more money to pay off some of your debt, also you would have less time to spend it!

.

From your thread, there is one thing that came across. You seem to be relying on those shares due to mature next year. Next year...? that is a long time away and you should not rely on them. When the time comes and IF that is the amount you get, it should be a bonus and no be already accounted for so I would forget about that for now...

I did post a reply on your last thread and I do hope that alongside all the advice you got (from some quite angry people, and I could completely understand where they were coming from!!!) you did get something out of it.
Click to expand...

Hey I finish college in May and I have started looking for something part time

If people have a criticism to make i'm perfectly open to listening to it, but there's no need to be rude and offensive.
 
truthseeker said:
What!? How was Mongolas comment that you highlighted either rude or offensive?
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It wasn't they said how they understood peoples anger in previous posts and I stated that I was willing to listen to peoples criticisms, but that there is no need for people to be rude or offensive.
 
Danielle24 said:
...A few things have changed for me aswell so would be no harm to make a few changes. ...
Click to expand...
What has changed? There doesn't seem to be much change in your income and expenses compared with last time.
Danielle24 said:
I will also have some shares maturing in the next few months so advice on what to with them would be lovely.
Click to expand...
Sell them, pay any CGT due and use the remainder to pay off as much of your remaining debt as possible.
 
Perhaps I was too brusque. Sorry.

It's just that I pay maybe 10 per month for the large 240L wheelie bin to be lifted once per month (two people).
 
orka said:
What has changed? There doesn't seem to be much change in your income and expenses compared with last time.Sell them, pay any CGT due and use the remainder to pay off as much of your remaining debt as possible.
Click to expand...


I've to save for college. My housemate has moved out I might be moving myself.
 
How long have you got to save for college? Will you be working while at college and do you have to save up for living expenses or just fees?
 
glasto said:
How long have you got to save for college? Will you be working while at college and do you have to save up for living expenses or just fees?
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Working full time i'd have to pay part of the fees by September but they give you until around January to pay the remainder, just fees.
 
Danielle24 said:
Working full time i'd have to pay part of the fees by September but they give you until around January to pay the remainder, just fees.
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Ok, so say you have to pay half in Sept, you have five months to get €1500 saved, so you need to be budgeting at least €300 a month. Actually more as you have to pay the remaining €1500 in three months, so really you need to be saving closer to €400pm. That's pretty tight given your other debts, as you haven't included lots of stuff in your budgeting. Although depending on how safe your shares are you could use them to pay off the second tranche of fees.
 
glasto said:
Ok, so say you have to pay half in Sept, you have five months to get €1500 saved, so you need to be budgeting at least €300 a month. Actually more as you have to pay the remaining €1500 in three months, so really you need to be saving closer to €400pm. That's pretty tight given your other debts, as you haven't included lots of stuff in your budgeting. Although depending on how safe your shares are you could use them to pay off the second tranche of fees.
Click to expand...


My shares have been at over 3 times the price I paid for over 2 years. I'm guaranteed to get the money I invested back, €1,800. After I pay the first half of my fees I can claim €300 back in tax and the same amount by the second half, they offer discounts for people who pay in advance and the full amount so might see about doing that.
 
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