Would love some advice on my current financial situation!

Guelder

Registered User
Messages
56
Hi all!

I'm currently a student and I would love to get some advice on how to manage my funds better, if anyone could point out any areas I could improve on that would be great, all opinions and feedback would be greatly appreciated! Thanks! :)

Age: 25

Spouse’s/Partner's age:
N/A

Annual gross income from employment or profession:
15,600 (However this should hopefully be increasing to 20,800 by the end of next year)

Annual gross income of spouse:
N/A

Type of employment: e.g. Civil Servant, self-employed:
Student

In general are you:
(a) spending more than you earn, or:
No
(b) saving?
Yes

Rough estimate of value of home: N/A

Amount outstanding on your mortgage: N/A

What interest rate are you paying? N/A

Other borrowings – car loans/personal loans etc: None

Do you pay off your full credit card balance each month? Not always - however I have recently set up a DD so it will be paid off in full from now on

If not, what is the balance on your credit card? 500

Savings and investments: approx. 40,000

Do you have a pension scheme? No

Do you own any investment or other property? No

Ages of children: N/A

Life insurance: No


What specific question do you have or what issues are of concern to you?

I'd like to know how I can best manage my funds, at present I have E300 per week, by late next year this should increase to E400 per week.

I'm looking to take driving lessons this year, buy a car, insure and tax it etc.. I'd just like to know that I should be able to afford the running costs of owning a car.

Also, I'd like to know how to best manage my savings (~40k) I don't know whether to invest it, leave it in a deposit account, buy prize bonds with it etc.. I do not need immediate access to it.

I'm hoping not to have to touch my savings for the next 5 years or so unless I decide to purchase a house - realistically speaking though, would it be possible for me to get a mortgage with just having E400 per week income, even though I'll have at least 40k in savings?



Income/Outgoings: (Per Week)

Income = E300

Rent = E0
Food/Drink = E80
Phone/Broadband = E25
TV = E10
Pet = E10
Entertainment/Miscellaneous = E40

At the moment I'm trying to save E100-150 per week. Currently this is just going into my current account, are there any good savings accounts out there atm where I should be lodging this?

I don't drink or smoke, but does any of my outgoings look excessive? Anywhere I should be cutting back?

I know I'm not in dire straits or anything atm, however my income is below minimum wage and I want to make the most of it and continue to save.

All comments are greatly appreciated!

Thanks everyone!
 
What rate of interest are you paying on the CC balance? If not 0% then it makes no sense to carry a CC balance when you have €40K saved!
 
For someone earning 300 a week to be saving 100-150 I think that you are doing more than alright. €40k in savings is also a pretty staggering sum for a 25 year old student. You really should be clearing your credit card though before you put anything into savings. Even if it is 0% it is good practice not to have credit card bills outstanding and even better to clear your monthly balance.
 
Back
Top