Money Makeover Help

M

Mely

Registered User
Messages
39
Age: 26
Spouse’s/Partner's age: 26

Annual gross income from employment or profession:
25,000 - 28,000
Annual gross income of spouse:
13,000 (198/week disability & 63/week blind pension)
Type of employment:
Customer Care Executive

In general are you spending more than you earn or are you saving? Spend more than i earn i think.

Rough estimate of value of home None
Amount outstanding on your mortgage: None (Rent 700/month)
What interest rate are you paying? None

Other borrowings – car loans/personal loans etc
BOI Loan: 10k 230/month over 5 years. Balance 7,000
BOI Loan Partner: 4k 85/month. Balance 3,000 approx.
GE Money: 10k 205/month over 5 years. Balance 6,000
Providen Loan: 1k 50/week for 6 months
BOI Overdraft Closed: Was 1,000 Balance now 350 Paying 100/month

Car Insurance 75/month
Car Tax 77 every 3 months
No car loan
Shopping: This is awful but we dont do a grocery shopping, just live on takeaways which is our biggest downfall, 15/night approx. Its a nightmare trying to get out of the habit & cook properly. I'm not a great cook & i'm so tired when i'm home from work.

Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card?
BOI Closed: Was 2,000 now balance is 850 (arranged to pay 100/month)
AIB Open: 2,000 i pay the arranged 25% per month however not clearing it.

 Savings and investments: None

Do you have a pension scheme? None

Do you own any investment or other property? None

Ages of children: None

Life insurance: None

Bills:
ESB: 200 Bi Monthly ( My parnter is at home every day, however we dont cook, the only things that are on during the day is the TV & PC. At night the TV & PC also.)
Bord Gais: I was cut off almost 2 years ago when i couldnt pay a bill. I paid the full balance which was 1,000 in Dec o6, however if i want to get connected i have to pay 800euros up front as a deposit (this will not used for future bills - i will get this back at the end etc) So for 2 years i have had no heat in the house. We have been using a small fan heater to keep whatever room were in warm & during the winter i light the odd fire.)
Smart Telecom: We dont use the house phone & dont pay line rental, however we pay 40 euros per month for the broadband. 8mb download & unlimited download.
Sky: We have sky + & multi room, this is costing us 98 euros per month. We barely use it as we watch & download movies/tv shows from the computer. We are def going to get rid of sky sports & movies.

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

From speaking with Mabs about my situation, the girl on the phone laughed at me & said there was nothing we can do for you. We only deal with people who are more seriously in debt.

I got the loans in the beginning because i thought i was cool & because i was able to get them. However it all fell apart for me. I was in big trouble with debt, having lots of arrears on my loans, which has left me with a terrible x on my name. I have now cleared off all the arrears and I tried to apply for a consolidation loan (which no bank will now touch me) I dont want to apply for any more loans in future. I feel that i am paying alot back each month. I have no savings, no pension, i am falling behind with bills ie just yesterday i paid 98 euros for sky & today i have received a new bill for the same amount. This seems to happen with all my bills, i just find it hard to pay up front & get in line & not be in arrears with them. I just want to be debt free, pay all my bills on time & start a savings account. My partner & I have been together almost 9 years now, but with the situation we find ourselves in (from fault of our own) there is no chance that i want to get a mortgage, get married & have kids etc.
Our plan is to clear all debt, save & travel for a few years (or until were 30 at least)
 
Re: Money Makeover Help - MABS Wont

Hi Mely,

From reading your post it sounds like you dont really have a handle on where your money is going. If you do up an Excel spreadsheet and put in monthly income in one column and then list all your outgoings in another column you'll be able to see straight off if you have a surplus or a defecit. This will make it easier for you to see exactly where your money is going.

If you want me to send you on the template I use for my own finances let me know.

Obvious things would be to cut down on Sky. We have the Sky package with all channels except the Sports & Movies. We don't have multi-room but do have Sky + and that's €30 a month. That would save you €68 a month straight off.

Broadband - do you really need 8MB. You could get a fairly basic broadband package for €20 a month. that would save you €20

Food: you said in your post you don't cook. What do you eat? Sorry to be presumptuous but if it's takeaways or pre-prepared food then that'll be costing you a lot as well.

Once you work out your budget you'll know exactly how much money you have for each area. So, if you have €50 a week for general spending money take that out at the start of the week and once it's gone its gone. You could then set up direct debits for the essential bills and things should run much more smoothly.

Hope everything works out for you.
 
Re: Money Makeover Help - MABS Wont

Hi shoppergal,

I agree with Sky, we are going to get rid of the movies & sports & cancel the multi-room.
The broadband i will have to mention to partner as he is the person who mostly uses it. But i will certainly look around at other deals.

We dont use the cooker as most of our food is on takeaway every week. Were looking at approx 50 to 70 euros a week. I'm just so tired when i get home from work. Also one big mistake is that we dont ever have food in the house which is why we get takeaway also. Its something that we are talking about at the moment. It will have to be a big change in our lifestyle, but if that 50 to 70 is not spent on takeaway, it will be spent on shopping which i'm back to not having it in the first place.

I forgot to mention that i spend approx 40 euro's on petrol ever 2 1/2 to 3 weeks.

Instead of arranging direct debits for bills come out of my current account, would i be better off having a seperate account for bills.

If you could send me on that excel it would be very much appreciated.
I'm glad that i have no loan arrears, but i would like to pay them off quicker
 
Re: Money Makeover Help - MABS Wont

Mely said:
If you could send me on that excel it would be very much appreciated.
Click to expand...
There are loads of useful budgeting tips and resources, including budgeting spreadsheets etc., in the key posts section! As already mentioned you really need to manage your money better and live within your means. The short term convenience of stuff like expenditure on takeaways instead of cooking at home (you can do a bulk run at the weekend and freeze for the week if necessary) will lead to longer term hardship. Pay/spend now - deal with the consequences later is not a great way to live.
 
Re: Money Makeover Help - MABS Wont

Hi

Some good suggestions from shoppergal there. However, from what you said about not being able to keep on top of bills or know where you're money is going - I do think you need to sit down and work out your finances with someone from a professional organisation like MABS. I find it really hard to believe that they told you they weren't willing to help you? I know of people who are in lot less debt than yourself and are involved with MABS.
 
Re: Money Makeover Help - MABS Wont

Hi Clubman,

Yes i am currently in the process of reading those now also. Very useful information there.

I agree about the takeaway issue - i'm currently looking for sites with helpful tips for a first time cook. I have never been a great cook, at with my partner been disabled it doesnt help things. I know this is not the thread to go into all that.

But my main aim is getting all my loans cleared & just to get on top of my bills. I would also like to get bord gais back in for the winter as 2 years without heat was just a terrible terrible time in our lives.

My job has got great commission pay & overtime is always available if needs be, however i'm tired enough as it is, but i guess i could work some more extra hours. For the last 6 months i have done just that, which landed me in the doctors every month with 50 euros each visit.
 
Re: Money Makeover Help - MABS Wont

I would also look at your use of the fan heater and if it is really a good idea. It might be cheaper to have a open fire instead. Especially if your bill is 100 a month

Also, socialising, how often do you go out? Do you smoke?

You can defintely spend less on home cooked food than take aways. And you will be amazed at how much better it tastes. If you find you are too tired after work to cook, you can make meals at the weekend and freeze them for during the week.

You don;t even need excel to figure out where your money is going. All you need is a notepad. Write down every penny you spend. You will be surprised how the little things add up.
 
Re: Money Makeover Help - MABS Wont

Dee101 said:
Hi

Some good suggestions from shoppergal there. However, from what you said about not being able to keep on top of bills or know where you're money is going - I do think you need to sit down and work out your finances with someone from a professional organisation like MABS. I find it really hard to believe that they told you they weren't willing to help you? I know of people who are in lot less debt than yourself and are involved with MABS.
Click to expand...

I know, i was on there website & they mentioned that they help with budgeting etc, thats why i called them. She kept me over 15 mins on the phone asking all sorts of questions & then said, i dont think there is anything we can do for you. You pretty much have no arrears in your loans, just continue to pay them off monthly & try pay a little extra into them to get them paid quicker. I was shocked that she didnt want to see me. There was a waiting list to be seen & she said that other people have a more priority than me as i'm not been threatened to go to court, left with no electricity in the house etc
 
Re: Money Makeover Help - MABS Wont

Just from reading your posts I think you would be much better off if you buy groceries and cook. Although you say in your post that your takeouts cost €15 a night approx., I'm sure you must spend more money on basic day to day food e.g. bread, milk, breakfasts, lunches and snacks. I'm also going to hazard a guess that you buy this food from a convenient local shop which (usually) cost more than a supermarket.

Your ESB is relatively high also. I'm not entirely sure about this (other posters might correct me) but I think there is an option of setting up a direct debit for ESB so if you pay less in the summer and more in the winter, the bills should average out which might help? As I said I'm not sure if this is a possibility but it might be worth enquiring about it? The same for your tv licence?

Can you live without your credit card and concentrate on paying off what you owe? The easiest way to do this is by simply removing it from your wallet and leaving it at home. Can you switch your credit card to a zero/lower interest card? This might not be a possibility if you have a bad credit rating?

There are a lot of suggestions for lowering your day to day expenses in the budgeting section which you might find useful but only if you act on them.
 
Re: Money Makeover Help - MABS Wont

PM1234 said:
Just from reading your posts I think you would be much better off if you buy groceries and cook. Although you say in your post that your takeouts cost €15 a night approx., I'm sure you must spend more money on basic day to day food e.g. bread, milk, breakfasts, lunches and snacks. I'm also going to hazard a guess that you buy this food from a convenient local shop which (usually) cost more than a supermarket.

Your ESB is relatively high also. I'm not entirely sure about this (other posters might correct me) but I think there is an option of setting up a direct debit for ESB so if you pay less in the summer and more in the winter, the bills should average out which might help? As I said I'm not sure if this is a possibility but it might be worth enquiring about it? The same for your tv licence?

Can you live without your credit card and concentrate on paying off what you owe? The easiest way to do this is by simply removing it from your wallet and leaving it at home. Can you switch your credit card to a zero/lower interest card? This might not be a possibility if you have a bad credit rating?

There are a lot of suggestions for lowering your day to day expenses in the budgeting section which you might find useful but only if you act on them.
Click to expand...

I dont eat while at work, i just drink tea & water all day which is free. We dont normally spend money on milk or bread in the local shop but i agree it would work out cheaper in a supermarket.

i will def consider direct debit for all bills, & have enough money in there to pay them all on time every month.

in relation to the credit card, i'm going to be honest here. I have used it in about 4 months. what happens is its taken out of my current account approx 300 a month, i then go into the credit card account & transfer the month back into my current account so that i have some money to live on before i get paid.

Question: This is a difficult decision i have to make. I got got a nice bonus last month & after all the loans/rent etc paid (excluding bills) i have a 1,000 euro left in my current account. Should i pay off the esb bill & sky bill, or should i pay off the balance of 350 overdraft in a closed account.

i agree with club man & the saying on this forum, there is no point saving this if i have debts & unpaid bills etc. This was a first having money left over & i'm not sure what to do with it.
 
Re: Money Makeover Help - MABS Wont

Nothing but tea and water all day and then takeaways at night? Do you have health insurance?!?! :eek:
 
Re: Money Makeover Help - MABS Wont

If you are not used to cooking, start on a Saturday first.

Make an extra quanity of one meal and freeze it, then you have something ready and handy for at least one evening of the week and you've saved yourself that takeaway money. Then do the same thing on Sunday - now you've saved the cost of 2 takeaways and that's Monday and Tuesday's dinners sorted.

As you get more adventurous you can try cooking (say) a roast chicken on Wednesday and have the remainder cold with a salad on Thursday. Have your takeaway on a Friday then for a treat.

Here's a handy recipe book to start with (from Mabs funny enough!)
http://www.mabs.ie/publications/Resources%20for%20education/101_Sq_Meals.pdf

have a 1,000 euro left in my current account...not sure what to do with it.
Click to expand...
Why not get your heating situation sorted out, the odds are you'll save enough on your electricity costs to cover the bills.

Also check that you are claiming everything you can in relation to tax, SW etc.,

You may also be entitled to claim for medical card.
 
Re: Money Makeover Help - MABS Wont

ClubMan said:
Nothing but tea and water all day and then takeaways at night? Do you have health insurance?!?! :eek:
Click to expand...

lol sorry clubman, no i dont unfortunately. I seem to be doing okay lol. Blood tests are in & i'm aok.
 
Re: Money Makeover Help - MABS Wont

Kildrought said:
If you are not used to cooking, start on a Saturday first.

Make an extra quanity of one meal and freeze it, then you have something ready and handy for at least one evening of the week and you've saved yourself that takeaway money. Then do the same thing on Sunday - now you've saved the cost of 2 takeaways and that's Monday and Tuesday's dinners sorted.

As you get more adventurous you can try cooking (say) a roast chicken on Wednesday and have the remainder cold with a salad on Thursday. Have your takeaway on a Friday then for a treat.

Here's a handy recipe book to start with (from Mabs funny enough!)
http://www.mabs.ie/publications/Resources%20for%20education/101_Sq_Meals.pdf
Click to expand...

Thanks a million. Thats strange coming from Mabs, its funny.

Hey are you also the person with the mad batches of tomatoe sauce for pizza's & pasta etc on rollercoaster.ie :) :) or am i thinking of someone completely different. Your name is very familiar?
 
Re: Money Makeover Help - MABS Wont

Make another appointment to see MABS and have a look at their website which has loads of useful information. Maybe MABS are so busy in the current climate that they are having to prioritise their work load.

I got a gift of a lovely cookery book recently called 'COOKING a common sense guide' Publisher is called Index. Have a look for it, I think it would be ideal for a novice like yourself, it comes with simply nutritious recipes, clear diagrams and instructions. Takeaway foods are unhealthy as well as being very expensive, you'll both notice a great improvement in your energy levels once you start eating properly.

You've have taken the first steps to a brighter future by posting here, you are still young and fortunate enough to be in a close long term relationship. Does your partner have contact with any support organisations? Try your local VEC for details of classes, training courses, support groups etc that she could attend as it may be very lonely and isolating for her to be alone for long periods of time while you're at work.
 
Re: Money Makeover Help - MABS Wont

Hi Mely, could you get your partner to open the bord gais account in his name? Not sure if it would work...
 
Re: Money Makeover Help - MABS Wont

Mely said:
I dont eat while at work, i just drink tea & water all day which is free.
Click to expand...

This might be one of the reasons why you are so tired when you come home from work in the evenings?

Is your partner entitled to any rent allowance? Are you entitled to any carers allowance? Maybe this is already covered in the disability money your partner receives?

Do you have phone expenses? Any possibility of making calls from work or your partner sms'ing/emailing from the pc instead of texting? Or using Skype instead of a phone? I realise this might not be practical if your partner needs help urgently during the day.
 
Re: Money Makeover Help - MABS Wont

are you also the person with the mad batches of tomatoe sauce for pizza's & pasta etc on rollercoaster.ie
Click to expand...
That's me....well worth making the 'mad batches' of tomato sauce...save you a fortune on your takeaways! ;)
 
Re: Money Makeover Help - MABS Wont

thundercat said:
Hi Mely, could you get your partner to open the bord gais account in his name? Not sure if it would work...
Click to expand...

we tried that, & because it was in my name before & the house is a rental, he would need to get a letter from the landlord to say the house has new tenants. They still wanted a deposit up front.

Our landlord thinks we got rid of the gas because we rarely use it.

Oh i spoke to someone in the ESB a nice girl. She mentioned that in the future you will be able to see on your bill exactly what units have been used for what & where the expensive bits are coming from etc, so meaning a more detailed bill. I think this would be very handy. She did send me out a stapled page of all the different kinds of electric appliances & how much each would cost per unit. I must get this out again soon & look through it.
 
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