Want to travel, need to clear debts/save

D

Danielle24

Registered User
Messages
209
Hi,

I have quite a few bills and money can be tight so i'm looking on advice where I can make cut backs. I want to visit friends in Australia this year if possible and I have an important birthday for which I need to New York. I also need to get 3k together for college fees for next September/October and would rather not borrow if possible. I'm not living in the clouds and I am aware that I might not be able to do all if any of these things this year with my income. . I posted here a while back and my debts were 16,500k so i've done a good bit of work on them. It's now €11,905 because I borrowed for college. So in total I paid over €7000 off them. I know I still borrowed more but the €200 a month had already been going off on a loan I since cleared and it's for my education. Any advice or tips are appreciated.

Income - €2116 per month (after tax)

Bills

AIB - 4,521.03: €134 per month

Car - 2595: €180 per month

R&S - 1780: €50 per month

Credit Union - 2520: €200 per month (college)

Ulster Bank OD: 624: Not clearing at the moment

Expenses

Rent: €370 per month

Cable: €30 per month

Car Insurance: €52 per month

Tax: €80 every 3 months

Bins: €70 every 6 months

VHI(Dental Insurance): €10 per month

Medication: €30 per month

ESB: €50 per month approx

Savings

Credit Union: €500

Sharesave: €1100
 
Just on the ESB, you could probably cut that back a bit. Remember to unplug everything besides the necessaries e.g. fridge. I live with two girls and our last ESB bill for two months was 83 euro. And one of the girls works from home so her computer would be on a good bit.

Also, I'd decide which is more important, going to Australia or the US and just do that one.
 
Thanks for that.

Just on the ESB we don't have Gas/Oil etc so this is for all our heating, cooking, water, TV etc. Everything is plugged out religiously when we're out, going to bed etc.
 
The cost for your bins is very expensive. I live on my own and I put out a bin once every 6 weeks which costs me 3.50 (mahon's yellow plastic bag) and I recycle (tins, cardboard,plastic,bottles,paper,tetra packs) once every 6 weeks which costs me 3 euro,

So I pay around 6.50 every 6 weeks for rubbish.

Also, my VHI Dental comes in around 250 a year which is 5 euro a week. I can only claim back max 1000 a year. Can you claim more than that back if you are paying 500 a year for your VHI ?
 
alexandra12 said:
The cost for your bins is very expensive. I live on my own and I put out a bin once every 6 weeks which costs me 3.50 (mahon's yellow plastic bag) and I recycle (tins, cardboard,plastic,bottles,paper,tetra packs) once every 6 weeks which costs me 3 euro,

So I pay around 6.50 every 6 weeks for rubbish.

Also, my VHI Dental comes in around 250 a year which is 5 euro a week. I can only claim back max 1000 a year. Can you claim more than that back if you are paying 500 a year for your VHI ?
Click to expand...

Hi Alexandra,

That sounds great about the bins, but we fill our recycling/rubbish bin at least every fortnight most of the time more. I think you misread my VHI it's only €120 for the year.
 
I have 6 bins in my shed (one for each type of waste) for the recycle centre, so I do have a lot of recycle waste.I bring it all down to the recycle centre when I cant fit anymore into the bins. Most my of my waste is plastic.
 
Hi there,
I really admire your desire to travel. I have a colleague who loves travel, and has obvious expenses such as mortgage, car loan etc.. They go to really exotic places such as traveling on the trans-Siberian train. Unfortunately to do this, they eat porridge for breakfast and lunch for about 3 months to get the money together!
 
Thanks Pinky. Don't think I could do that for 3 months not to mention you could make yourself sick.
 
I don't really have any advice on cutting expenditure because you seem to be doing pretty well.

But in terms of booking your tickets, make sure and check out as many travel sites as possible. Edreams, ebookers and lastminute are best. I was travelling to NYC at the last minute last February and on their website Delta were charging €550 return. I figured that wasn't a bad price for booking it just a few days before travel but I checked on ebookers anyway - the same flight was just €400. Now is the best time to book if you can because fewer people travel at this time of year and you're more likely to get a good deal
 
Thanks for that aaa1 but I can't go until later on in the year there's a good few of us going and it's for a birthday so we can't change the time :( I will be sure to check out the flights though, Edreams is quite good isn't it ;).

While we're on the subject does anyone know how much or what the average price of a flight from Tokyo/Hong Kong to Australia?
 
Hi Danielle,
I have just re read your earlier post of 2010 about borrowing money from the Credit Union to refinance your debts. I see that you borrowed from the Credit Union but didn't refinance your other debts.
My only suggestion to you this time around is to drop the trip to Australia and concentrate on the birthday celebration in New York. Having said that you really cannot afford to do that either. I really think that you should be paying a little off your Ulster Bank overdraft rather than thinking about two holidays in the one year that some might consider once in a lifetime trips.
A cheap holiday to Spain and you should also be able to pick up your medication for a fraction of the €30 per month that you are paying in Ireland. In fact the saving might even pay for the holiday.
 
I agree with Park Lane I'm afraid. You have a lot of debt especially for your age (I seem to remember you are quite young?). You need to deal with it before thinking about taking big trips to Australia and NY. Me and my husband have no debt at all, earn a lot more than you, and only holiday abroad every other year, with the occasional weekend trip too. This year we will probably only go away for a cheap week in Greece and think we are lucky to get it! Last year we went camping in Ireland. Its more important IMHO to have savings, or at least reduce debt in the current economic climate. I genuinely think you need to rethink before you fall into serious problems. I made that mistake in my twenties, the cash takes a long time to pay back, especially if you have nothing but memories to show for it. Learn from others mistakes, my experience was hard won! Its lovely now to have cash in the bank, rather than worry about debts. Good luck!
 
glasto said:
I agree with Park Lane I'm afraid. You have a lot of debt especially for your age (I seem to remember you are quite young?). You need to deal with it before thinking about taking big trips to Australia and NY. Me and my husband have no debt at all, earn a lot more than you, and only holiday abroad every other year, with the occasional weekend trip too. This year we will probably only go away for a cheap week in Greece and think we are lucky to get it! Last year we went camping in Ireland. Its more important IMHO to have savings, or at least reduce debt in the current economic climate. I genuinely think you need to rethink before you fall into serious problems. I made that mistake in my twenties, the cash takes a long time to pay back, especially if you have nothing but memories to show for it. Learn from others mistakes, my experience was hard won! Its lovely now to have cash in the bank, rather than worry about debts. Good luck!
Click to expand...


Thanks for that yeah I am pretty young alright but I know when my debts will be cleared and I have money coming to me soon enough, I have a car and a college education to show for my debts so it's more than just memories. I said in my initial post that I realise I might not be able to do these things this year but I don't planning on not living just because I owe money either. Not only that but I might not be able to get out of the New York trip.
 
glasto said:
I agree with Park Lane I'm afraid. You have a lot of debt especially for your age (I seem to remember you are quite young?). You need to deal with it before thinking about taking big trips to Australia and NY. Me and my husband have no debt at all, earn a lot more than you, and only holiday abroad every other year, with the occasional weekend trip too. This year we will probably only go away for a cheap week in Greece and think we are lucky to get it! Last year we went camping in Ireland. Its more important IMHO to have savings, or at least reduce debt in the current economic climate. I genuinely think you need to rethink before you fall into serious problems. I made that mistake in my twenties, the cash takes a long time to pay back, especially if you have nothing but memories to show for it. Learn from others mistakes, my experience was hard won! Its lovely now to have cash in the bank, rather than worry about debts. Good luck!
Click to expand...


Thanks I am paying back my debt know when it will be paid back and I have money coming to me soon. I am dealing with my debt, I don't know where you gathered that I wasn't.
 
Danielle24 said:
but I don't planning on not living just because I owe money either. Not only that but I might not be able to get out of the New York trip.
Click to expand...

You don't have your priorities right. How about getting out of debt and then living. Not going to NY or Oz is not not living and it's an experience you can do without and can in any case in the future do those trips when you can afford it.

How much do you think trips to such long haul destinations are going to cost? The only way you would be able to manage them is if you stop paying your current debt and/or borrowed more money.
 
Bronte said:
You don't have your priorities right. How about getting out of debt and then living. Not going to NY or Oz is not not living and it's an experience you can do without and can in any case in the future do those trips when you can afford it.

How much do you think trips to such long haul destinations are going to cost? The only way you would be able to manage them is if you stop paying your current debt and/or borrowed more money.
Click to expand...



That's not entirely true. I have accommodation in Australia and could do it pretty cheap.I'm paying a set amount of my debts every month I know when they will be paid off. Does that mean I can't enjoy things or at least try and save for nice things in the mean time? My bills and debts are paid every month before I take a cent out of my bank account so don't know why you think I don't have my priorities right. I'm all for taken on board advice and appreciative construcitive criticism but it's ludacris to say I don't have my priorities right i've paid over 7k off my debts.
 
But you're not saving, in fact you're not even paying one of your debts off at all. Getting your priorities right is saving and then travelling. Getting educated should be entertainment and living enough for you right now.

How much have you estimated each of the trips will cost?
 
You must log in or register to reply here.
Back
Top