# Advice needed



## jamiecall (8 Aug 2008)

Age: *25*
   Spouse’s/Partner's age: *27*

   Annual gross income from employment or profession: *Last year €59000. Year to date €37523*

   Annual gross income of spouse:*€35000
* 
   Type of employment: *Me - Car Sales
                                 Spouse - Insurance Sales
* 
In general are you spending more than you earn or are you saving? *Spending*

   Rough estimate of value of home *275,000*
   Amount outstanding on your mortgage: *225,000*
*What interest rate    are you paying? 5.5% Since Yesterday. Tracker*

   Other borrowings – car loans/personal loans etc *-Personal Loan €2000, Credit Card €800* 

   Do you pay off your full credit card balance each month? *No*
   If not, what is the balance on your credit card? *€800*

   Savings and investments:*Nothing*

   Do you have a pension scheme? *No*

   Do you own any investment or other property? *No*

   Ages of children: *None*

   Life insurance: *Covers value of original mortgage of 235,000*

Phone - *62 (2 mth)*
ESB - *80 (2 mth)*
Petrol - *Company Car*
Tax - *Company Car*
Ins - *Company Car*
Food - *320 (mth)*
Car loan - *Company Car*
Mortgage - *1150 (mth between the 2 of us, €575 each)*
Personal Loan - *135 (mth)*
Personal Trainer - *200 (mth)* *Finishing this week*

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

I seem to be struggling at the moment. Living beyond my means. 

I've cancelled my gym membership which should free up around 200 per month. My PAYE seems to be all over the place EG i got my wage slip this morning Gross Pay - €1338 and my PAYE was €334. Is this right?

We bought our house 2 years ago on a 100% and fixed rate. That rate ended yesterday pushing our repayments up by €150 per month.

I just don't seem to have any money left over any week for saving. I only go out once a month and generally try to keep a budget. 

Any ideas on how i cold save money and possibly reduse my mortgage payments.

Thanks a million


*


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## BoscoTalking (8 Aug 2008)

Almost 90k income and a mortgage of roughly 230k 
What is the problem - other than the one you have identified "living beyond your means" 
Can i be harsh (on a joint income of 60k and mortgage of 300k)? You need to learn to walk round town etc and not spend anything. or do it cash/card less so if you want something you have the evening to think about if you need it before you go out and spend money on it.


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## TheBlock (8 Aug 2008)

To echo pennypitstop and most other threads in this section you really need to cut down on your discreationary spending... Combined income 80k (being cautious here) a 275k mortgage and no loans or kids and your struggling?

Definetily a case for keeping a money journal. The outgoings you have listed only hit 2k a month where does the rest of it go?


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## jamiecall (8 Aug 2008)

TheBlock said:


> The outgoings you have listed only hit 2k a month where does the rest of it go?



Thats what i can't add up either! 

Has anyone any idea if my PAYE is right??


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## rmelly (8 Aug 2008)

jamiecall said:


> Thats what i can't add up either!
> 
> Has anyone any idea if my PAYE is right??


 
Try running it through this: 

Also, I'd consider editing the original post and removing employer details.

From the original post it seems you aren't directly paying any car costs - how are these handled?


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## jamiecall (8 Aug 2008)

Car is Company Car. Don't pay tax, petrol or insurance. BIK is around €133 per week. I get the feeling that i'm being screwed by the tax man. Am i right??

First post edited


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## dem_syhp (8 Aug 2008)

Have you looked up what you should be paying on the calculator as suggested ? If the one the other poster suggested doesn't work, do a search, there are a bunch of them out there. There are some on the key posts here. I'm not at home so I can't actually work it out for you. 

If you are paying too much tax - it's very easy to get it back - call them and ask for a P21 balancing statement. Again - there are other threads on this. 

However - this isn't where you're money's going. Between two of you there is close on 6k coming in to the house, monthly outgoings of approximately 2K - there's another 4k being spent per month that you have not accounted for.  I'd keep a diary as others have suggested - this means writing down every thing that you purchase - absolutely everything.  

Absolutly check your tax - but this isn't why you don't have any money. It's because you're spending too much.


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## PM1234 (8 Aug 2008)

You have €50K paid off your mortgage in two years with repayments of €1000 per month? 
Edit: Sorry just re-read your post and you gave the estimated value, not the original mortgage.



You mentioned you keep a spending diary but what about your partners spending?  Would suggest you both keep a spending diary. Include socialising, clothes, lunches, local grocery shop etc. By writing it all down you will get a grasp on where your money is going.  


A good  and easy way of saving is by setting up an account e.g regular savings account (see key posts). Set the direct debit up to come out on the day you get paid. After the initial couple of months you won't miss the money coming out and you will be building up your savings.  Before you do this clear the credit cards as the interest you're paying on these will be twice as high as any interest you will earn on your savings account.  In the meantime you could try switching your credit card to a zero interest account.


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