# Noor77's personal budgeting thread



## Noor77

Basically, I need a little help as I never seem to have any money.

I have an income of approximately €2,300 a month net and pay €750 a month on a mortgage. I only put the minimum of €20 a month into my SSIA account. My gas and esb bills work out at about €80 per month combined. I have no credit cards, laser cards, cheque books, overdrafts etc... Aside from my mortgage I have no other loans.

The problem is I never seem to have any money. I get paid every 2 weeks and by the time the second week kicks in I am always very low on funds. I never have any spare cash for things that crop up unexpectedly. Even paying for my tv license seems to leave me broke!

I've just turned 27 and feel I really should be saving. What am I doing wrong? 

I should probably say that there is no possibility of reducing the mortgage repayments.

Help!!!


----------



## Vanilla

I suppose you've done the obvious and kept a money diary? I.e write down exactly what you're spending your hard earned money on?


----------



## Noor77

I have actually Vanilla, but it doesn't seem to help me at all. A lot of the time I think that maybe I should have waited a few years before I purchased a home. But I can't turn back the clock now. I suppose a lot of my problem related to the fact that most of my friends have way more disposable income than me - because they don't have the burden of a mortgage obviously.


----------



## ClubMan

Have you had a look at  to get some tips and ideas on how to manage your finances better if that's what you need to do?


----------



## sherman

Hi,

Monthly income - €2,300
Monthly non-discretionary spending - €850

Net discretionary spending - €1,450.

Don't know what you're spending it on Noor, but you're obviously having a good time with it!! 

You should be able to live very comfortably indeed on €200 per week, leaving you €650 p/m for savings.

Maybe I'm not reading your post correctly, but I pay virtually your mortgage repayments in rent each month, take home a good bit less than you, max my SSIA, and have a few hundred left to chuck into a savings a/c each month. I have set myself a strict budget of €100 per week, which although tough at the beginning, is easy now, and has been instrumental in getting my finances sorted out.

Try cost cutting by bringing your lunch into work, etc. Also, try to take it easy on nights out - in the past I have been know to burn through up to €100 on a night out - waste of money, unless you like being broke and having a killer hangover!! And please please TRY to max your SSIA!!


----------



## Noor77

How do you do it Sherman!!

My figure of €2,300 breaks down as approximately €900 every two weeks as a net salary and €150 every two weeks income from a room I let in my apartment.

I don't know how you manage to save that much but I really admire you for being able to do it.

I'm not extravagant at all and not a very heavy drinker but I just find that everything adds up - even coffees with friends, going to the cinema etc... And it always seems to be someones birthday .. already this month I've had to fork out for 3 birthdays and a wedding anniversary!


----------



## MissRibena

*Discretionary Spending*

Hi Noor

I understand where you are coming from but Sherman is right about setting a budget for discretionary spending and sticking to it. There is a good possiblity that your friends are not saving as well as not having their own home or could be using credit cards or other debt to finance their lifestyles. 

Don't feel obliged go mad on presents etc. Most people have all they need these days, so often presents just become junk after a while.

It's hard to strike the balance between fun and savings; it's down to each individual. Mine is even lower than shermans; €70 a week (including all food).  I don't meet it every week but its my target and I make it or close 70% of the time, I reckon.

Rebecca


----------



## Noor77

*Re: Discretionary Spending*

Does the €70 include transport to and from work Rebecca???
How do you manage if you want to go out? What do you do if you need to buy clothes etc...?

I buy practically all my clothes in a-wear and penneys but I still seem to be always broke


----------



## ClubMan

*Re: Discretionary Spending*

If you tried to keep a money diary and failed or it didn't tell you where the money was going then I think that's where you were going wrong and you really need to do it again and stick with it. There's no point in wondering how other people get by on so little or save so much without making an honest and detailed appraisal of your own incomings and outgoings. Once you know where the money is going you can then start looking for ways to cut down on your spending. It's not rocket science - in fact it's simple, but not necessarily easy.


----------



## Repaymentator

Noor,

Buying property was definitely a smart move, your mortgage amount sounds quite manageable and your propertyless friends are going to get increasingly jealous of you. You did well to get in at a younger age than most manage.

Try living for a day or two on no money at all.  When you want to buy something ask yourself to you really need it. Your esb and gas bills seem low. Do you spend a lot of time out? How much do you spend on entertainment. Don't try to match your better paid friends social spending.


----------



## Marion

I would tend to agree with Repaymentator. You have done very well at 27 to have a reasonably low mortgage.

You know, life isn't all about saving, saving, saving and investing. It's also about living. 

A house is expensive. Your finances will improve as the years go by when your salary increases. 

In the meantime, enjoy yourself! Go out with your friends.If you get extra cash put it into your SSIA.

Marion :hat


----------



## Ocras

Probably joining in with a few other comments, but regarding;

"I've just turned 27 and feel I really should be saving. What am I doing wrong? "

You own a property. Your mortgage payments are your savings. Fair play........you're doing okay.


----------



## zag

Something defintitely doesn't add up with your figures.

You talk about coffe with friends and cinema and so on.  The thing is that is is possible to do this in two ways - the expensive one and the good value one.

If you go to the cinema and bring your own snacks along then good.  If you go there, buy a big popcorn, nachos, etc . . . then you can easily spend €25 if there are a pair of you in it.  Doing this once a week and you are spending 4 times what you are putting into your SSIA a month.

Coffee - you can get yourself a coffee and something to eat in a normal place for a few € or spend up to €10 in a trendy place.  Do this a few times a week and the money mounts up.

When you go shopping do you buy all the pre-processed foods like pre-washed and sliced apples, pre-made mixed vegetables, etc ?  A lot of people buying these things don't fully appreciate that they could buy the raw materials on the shelf just beside them for a fraction of the cost.  Convenience is worth paying for . . . sometimes.

There really must be some significant discretionary spending going on in your situation - as outlined by some of the reponses above.  It is not necessary to live on the bare minimum while saving everything that comes your way, but at the same time you seem to be worrying about the 60% or so of your money that seems to disappear each month.  It is going somewhere particular - you just need to identify where it is going and evaluate whether you want it to still keep going there.

z


----------



## Noor77

Thanks a million everyone, you've all been really helpful.

Last night I had a good long think about how I spend my money and I have identified some areas where I could probably cut down. An example would be that I reckon I spend €40 a week on newspapers and magazines, which is a bit ridiculous. In future I'm going to limit myself to two Sunday papers and two magazines during the week.

Re: the coffees with friends, I probably spend €15 - €20 when this happens, as sometimes I might get something to eat as well. I go to the cinema quite a bit and maybe spend €20 each time. I also seem to spend an inordinate amount on vitamin supplements. I don't go "boozing" that much - maybe every two weeks. When I do I probably spend about €80 -including taxi fares.

I know I'm silly to be jealous of my friends with all the disposable income, but sometimes it's hard not to be!!! Especially when they spend about €200 on a pair of shoes!!!

Re: the mortgage, it should actually be €1,000 a month but one of my parents pays €250 each month towards this, and I am very, very grateful for this. They decided they would do this for the first four years I was in the property.

Sometimes I am so tempted to get a credit card, but I know that this wouldn't be good in the long run


----------



## MissRibena

*Where does all the money go*

Don't panic Noor - I'm not a financial whiz or anything. A couple of years ago money was really really tight (I too got on the property ladder very young) and I was kidding myself about my spending, so I figured out exactly what i needed to spend to function in a year; mortgage, car loan, insurances, esb, petrol, heating oil etc. and what was left over was €70 a week for food, clothes and going out etc. and I just got used to it after a while.  Even when there is more money available now (pay rises, less loans, etc) I don't tend to spend much more, which I'm amazed at myself.  €70 isn't that small really; food makes up about €30, thanks to Lidl, Aldi etc. I bring lunches to work mostly and the €40 covers the rest. I go to the cinema and have meals out and go mad in the pub now and again but not all in the one weekend (which is probably where I was going wrong). 

Rebecca


----------



## MissRibena

*That's where it goes*

Oh holy god Noor! You have me laughing to myself here - sorry! You could try eating less junk at the flicks and maybe need less vitamins as a result!   Try reading some of the papers online, the UK papers especially have really good websites and mostly free.  I am not fond of print media anyway because they seem so wasteful, so I'm lucky on that one.

Don't mind your friends and their footwear either, as the song says "You are the generation that bought more shoes and you get what you deserve"!

Best of luck with it
Rebecca


----------



## Noor77

I know Miss Ribena, the vitamins thing does sound a little bizarre! I actually have a problem with my blood - I have to take "conventional" medicine for it every day (which, incidentally, costs me €70 a month) but I also try my best with vitamins and herbal remedies too


----------



## ClubMan

*Re: That's where it goes*

*Sometimes I am so tempted to get a credit card, but I know that this wouldn't be good in the long run*

No harm in having a credit card if you manage it properly - e.g. clear the bill each month before interest charges kick in. However if you think that you're struggling (even in relative terms) on a net income of €2,300 per month and with a €250 per month subsidy on the mortgage from the folks then I would have serious reservations about managing a credit card properly so it probably is a bad idea. Sounds to me like part of the problem is "status envy" towards the situation you believe your friends to be in. I'll part with what I think is an apposite quotation:

_"If one only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are."

MONTESQUIEU_


----------



## Noor77

*Re: That's where it goes*

ClubMan, I think you have a very bad impression of me! I have actually had credit cards in the past - I owed IR2,000 on one and IR2,500 on the other. I had these while I was a student, and managed to pay both of them off. I have also paid back two student loans - one which I took out to pay for doing a Masters. I have paid these back as well - though it killed me doing it!!! So, it has't been without a struggle that I am not in my plastic-less debtless position! : 0 ) The €75 a month for conventional medicine is a bit of a burden. I was in hospital for a week last year and had a lot of doctors bills around that time as well.
I really want to start saving because I want to have some money put aside for the unplanned stuff that often happens. I suppose I just don't know how to save.


----------



## zag

*Re: That's where it goes*

noor - to put things in perspective, your old credit card bill from your student days is only equal to one months gross salary at the moment so it is not huge relatively speaking.

I really think you need to just sit back and decide which expenditure you can do without and cut it out.

What are you going to do when your parents stop subsidising your mortgage ?  Where are you going to find the extra money ?  Now would be a good time to start thinking about it.

Don't get me wrong - I do think you are approaching this the right way by seeking advice, but in the grand scale of things you are in a good position.  It just needs to be fine-tuned.

z


----------



## ClubMan

*Re: That's where it goes*

*ClubMan, I think you have a very bad impression of me!*

No - I'm just going by the information that you've posted and responding to your solicitation for comments. If you feel (rightly or wrongly) that you _"never seem to have any money"_ on a net income of €2,300 and a tax free mortgage subsidy of €250 per month then I honestly believe that you are indeed doing something wrong and, regardless of your past experience in managing credit card debt, that taking out a credit card now might be a bad move until such time as you do an honest, detailed and comprehensive assessment of your incomings and outgoings (down to the smallest purchase if necessary) and make any changes to your spending patterns that you deem necessary to rectify the "problem". Please note that I am not being unnecessarily negative here - I am just trying to be objective, realistic and helpful.

*I suppose I just don't know how to save*

Have you read some of the resources that I link to ?


----------



## Noor77

*Re: That's where it goes*

While I am occassionally tempted to get a credit card I am determined not to get one. For the past two years I have lived on a cash basis, if I don't have the money in my account, that's it. I did have an overdraft facility before but got rid of it over the course of a couple of months. I am thinking of getting a laser card though, someone in the bank told me there is a new one coming out in the next couple of weeks, so I will wait for that one. 
I do a night course as well, which costs about €40 a week.


----------



## ClubMan

*Re: That's where it goes*

*I do a night course as well, which costs about €40 a week. *

Again, no offence, just assistance, intended but you seem to be adding new outgoings in your posts in dribs and drabs (e.g. your socialising spending, your medical expenses - don't forget that you can probably claim [broken link removed] on these if they are significant and not otherwise reimbursed, and now your night course etc. If you want to post a comprehensive list of your outgoings here then people might be able to make more constructive suggestions as to where you might be able to make savings (if necessary/applicable). But at the very least you should draw up such a list for yourself and make sure that even small sporadic/impulse purchases are factored into your "account".

Hope this helps.


----------



## Noor77

*Re: That's where it goes*

You are right ClubMan. I did say I was a bit useless with money though! It's no wonder my spending diary never really got off the ground.

Net Income per month: €2,300

Total Mortgage per month: €1,000, but I pay €750
Conventional Medicine per month: €75
Night Course per week: €40
Newspapers and Magazines per week: €40
ESB and Gas per month: €80
Food per week: €60-€80
Socialising per week: €60 - €100
Vitamins and herbal remedies per month: €30-€40
Travel to Work per week: €15
Lotto syndicate per week: €2
Spending on gifts for others: Averages at €80 per month

That's as much as I can think of right now


----------



## Gar123

Hi there Noor

im 26 out all the time and a year into a mortgage, renting out a room too

i have a cc but pay it off religiously before i pay any interest

best tip i would have for you is as soon as you get paid take the money you want to save out, try a small amount maybe 100-130 first month, i put my savings into the credit union, because when i have to q up with the book to put cash in i think about how much i am saving!

i also rent dvd's and have mates around, we can have a few drinks they enjoy my house and i save a few bob on the trip to the cinema without scrimping on a night with mates

plus at least nce a month i dont drink and drive the car instead, cost me next to nothing

hope this helps


----------



## ClubMan

*Re: That's where it goes*

One immediate issue:

*Conventional Medicine per month: €75*

As with the medical expenses that you mentioned earlier drug costs will also qualify for tax relief. See the link above and [broken link removed]. Note also that the [broken link removed] may be of interest to you even if you seem to be marginally below the threshold. Worth checking out though.

*Lotto syndicate per week: €2*

Personally I'd ditch this - the _Lotto_ is a tax on the innumerate in my view.

The expenses above total a maximum of €1,302 so you should have €1,000 spare for savings and other purposes so I don't see where the problem is. As mentioned earlier if you have an _SSIA_ then you really should endeavour to maximise contributions to this (€254 p.m.).


----------



## Noor77

*Re: That's where it goes*

I've thought of a few more

"Beauty" stuff - e.g creams, shower gels, make up - about €40 a month

Hoildays - approximately €1,000 a year
Books - about €50 a month on average
SSIA - €20 a month (€80 a month from June 2005)
TV License - €152 a year
Doctors bills - €25 a month on average


----------



## Janet

*Re: That's where it goes*



> Beauty" stuff - e.g creams, shower gels, make up - about €40 a month



There are probably ways to cut down on this amount but it depends on what products you use, if you "need" to wear full make-up every day for work etc.  You could always try the discussion boards on www.ivenus.com for some tips from others about how to cut this amount down, if you wanted to.



> Books - about €50 a month on average



Do you ever use 2nd hand bookshops?  Are you a member of a library?  I could easily spend twice this amount on books in a month but in reality (because I'm broke, and I don't even have a house, you're already doing well in that respect!) I spend about this much every year.  Also try The Book People for some good deals.



> SSIA - €20 a month (€80 a month from June 2005)



Max this amount and, if as you say you are used to living on a cash only amount, you'll probably manage to still do that.  If you don't have it, you can't spend it.  Or consider the suggestion about to open a credit union account and put money into it as soon as you get paid.



> TV License - €152 a year



You could try buying the savings stamps for this, it may seem less painful to fork out 2 or 4 euro every week than the whole lot all at once.  



> Doctors bills - €25 a month on average



Are you a member of HSA?  I've recently joined HSA and figure I'll be saving a few hundred on medical expenses this year.  There are some restrictions on pre-existing conditions but it would probably be worth a phone call to find out if you could use it.  

I think you should be able to claim a fair amount of tax back if you go to the doctor this often.

Are you a member of VHI/Bupa/Vivas - I've never managed to claim for anything from VHI but if you go to the doctor this regularly would it be worth your while?

Otherwise, check out the links already posted to other threads - seeing how other people manage their money might give you some ideas.  Try to keep a detailed money diary every day for a week.  Why not try to get a couple of friends to join you in doing this - you might feel less self-conscious of it if everyone else at the table in the cafe pulls out their own piece of paper to make a note of what they have just spent.  If you don't want to do this at least start asking for a receipt for absolutely everything you buy and at the end of the day write the amounts into a notebook.


----------



## Noor77

*Re: That's where it goes*

Thanks for the advice Janet,

re: the €50 a month on books - most of the books I get would be for study purposes. I have tried second hand places but usually they don't have what I'm looking for. I go to the library sometimes but, again, frequently they don't have what I need.

I'm with the VHI - I did manage to get money back off them for a week a spent in hospital in at the end of 2003! I was quite shocked!


----------



## PGD

*Re: That's where it goes*

magazines, books, gifts = €170/week!

stop that, there's your savings

NEXT!


----------



## Noor77

*Re: That's where it goes*

Hey!

What I said was €50  per MONTH on books, and average of €80 a month on gifts and €40 a week on papers and magazines. That isn't anywhere near €170 a week...but I am going to cut way down on the magazine buying!


----------



## Janet

*More thoughts*

Just some more thoughts about possible expenditure you haven't mentioned (basing this on what I spend/used to spend money on)

Don't see any mention of a car - do you own one?  Running a car & tax & insurance are expensive especially if you are also spending 15 per week on travel to work (I assume it's bus/train/tram you're referring to here).  How far away from work to you live?  Is cycling/walking even one day a week an option for you?  

Are you a member of a gym - another big drain (and waste if you don't use it regularly).

Telephone costs?

Internet costs?

One thing you could consider is to open a savings acount of some kind and put a certain amount of money in it every time you get paid (set up standing order to do so) and then use this money as your house expenses money.  By that I'd be thinking of bigger, annual amounts rather than ESB and gas bills.  I do this to manage my car expenses.  Have a smartsave account with BoI which only allows me to withdraw money once a month.  70 euro goes into this every month on the day I get paid and I use this money to pay for my car expenses - tax, services and anything else that needs doing (got new tyres recently and would otherwise have had to put it off and for safety's sake I didn't want to do this).  I'm paying off a big loan at the moment but as soon as I'm able this amount will be increased so that eventually I'll get to the stage where I also have money for insurance every year.  I'm not saving money long term but it means I have money available when I need it so there's less stress about possibly not having the use of my car - although I don't need it to travel to my job I do also sell Tupperware in evenings/weekends to make extra money and my car is essential for this. 

Basically, what I have found is that a large amount of money in my account just seems to float away on nothing.  I need to divide it up and just say right, X for this, Y for that, Z for the other.  It's up to you to find the ways that'll work for you to control your money in a better way.

As a matter of interest, what is your nightcourse in?  Is it something that long-term you'll be able to work at/make money from?  Or is it purely for pleasure?


----------



## Noor77

*Re: More thoughts*

Thanks again Janet.

I have no car, I don't even drive - so no expenses in relation to that! I live and work in Dublin 7, albeit not within walking distance of each other, so I have no need for a car. I don't have a landline in my home, I just use my mobile and have a pay as you go one and not a bill one. I probably spend €10 a week on getting credit for the phone. I only have the four basic channels on the tv, so no cable subscription charges etc...
The night course is art-based, and is mainly for pleasure. I wouldn't want to save by cutting it out as I really enjoy it.
Another problem for me is food shopping. I hate lugging lots of bags about (and can't really with the blood problem I have), so I tend to be always picking up "bits and pieces" in the shops, and of course this all adds up. I don't really compare the prices of food in shops either and I know I should be doing this.


----------



## ClubMan

*Re: More thoughts*

*I don't really compare the prices of food in shops either and I know I should be doing this.*

Have you tried getting the staples in _Lidl/Aldi/Dunnes_? It's easy to save money on groceries this way.


----------



## Noor77

*Re: More thoughts*

What I really need is Eddie Hobbs to move in with me for a month - that would REALLY sort me out! Failing that, some ferocious army major with no time for expenditure on magazines or beauty products might whip me into shape ...


----------



## bluebean

*Re: More thoughts*

As a matter of interest, what should Noor77 be aiming to save?  I am kind of in the same boat (except unfortunately I dont have a mortgage).  Net pay of 1800 per month, rent of 350 and currently saving 370 per month. Seem to just spend the rest of it.  I do have a car alright. 
Anyway, not trying to interrupt Noor77, but just wondered if there is some sort of percentage of income people should be aiming to save? Does it change depending on age?

Totally agree with Noor, maybe between us we could lure Eddie in to straightening us out eh?


----------



## sherman

*Re: More thoughts*

Bluebean,

The standard answer is that firstly, you should have cleared any 'bad debt' ie credit cards, holiday loans, car loans etc.

Then get 3-6 months of living expenses as (or more if you are self-employed or in an uncertain industry) savings in an easily-accessible emergency fund.

After that you should try to save a min. of 10% of your gross income.

However, that figure is a guideline only, if you can't manage it, 5% is better than nothing, or 15% is better still. It depends on each individual's circumstances.


----------



## Noor77

*Re: More thoughts*

Bluebean

At least you are saving, and quite an impressive amount too. My little attempt at saving (i.e. €20 a month SSIA) is very tragic.

What is your weekly expenditure like?

Noor


----------



## elderdog

*Re: More thoughts*

Did you claim tax relief on your medical expenses in previous years ?

If not you might do it now...not certain how many years you can go back ( 6 ? ) but Tommy on the tax board is certain to know.

Are you anywhere near Cabra library ? Its well worth a visit & might cut down on your book & mag bill. 

( For all his talk i'm not certain that Eddie Hobbs is a low maintenance dude     )


----------



## bluebean

*Re: More thoughts*

Noor, I work on a monthly basis.  And I dont have a mortgage, so much worse off than yourself in that respect - just paying dead money on rent.  The usual vicious circle, dont earn enough to get enough of a mortgage, wouldn't buy anything with the mortgage I would get....

I used to think that I didn't 'fritter' away money, but am beginning to think that maybe I do.  I dont go out that much, but seem to spend a lot on food (both groceries and eating out) and also petrol, car insurance, car maintenance etc.. is quite expensive.  I'll admit to spending money on travel, even just within Ireland (probably go away maybe 3/4 times a year for a weekend in Ireland).  Although the last time we went it was a caravan in Kerry for 30 quid a night all in, so its not like I'm staying at the Ritz or anything!  I go to a few concerts a year also.

I think I am going to just try and increase my savings direct debit to 500 per month.  I've realised I'm the kind of idiot that if I see 'leftover' money in my account coming up to payday, I'll find something that I need to buy.  Completely stupid, but there you go.  I have gotten a lot better than I used to be, but I know that for me it has to be a case of what you never had you never miss.  Unless the savings money is taken out on pay day, I'll inevitably end up spending it.

I'd say Eddie would scare the bejaysus out of me to be honest, but I love watching his show.  Just wish he might deal with someone who was not so much in debt, but rather like Noors and I - trying to save but finding it very difficult.


----------



## Noor77

*Re: More thoughts*

I am near Cabra Libary as it happens ElderDog...and I go there sometimes, but I'm not a member.
I've been on the medication for 2 years now, and I will ring VHI up about claiming money back. Anything would be welcome!

I'm finding it hard to imagine Eddie as a secret splurger!


----------



## Janet

*Re: More thoughts*

Consider getting text bundles and trying to text people instead of ringing.

And internet shopping (I like Superquin, haven't been that impressed with Tesco) might help with your groceries.  If you have the space in your house try ordering anything you want which will keep for a few months - if you do this every two or three months you should only need to buy fresh fruit and veg, milk and bread otherwise.


----------



## Vanilla

*you're only young once*

I think you are doing really well already, you're young, you've obviously got a good job, you've paid your way through a post grad course, and you've got your own place. Give your self a pat on the back! Sure you could save more, and now that you're serious about it , you should be able to. How about giving your self a reward to look forward to? For example a holiday? At your age, you should take take the opportunity to travel- once you're married with kids its so much more difficult. 

Don't compare yourself to other people- the fact that you obviously spent some years in college means that you havent been earning as much as people who perhaps have been working for more years- and often graduates start off with lower earnings until you reach a certain level of experience.


----------



## Noor77

*Re: you're only young once*

Thanks Vanilla, you're probably being too kind though!

I just worry because I have NO savings - zero, zilch, nada. So if the unexpected happens I'm not too prepared financially. I wonder how much I should start to save and how I should save it.

From some peoples replies I have started to feel that maybe I am spending too much, although it certainly doesn't feel like it!

Perhaps I should have become a nun in an enclosed order and I wouldn't have to worry about any of this : ))


----------



## zag

*Re: you're only young once*

How to start saving - open an instalment saving account, or other account where the money is simply taken out of your account a few days after payday.  That way, if the money isn't there when you think about buying a new magazine or going to the cinema you just won't do it.  But you will have saved.

In your case you have made a go of it since you seem to be increasing your SSIA by a small amount later this year - just try to increase it even more.

The only way to start saving is to *DO IT*

You have correctly identified a major problem with your financial situation - you have no savings.  Yes, you have a house and mortgage, but if you need money in a hurry would you be prepared to sell the house or re-mortgage ?  If not then you need to establish some savings.

z


----------



## Noor77

*Re: you're only young once*

How many times can you change the amount you are allowed put in to your SSIA account?

I'm embarrassed now by how well all you people are able to save and manage your money, it's really impressive. I obviously have a few defective finance genes...or else holes in my pockets...


----------



## sinead76

*savings*

I'm in a similar situation, I'm 22 and have a mortgage with partner I pay €420 a month (he earns more than me but I insist on paying half in case a dispute ever arises) take home €1390 car loan €320 I also have a credit union loan of €3800.  The only savings I have are €2700 in the credit union, which are tied to my loan and €30 a month into the SSIA, which can sometimes be a struggle to scrape together.  
I'm financially fairly screwed but have gotten used to tracking my spending and surviving on a set budget.  Monday to Wednesday I spend little or nothing, maybe pick up bread and milk on the way home, bring my lunch to work or go home for lunch as I live near.
My saving grace is that my car loan expires this time next year and SSIA expires in May next year, so now I put small dents in the credit union loan (€200 a month + interest) and will finish it off once my car is paid for.  I also have a Credit Card which I clear every month whether I can afford it or not.


----------



## Noor77

*Re: savings*

Hi Sinead

What kind of budget do you set yourself for the week then? I must admit, any time I've ever set myself a budget it has gone completely pearshaped within only a couple of days. Something always seems to pop up - like a birthday or a new utility bill etc... It feels like trying to organise chaos!

Noor


----------



## Noor77

*Re: budget*

Is it possible to live on €100 a week (obviously not including bills etc...)?? I'm thinking of trying it for a while, so that I start saving. Will allowing myself just €100 mean that my socialising will be confined to my tv room?!!


----------



## sinead76

*budget*

well when i get paid every month i pay the mortgage, car loan, credit union loan and clear the credit card.  Then I'm left with pretty much nothing!  Children's allowance covers the €30 a week for my daughter's playschool fee so I just put €30 into 4 envelopes.  I have a free childminder (mammy!) without which I would be comlpetely lost, it wouldn't be worth my while working if I had to pay creche fees (but that's another debate!)  I get €80 a week on the Back to Work allowance which covers my weekly spending, petrol, newspapers, groceries etc.

I try to plan ahead for birthdays but I have to admit sometimes my family members have to settle for a birthday card and a few scratch cards.  I don't go out unless I'm brought, and then I have a free babysitter and usually end up walking home when we run out of money.  One day my daughter asked me if we were poor but we're not really cos we have everything we want, and we're managing to go on holiday this year (which is where the credit union loan comes in)


----------



## Noor77

*Re: budget*

Wow Sinead,

You're a bit of an inspiration. I hope you have a fantastic holiday.

I'm just going to have to start getting strict with myself. I kind of just float along a lot of the time when it comes to money. At the moment I have a grand total of €85 in my back account - and no savings! But I am getting paid tomorrow, and I'm going to do out a budget and really try and stick with it this time.


----------



## mo3art

*Re: budget*

Well in a nutshell, yes, you can survive on €100 per week.  I do the budget up for our household, so it's a joint working but here goes.

We have a net income of €3600 per month, between the two of us.

Food €400
Petrol €250
Mortgage €730
Child Expenses €300
ESB €55
Gas €45
Phone/Internet €70
Home Insurance €40
Life Assurance €30
Car Loan €335
VHI €100
SSIA €130
Clothes €200
Totals: €2685
Over: €915 - This figure goes by standing order into our separate Credit Union Accounts on a weekly basis.  We then withdraw the more expensive household costs as and when we need them.  Examples include; car insurance, car tax, car maintenance, doctors expenses.......................
So we would save in and around €7,5K per year after the other expenses.
FYI, I'm 26 & Mr Mo is 25


----------



## Noor77

*Re: budget*

You've definitely got it sussed Ms. Mo!
I find that the things that really eat in to my cash are things like having to buy birthday gifts, going out to celebrate someones birthday, generally any type of socialising. For example, re: gift buying this month, so far:

anniversary present for parents - €80
birthday present for friend - €40
birthday present for dad - €40
birthday present for another friend - €30

and that's only this month : (


----------



## mo3art

*Re: budget*

Ok, so that's always a sticking point in our family.

Mr Mo's family are prone to buying large presents, and I'm not.  So what we do is agree a set amount through the year for presents.  If it's a parent it's X amount, if it's a brother or sister it's Y amount.  Then we try and stick to that.

We substitute the clothes amount for the presents instead - so we might not buy as much clothes for little miss or ourselves and buy a present instead.

Any other money from overtime/winnings during the year goes straight into savings as well.

Yes, I have a gambling habit, LOL, sort of - Bingo once a fortnight.  Fortunately, I happen to be very lucky & have won over €3K in the past 8 months alone.  If I weren't lucky I wouldn't go.  BTW, the money for that comes out of the food bill!


----------



## Noor77

*Re: budget*

What do you do with your winnings Ms. Mo?!

I only spend about €100 a month on clothes, I'd love to be able to spend more. A friend of mine bought a coat a couple of weeks ago - on plastic of course - for €850! I think if I had that money available I'd rather spend it on a holiday : ))

Another "gift" type thing that drains my resources is that every time I visit my parents I bring them stuff. I see them about every 2 weeks and might give them stuff work €40 each time - you know the usual...wine, chocolates etc... They are always telling me not to but I can't help myself!


----------



## Diziet

*Re: budget*

I have read your posts with interest Noor. A practical suggestion for the presents is to st a small budget aside and buy stuff in the sales - put aside in a 'presents' box until needed. It does not even have to be terribly personal, just well chosen things which will do for various occasions. You can easily cut your presents budget by 75% that way.

Which brings me to the next topic - having a budget. You are on the right track but there is still a feel of 'I really can't help it, money just runs through my fingers'. It's very simple - if you want control, then take control. If you want to go aout and spend €100 on a night out, fine. But understand that you have chosen to do this, and you can only spend that money once. If you only spend €50, you will have the other €50 left. 

What you spend your money on is your choice. This is where a spending diary is good, as it tells you exactly where your money goes and enables you to take control. If you are spending money on stuff that does not give you pleasure, then you can cut that expenditure. 

I was interested at the spend on magazines, because I also used to spend quite a bit of money on these, until I realised how little time I spent reading them and how unsatisfying a read most of them were. I now buy only one or two magazines instead, and read lots of books. I buy some books, but also use the library and exchange books with friends. A lot more reading pleasure for a lot less money.

So make you choices, and do a little planning. You will see great savings just out of that process I think. While you are at it, set up a direct debit to a savings account with a longish notice period. You will soon get used to the money not being available to spend, and you will watch your savings grow.
cheers,
Diziet


----------



## mo3art

*Re: budget*

Well they either go into savings for Christmas/Holidays or there's always something that needs doing in the house!

As regards parents, I try not to bring value gifts such as chocolates/flowers/Wine etc, except on special occasions.  They would appreciate stuff like making cups of tea, helping with the housework/shopping, going for a walk with them etc, more so.  Especially when we both have younger brothers/sisters who wouldn't be able to afford the same, it creates a family inbalance.  If you know what i mean?


----------



## Noor77

*Re: budget*

I do know what you mean. I have a brother but he is to young to be even bothered about gifts and the like!!

I just feel that my parents are so nice to me that I want to give them at little bit back, plus they live in a different city so I don't see them that frequently. They are very good with money, so I think I definitely must have been found under a cabbage and they picked the wrong child!!!


----------



## ClubMan

*Re: budget*

*I am near Cabra Libary as it happens ElderDog...and I go there sometimes, but I'm not a member*

All you need to become a member is some id and/or a utility bill with your address. Membership allows you to borrow from all _Dublin City Council_ library outlets. _Cabra_ is my semi-regular branch too so I might see you up there sometime!  

*I've been on the medication for 2 years now, and I will ring VHI up about claiming money back. Anything would be welcome!*

As mentioned several times already you should be entitled to tax relief on medical expenses over a certain amount in any one year. You should also look at claiming this for previous years if applicable. I posted the relevant links earlier. You should also see if you qualify for the _Drug Payment Scheme_ which caps the amount that individuals must pay per month on prescription medicines.

You should also read the guides/links that I mentioned earlier.

Apologies if I'm repeating myself but I'm not sure that the message got through earlier.

*How many times can you change the amount you are allowed put in to your SSIA account?*

The _SSIA_ rules don't set a limit on the number of changes but individual _SSIA_ providers may have their own rules in this context. Best to check with your own _SSIA_ provider. For regular savings you would be well advised to prioritise your _SSIA_ above other regular savings options. It won't be too long now before it matures and the benefits are significantly better than alternative regular savings plans.

Stepping back a little, and perhaps getting a bit more philosophical, I reckon that you need to ascertain what your general life goals are short, medium and long term and then let these determine your short, medium and long term savings/investment strategies. There is no point attempting to save just because you thing it's a good thing, the right thing to do or what others are doing. You need to figure out what's appropriate for your situation and then plan accordingly. Some of the books/resources mentioned earlier may help with this task. There are also lots of other resources on figuring out how to identify your life goals etc. I enjoyed reading some of the ones available for free  in case you find them useful.

*I just feel that my parents are so nice to me that I want to give them at little bit back,*

Not being smart (honestly) but why not skip the pressies but forego the €250 per month mortgage subsidy from them once you know that you can afford to?


----------



## sinead76

*spending diary*

I've been keeping a spending diary on an excel spreadsheet for 3 months now and its made a huge difference.  After the first 6 weeks I saw how much I was spending on fast food and dramatically cut down on that (and started going to weight watchers at the same time!)  Also newspapers and magazines, I now buy the odd glossy (usually U mag for €1.50) and buy 2 or 3 papers on a sunday, go to the library for books and internet (€2 per hour) so I don't bother with a landline at home, spend €10 or €20 a month on my mobile.  I do treat myself occasionally, I spend about €100 getting my hair done every 3 or 4 months but very rarely buy clothes.  I need a new suit for work and my first port of call will be the charity shops, friends of mine are disgusted when I tell them this!  I don't often buy things in charity shops, but I do LOOK from time to time in case I find a bargain


----------



## Noor77

*Re: clubman*

I know you are not trying to be smart Clubman, and I appreciate your advice. Re: the €250 subsidy, I have been thinking of reducing this to at least €200 a month because I do feel bad about it. I know my parents can afford it, but that isn't enough of a justification for accepting it. They don't give me any other money though ( well apart from Christmas and birthday presents ). As well as their own house (which has a medium sized mortgage), they also have an apartment with no mortgage and another house (with a mortgage). They let out both the apartment and the other house. They are not rich by any means, but they aren't struggling and I think they like helping me by putting €250 towards my €1,000 mortgage. Obviously, they didn't get what they have now by being a "financial flippant" like me. But you are right Clubman, I probably shouldn't be taking any kind of a "subsidy". Another thing, and I don't mean this in a funny way. they probably worry about me a bit because of the blood thing so that could be a reason for the €250.


----------



## bluebean

*re*

Charity shops can have great bargains, not only just for clothes but also for childrens toys, books etc. I dont have children, but I sometimes pick up a present for my nephews/niece for a euro or so at a charity shop and it keeps them entertained.
With regard to buying gifts for parents, I used to always do that too but have cut back lately.  Now I occasionally buy flowers for my mum (2.99 in Aldi) or a second hand book (again, charity shop or else 2nd hand book store) for my Dad.  I figure its the thought that counts, and all siblings club together to buy them something nice at Christmas and birthdays.  Mother's Day is coming up, and it will be 2.99 for flowers, I will probably cook dinner for her and might buy a cake for 6/7 euro.  Always buy cards in your local pound/euro shop, you'll get 3 cards for what you'd pay for 1 elsewhere.
Mo, do you and your husband take money out of the 'left over' amount for entertainment?  Just noticed that was one category that was missing from the list.

Birthday gifts etc. used to cause me huge trouble also, but thankfully a group of us decided last year to stop buying each other presents, and instead we all go out for a nice meal at Christmas where everyone pays for themselves.  Sort of a girls night out to celebrate all the birthdays together!
If you can't do this, then I would indeed try and buy some items in the sales and have a present box with general gifts if that is possible.  

If its any help, I am really trying to sort out a budget myself at the moment, so best of luck.

www.rollercoater.ie has some good threads about saving/budgeting, particularly under general tips, one called 'living on less in 2005'.  Worth a look at the very least!


----------



## mo3art

*Going out - Whats that *

Nope, entertainment is very limited, especially with a child in the house!

I do collect pigsback.com points for cinema tickets & enter competitions for nights out/meals/tickets where I can - to great success I might add.  Babysitting is normally at the good grace of our brothers and sisters  

I know it sounds sad but I actually do get great enjoyment out of bargain hunting and trying to get the best deal.  Like I mentioned before though, overtime does get used up on the Christmas fund or suchlike.


----------



## ClubMan

*Re: re*

*they probably worry about me a bit because of the blood thing so that could be a reason for the €250.*

I'm sure that my mother worries about me too but she doesn't express this emotion in the form of cash subsidies! :lol


----------



## Noor77

*Re: re*

Very funny Clubman, I'm starting to think you really don't like me! 

Sinead and Ms. Mo : I am getting great tips from both of you, forget Eddie Hobbs - I reckon if I had you two in the house I would be saving money in no time : ))

Long term what I feel I should be saving for:

home improvements - I need to get painting done badly and still don't have a sofa (after 2 years!)

Laptop - I'd like to have one for studying

the unexpected - in case my roof falls in, my water tank explodes etc...


----------



## sinead76

*parent's subsidies*

Parents are very good, like my own mother saving me god knows how much by minding my daughter during the day.  She also gives her lunch and dinner while she's there so that saves me money as well and she won't take a penny for her troubles.  I tremble when I hear how much some parents pay for creches!


----------



## ClubMan

*Re: parent's subsidies*

*Very funny Clubman, I'm starting to think you really don't like me!*

Only joking. Hope some of my attempts at more constructive suggestions prove useful to you.


----------



## Noor77

*Re: parent's subsidies*

One of my "problem areas" with discretionary spending is buying bath stuff - I love all the scrubs, rubs, oils etc... Usually I buy scrubs from The Sanctuary range at Boots, these are about €13 a pop. Yesterday I was in Tesco and saw they had an interesting looking 'Icelandic Salt Scrub' for €6.50, half the price! I was impressed. The Body Shop scrubs are even more expensive than The Sanctuary, they are about Eur24 now so I only ever have them if someone gets them for me as a gift.


----------



## bluebean

oops, that should have read www.rollercoaster.ie


----------



## Noor77

*Re: Going out - what's that*

Cheap and cheerful days / nights out can often be the best fun. For instance, I always try and meet friends in eateries with early bird menus. Some good ones are:

Poco Loco (Mexican) on Parliament Street - early bird €12.95 for two courses and a glass of wine

Mexico to Rome in Temple Bar - early bird about €14

The Cedar Tree (Lebanese) - off Wexford Street - early bird about €14

For days out, the National Art Museum is nice and so is an ice-cream and a stroll around Sephen's Green (if it's sunny!). 
There is a second hand book market in Temple Bar Square at the weekends - get a takeout coffee and just browse the books, almost free!


----------



## AK

*sofa*

think vincent de paul or other organisation have a second hand furniture shop...

can get real bargins on furniture there...

my father was there and he mentioned this to me...

get something cheap...or borrow a sofa, put a throw on it and that'll do you until u have enough saved for a decent one...

laptop...i believe dell do 12 month interest free purchases now...can get a really good laptop for under a grand...don't particulary like the design of their laptops...but dixons, pc world etc also do interest free deals...laptops tend to be a little bit pricier tho...but still u shud be able to get a decent laptop for not that much money...they have come down an awful lot in price in the last 2 years...

bupa give money back towards doctors visit after your over the excess threshold...€20 per visit returned...threshold is €220 I think


----------



## mo3art

*Re: Going out - what's that*

OK, so you say you love eating out.

I, personally, love eating in and cooking with friends and family.  That's way cheaper than eating out & I love socialising in the kitchen and cooking up a storm.  Myself and girlfriends try and have a cocktail & cookie evening every now and again and save a fortune.

For the prices you mention for a meal for yourself, I would normally cook for 4/6!

For cosmetics, I try to stick to tried and trusted products.  Yes, the sanctuary is beautiful, but it's reserved to treats, like if someone gives me a Boots voucher.  Dunnes Stores own brand shampoos and shower gels aren't bad, I have quite sensitive skin so use the own brand baby products for myself and the little one, that's handy too.

For moisturisers, you can't beat silcocks base - available from any chemist or a tub of E45.  There's nothing better and less likely to give your skin a reaction.  Save the nice stuff for a going out night.

Fresh fruit and veg for the 3 of us for the week costs me €25 from the local grocer.  Meat from a good butcher sets me back €50 every second week.  Then I make a trip to the local market and buy my detergents/toilet roll etc in bulk when it's needed.

Organise your bills so they come out at the same rate during the month - For example, ours are the same amount every week, so it fits into our budget.  Then I know exactly what we have to spend each week.  Internet banking is brilliant, it means I can check what's in our account everyday, so nothing slips the net.  I find that if we take out €60 at the start of the week and set that aside for shopping, then we have to stick to that, instead of taking money out in dribs and drabs.  You're more inclined to spend a few cents here and there if you only ever have change in your pocket.

Try setting yourself up an EBay account and see if you can trade some goods in.  Set yourself up a pigsback.com account and get shopping vouchers and piggypoints that can be traded in for restaurant vouchers and cinema tickets.

Finally, always check your wallet before you go out in the morning, and plan your spending for the day.  If you have to take money out, set yourself a limit.  Treat yourself after you've saved a bit - not before!


----------



## ClubMan

*Re: Going out - what's that*

Very useful tips here. However I would still be inclined to look at the big picture (life goals, suitable investment strategies, current spending habits, areas ripe for cost cutting etc.) first rather than trying to make micro adjustments and hope that they just happen to address the bigger issues.


----------



## sinead76

*meat*

My partner buys all our meat in bulk from a local meat factory.  He works there but AFAIK most factories you can walk in and ask and they do sell in bulk


----------



## Noor77

*Re:budgeting for saving and life goals*

What kind of life goals do you mean Clubman?

In 10 or 15 years time I would love to buy a little place in the Balearics - should I start saving for that now???

What I am going to do when I get my money tomorrow is take €100 out and make it last until next Thursday. That's my first objective. I'll probably end up staying in every night and eating porridge for dinner : )) I do have something to go to one of the nights next week though, so it'll be fun to see how I manage to fit that in to my €100 scheme : ))


----------



## mo3art

*Re: Going out - what's that*

Well said Clubman

Although look after the cents and the euro will look after themselves!

Savings wise, we regard our house as a major investment. We're presently saving to make either a lump sum payment off our current mortgage/purchase investment property.

We also both have pensions - Mine is a company 10% contributory, and his is a PRSA.

There's also a savings fund for the little one for future educational/housing needs.


----------



## ClubMan

*Re: Re:budgeting for saving and life goals*

*What kind of life goals do you mean Clubman?*

As I said, this could get very philosophical, but I mean stuff like what do you consider your purpose here in this life? What are the main major things that you want to achieve? What are the stepping stone achievements on the way to these major goals and fulfilling your purpose? The  that I mentioned earlier go into more detail on this sort or stuff but, while I enjoyed them, I can't guarantee that the writing style will be to everybody's taste.

*In 10 or 15 years time I would love to buy a little place in the Balearics - should I start saving for that now???*

That sort of thing. If you seriously want to do this then it makes sense to plan accordingly and aim to make it happen eventually. There's no guarantee that it will happen or everything will go to plan but you can be sure that if you don't plan then the chances of it happening are much reduced.


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

The funniest thing about my situation is that I actual work in finance and have no problem doing budgets for organisations etc... but when it comes down to doing one for myself I seem to come to pieces. I have thought about doing some extra work to get a bit more money together - I speak quite a few languages so I could give tuition in those. But the thought of doing more work AFTER a hard days work is a bit off-putting.

I do have a pension scheme and I pay about €120 a month, so I'm not entirely clueless. I've got lots of great advice here so far and I'm feeling a good bit more positive about being able to save


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

And, Clubman! - before you tell me I'm adding expenditure in dribs and drabs again, it's a deducted at source pension so it never even reaches my pockets : ))


----------



## ClubMan

*Re: Re:budgeting for saving and life goals*

Just on the pension issue - the €2,300 net per month that you originally mentioned is presumably about €35K gross annually so your pension contribution seems to be about 4% of your gross income (unless this is supplemented by an employer contribution?) so you might want to review your pension savings to consider if they are appropriate for whatever planned retirement income/fund size you had in mind. In my opinion anybody who already owns their own house (not necessarily outright!) should probably look at prioritising their _SSIA_ and pension savings, and then determine their short, medium and (non pension) long term savings/investment requirements. This all assumes that significant debt, in particular non mortgage high cost debt, has been addressed first. However what is appropriate for one individual may not be for another due to differing lifestyles, life goals etc. There are few hard and fast rules when it comes to money.


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

Hi again Clubman. I know I definitely do not make €35k a year - I wish!!! The €2,300 a month is made up of my salary and an additional 330 a month I get from letting a room in my apartment. I think I'm on about €28k, if even


----------



## ClubMan

*Re: Re:budgeting for saving and life goals*

*Hi again Clubman. I know I definitely do not make €35k a year - I wish!!! The €2,300 a month is made up of my salary and an additional 330 a month I get from letting a room in my apartment. I think I'm on about €28k, if even *

It doesn't really matter - €2,300 net per month, whatever way you get it (e.g. main income plus tax free rent a room scheme income in this case ), is the equivalent of c. €35K a year gross for an individual with the basic tax credits on class A _PRSI_. Your tax free mortgage subsidy from your parents brings you up to the equivalent of c. €38K - quite a bit above the average industrial wage of c. €28K and well above the minimum wage of c. €15K (figures off the top of my head so may not be exact).


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

Really, I don't think it's that amount. Not being funny. 

How do you budget Clubman? Have you got your discretionary spend well under control? Am I some strange human anomaly in a world of perfect budgeters?

I give to charity every month too, not to any specific ones but I make sure I contribute.


----------



## ClubMan

*Re: Re:budgeting for saving and life goals*

*Really, I don't think it's that amount. Not being funny.*

Really, I think it is. Enter €35K into [broken link removed] and you get €2,300 net per month. If €2,300 per month is your net income then you are on the equivalent of €35K gross for a single _PAYE_ worker, with the basic/standard tax credits and on class A _PRSI_. In fact, if you add in your €120 per month (€1,440 p.a.) pension contribution then it brings you up to c. €36.5K. No offence but it's not unusual for people who can't understand how they manage to spend most/all of their disposable income to not even have a clear awareness of their total income in the first place. This is why budgeting has been mentioned several times previously.

*How do you budget Clubman? Have you got your discretionary spend well under control? Am I some strange human anomaly in a world of perfect budgeters?*

I don't really do budgets. Don't be mislead by the advice that I spout - I am certainly no paragon of excellence in this respect by any means. I do know how much the household income and outgoings are at a high level (e.g. on an annual rather than monthly/weekly basis). I did clear the mortgage well in advance a few years ago which made quite a bit of additional disposable income available which I redirected into my _SSIA_, and am otherwise debt free too. I think that I live quite comfortably and not that lavishly (e.g. no car, not overly house proud, only buy new clothes sporadically, interested in technology but generally a late adopter of new gadgets etc.), definitely spend much less than I earn on bills and discretionary stuff and have accumulated quite a bit of savings over the years. Some of this happened more by accident than design but I guess that I am probably quite prudent (inherited from my upbringing I suppose!) when it comes down to it. I could probably make the money work "better/harder" by budgeting and more regular/thorough/comprehensive reviewing of the finances but sometimes I find it a bit of a drag. However I do try to do a basic review of the finances (pension, savings/investments) at least once a year.


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

"definitely spend much less than I earn on bills and discretionary stuff and have accumulated quite a bit of savings over the years"

would you not consider investing some of these savings in property clubman?

re: myself - I feel you are leading up towards telling me I am as bad as that cavan woman who was on show me the money : ))


----------



## ClubMan

*Re: Re:budgeting for saving and life goals*

*would you not consider investing some of these savings in property clubman?*

No - the _PPR_ means that there's probably c. €400K in equity already wrapped up in property so I would not be inclined to concentrate significantly more in that asset class (and geographic region if we assume local property only) due to the potential risks involved and would be more inclined to diversify across other asset classes and risk/reward profiles. In the past I was playing it safe with stuff like _Savings Bons/Certs_ (when the rates on offer were significantly higher mind you, but then again so too was inflation) but as these matured I tended to shift them into low charging unit linked equity funds and the like. Given a few grand I'd be more likely to put it in an equity/stock market based investment rather than consider property. In any case I'm not inclined to get into the property management buiness.

*I feel you are leading up towards telling me I am as bad as that cavan woman who was on show me the money*

I don't watch it so I don't get the reference but don't take my comments/observations as criticisms directed at you personally. I'm just trying to clarify the fundamental issues and provide some useful tips even I might sound a bit brutal at times!


----------



## Janet

*Re: Re:budgeting for saving and life goals*

One quote from a self-made millionaire type (heard him on Oprah) struck me as very useful and might give you pause next time you're about to blow your budget: the key to creating wealth is not what you earn, it's what you don't spend.

If nothing else works, try the brown envelope method of saving.  Get a pile of envelopes.  On each one write the items you require money for e.g. clothes, esb, gas, phone, going out, presents, charity, travel, food, holidays, magazines etc. etc. etc.  Now, next week you have allowed yourself €100.  Take that money out of the bank, get it in tens or fives if possible.  Now, divide the money up according to the way you want to spend it, place that amount in each chosen envelope and put the whole lot into an old box/biscuit tin.  Some weeks, you may put nothing in your "clothes" envelope (can't remember what you said you spend on clothes, was it €100 per month?  That's a HUGE amount to me to spend on clothes.  I'd certainly find a better use for €1,200 every year but if they're your luxury item of choice so be it), but other times you might put €10 every week in to that envelope, then the next time you want to buy something you've got the cash there already.  

This method helped me in the past when I was trying to really get down to basics and try to plan to have money for bigger expenses like birthdays, holidays, winter coat and so on.  If you've divided your money like this then run out of money for say, a night out, and you have to physically go and take money out of another envelope, maybe your holiday fund, it really hits home that you've only a finite amount of money and it is *your choice* what to spend it on.

It probably goes without saying that you wouldn't want to do this for long enough that it meant you might have large amounts of cash lying around.

I've tried many different ways of budgeting in the past and unfortunately used the plastic method to live on for a while and so have ended up with a very big loan to try and pay for my previous overspending.  And none of that overspending was on very expensive holidays or designer clothes, just too often choosing the slightly more expensive way of doing something instead of thinking first if I had enough money to do so.  

One other thing I did for a while, at the beginning when I had the feeling I should have more money but it seemed to just be slipping through my hands all the time is this.  Determine how much I was going to allow myself for one week.  Divide that amount by 7.   As an easy example lets say €70/7=10.  So, that's €10 per day.  In the morning put €10 in your purse and no more.  Leave all cards at home.  And you can't spend any more than that on that day.  At the end of the day take any money left over out of your purse, even if it's only 5 cent, and put it in a money box somewhere (got myself a really cute little piggy bank for this, cost about ten pounds at the time and this was exactly the kind of thing that led to me being broke all the time, an old Dolmio jar would have done just as well!).  Next day start out with €10 in your purse again.  And so on and so on.  When I did this I managed to save sixty pounds in the first month - as I was going away on a work weekend away at the end of the month this was brilliant for me -  I still would have gone away but everything I spent would otherwise have been overdraft/creidt card paid for and I probably would have spent far more than 60.  As it was I went away with a pocket full of sixty pounds worth of change (should have remembered to go to the bank and get notes for it) and didn't quite spend it all.


----------



## Noor77

*Re: Re:budgeting for saving and life goals*

Thanks Janet - I think something simple like the brown envelope method is exactly what I should be doing and I'm going to start from today. Do you still use it?

How did you manage to run up such debts without spending on "luxury" items? Any people I know with "plastic" debts usually have them because they have a problem with buying expensive clothes. One friend in particular regularly spends an entire weeks salary on pairs of shoes


----------



## Noor77

*Re: Eur100 Test*

Okay, so the plan is Eur100 to last me from today until next Thursday, budgeted as follows:

Transport: €20
Food: €40
Socialising: €30
Papers, Magazines (and Vitamins!): €10

I'll let you all know how I get on


----------



## Janet

*Re: Eur100 Test*

Think of it this way - you don't see your money disappear every month and don't seem to have an extravagant lifestyle.  So why is it surprising that I was able to spend money on a not very extravagant lifestyle?  The only difference is that I got a credit card and fooled myself about how I was paying for it all.  

For a long time I paid my overdraft and credit card off as soon as I got paid.  But of course then that would leave me short for the next month and I'd need to use them again.  And then one month I didn't quite clear them and left a hundred pounds or so to clear.  And when that happens and you don't discipline yourself it builds up the interest and gets more and more difficult to clear.  So I took out a loan to clear the card but didn't get rid of it.  Spent nothing on it for months (it was just for emergencies after all) and then I had to move house and used the card to pay for hiring a van to move, buy a fridge and mattress for the unfurnished house I moved into (all the other furniture was donated by friends and family or bought in the Vincent de Paul place, I didn't buy a bed until a few years later) because I just couldn't afford it pay for it otherwise.  Housemate gave me half of the money for the van but that was cash in my purse and just sort of disappeared.  That kind of thing happened a good bit once I started taking the card out again, with me using my card to pay for cinema tickets and so on and friends giving me the cash - it never made it to the bank.  

Going to a restaurant I wouldn't just buy the cheapest thing on the menu, I'd eat whatever I felt like, probably have starters and desserts too (after all, it's a night out, I work hard, why shouldn't I treat myself) and then afterwards if it was cold or rainy, instead of waiting for the bus/nitelink just hop in a taxi (sure it's not that far really, it's worth it to get home earlier).  I'd sometimes buy breakfast and lunch in work and then get takeaway for dinner - but every days for weeks before I got around to sorting out some time to cook.  But I'd always convince myself I wasn't going to do that again next week, buy loads of food at the weekend and then end up throwing half of it out weeks later having spent a fortune in the meantime on paying for lunch in work/takeaways etc.  Just lots and lots of silly things like that.  Don't ask me how I ended up like that - when I lived in Germany (and got paid half of what I do now) I had no credit available to me and managed on a cash basis for everything - I knew the prices of everything in all the different supermarkets and never went to just one for my shopping.  But somehow it just seemed to difficult to do here.

It's hard to explain but these small kinds of things to build up - and eventually the stress might get to me and I'd take my card and go shopping and buy one or two small things to treat myself - but one or two small things (new clothes, cd, books) still mount up to say seventy or eighty pounds and even though you think it's not much, when you don't have anything to spend (in fact, have negative amounts!) then it's a huge amount.  Or I'd decide since Ryanair were having a sale I could go on holidays - always to visit family or friends because then there's no cost right?  But when you're there you want to buy a present to say thanks/invite them out to dinner etc. etc.

About a year ago, I was in a job I hated and although I had finally started to really sort out my finances and stick to a budget properly (never lasted more than a month or two before) I could feel that I was starting to feel the same way I had before, just sick of always having to be watching my money.  But this time instead of blowing money I didn't have on crap I didn't need, I decided to bite the bullet and start going for counselling (there were some emotional issues involved, leftovers from bereavment as a kid and so on, plus I have a similar problem with eating food as I do with spending money and really wanted to continue to lose weight).  It's not cheap but I reckon it has saved me hundreds in the long-run as well as helping me get a new job which I love.

Hmmm, this has been another mammoth post.  Thanks to anyone who actually made it to the end, apologies to any I may have bored and well done for not falling asleep!


----------



## elderdog

*Re: Eur100 Test*

Where has your night course gone ( 40pw )?

If you enjoy it I really cant believe you need to give it up.


----------



## ClubMan

*Re: Eur100 Test*

_Janet_, fair play to you for the posting such an honest account of your experiences. I'd say that the incidences of emotional issues impacting on financial issues would be quite common to be honest. I usually try to concentrate on the hard financial aspects of queries so perhaps come across a bit direct or unfeeling at times (sorry _Noor77_!   ).


----------



## Noor77

*Re: Eur100 Test*

Janet, I'm sure you haven't bored any of us. Least of all me. You are very admirable in that you have reached a stage where you can be totally honest with yourself and take responsibility for any past mistakes you may have made. Not many people have the ability to be so candid with themselves. And, I totally understand the whole small things equalling a big debt scenario. A couple of years ago I got in to that whole buying takeaways scenario - and it's a very difficult one to get out of. It's easy to reason with yourself by saying "I have worked hard today, now I'm tired and don't want to cook so I'm going to have a takeaway". Now I only ever order a takeaway about once a month (if even), as a consequence I enjoy it much more.

Finances are affected by emotions, money sometimes seems to offer "quick hits" ...but this is really an illusion. It's like my friend who regularly spends €400 on a pair of shoes that she maybe wears about 4 times a year. She can't afford them really (not in "positive" cash terms anyway), but buying them gives her a temporary rush. 

And Elderdog! Don't worry - I paid for my night course up front at the start, so I am still attending and getting great enjoyment out of it.


----------



## MissRibena

*Re: Eur100 Test*

You definitely didn't bore me either Janet; thanks for posting it struck lots of bells with me too.

One "behaviour pattern" (apologies for the psychobabble) that I think I suffer with is a need for a routine. When I have a routine up and running; everything works great but it has to be properly thought out to cover pretty much everything.  I work my spending out to the nth degree now; I ignore my bank balance and have made my budget spreadsheet my bible and just reconcile it to the bank a/c once a week or fortnight.  It took a while to set up but once it was up and running, it's the same thing every month.  I usually have ti set up for a few months in advance, so that I can't be codding myself with "ah shure won't I pay for that no bother next month".

The food shopping I do once a week covers everything; all necessities (including toileteries) and yummies - it's sad but I have a shopping list on floppy with everything I like/buy and tick off what I need and just print it and off I go. (The shame of admitting to being so anal!!)  So I eat good stuff, keep an eye on my weight and on my budget.  If it goes off the rails even for one week, then I start to slip out again and start popping to the shops for a shampoo and come home with 40 euros worth of stuff. 

I love LIDL and ALDI but can't convert to their toileteries (shampoo, bath stuff, moisturisers) at all.  I guess the branding has worked on me.  So I have a system now where I buy 3 for 2 or whatever on items I like when they come up and I always have spare ones at home, so there's no excuse.

Books and CDs are another downfall. I gave up reading magazines and buy loads of books in Charity shops, so I always have heaps to read.  The local Enable shop must have some pretty cool contributers because there are always decent books to my taste there (not just holiday paperbacks).  I got to the library too but I always end up picking up books I never read.  I study art history and philosophy quite a bit and the best way to get these (mostly academic) books on the cheap is at abebooks.com (from the states or UK) or amazon marketplace.  

Rebecca

PS  Took a study break this year and am really regretting it - if anyone knows of Arts/Humanities courses starting now, I would love to hear.


----------



## sunnyday

*Re: Eur100 Test*

Noor, I think you are doing very well for your age to have a property of your own in today's market. Don't be too hard on yourself. But do take the advise given by others to track your spending carefully and honestly for a while until you have a more complete picture of where your hard earned is going. I too especially like Janet's suggestion (well done Janet!) so see how that goes for you. 
And as a last suggestion, I often refer friends who feel a little "poor" to a link I got from AAM a while back, which might just cheer you up. It's a "not to be taken too serious" Net Worth Calculator from AIB.
[broken link removed]


----------



## Janet

*Re: Eur100 Test*

Forgot to mention that yes I do use the brown envelopes for certain things like birthdays and so on.  I use a spreadsheet for tracking what expenses I know are going to come up during the month (monthly expenses on one side and weekly on the other).  Right down to having a separate line for my lotto spend (spend a minimum on this but it satisfies my gambling instinct and otherwise I might go mad on scratch cards every couple of months).  Once I know what my regular expenses are going to amount to:

Rent
Loan
HSA
Car savings
Internet flat-rate
Concern donation
Gym
Phone
Bus/train
Weight watchers
Counselling
Petrol
Any one-off expenses I know I'll have that month

I substract that amount from the amount that was lodged into my account as salary.  From the leftovers I try to take €20 euro per week for bills (money goes into the brown envelopes) and the rest is divided by four or five (depends on how many weeks there are that month) and that becomes my "food" money.  But really it includes everything else such as toiletries, household stuff, going out, books, clothes.  Generally I have about 50 or 60 euro per week, and on the weeks I'm really being careful I would never spend that much.  And so anything left over at the end of the week makes its way into a brown envelope.  One of these days I'll even have enough to buy that winter coat I've been promising myself for the last four years - must be mostly wool, must be long, probably will be red or black.  Can't wait!

By the way Noor, you are doing extremely well to have property and should never underestimate what a wonderful feeling of security that can bring.  I'm a couple of years older than you (I think you said you're 28/28?) and will not have finished paying off my loan for about another 2.5 years.  By the time I would then be able to save enough for a decent deposit I'll be heading into my late thirties and you will be halfway through paying your mortgage.  Although you never know, maybe I'll marry rich one day (probably about the same chance of that happening as of me winning the lotto but at least dreaming isn't an expensive hobby LOL.)


----------



## ClubMan

*Re: Eur100 Test*

For what it's worth there are a few budget spreadsheets linked from   and [broken link removed] also have one (actually they may be the same ones in each case).


----------



## Noor77

*Re: Eur100 Test*

Thanks again Janet, I really appreciate all the tips. You can never know too much : )) I turned 27 in December 04...sssshhhhh  ) I still keep thinking I'm 26 (I wish!)

I have just tried that net worth thing that Sunnyday recommended. I obviously did it wrong though because it gave me a mad figure at the end!


----------



## Noor77

*Re: Eur100 Test*

Hi MissRibena

Did you take a year of to do anything special??? Most courses won't be starting again until September. I am very interested in art history, architecture and form. I find very reasonably priced books that cater to these interests in the little bookshop at the Trinity end of Dame Street - across from central bank and beside the australian travel agency place. I think it's called Books Upstairs. Generally the prices there are very good.

re: cd's - you can buy them very cheaply in Tesco now. I saw the new U2 for €23 in Tower records but it is only €14.95 in Tesco. Not bad.

I took a year out of work also, to do a masters. It takes a lot to get used to not having money again : ))


----------



## ClubMan

*Re: Eur100 Test*

*re: cd's - you can buy them very cheaply in Tesco now. I saw the new U2 for €23 in Tower records but it is only €14.95 in Tesco. Not bad.*

€12.99 including delivery on [broken link removed] .


----------



## MissRibena

*Re: Eur100 Test*

Thanks Noor. Didn't know about that shop but will definitely take a trip next time I'm up.

I've been studying arts on my own time with the Open University (as a hobby rather than work related) for the last couple of years, but decided to take a year out to come back at it all refreshed. Great theory except I feel all refreshed now and have nothing to do and I find it hard to be disciplined eonough to read academic books without exams or assignments to aim for.  So now all my spare mental capacity is going on fretting about selling my current house and buying a new one and I'm even doing my own head in at this stage!

Rebecca


----------



## fobs

*re:Net Worth?*

When you do that Net Worth - what does the value of life cover - is this the payment you would receive if you die?
Also the pension : is this the amount it is worth when you retire?


----------



## Noor77

*Re: Eur100 Test*

Clubman, re: online CD shopping. Don't forget I am plastic-less so there is no net shopping for me. Sounds a very good deal though.

Anyway, I ended up buying the Tesco one - out of my newly created Vitamin "brown envelope". I might get rickets now but at least I can listen to U2 ; )


----------



## sinead76

*cd wow*

CD wow recently emailed me saying they now accept laser cards


----------



## Noor77

*Re: cd wow*

How much do you guys generally spend on clothes a month? I'm finding it hard to settle on a budget figure for that. I don't spend that much at the moment, but I'd love to be able to get something nice once in a while.


----------



## sinead76

*clothes*

So far this February Ive bought a top in Awear for €15, a pair of trousers for €28 and earrings for €6, only bought those cos I was going out one night.
January I spent €42 in killarney outlet centre, december I spent about €30, which was mainly because it was christmas and crowds in shops make me just want to go home


----------



## Noor77

*Re: clothes*

I haven't spent any on clothes so far this month but last month.....

Cardigan - €35 in A Wear
Top - €18 in A wear
Top - €4 in Zara's sale
Top - €8 in Penneys

That was about it
That's not too bad is it?!


----------



## airgead

Hi,
I learned a very simple rule a few years ago and since then I have found saving easy.  My rule is. "Pay myself first".  I reckon we work hard enough.  When i get paid the first payment out of my account is to my savings.  All other costs and expenses are secondary. Everything else i spend if based on what is left after i have paid myself.  Works for me.


----------



## Bank Manager

Hi, haven't read all the replies to your query, so sorry if I'm repeating some information you might have already received: but I'd suggest the following:-

a) pay your mortgage every two weeks rather than monthly (to tie in with your wages) - your mortgage provider should have no problem setting this up for you

b) jot down your major annual expenses - TV License, TV Cable - Car Tax/Insurance/Service - Heating - Insurances etc etc (build in an amount for contingency/emergency) - add them up and divide by "26" - then each fortnight place this amount in to a separate account, by doing this you'll have the money to pay these bills during the year, and you'll know exactly how much you have available for yourself each fortnight

c) Credit Card would be convenient, but I'd suggest you only get one if you are convinced that you would pay off in full when the bill would arrive - my suggestion would be go to with b) for six months first.


----------



## ClubMan

*a) pay your mortgage every two weeks rather than monthly (to tie in with your wages) - your mortgage provider should have no problem setting this up for you*

Good point - if your mortgage lender calculates interest daily (as many do) rather than monthly or annually then paying more frequently than monthly can yield significant savings as you are chipping away at the outstanding principal quicker.


----------



## Noor77

That's a very good idea re: paying the mortgage every two weeks - because having to pay it monthly as I'm doing now means that I get a bit hit on my cash flow all at once that I'm usually never prepared for.

Came home yesterday to a gas bill of €160 - aaaaaaahhh!! Don't you just hate it!


----------



## bluebean

*re: annual expenses*

Great post Bank Manager, think I am going to try and do this myself.

Just wondered if everyone could help with all the annual expenses? I always forget certain things.  I know the following:

TV License
Car Insurance
Car Tax
Car Service
ESB
Home Heating
Rent
Credit card charge
Birthdays
Christmas

I dont have any children, and dont have cable tv at present.  What else is there?  I know it sounds stupid, but there's always something that I forget about that screws up my cashflow/budget for at least a month.

Thanks!


----------



## terrysgirl33

*Re: re: annual expenses*

Noor, both the gas and electricty do a budget account where they calculate your usage over the year, and then you pay an average amount by direct debit each month.  I find it good as I get paid a regular amount every two weeks and it's handy to have as many of the bills as possible being regular too!  We switched over to paying the mortage every two weeks as well, I get paid on a Thursday and the money comes out on a Friday, so now I don't even notice paying the mortgage which is GREAT!!!!!


----------



## Noor77

*Re: re: annual expenses*

Terrysgirl - you must be on a great salary if you don't even notice the mortgage coming out! But thanks for the tip : ) I'm going to ring the ESB and Bord Gais later.

Bluebean - have you got any holidays factored in to your annual expenditure?


----------



## sherman

*Re: re: annual expenses*

What about VHI/Bupa - €35-odd per month is a fair amount.


----------



## Noor77

*Re: re: annual expenses*

What about clothes and food Bluebean? I can't see those things on your list. 

I am really going to have to cut down on the amount of money I spend on gifts though. It always seems to be someones birthday - and bar dropping all my friends I don't know what I can do! Plus, I kind of like giving gifts, moreso than receiving them actually.


----------



## bluebean

*re*

oops, forgot holidays.  Was hoping to use my own personal budget for food, if Miss Ribena can live on 30 a week than I'm going to try too!  Not sure what to do about clothes, might have to add them to my annual list alright.
Thankfully my VHI is paid for by work, and I pay 10 euro extra each month for extra cover which allows me to claim back money for gp visits, dentist etc. But this money is taken directly out of my wages so doesn't ever get to me!

Anything else I've forgotten?  Socialising, mags, books etc. are going to come out of personal spending.


----------



## sherman

*Gift giving*

Noor77, I thought you might appreciate this lighthearted look at gift-giving. Might make you buy cheaper, but more personalised gifts!!

Economist.com

_Edited to put in the link!!_


----------



## terrysgirl33

*Re: Gift giving*

Ah well, when I say I don't notice the mortgage come out, what I mean is that I get paid, the mortgage comes out the next day, and the money that's left is 'spendable'.  It means I don't have a big amount of money in the account, but a big bill coming in at unpredictable times!  I'm finding it hard to explain, but I'm paying the same amount into the mortgage but I don't 'feel' the money coming out, it's like I just get paid a little less.


----------



## MissRibena

*Clothes and Holidays*

I'm lucky; I couldn't really care less about clothes and hairdos. I absolutely HATE hairdressers and people at my hair, so I just get it trimmed.  I have friends who think nothing of spending over €100 every few weeks. 

Clothes come out of my personal money or from money I get for presents at my birthday and Christmas. What usually happens is I'm going along fine and then realise "oh my god, I have no clothes", so I muster up €100 and go to Penny's and buy a few outfits.

My gym membership is €50 a month and is not part of my personal money. My course cost me €125 a month and didn't come out of my personal money either.  

The first four years of home-owning saw no holiday at all; not even a weekend away, so that solved how to pay for it!  I've been away a good bit in the last year or so; mostly city-breaks, but a skiing holiday also.  I save for those as it comes up but not out of my personal money.

Presents are a bit of a pain especially as my family all seem to be clustered around the same time of year. My friends and I all agreed to stop buying each other presents ages ago because it was all a bit daft. My birthday presents fund comes out of my fund for annual costs; servicing the car, house insurance etc. 

Rebecca


----------



## Noor77

*Re: Clothes and Holidays*

Thanks for the link Sherman : ) I'll have to start changing my ways. Gift buying is a silent money-eater but at least this isn't Spain - where you have to buy a gift for both a persons birthday and their saints (name) day. 

My problem is that I am not a creative budgeter - instead of finding interesting ways of doing something cheaply I will just cut that thing out entirely. That is probably why all my budgeting endeavours to date have failed ...


----------



## Tonka

*I Like this thread *

Its nice to see someone cheweng through the options BEFORE they get into trouble. Well done Noor77.

It Proves that AAM is not primarily for the sad or the bad cases but for the ordinary Josephine trying to get a good handle on the useful life skill of money management .  

Well done and enjoy.


----------



## Noor77

*Re:  I Like this thread *

oOOOOOOOOOOOOH...

I feel all noble and sensible now!!!

P.s. the €100 budget isn't going too well ....I've spent €80 since last Thursday : ((

...Then again the €100 was supposed to go from a Thursday to a Thursday so I'm not really doing that badly at all, Only bought two magazines in that time also, which is an improvement (for me at least).

I'm trying to work on the whole "budgeting for life goals" thing that Clubman brought up. It's proving quite difficult though as generally I don't like to think too far ahead. I have started to operate my own version of the "brown envelope" savings scheme, as mentioned by Janet. I have three small boxes- one for permanent (long term) savings, one for clothes and one for holidays. It's better than nothing ; )


----------



## Janet

*Re:  I Like this thread *

Do you know what you've spent that €80 on?  That's the important thing really.


----------



## Noor77

*Re:  I Like this thread *

Food, 2 magazines, a couple of papers, flu remedy, one bottle of vitamins, no socialising!


----------



## missie25

*Re:  I Like this thread *

Norr77,fair play to you,I think you're doing very well.It's admirable that you have a house at 27.I am 27 and I am trying to save towards one now.

I am also trying to budget.I've worked out a budget for the year and have decided to allow myself €120 per week(food,petrol,socialising,misc),we'll see how that goes.Trying to save.I find when going out that spending on drink is the biggest downfall when trying to save!

This month I've finished with my loans.Never thought I'd see the day!!My spending was ridiculous in the last few years so I managed to clear €9000 in 14 months...still managed a holiday though.It's worth it. I am now more cautious with spending and now I can finally save. I still have topped up my SSIA to the max since day 1.The returns will be worth it in the end.


----------



## Noor77

*Re:  I Like this thread *

€9,000 in 14 months is very impressive Missie - you either have a fantastic salary or you were just able to live really frugally during the time you were paying the money back!

If you don't mind me asking - what had you getting into that kind of debt in the first place? Was it clothes / lifestyle???

It's great that you are now in a position to start saving for a property - it'll happen sooner than you think. And when it does happen, you'll wish you never did it ; )

Noor


----------



## missie25

*Re:  I Like this thread *

Hi Noor,My salary is 30K.Yeah I really watched the pennies but still went out and did the usual hobbies as well.I just didn't buy much clothes/mags/didn't eat out as much/made my own lunch most days etc.I didn't drink as much either.Didn't go to Brown Thomas and went to Pennies and Awear instead!!

I was €9,000 in debt last xmas03.It was getting ridiculous,some of it was a car loan €1000 and the rest was lifestyle debts.Going out too much,spending way too much on drinking,buying designer jeans etc,miss sixty,tommy etc,eating out all of the time as well.I just was not thinking about what I spent.I was living beyond my means so I made a new years resolution to pay off all debts.

At last it's a great feeling to know that my money is my own and not the banks!I can save at last!!
So a mortgage will be the next debt...


----------



## melybabymely

*Re:  I Like this thread *

I have been the same. I finished paying for a loan in under a year which was over 4000. Since last week I am now debtless. I want to start saving for future and short term 
Future: House, Wedding, Kids etc
Short: Car, Holidays, Holidays & more holidays.

I have budgeted around 120 also a week for food, socialising. Although drink is very expensive, however i do only drink a bacardi & diet coke which would cost around 6.50 but if i buy 2 bacardi & 1 diet coke it would cost 10.00 just use half of the coke.
I would usually drink around 3 or 4 of those, so on a night out I would usually cost 20.00. But for some reason we spend more dont know why though. plus he is costing me a fortune as he plays in a band and sometimes we could be out 2 times a week.


----------



## Noor77

*Re:  I Like this thread *

Hi again Missie

Is that €30k net? If it is you are very lucky : ))
As I have said earlier, the things that really throw me when doing budgets is having to buy birthday presents etc... It seems to never end but I would hate to appear in any way stingy. I suppose I am a bit too generous sometimes but I wouldn't really like to compromise that.

Have you set up any savings accounts in the bank or how do you save?


----------



## missie25

No, it's €30K gross so averages over €2k a month which is not much really...

As for birthday presents,I give €60 worth to 4 close friends and then small meaningful presents to other friends but it really is the thought that counts!!If you plan a budget for the year you can factor in these birthday gifts and deduct these from your average monthly savings.

Also I will try and stick to €120 per week and anything I have left from that €120 will go into a money box.Somehow I doubt that will happen!!


----------



## Noor77

Your €120 a week is probably much more realistic than my €100. How have you broken down the €120 over food / transport / going out etc...???


----------



## missie25

Hi Noor-forgot to mention the savings bit..
Well for the moment on my online banking I will just take out an x amount of money at the beginning of the month and put it into my savings account.
Used to have a credit union account so might re open one and start saving.Apart from the SSIA,savings is an alien word to me so it's weird now that I can actually save!!


----------



## missie25

This is how I'll break down the  €120.

€30 Petrol
€30 Food
€40 Social
€20 Misc


We'll see how that goes!!!The social bit will be a tough one!!


----------



## ClubMan

*Re:  I Like this thread *

*Is that €30k net? If it is you are very lucky : ))*

_Missie_ may well be lucky but going on income alone you are not too badly off yourself on the equivalent of c. €38K gross as I pointed out !


----------



## melybabymely

There is 2 of us and
Our weekly budget is as follows:

Both Income: 535/week joint account

Rent: 130
ESB: 8
Chorus TV: 15
Eircom: 15
Mr. Binman 7 (1 bag per week)
His Amp: 13
Food: 50
Entertainment: 50
Smartsave: 180 (house,wedding, 3 or 4 year plan)
Credit Union: 50 (holidays, weekend irish & european breaks, birthdays, emergencies etc)
Anything left over goes into a money box. 
50's, 20's, 10's have all seperate boxes, then all 5s, 2s and 1s go in the one box. We need extra cash last week and we were able to exchange the 50's and had 50 euro saved, this was over 1 month of putting 50's in there. 

Do you know that buy just popping 2 euro's into a very large box (i use the largest water bottle you can buy - once emptied) that 2 euros a day will mount up to 15,000 in under 20 years. Its an interesting fact.


----------



## bluebean

*re: food budget*

Does anyone else find it hard to stick to the food budget? Went shopping at the weekend, did a split between Dunnes and Aldi, + bought meat in butchers.  For 2 of us we spent almost 70 euro and that still did not include everything. Probably will spend another 10 - 15 during the week.  I didn't buy any ready meals out of that, trying to cook a bit more myself as its my new hobby!


----------



## melybabymely

*Re:  I Like this thread *

Hey Norr,

What magazines & papers do you get. What interests have you.

I used to always buy magazines and himself used to always buy papers and also wrestling magazines and manga magazines etc.

But i found since having broadband installed I found some very useful sites that i go and browse on a regular basis and because of that it saves me over €30

For news on soaps/entertainment/movies/reality tv etc the website i love to go to is www.digitalspy.co.uk  here they also have a very large detailed message board, plus a whole section on Big Brother if your in to that. But a great site for entertainment etc.

For more serious news or general news ie Michael Jackson, Iraq, Flu Bug, Football, Music, And other sorts of entertainment i find www.newsnow.co.uk very useful. There website is updated every 5 minutes. You can access the menu's on the left, but if using the search function you can only enter 1 word. But the menu list will fulfill all aspects of media/entertainment,news, and lots lots more.

Hope this helps.

Also i find www.rollercoaster.ie & www.boards.ie very useful.


----------



## ClubMan

*Re: re: food budget*

*did a split between Dunnes and Aldi, + bought meat in butchers*

For what it's worth I find dedicated butchers' shops much better value than supermarkets for meat.


----------



## melybabymely

*Re: re: food budget*

I was the same also bluebean,

But for 2 people a week we allocated 50 only.
This is the way we usually do it now and it works out great.
Fish Shop: 2 salmon, 2 haddock, 2 Mackerel = €12.00
Butchers: 2 CK Fillets, 2 x 1/2lb lean mince, 2 pork chops all this x 2 again (2nd batch in bags for freezing) = 15.00

so far our food cost us € 27.00 leaving us €23

Tescos
We use baby potatoes which cost 99c in bags we get 3 bags
We then usually buy 2 large bags of mixed frozen veg. Some fruit & youghurts (muller light are the best), milk, bread,
I love soup and could pick up 2 or 3 boxes or packets every week. 

However come to think of it we still need to add in things like washing powder, fabric softener, toilet roll, washing-up liquid, shampoo/conditioner, bathroom/kitchen cleaning products, shakeNvac, air freshener, these all might look like small things, but added up they cost a fortune esp washing powder etc. 

any suggestions on these that we seem to forget to add in our food/grocery budget


----------



## bluebean

*re*

I definitely find things like bin bags, washing liquid, toiletries + cleaning agents really push the bill up every few weeks. Green bin bags cost 4 euro each.  And I seem to only be able to use Persil non bio liquid as anything else irritates my skin.
But even apart from that its still expensive.  I bring my lunch in to work every day, usually brown bread + one from ham/cheese/soup/beans, whatever I've bought that week really.  I do find vegetables + fruit account for about a tenner each week as I try to eat a lot of both.  
I'm hoping that since this week was my first week of actively trying to get everything in the one shop that that was the reason it was up a bit.  Had to buy a few stock cupboard ingredients which I shouldn't have to get again for a while.


----------



## Noor77

*Re: re: food budget*

"Missie may well be lucky but going on income alone you are not too badly off yourself on the equivalent of c. €38K gross as I pointed out here! "

Hmmmm Clubman...I know you really do like me, you just don't like displaying your emotions!

Looking at some of the budgets here, I probably spend way to much on food. I don't really eat red meat, in fact I eat mostly vegetarian but I still spend a lot - probably because I usually end up eating out a couple of times a week. All that has changed now though (since last week!). And I spend a lot on pestos and oils and tapenades ..and I adore asparagus, and they aren't really that cheap


----------



## melybabymely

*Re: re*

i find www.shoppingbill.com very handy for special offers etc.

I must buy about 10 tins of beans all for about 22 c each lol now thats living below your means lol


----------



## Noor77

*Re: re*

I only like Heinz beans : )) Nothing else tastes quite the same!

What I really need to do is stop buying food in Spar / Londis / Centra. The mark-ups in those places are dreadful, but they are convenient.


----------



## melybabymely

*Re: re*

but they do good offers for easter eggs.

3 x galaxy or mars or cadbury's easter eggs for 10 euros.

I got 12 of them in londis for only 30 euros. those are for sisters, cousins etc.


----------



## Noor77

*Re: Easter Eggs*

That is true about the Easter eggs. I refuse to buy them in advance now because I did that last year and managed to eat two of them myself!!! (not at the same time) Never again - I'm going to get them all at the last minute this year : )

Boots is a problem as well. I go in there with the intention of buying a shampoo, and then manage to come out with mascara, moisturiser, bath soak etc..... In future I think I will buy all of that stuff in the supermarket as it has less of a temptation factor. 

The last Mr. Noor was a bit of problem re: food as he had religious dietary requirements and sometimes we couldn't even prepare food using the same utensils, so we ended up buying food for him, food for me and "joint food". It was like a military operation!


----------



## Janet

*Re: Easter Eggs*

I went shopping for food the other day having decided to cook as much as possible for the month and leave it frozen.  I had vouchers for Dunnes so did most of it there and Tesco for the other bits I couldn't get - bear in mind I didn't make it out to the shops till Sunday evening so couldn't go to Lidl however I did already have a fair stock of tinned tomatoes and pasta.  I spent €46 in Dunnes and €12 in Tesco.  Most of what I got in Tesco went on buying foil trays to put the food in to go in the freezer - I wouldn't normally bother and would just use Tupperware but didn't have enough and just wanted to make things as easy as possible for myself this time round.  Cooked shepherds pie, bolognese, chicken chasseur and roasted tomato/onion pasta sauce and also bought makings for stir fry, fajitas and sweet&sour.  Also bought crispbreads and cheese etc for lunches although I will need to buy more in a week or so.  The reason I spent so much this time was really because I bought quite a lot of meat and quorn.  I also bought two or three toiletry products (shampoo etc., sunsilk is my favourite, I don't need to buy it for another couple of weeks but it was on special offer).  I don't anticipate needing to buy much more than milk and fruit for the rest of the month - have cooked as many meals as I need taking into account those days when I know I'll be eating out.


----------



## Noor77

*Re: €100 Test*

I failed! Fairly miserably, and all because of my spending yesterday. Spent €80 yesterday ( present, food for house guests, drink for house guests )...so my weekly total from Thursday to Thursday was €165   ( It's still a lot better than I usually do but I think it may be artificially low because I was sick and couldn't socialise.

Back to the drawingboard!


----------



## ClubMan

*Re: €100 Test*

Are you planning to put in place a budget for next week and try harder to stick to it?


----------



## Noor77

*Re: €100 Test*

No Clubman, I am planning to do the following;

Get a credit card with a limit of €10,000 and budget as follows:

€1,200 - Ridiculously overpriced handbag from Brown Thomas
€600 - Pair of Chloe heels that I cannot walk in
€1,000 - return flight from Dublin to Buenos Aires
€50 - ticket to see Boca Juniors play in Buenos Aires
€700 - One way flight from Buenos Aires to Beirut
€200 - Trip from Beirut to visit the Temple of Venus at Baalbek
€500 - One way flight from Beirut to Paris 
€500 - Hermes umbrella seen in a shop window in Paris
€2,000 - White gold and turquoise necklace from a jewellery shop in Montmartre
€200 - One way flight from Paris to Madrid
€50 - Ticket to see Barcelona play at the Camp Nou
€800 - Black Balenciaga cardigan
€200 One way flight from Barcelona to Dublin


There you go Clubman! What would Eddie Hobbs have to say about that!!!


Of course I'm only joking / fantasising : )
In reality I will be setting myself a budget of €140 to last from tomorrow (Friday) to Friday of next week

A girl has to dream though!


----------



## ClubMan

*Re: €100 Test*

All joking aside, if you are serious about budgeting but don't apply some discipline then you are hardly going to make progress. I know I'll be the bad boy for pointing this out but I honestly think it's necessary and you did ask for opinions in the first place.


----------



## mts

*What am I doing wrong???*

When having friends over for dinner I operate a byo alcoholic drink policy, similarly when going to friends for dinner I bring my own. It can be expensive enough for the food without supplying drinks also


----------



## Noor77

Clubman, or should I say my nemesis ; ), I don't think I did too badly for a first time effort. At this point in the month I would usually only have €200 in my current account (my only account!) but I now have €400, a direct result of my budgeting efforts. Everyone has to start somewhere.

With friends I always do the BYO booze thing too, but my houses guests were family so it was a different scenario. I don't want to become a mean budgeter or someone that sees everything in a monetary light, so I have to find a way to strike a balance between saving and enjoying life. I am by no means fickle and I only live according to my means, but now I have to find a place for savings in those "means"


----------



## rockboy

NOOR....You've got the totally right idea as money is there to be spent to enjoy life as well as to make yourself secure.

I take that attitude but have started to cut out a lot of waste the last while like taxis, coffees on the way to work when there's a coffee machine in there and other things that don't impact your quality of life but ends up leaving you with more money to save, spend on other stuff or whatever at the end of the month.

Some people take things too far but if that's what makes them happy fair play to them but I operate on the saying: "There's no point in being the richest person in the grave yard."

Well done on your savings.  

Another one I have saved a good few quid on the last few months is asking friends over to watch the game in my house instead of the pub or whatever on the nights I'm not training during the week and just buy a few cans as if you like a drink to chill out the difference between 1.50 a can and 4.80 a pint is something else!!!!

8 pack of Bud in tesco for 12.70 or something.  Your only man


----------



## Noor77

Thanks Rockboy

It's nice to know I'm not alone : )

I think Robert Burns said something along the lines of "drink and be merry today for you might be dead tomorrow". That's not exactly what I would advocate but it does have a element of sound advice. I would suggest something more like "Drink and be merry today and save some of your money for tomorrow" ! 

Rigid money counting, when you don't have to, can't be very healthy. It is completely understandable when you have to out of necessity though. I am budgting to save, not to survive. I don't need to budget as I do not live beyond my means (no loans, overdrafts, credit cards etc...) but I do need to budget to get some savings together, so that if I ever do need to budget out of pure necessity I will have something to fall back on. It's the first time I have ever thought about savings and I know that it is something I am going to take very seriously from now on.


----------



## sherman

Rockboy and Noor, while we're quoting, Martin Sheen said "Like I always say, money's something you need in case you DON'T die tomorrow"!!


----------



## Noor77

Sherman, did you not read my last post correctly??? I said be merry today and save something for tomorrow. What do you suggest - that everyone should be miserable today and save everything for tomorrow?

I say a little of what you like is good for you, and there is no problem with spending in moderation and with due regard to the future


----------



## sherman

Ah I was only getting into the quotation spirit Noor!

I have absolutely no problem with treating myself today, I just make sure I look after tomorrow first. Your financial history indicates that you were treating yourself first, and then there was nothing left for tomorrow.

It just seems to me that your (hopefully) previous bad financial habits were causing you an awful lot of stress - am glad you're taking steps to get back on top of your finances - life is so so much easier when you control your money, rather than the other way around!

By just having a bit of discipline and control, you can basically stop thinking about money, and get on with enjoying your life, knowing that your finances are sorted.


----------



## Noor77

No problem Sherman  

You said earlier on in the thread that you manage to get by on a budget of €100 a week. I know I am being nosey, but what is the breakdown of this €100 over food / transport etc... and do you ever go clothes shopping?! 

Noor


----------



## MissRibena

*Freedom in discipline*

That's exactly it Sherman, you've explained how I feel about money really well. By having proper control over it and making it part of the routine, it takes care of itself and I hardly ever have to think about money.  Getting used to the discipline of a proper budget might seem tiresome or penny-pinching at the start but once you get used to it and build up a cushion of funds to rely on for a rainy-day, a course fee, a shopping spree, a holiday, paying off the mortgage or to cover emergencies, (or whatever floats your boat) then it makes life less stressful and gives far me more satisfaction/enjoyment than all the "rubbish" I used to buy myself and others without a thought.

Rebecca


----------



## Noor77

*Re: Freedom in discipline*

MissRibena

I know that wasn't directed at me, but I would just like to say anyway that I never buy myself or other people rubbish and I do think before I buy things, but obviously now that I am striving to save I will have to think that bit more, and that bit differently.

I don't believe that money brings happiness, what it brings is a certain level of security. And it is true (if very clichéd) what they say about the best things in life being free.


----------



## ClubMan

*Re: Freedom in discipline*

Some more .


----------



## Noor77

*Re: Financial freedom*

Thanks Clubman  

I particularly like Woody Allens quote:

"I don't like money, actually, but it quiets my nerves"


----------



## bluebean

*re*

Noor, just wanted to ask how the 80 euro in one day was broken down - ie how much on present, how much on food, how much on drink?  Did you shop in Aldi/Lidl or did you go to Tesco/Dunnes?

I just find if I'm having people around that Lidl is the best for nibbles (huge bag of nachos for €1.29! - can't go wrong with that!).

Do you cook much?


----------



## Noor77

*Re: re*

Hiya Bluebean

The €80 was spent as follows:

€35 - present and card
€20 - bottle of wine and bottles of beer
€10 - travel to and from work, lunch, breakfast 
€8 - biscuits and cake
€7 - more flu remedy!

I do cook, not every day though..I do things like pasta and noodle dishes


----------



## bluebean

*re*

Noor, I'm not trying to offend you by the following, but I really think that 35 euro is a lot to be spending on a gift.  I rarely spend more than 20, including a card.  The only people I spend more on are parents + boyfriend, but brothers, sisters, friends are all limited to 20 euro or under.  I know you say you dont want to come across as mean, and I appreciate that you like giving gifts, I'm the same.  However, if you give a present worth 35e and also go out for drinks etc. to celebrate the birthday, including taxis you could end up spending up to 100 euro on someone's birthday.  That is a lot of money.   
I'm not saying for a minute to drop your friends, but perhaps you could reach a compromise?  I think your friends should respect you more if you tell them you are trying to save a bit.  I really look forward to my Christmas night out with my friends (see earlier posting).   Some years we even manage to get away for a night and still spend less than we would have if we had bought gifts for each other!


----------



## Noor77

*Re: gifts etc...*

I appreciate where you are coming from Bluebean. It was actually a Mothers Day gift. I don't just place value in monetary gifts, I like to give people more meaningful gifts too - one year I gave Mother a framed painting I had done, which she loved. I would give more paintings as gifts but unfortunately I don't have enough time to dedicate to this. I like thinking about what somebody might like, what would suit them, and I always put a lot of thought into something before I buy it. 

I probably do go somewhat overboard at Christmas though - I spend about €160 on each parent, but they are worth it


----------



## bluebean

*re*

Fair enough Noor, parents are indeed worth it!  The framed paintings sound great. You sound very like me, I love giving presents which I know people want/like.  I sometimes spend weeks, even months doing research!  Example of this was I bought 1 Christmas present for boyfriend in August, as it was on sale and I knew he'd love it!

Some friends/most friends will appreciate your thoughtfulness, but if there are some who give you the same present/box of chocs every year then I wouldn't waste my time on thinking what they would like - they're obviously not thinking what you would like!


----------



## ClubMan

*Re: gifts etc...*

*I don't just place value in monetary gifts,*

Then it should be easy for you to buy cheaper ones so?


----------



## Noor77

*Re: gifts etc...*

Yes Clubman, but I would not buy something for someone because it was cheaper than something else if I thought they wouldn't like it  

What kind of gifts do you buy??? And do you rigorously count the pennies when you buy them?


----------



## ClubMan

*Re: gifts etc...*

*And do you rigorously count the pennies when you buy them?*

No. But I'm not the one asking for budgeting advice either.


----------



## Noor77

*Re: gifts etc...*

Ooooooh, cutting  

I was only making a general enquiry about your gift spending out of curiosity Clubman. I am endlessly fascinated by the spending habits of other people


----------



## melybabymely

*ooh*

I think we have a love/hate relationship going on here lol

Parents I spend about 50 each on presents.
Sisters I spend about 20 - 30 each

anyone else....well i dont buy anything.


----------



## ClubMan

*Re: gifts etc...*

Due to the numbers (particularly of kids) in our family we agreed a few years back to limit things to a _Kris Kindle_ sort of approach at _Winter Solstice_ time where each person gets one adult and one child to buy for with a budget of c. €25-30. I'd generally stick to a similar budget for other presents (birthdays etc.) for adult family members and c. €10-€20 for children depending on age. I'd spend a bit more on the mammy and wife of course. My circle of friends wouldn't tend to buy presents for each other as a matter of course other than for weddings, births etc.


----------



## cushtie

ouch...


----------



## ClubMan

Eh?


----------



## Noor77

Enlighten us Cushtie ?

Sounds alright Clubman, I don't know that the Kriskindel approach works long-term though. I've only ever used it in work situations and at secondary school. I take it you have no children yourself. I think when you do, Kriskindel might go out the window  

I think I am probably spending less on gifts now though, because in the past where I would spend IR£30 on a gift I now spend €30...probably force of habit!


----------



## Noor77

Melybaby : I don't know that it's love-hate, but it does prove that money is such a contentious and highly subjective issue!

The next Mr. Noor is going to have to share my spending philosophies or there may be trouble ;0 Honestly though, it would be very difficult to be with someone who had fundamentally different attitudes towards money than you


----------



## ClubMan

*Sounds alright Clubman, I don't know that the Kriskindel approach works long-term though.*

It's worked fine for years now. It used to be ridiculous with adults getting crap that they didn't want and kids getting too much stuff altogether. Now at least each person (adult or child) generally gets one decent present. We have no plans to change this approach.

* I take it you have no children yourself. I think when you do, Kriskindel might go out the window*

Why?

*it would be very difficult to be with someone who had fundamentally different attitudes towards money than you*

Good point!


----------



## Noor77

What I meant by the Kriskindel thing not working when you have your own kids Clubman is that presumably when you have little jimmy, johnny and jack you won't just pull one of their names out of a hat at Christmas and tell the other two poor souls that they might get lucky next Christmas!!!


----------



## Gar123

well noor 

now that you have all this spare cash floating around fancy blowing some on a toy boy?

well im 26 so a bit of a toyboy

told i look like ray liotta, dont know if that's a good or a bad thing!


----------



## cushtie

sorry that "ouch" was meant for a few posts earlier...

don't know how it ended up there. must not have refresehed before posting or something.

Anyway Noor77 I Think what you are doing is great but you really do need to disipline yourself and stick with it.

If it's any use to you Myself and Mrs Cushtie get by on €260 a week for general day to day living expenses after all the big stuff (mortgage, loans etc etc)has been paid. it breaks down as follows

€80 food
€45 Bills (Esb, Gas, Chorus, Bin, Tv License etc etc)
€30 Petrol
€105 left over to spend as we wish / need.


----------



## Noor77

*Re: Progress*

Okay...I managed to save €300 over the last 5 weeks as a result of various cutbacks. With this money I have bought €300 worth of prize bonds. I know Clubman is going to tell me I should have done something different with it but I chose the prize bonds for a few reasons:

1. I can't cash them in for 3 months
2. I can get more whenever I have spare cash - I won't be tied to a fixed figure monthly etc...
3. I can indulge my Cinderella side by fantasising that I might win the prize bond jackpot!

Also, as of February, I increased my SSIA contribution from €20 to €80 and plan to hike this up further in June (to €200)

All in all, I'm not doing too badly  

p.s. Gar123...I think you are confusing AAM with the Ask About Dating website


----------



## ClubMan

*Re: Progress*

* I know Clubman is going to tell me I should have done something different *

No - well done on saving this amount and locking it away. Don't leave it in _Prize Bonds_ for too long though since they don't earn any growth, don't guarantee any prizes and are only redeemable at their nominal face and not their real value (i.e. the redemption value falls as inflation eats into it). Perhaps when you save more than €1,000 in this way you could consider one of the high yielding deposit accounts in the best buys list.


----------



## melybabymely

*Best Buys*

ClubMan,

Those Best Buys need updating.

For the High Yield Northern Rock its states 3% on there website.


----------



## Noor77

*Re: Progress*

That's kind of what I was thinking of doing Clubman. I want to get €1,000 together in Prize Bonds and then open a SmartSave account with BOI, or maybe even just a regular Post Office Savings Account. I have to say, I wouldn't be too interested in any of those internet banks as I have a very sceptical streak


----------



## elderdog

*I wouldn't be too interested in any of those internet banks*

"I have to say, I wouldn't be too interested in any of those internet banks as I have a very sceptical streak  
"


Snap !



You are doing lots right....dont go and spoil it by handing over your loot to some phisher

Noor, See you over in AAD ( I'll be the one with the cold wet nose   )


----------



## Noor77

*Re: I wouldn't be too interested in any of those internet ba*

haha..I can see this whole AAD thing taking off! But would Crufts not be more your scene with that wet nose ElderDog?!  

I'm not really in the market for a new Mr. Noor at the moment though. I'm very low maintenance and that scares most guys. Ahd yes, I DID say LOW maintenance!

Anyway, by December I hope to have €3,000 in savings of one sort or another (not including SSIA). At least I seem to be getting my act together ...


----------



## Gar123

*Re: I wouldn't be too interested in any of those internet ba*

fair play on the prize bonds noor

i buy them as bithday and chrimbo gifts for all my nieces and nephews. 

not the most exciting thing to open on chrimbo morning but when playstation 13 is out in a few years they will have the cash to get it!


----------



## Noor77

*Re: prize bonds*

oh yes, Clubman...I do know that prizes aren't guaranteed


----------



## Noor77

*Re: debit cards*

have just signed myself up for the new AIB Maestro card


----------



## Diziet

*SSIA*

Hi Noor,
this thread is brilliant! As you get 25% on top of your contributions on the SSIA, and you have proved to yourself that you can budget, why not go all out and max your contribution now? You are throwing money away  
I like the Prize Bonds thinking, but only AFTER you max the SSIA. Don't wait till June - do it today.

cheers,
Diziet


----------



## Noor77

*Re: SSIA*

Thanks Diziet

I'm actually suprised at the popularity of this thread myself. Maybe it's because it doesn't deal with debt, but deals instead with budgeting to save and with managing your lifestyle according to your means etc... It probably hits a note with a lot of people who aren't actually in debt but know that they could be doing a whole lot more with their money.


----------



## ClubMan

*Re: Best Buys*

*Those Best Buys need updating.*

Yes - I've been meaning to get around to doing this! Real soon now...


----------



## ClubMan

*Re: I wouldn't be too interested in any of those internet ba*

*You are doing lots right....dont go and spoil it by handing over your loot to some phisher*

Are you serious or being sarcastic? I've dealt with _Northern Rock_ several times now and have always found them find. I can't remember if they participate in the relevant [broken link removed] or if deposits with them are covered by a _UK_ equivalent but it might be worth checking. I certainly would not equate _NR_ or any of the online banks mentioned in the list with phishers!


----------



## ClubMan

*Re: SSIA*

*but only AFTER you max the SSIA. Don't wait till June - do it today.*

Totally agree.


----------



## rainyday

*Re: SSIA*



> not the most exciting thing to open on chrimbo morning but when playstation 13 is out in a few years they will have the cash to get it!


Assuming that the inflation rate which eats away at the value of the bonds each year doesn't push the PS13 out of their reach.


----------



## mo3art

*Prize Bonds*

Ah Rainyday, don't put a dampner on it all now  

Noor - you seem to be doing really well.  Give yourself a pat on the back!  Just bear in mind that it's important to have fun too.  I've heard of people keeping a fun fund for the bad times, it's something I'd keep in mind if I were you


----------



## ClubMan

*Re: Prize Bonds*

*Give yourself a pat on the back! Just bear in mind that it's important to have fun too.*

Yeah - console yourself with the thought that a pat on the back is free too! :lol


----------



## Noor77

*Re: Prize Bonds*

Okay, I think we all know at this stage that Clubman isn't too fond of prize bonds!

I have to say though, when I was buying them I was so tempted to hit the shops!!! It's hard life


----------



## elderdog

*Re: I wouldn't be too interested in any of those internet ba*

"Are you serious or being sarcastic" ... Serious

"I certainly would not equate NR or any of the online banks mentioned in the list with phishers! "....Neither would I but many of them are attractive targets for phishers.

eDog



P.S.

Anyone wanting to kill a few minutes,

Just for fun,

( Only a laugh you understand )

Try to google your credit card number.


----------



## Noor77

*Re: money money money*

I didn't think you were being sarcastic either ElderDog.

I think I have come to a bit of a crux in my new existence as a budgeter - over the next 1 1/2 weeks I have a birthday, an anniversary, a work night out, a medical bill ...and St. Patricks Day  
I'm just wondering how I'll manage, as I want to save a little over that period as well. It's giving me a headache just thinking about it. I also have three birthdays coming up in April...and a city break.


----------



## elderdog

*Re: money money money*

For a low maintenance gal you have a hectic social life  

Any road and up, you dont have to come out positive every week do you ? If you are up every quarter then thats very good in my book.

( cue the strict budget brigade )


----------



## Noor77

*Re: money money money*

When I say I have a birthday coming up, I generally just mean I have a birthday present to buy, as opposed to a mad razzle dazzle night out! Although in saying that, two of the April birthdays will have parties attached to them


----------



## ClubMan

*Re: I wouldn't be too interested in any of those internet ba*

*Try to google your credit card number.*

Not a sausage.

*I'm just wondering how I'll manage*

You'll need to prioritise matters and stick to a plan. If you can't afford everything that you want to do then something's gotta give.


----------



## Noor77

*Re: money*

I can't do anything right, can I Clubman!


----------



## ClubMan

*Re: money*

I'll get back to you at the end of next week with an answer to that.


----------



## Noor77

*Re: money*

Hmmmmm...very funny.

You will all see me before next week though - I will be the one busking outside Brown Thomas in Grafton Street in the hope of getting a few shekels together to buy some presents!!!

Don't fancy my chances, but maybe some tourists might take pity on me


----------



## bluebean

*re*

Noor, I know you said you didn't really want to do a second job (I know exactly what you mean when you say you've already done a days work), but how about babysitting even one evening a week?  This is something I am hoping to do shortly.  I figure if it was during the week, then the children would be in bed by 9.30/10 and then you just have to be listening out for them in case they wake up or need comforting.  You could earn yourself up to 50 euro extra per week doing this if you found a family that suited you/that you suited.
Obviously you would need to have some experience with children - have you ever babysat before?

I have not started this myself yet as I am trying to gauge how much I can charge in my area.


----------



## Noor77

*Re: re*

Hiya Bluebean

Am a regular Mary Poppins as it happens! I was a Kids Rep in France for 8 months about 4 years ago. It was crazy and I loved it but I would NOT do it again !!!  

Anyway, no babysitting for me. Have hung up my Mary Poppins umbrella for the forseable future


----------



## missie25

*Re: re*

Yeah €50 extra a week would be great. It can be difficult to stick to a budget.
I have still stuck to my budget of €120 this week.

But next week will have to pay car tax,get tyres for car etc which comes out of the money that I wanted to save!!..

To win the lotto would be nice!!!


----------



## Noor77

*Re: re*

Yes, but €50 a week for the stress of minding other peoples children is possibly not really worth it  

How did you break down your €120 Missie? And did you end up spending it as planned?!!


----------



## missie25

*Re: re*

Yeah oddly enough I did break it down as planned...

€30 for petrol

€30 for food,bought alot from of fruit and veg from the market this week.Don't eat meat.

€42 spent that last Friday night. Bought some wine and we had it in the house before we headed out. €12.
Then went to a gig €10. Had two drinks €10. Ended up in a club,knew the bouncer at the door,so got in free!Had another drink €5.Taxi to and from town €5. There were alot of us out so it was cheaper.That night I did watch what I spent so it was a cheap night for me.I suppose it was late when we headed out so I didn't partake in any rounds..

€10 Mags,Sunday papers..Had €8 left.

Next week I doubt I will be as efficient especially with Paddy's day coming up


----------



## Noor77

*Re: re*

Well done Missie!

I know what you mean though about St. Patricks Day bringing a few financial "problems". One minute you're floating along nicely with your budget then something crops up. The next post will be from someone telling me I should have money put aside to deal with any crop ups!!!

Noor


----------



## bluebean

*re*

Well, St. Patrick's day is hardly an unexpected crop up now is it  ?

Jokes aside, seen as it is on a Thursday I don't see that I will spend as much as if it were on a weekend day.  I'm working on the Friday anyway so can't go to mad on Thursday night!

Well done Missie, you've done well with your budget.  I know what you mean about good weeks and bad weeks though - I have car insurance in about 2 weeks time which means that I've been broke (and will be broke) for the whole of March trying to pay it all off in one go (500).  Oh well, Lotto is over 3 million tonight, one can dream anyway.......!


----------



## Noor77

*Re: re*

Bluebean - Clubman reckons the Lotto is a "tax on innumerates"... so perhaps he won't want you to be tempting us all  

You are right about the potential savings on a Thursday Paddy's Day as opposed to Friday one. I'm not sure that these would be reaaaaaaaaaaally significant though!


----------



## Gar123

*Re: re*

bluebean, good on ya suffering a bit and paying off in one go, so many people go down the laon to pay in surance route and pay so much more

i got a quote last year for € 3500 on a pp rover 1.6 !! full licence 4 years but then i am a man!

ended up buying a old mini for € 1500 insurance €1500 tax € 180 on the road in the best fun ive had then sold it for a profit after 6 months

still not looking forward to this years quote!


----------



## bluebean

*re*

My God, that is very high insurance Gar!  I definitely appreciate being female when it comes to car insurance!

I have my license 2 years now and between that and my age increasing (naturally!) the diffence in my insurance has been huge.  First year I got insured in my own name I was 23, 3 years named driver experience and I paid 1550 euro for third party, fire and theft cover.  By the following year I had passed my test, and got comprehensive cover for 650 euro!!  That was after a lot of haggling and playing companies off against each other.  They just seem to pick a figure out of the air, and seems to change every time you ring them.  By the way, well worth ringing instead of just going by internet, often a lower premium when you're on the phone for some bizarre reason.

I used to do the old downpayment + then 10 months direct debit but now that it has come down to a reasonable sum I try to just bite the bullet and pay it all off in one go.  Makes for a pretty miserable March usually, but worth it to have the freedom of a car really


----------



## Noor77

*Re: re*

You seem very mature for a guy of your years Gar.....that's intended as a compliment by the way  

Had a bit of a disaster yesterday ...went into the chemist to get some throat lozenges and ended up spending about €30. Feeling very shame-faced about it all.


----------



## missie25

*Re: re*

Was the rest an impulse buy??


----------



## Noor77

*Re: The dangers of impulse buying!*

Yes Missie, it was. 

Feel free to chastise me, I am sure Clubman will  

I ended up buying Aloe Vera capsules, disney plasters, evening primrose oil, shower gel and a sponge!

I can kind of justify the evening primrose oil and aloe vera, but I didn't need the other stuff.

And I even managed to forget the lozenges!!!


----------



## ClubMan

*Re: The dangers of impulse buying!*

No criticism - just a question and an observation...

Can you explain why you bought all that stuff - and forgot what you originally went in for? Seems to me that if you feel that you're not managing your finances as well as you could then incidents such as this could be a significant contributory factor and so getting to the root cause could help you gain control of your situation.


----------



## Noor77

*Re: The dangers of impulse buying!*

Re: Why;

I think it's just because I see these things and think to myself ....mmmmm, I'd quite like that. And, because I am relatively new to the whole realm of budgeting, my neurological 'NO' sensors are not really up to scratch yet. But I'm working on it! I would be more worried about myself If I was doing this while in a debt situation, but the occasional lapse in budgeting is probably to be expected, although should't be consistently tolerated!


----------



## ClubMan

*Re: The dangers of impulse buying!*

*....mmmmm, I'd quite like that*

If you are trying to operate to a weekly budget at the moment did that not also come to mind at the time?


----------



## Gar123

*Re: The dangers of impulse buying!*

ah i was selling wehn i was 5 noor, learned the value and fun of money early

i just rang a broker there and got a quote for € 1770 for the insurance this year, i actually have the licence 6 years!

just spent the difference on a holiday to Ukraine,, Belarus and Poland!


----------



## Noor77

*Re: The dangers of impulse buying!*

No Clubman, unfortunately it didn't   Maybe I was a bit hormonal or something but it just completely slipped my mind!

I WILL DO BETTER!
I WILL DO BETTER!
I WILL DO BETTER!
I WILL DO BETTER!
I WILL DO BETTER!

Nice holiday Gar


----------



## bluebean

*re: car insurance*

Gar, ring more than one company. In fact, ring as many as you can and then play them off against one another.  Its the only way to go.  Yes, its tedious and time consuming but it really could save you hundreds.  There was a thread on these boards a while back giving a list of all the main insurers in Ireland.  Another thing worth considering is putting a female driver on to your policy as a named driver.   Sounds crazy, but a guy I work with, his premium came down by 200 just by him adding his girlfriends name on to the insurance!!  So in effect, it was cheaper for him to insure 2 people than just himself alone.  It seems he was told that men aged between 25 - 34 are the highest risk category, but that by adding a female named driver who 'might' drive the car occasionally he was removed from that category.....like I said, madness but there you go!

Noor, Noor, Noor - move away from the cash register and leave the shop!  It looks like you can be really good for a few days, but then have a big blow out when you buy things you dont really need.  Do you use all these beauty products, or do they end up being used once or twice and then sitting on the shelf?  How has your budget gone since last Friday?


----------



## Noor77

*Re: money money money*

Hi Bluebean

I don't think €30 constitutes a really big blow out??? Or am I wrong?

Since last Friday I have spent €135, €15 over budget but still a vast improvement on what this figure would have been in the past.

Next week it's the €120 or bust!


----------



## Gar123

*Re: re: car insurance*

yes but if i add a girl to the policy does that mean that i have to automatically start applying make up while driving , and nattering on the mobile, and driving around corners without indicating...and driving so slow i force some poor lad to overtake me and crash


----------



## bluebean

*re*

now now Gar, and there was me trying to be nice to you!!!  But if you're going to start slating female drivers then I'll have to have a re-think!

Noor, 30 euro isn't a major blow out, but it has put you over budget, thats the bottom line.


----------



## Noor77

*Re: re: car insurance*

Poor Gar,

you've obviously never had much to do with low maintenance girls...we never do that stuff!

I am off to watch Milan Barros, cost: FREE!!!

Total spent today thus far: €5.40 - of which €2 was my Lotto contribution.

AND I brought in my own lunch for the second time this week. Did this for the first time last week. See, I'm not all bad Clubman


----------



## ClubMan

*Re: money money money*

*I don't think €30 constitutes a really big blow out??? Or am I wrong?*

Depends on what proportion of your weekly budget figure this was I suppose?


----------



## Gar123

*Re: money money money*

and your a liverpool fan and all noor, sure it might be getting nearer the time to pm u my number n we could go for a budget coffee and discuss finances!

go on the reds!


----------



## melybabymely

*go on the reds*

Well Noor, 

Like myself had a good night out last night on 2 drinks only. It was a great match, thoroughly enjoyed it.

As for Patricks Day I dont have to worry as Im working, and come evening time i think i would prefer to stay in with a few drinks, our part of the country can get quite rowdy on days like these and i just couldnt be bothered. Nice pizza, wine, and whatever cheap drink we can find.


----------



## Noor77

*Re: go on the reds*

Good Morning

No major blowouts yesterday, although I did buy Hello magazine, but only because there was a free bar of chocolate on it!

Anyway, payday today .....usually by payday I have less than €50 in my account, but today I had €200...so I'm doing something right at least.

Re: Paddy's Day, I don't really like going out on this day...it's too busy and pure chaos. I'll be watching the parade highlights on tv with a campari soda and some mint icecream  

I'm not a Liverpool fan per se, but I do like them..and they would be my favourite premiership side definitely.

Noor


----------



## melybabymely

*Re: go on the reds*

Noor,

Did you have a look at those websites i gave you.

www.newsnow.co.uk

www.digitalspy.co.uk

They are very handy sites to have, and would probably drop the price in newspapers/mags etc.


----------



## missie25

*Re: go on the reds*

Was dragged out last night to see the matches.
Ended up being a good night!Had Pizza as well. Spent 
€15.
I'm not really into soccer but fair play to liverpool!!
Think I'm going to a house party on Paddy's night not sure about the day yet!


----------



## Noor77

*Re: go on the reds*

Yes I did thanks Melybaby...and I have cut way down on magazines and newspaper expenditure. To tell you the truth it was more the bar of chocolate on the magazine that caught my eye yesterday - 100g Lindt Dark Chocolate with Orange and Almond slivers ....mmmmmm


----------



## Imperator

*Magazines*

Regarding magazine purchases, I found I saved a fortune when I took out subscriptions.  Not all mags have a subscription service I'm sure, but some of them give a discount.

Secondly, if you know it's in the post at home, you're less likely to wander into a newsagent and buy (insert crap title here).

Imperator


----------



## Noor77

*Re: Money*

Imperator - I am not too sure why you would take out a subscription to a magazine that you thought was cr@P ...

I think you have me pigeon-holed as a purchaser of 'gossip' magazines ....but I am just as likely to buy National Geographic as I am to buy Marie Claire!

Anyway, magazines are slowly disappearing from my life  

I'm allowing myself €120 to last from today until next Thursday ....but...in addition to that I have to allow myself an extra €55 for non-discretionary travel costs (return train ticket). I will also be going clothes shopping on Saturday for the first time in a long while and I have saved up €100 for this purpose over the last 5 weeks so technically it isn't part of my budget


----------



## Imperator

*Mags*

I should have been clearer in my previous post.  I have taken out subscriptions to a number of Magazines, and am therefore less likely to wander in to a newsagent and in addition to buying my intended purchase, buy something else that I don't really want.

Considering the amount of stuff available to purchase online - books, CDs, groceries etc., shopping in such a manner may (if you don't go nuts) remove you from temptation to purchase additional items.  Works for me anyway.

Imperator


----------



## Noor77

*Re:money*

I have never bought anything on line, it just doesn't really interest me...and I think that if I did start buying things on-line I would be even more tempted to buy things I didn't really need.

Clubman - I found out today that my gross salary is 31,500 and then there is the 3,900 rental income as well. See, not 38k!!!


----------



## sinead76

*budget*

You're doing well!  €120 how are you!  I have €25 to get me through til next wednesday €8 of that will be weight watchers which I won't have to pay anymore if I lose another 4.5lbs, which could easily happen since there will be no takeaways or drinking!  I have a freezer full of food that would probably get me through a few weeks if it had to so I won't go hungry and mastercard for GENUINE emergencies!


----------



## ClubMan

*Re: Re:money*

*Clubman - I found out today that my gross salary is 31,500 and then there is the 3,900 rental income as well. See, not 38k!!!*

You were missing my point . €31,500 p.a. gross is €2,164 p.a. net assuming a single person with the basic tax credits and _Class A PRSI_. However you are also in receipt of €3,900 p.a. (€325 p.m.) tax free (_Rent A Room_ scheme) rental income (which I don't remember being mentioned before?) and a tax free "mortgage subsidy" of €250 p.m. from your parents. In total you are getting €2,164 + €325 + €250 = €2,739 into your hand each month. *This is the equivalent net monthly income that somebody on €44,000 gross would be getting!*


----------



## Noor77

*Re: Re:money*

Clubman! You can't add the €250 a month because it doesn't come to me at all....it goes straight into my mortgage account....so my mortgage is €696 p.m. + €250 p.m. You can't count something I don't REALLY get!!!


----------



## Noor77

*Re: Re:money*

OOOOOOOOOOOOOOOOOOOOOOOOOOOOHHHHHH.......now you've highlighted that thing in red to make me feel really stupid   Well, I never pretended to be a financial savant did I?! Hence my dependence on this site


----------



## smree

*Re: Re:money*

Why would you not include the €250 a month? It's being paid off your mortgage so it is something that you are getting?? If your parents weren't paying this then that €250 a month would come out of your own salary so you are better off by €250 a month


----------



## ClubMan

*Re: Re:money*

*Clubman! You can't add the €250 a month because it doesn't come to me at all....it goes straight into my mortgage account....so my mortgage is €696 p.m. + €250 p.m. You can't count something I don't REALLY get!!!*

It is income to you even if it is used to pay the mortgage.

*now you've highlighted that thing in red to make me feel really stupid  *

No - I just wanted to highlight the key point. Do you understand my point here? You are earning the equivalent of c. €44K p.a. gross overall. If you don't accept/understand that then please clarify where you are having problems.


----------



## Noor77

*Re: Re:money*

I know Smree, but I tend to think of it as "invisible" money - money that I don't see but that does a lot of good and that I'd be very stuck without!

Seriously though, this site, and the contributors, have helped me an awful lot...and I still have lots to learn


----------



## ClubMan

*Re: Re:money*

You're making me feel like _Jeremy Paxman_ or _Vincent Browne_ now... do you accept my figures above?


----------



## Noor77

*Re: Re:money*

Sorry Clubman, 

I wasn't trying to wind you up  
I understand it when you say it.....but I don't feel it. That's what I mean. And obviously the fact that I don't feel it is just a reflection of my general incompetence when it comes to money


----------



## ClubMan

*Re: Re:money*

Did you ever 
<!--EZCODE LIST START--><ul><li>Do a detailed spending diary for a week or two?</li><li>Identify unnecessary spending or areas in which you could save/not spend money?</li><li>Set a weekly budget and stick to it?</li></ul><!--EZCODE LIST END-->
It's not rocket science.


----------



## Noor77

*Re: Re:money*

Yes, yes and yes

Sometimes Clubman Paxman, I think you would be nicer to me if I said I had a big CC debt  

Since I have come across this site I have begun both budgeting and saving, so you (despite your gruff manner    )
are obviously doing something right! Pat on the back to you for that...and as you mentioned a few posts ago ...a pat on the back is free!!!


----------



## ClubMan

*Re: Re:money*

*despite your gruff manner*

Fair enough - if you don't like my manner or being presented with objective feedback which might challenge your status quo then I'll sign off this topic and forget about trying to help you... :rolleyes


----------



## melybabymely

*budget*

from today until next wednesday my budget is:

Rent 130
TV 30
ESB 50
Eircom 75
Mr. Binman 14
Food: 21 (will be hard)
Entertainment 20 (again hard)
Parents Siver Anniversary: 300 (paying some of there trip and also buying a silver engraved plate)

tough one eh?


----------



## Noor77

*Re: Re:money*

That was intended as a joke Clubman  
And I am very sorry if you were offended in any way by my dubious sense of humour 


But I meant it about the pat on the back. Your advice is always welcome and appreciated


----------



## Noor77

*Re: budget*

That's a tough one alright Melybaby.....any chance on holding off on the Mr. Binman labels so you could have a bit more money for food? 

If not you could always try and live off noodles for a few days. I did this a lot in college! When it was really bad in college and we couldn't afford any milk, we would eat our cornflakes with hot sugared water instead!


----------



## Vanilla

*Re: students budgets*

When I was in college and particularly skint ( usually every Wednesday to Friday until I could take the train home and raid the family cupboards) it was boiled rice and ketchup, and if there were any left, a fried egg. Euurgh!


----------



## melybabymely

*Re: students budgets*

Yip it will be hard.

ugh, boyfriend just called our esb is now 400
(155 arrears) then regular 245 which a notice on how charges have increased ugh.....


----------



## Noor77

*Re: students budgets*

Hiya Vanilla

We never tried the rice and ketchup....but we did have plain pasta with ketchup when we had no sauce! We actually lived on cereal a lot. Another thing we used to have was baked beans and cheese mixed together.


----------



## ClubMan

*Re: students budgets*

There's a hostel down off _North King Street_ that does free food for the homeless, winos and junkies if you're really stuck.


----------



## bluebean

*re college life.*

ah yes, the old cheesy beans thing.  And pasta, lots of pasta.  I didn't eat pasta for at least 2 years after I finished college, couldn't stand it after eating very little else for a few years!  Back to liking it again now though.

On a more serious note, its so much cheaper to cook from scratch then to buy ready meals.  If you are cooking for 1, just try and freeze any excess.  

I just wish that Lidl/Aldi had been around in my college days, it would have been brilliant!


----------



## melybabymely

*Re: re college life.*

I think we will be living off of bread and ketchup for the next week. Then buy a large bag of pasta for 5 euros in tesco and bag of baby potatoes 99c tesco.


----------



## missie25

*Re: students budgets*

I usually bring in my lunch to work but forgot it today as I was out last night,got up late and all that. Paid €3.35 for a Bap.Thought it was day light robbery. Before I would never have thought about it.Think all this budgeting and paying off my loan last year has lead me to be a being a bit of a  scrooge!!!!


----------



## missie25

*Re: students budgets*

By the way, is this the longest post that was on AAB??


----------



## Marion

No it's not the longest post. It's the second longest. You have a lot more chatting to do.

Marion :hat


----------



## mo3art

Well then, we'd better get working :b 

Here's a good question for you all..........

What's the single largest non-essential purchase you've made, how much did it cost, and have you regretted the splurge?

When I say non- essential, I mean it can't be a house/apartment or a car!

Mine would be my computer, but it could be debatable as to whether it's essential or not.  It cost me €1800, and I haven't regretted it one bit.


----------



## ClubMan

*What's the single largest non-essential purchase you've made, how much did it cost, and have you regretted the splurge?*

Eur 2K holiday last year. .

Eur 2K worth of jewellery for herself and Eur 800 worth of computer gear for me in the _US_, both a few weeks ago. No.

Neither were funded by credit so from that point of view there were certainly no regrets.


----------



## melybabymely

*largest payment*

I think they single largest payment i made was for 300 euros on a DVD/CD Burner, i regret paying because its himself that uses it all the time as i have no need for it.

We have the computer free because of his disability, but i guess i use that more for things like paint shop pro groups/tutorials and just collecting postcards etc.

Only single largest payment im making this week is 300 euros which is paying off some of my parents trip to Rome for there Silver Wedding Anniversary. My other sister is paying 300 also and my younger sister who doesnt work was able to pay 200, there trip cost 2500 for 1 week and we paid 800. Also we have made a silver plate engraved with our signatures also which cost 150. But definetely dont regret this, my parents are my best best friends.


----------



## Vanilla

*Stealing from the mouths of the homeless*

Clubman- cant say that I was ever THAT desperate, however I do recall a group of us all attending a meeting of the Hari Krishnas as we were told there would be free food. We only had to sit through what seemed like hours of meditation/prayer first.

As for the biggest splurge, that would be my honeymoon a few years back-we hired a convertible and drove around California, and no, I certainly dont regret it. 

p.s. so Marion, what was the longest thread?


----------



## Noor77

*Re: Money*

Largest amount of money I have ever spent on something was €1,000 on a holiday, which I don't regret at all. I'm not really a splurger though.

Melybaby - Living off porridge would be better for you than bread and tomato ketchup. Then buy a huge bag of spinach in tesco and mix spinach with noodles or pasta for dinner, drizzle with olive oil and sprinkle a few cheese shavings and some black pepper on top. At least you would be getting some nutrients from the spinach!


----------



## melybabymely

*Re: Money*

thanks Noor,

Will try that it sounds so nice.

now i know how you feel about things that keep popping up

ie my make-up is finished and it costs 30euros for it that i havent budgeted for.
Also does anyone find that condoms are now extremely expensive to buy. Almost 16 euros for a pack of 10. 

And the government are so concerned about unprotected sex...they should be, these people will not have the money to go out and buy something they cant afford. Itd ridiculous.


----------



## ClubMan

*Re: Money*

*Also does anyone find that condoms are now extremely expensive to buy. *

_Lidl_ even sell these cheaper than other outlets. They'd be cheaper again everywhere if they were not treated as a luxury item and subject to 21% _VAT_ assuming retailers didn't simply claw this back as increased margin.


----------



## Noor77

*Re: Money*

I'm sure you can buy them cheaper on-line....I think one of my friends did before. They are way cheaper elsewhere in Europe so you could always stock up on holidays


----------



## Noor77

*Re: Don't eat bread and ketchup*

Have thought of some more cheap yet healthy stuff for you Melybaby:

Buy a few carrots, chop them into batons and stir fry them in a mixture of olive oil and soy sauce with one or two cloves of garlic (crushed). Eat with noodles

If you are going to really have a cheap week: get some nettle tea as it's jam-packed with vitamins. Drink with a spoon of honey to make it more palatable

Slice mushrooms and leeks, stir fry with olive oil and then pour in a small tub of creme fraiche. Eat with pasta sprinkled with some black pepper and cheese


----------



## ClubMan

*Re: Don't eat bread and ketchup*

*Buy a few carrots, chop them into batons and stir fry them in a mixture of olive oil and soy sauce with one or two cloves of garlic (crushed). Eat with noodles*

Yeah - I often lash together a basic stir fry with whatever veg remains and either packaged or instant noodles - more out of convenience/laziness than as a cost saving measure though.


----------



## Noor77

*Re: Don't eat bread and ketchup*

Yeah, noodles are great - the original fast food! I don't like any of the flavoured ones you can buy or those pot noodle things though as they are full of additives. Amoy Straight to Wok Udon noodles are lovely


----------



## ClubMan

*Re: Don't eat bread and ketchup*

*I don't like any of the flavoured ones you can buy or those pot noodle things though as they are full of additives*

I bought some ordinary ones and there are more additives in the noodles than in the ones in the instant packets! Obviously the flavour sachet in with the latter is full of crap though.


----------



## melybabymely

*Re: Don't eat bread and ketchup*

mmmmm sounds delicious.

Have nothing in the cupboards or fridge
So what can i buy out of 21 euros. I shop in Tesco's.


----------



## Noor77

*Re: Don't eat bread and ketchup*

Pasta
Noodles or Rice
Carrots
value pack Mushrooms
Spinach
Leeks
value pack Onions
Tinned Chopped Tomatoes
Some kind of oil (you probably won't have enough for Olive)
Soy Sauce
Milk
value pack cheese
Eggs (so you can do omelettes and scrambled eggs etc...)
Porridge Oats
Yellow or red pepper for adding to stir frys
value pack apples
value pack chocalte mousse 6 pack (you need chocolate!)
value pack brown sliced pan


----------



## ClubMan

*Re: Don't eat bread and ketchup*

*I shop in Tesco's.*

Try to stick to _Tesco's "Value"_ range as far as possible or other special (e.g. two for one etc.) offers if you're on a tight budget. Is there no _Lidl/Aldi_ handy as you can get some great bargains there. I suspect that you might not be buying much meat/fish for this week but if you do steer clear of the supermarkets and get it in a butchers/fishmongers shop instead. You may also get better value by buying fruit/veg in a greengrocers. Think carefully before chucking stuff into the basket/trolley.

And don't forget - there's always my special "Haricots blancs al pomodoro on white bread crostini with a glass of Chateau le Pomp" aka beans on toast with a glass of water if you're stuck.


----------



## melybabymely

*Re: Don't eat bread and ketchup*

actually i found 1lb mince, 2 fillets of salmon and 2 fillets of chicken in the freezer lol


----------



## melybabymely

I got a large package from Bold with some really nice samples of there lavender detergent, package was lovely and colourful. Will save me a few days without buying some in the shops.

mmm I wonder is there a website where you can order some samples of different products etc. I've spotted one on the dove website for some face wash pads.


----------



## Marion

Hi Vanilla

The longest thread so far on AAM was one concerning the smoking ban - I can't remember the exact title. 

The third longest thread so far (13 pages) was one which dealt with the teachers' dispute. 

Marion :hat


----------



## Noor77

And this one was started by little old me  

Melybaby - sample sounds great, but you can't eat it! 

I'm really looking forward to my semi-splurge tomorrow - with the €120 I have saved up for clothes shopping. I know it's not that much really, but it's better than nothing.

I know on my shopping list earlier I had no meat or fish - I used to be a vegetarian for 8 years and even now I don't each that much meat. When I do it's usually mince, chicken and fish (plaice, haddock, tuna, salmon), and I probably only eat meat once a week.


----------



## Marion

> And this one was started by little old me



You seem to have gone off track though Noor. The name of this forum is Borrowing, Banking and Credit Cards. 

At the moment it is running the risk of being subdivided and brought to DontAskaboutmoney.

Marion :hat


----------



## Noor77

It should probably have been under some kind of savings / budget thing to begin with anyway

I don't care where it goes


----------



## ClubMan

*with the €120 I have saved up for clothes shopping*

That's about as much as I've spent in the past year on clothes! I bought a new pair of _Doc Martens_ for my wedding and they're coming up to their third birthday soon so I might think about replacing them. :lol


----------



## Noor77

*Re: Budgeting for clothes*

So....how much does everyone spend on clothes in a month / year etc...???

Would you advocate the "buy more expensive stuff as it lasts longer" policy or, is "cheap and cheerful" the way to go?

What shops do you think offer the best value for money..and what are the shops that just rip you off???


----------



## melybabymely

*what am i doing wrong*

I dont buy much clothes as i cant afford them, but sometimes i can get cheap black pants in dunnes for 10 euros, that will do me for office, and some cheap shirts.

My sister visited me yesterday and showed me pants and 4 tops she bought in Penney's for just under 50 euros.  
Clothes wise i think Browne Thomas is the most ridiculas place to ever buy things - a top for 100 euros....no thank you, even if i could afford that i just dont think its worth it. A-Wear is not too bad for clothes, but sometimes they have good stuff or nothing at all.


----------



## mo3art

*Clothes*

Well, I go to Penneys for bits and bobs, you really can't beat them for value, and the kids clothes are brilliant.

Their clothes do seem to fall apart/shrink quicker in the wash, so if I need something a bit longer lasting I shop in Dunnes Stores or Dorothy Perkins.  My staple work "uniform" is black trousers, tops and cardigans so it doesn't have to be expensive.  Also, my local market is great for "seconds" designer jeans, so I get great value there, I recently picked up a pair of Levis and a pair of New Look jeans for €27 for the two.

A bit of a trick is to go into Penneys on the last day of the month, they seem to have more sales then.  O'Connell Street always have more discounted clothes than the new Mary Street store, I still can't get my head around this!

Oh, and I always go shopping with cash in my wallet, I find that if it's gone, I can't buy anymore and stick to the budget, otherwise you don't feel the impact if you use the Laser card or Credit Card.

At least once a month we make a trip to Newry to get all our non-perishables, pasta, rice, tinned goods, juices, cosmetics and our clothes.  The Primark store in the Buttercrane is the same as Penneys in Dublin and is a total mess, but there is even better value to be had there if you are prepared to dig around.  New Look, Etam, Dorothy Perkins, the whole lot are there, and you'll be sick if you take a look at the Euro/Sterling price tags, I haven't bought from the english stores in the republic since


----------



## Noor77

*Re: Clothes*

I generally always go for the cheap and cheerful option myself - even though I sometimes feel like I should be saving to get the more expensive stuff that won't fall apart at the seams after three of four wears. What really amazes me is just HOW expensive some of the high street shops are - especially Monsoon, Oasis and River Island. I never shop there but I can't get over all the young studenty types that come out of these shops laden down with bags. Where do they get the money?! 

Anyway, I went on my shopping "splurge" today - with the €120 I had saved over the last 5/6 weeks expressly for this purpose. Bought:

Zara top 1: €25
Zara top 2: €25
A-Wear top 1: €15
A-Wear top 2: €25

Spent €90, so there is €30 to go back in the brown envelope fund     Not too bad

I did go into Oasis, just to look. Saw a lovely top - nothing spectacular though - and was nearly rendered speechless when I saw it had a price tag of €78. Unbelievable. I think that even Zara has been sneaking up its Irish prices over the last few months. In Spain, Zara would be the equivalent of A/Wear...but here it is definitely pricing itself above that.


----------



## ClubMan

*Re: Clothes*

* Well, I go to Penneys for bits and bobs, you really can't beat them for value ...

Their clothes do seem to fall apart/shrink quicker in the wash*

Don't find that myself but I'm curious as to how you think that clothes that allegedly fall apart/shrink quickly represent good value?


----------



## mo3art

*Clothes*

Sorry Clubman should have made myself clearer.  The kids clothes are grand for exactly that reason, because by the time they are falling apart, she's grown out of them!  LOL

Otherwise, you're dead right, they're not good value at all


----------



## ClubMan

*Re: Clothes*

Admirable back peddling there.   But seriously I don't find any problem with _Penny's_ stuff myself. Other than the _Doc Martens_ I'm probably dressed from head to toe by them and _Dunnes_ most of the time. I think that the most expensive clothes purchase I ever made was a second hand leather _Boston_ policeman's (actually, could have been policewoman's as it zips up female style!) jacket from _Flip!_ down by the side of the _Central Bank_ for IRP100 (bloody US style laptop keyboard - no pound or euro symbols!!!) although my wedding suit a few years back from _TKMaxx_ probably edged that from the number one spot.


----------



## Noor77

*Re: Clothes*

So Clubman, I guess you fall into the cheap and cheerful category like myself. But I am seriously starting to doubt the wisdom of this longterm. I would be lost without Penneys, but in saying that, often the quality of their clothes is a bit questionable. Tops and stuff are okay but trousers are a whole different story!

I'm starting to think that maybe I should be saving / budgeting to get well-made clothes that would last longer and would thus provide more value for money but over a longer period of time.

What would you guys advise?

Noor


----------



## ClubMan

*Re: Clothes*

Their jeans work fine for me.


----------



## setanta

*Re: Clothes*

Penneys Jeans work fine for me too but the  problem I have with both Dunnes and Penneys is size or rather lack of. I  am a 30'' waist by a 30'' insid leg but only on rare occasions do penneys or dunnes have these sizes in stock. Difference with these stores and Marks and Sparks in Newry is I can go in and if I like a pair of trousers just go to customer desk and staff will order it, and its in two days later. Try that one in Dunnes or Penneys!! Newry is only up the road from me so its easy for me  but I dont know if its so good for value overall to make it worthwhile driving from Dublin after all there's the toll x 2 and lunch and petrol. I notice that Dunnes are selling miller next week 24x33cc for €23. Newry would be hard pushed to match that.


----------



## sherman

*Re: Clothes*

Although my girlfriend disagrees vociferously with this theory, I reckon all the cheapo Pennys/Dunnes/Zara clothes are made in the same factories as expensive 'designer' labels. Last time I was in the States I bought a ton of 'designer' clothes in discount malls/villages for less than their Pennys equivalents here, and on looking at the labels, they were all made in Sri Lanka, China, Morocco etc. Nothing wrong with that, but I doubt there are 'cheapo' factory and 'designer/quality' factory distinctions in these places. You're mostly paying for marketing, image and 'lifestyle' rather than quality with these designer labels.


----------



## melybabymely

Well talking about budgeting lol

my boyfriend wants us to cancel Galway at the end of the month and use the money as a deposit for a luxurious holiday next year with the "Sandals" resorts for couples only.

Were going to Tenerife this year with a superior room in a 4* hotel.


----------



## Gar123

sandals

hadnt they a tv show about this one place that was for swingers only?


----------



## melybabymely

mmmm dont think so

http://www.sandals.com/

Back to topic I blew my budget the weekend. Bought Bridget Jones 1 & 2 for 35 euros. Got himself Ricky Gervais for 20 euros. 15 euros in Supermacs. 

Well Its back to the drawing board for me again.


----------



## ClubMan

Perhaps _Gar123_ meant _Galway_?


----------



## melybabymely

Bills to pay - not sure how though

Chorus TV - 100
ESB - 300
Eircom - 300

Total: 700

I want these paid before April, so i can budget proparly ie 10 for chorus, 20 for eircom, 15 for esb etc.


----------



## sinead76

*weekend spend*

My weekend spend came to this:

Friday - groceries & easter eggs €57
Saturday - €0
Sunday - €3.30 on papers and €1.40 on a loaf of bread

Saturday is usually my most dangerous day so I stayed at home and gave the house a long overdue clean. I even washed my car!


----------



## Noor77

*Re: BUDGETING*

Melybaby!

I thought you only had €21 for groceries ...so how did you manage to splurge all that at the weekend?!!! And there was me, worrying that you would starve!


----------



## melybabymely

*Re: BUDGETING*

lol Hi Norr,

They money that i was supposed to use for other things I have now used up. So i didnt starve. 

My goals for the next few weeks is to pay off all bills, join the gym which is over 550, the medium term is save for holiday and pocket money for tenerife, oh and also clothes/bikinis/creams/shorts/tops etc. A holiday is always worth it though especially since coming out of a finished debt and not been away in years.


----------



## Gar123

*Gym*

hi there

are you near westpoint or carlisle , a lot cheaper than 550 !


----------



## melybabymely

*Re: Gym*

Hi Gar,

I think I got it wrong. Im in Limerick and with Crunch Fitness the options I have are:

Option 1 is 395 per year
Option 2 is 40 per month with 100 deposit thats 580 per year.


----------



## Noor77

*Re: Budgeting and holidays*

Melybaby, holidays do tend to blow the budget quite a bit. I'm lucky because a former Mr. Noor is treating me to a week in a 5 Star hotel on the Venetian coast in Italy. All I will have to think about financially is my spending money  

€550 for a gym is way too much. Buy a thigh-master and an abs roller from the Argos catalogue. That will only set you back €60. Using them, combined with a few walks (free!), should have you Cindy Crawford-like in no time at all!!! You can use the money you would have spent on a gym as holiday spending money

Noor


----------



## melybabymely

*Re: Budgeting and holidays*

mmmm I guess ure right. I might have a look in the good auld argos book.


----------



## Noor77

*Re: Budgeting and holidays*

I joined a gym myself...about 4 years ago. Luckily it was a pay by month one because I paid IR£140 for two months and only ended up going three times! Generally, I think eating relatively healthily and trying to walk as much as you can is better than the gym any day - and a lot cheaper of course  

I'm still waiting to hear someone say they think that spending more on clothes makes better sense - it seems that everyone on this thread is of the 'cheap and cheerful' mode of thinking...


----------



## fobs

*re: clothes*

Have been following this thread but first contribution!
I do think that often buying cheaper clothes is a false economy as the quality isn't good. Also notice that Penny don't include the country of origin in their clothes anymore so don't know where they are made!
i get my high fashion items from dunnes,Next,Oasis,Wallis and also go to smaller boutique for special occasion gear. Often you can get great bargains in the smaller shops and the quality better. It depends on what you are buying. I love the Coast brand in BT's for dressy items. I have 2 small kids now so don't go out as much as before so don't need as many one-off tops for a SAturday night anymore. Like better quality clothes for work and have some trousers for years as the quality of the cut/fabric means they last. It's a very personal thing but I think Pennys cater more for teenagers and as you get older you tend to go for quality over quantity (or maybe i'm the odd-one out here!)


----------



## Vanilla

*Clothes horse*

Well if you're looking for someone to admit to buying expensive clothes rather than cheep & cheerful, look no further! I'm not sure I can justify it, but I'll try though! 

I believe that, depending on what you do for a living, it can be necessary to' dress for success', or as my mother used to say 'fine feathers make fine birds'... I buy what might be considered expensive clothes for work. I have to wear a suit for work, and so I buy about three to four a year. I buy in the sales, usually two in the January sales, and one to two in the summer sales. They cost between €400 to €500 each. I then buy tops in places like Principles and Next.

I would be inclined to buy casual gear in local boutiques- so the price wouldnt be very high, but would be more than Dunnes and certainly more than Penneys. I have bought a few things in Penneys and thought the quality was appalling. I feel Dunnes is better but would be less inclined to buy there because I just don't like their clothes usually, I don't think they hang well, and theres little originality there.

So..for my sins I probably pay too much for clothes, but on the other hand I would only buy a few times a year-so quality versus quantity...


----------



## Noor77

*Re: Clothes horse*

You are the other side of the coin Vanilla!

Where do you buy your suits by the way? And how long would they normally last you?

I wouldn't necessarily agree with the "fine feathers ..." motto -I think an attractive (as in confident and personable) person will look nice in clothes from any kind of shop - as long as the "outfit" has been nicely put together and the person appears well-groomed etc... I have seen a lot of hideous outfits on people that were bought in Brown Thomas and Escada!

I tend to believe that it has more to do with fashion sense then purchasing power. I know that for suits though, it is generally way better value to buy the most expensive you can afford


----------



## bluebean

*re Melybaby*

Melybaby, might be worth  your while taking a look at www.lidl.ie - the specials today are fitness equipment, there is a stepper for 30 quid.  Personally I'd prefer to get out in to the fresh air to go walking but I'm tempted by this for times of bad weather etc.  

As for clothes, I can't say that I've had anything fall apart or shrink from Penneys, but maybe thats just luck.  For kids casual clothes its great, as they tend to outgrow clothes v quickly and also cut the knees out of jeans etc.

Bargain wise with clothes, I find Wallis sales + Marks and Spencer sales very good.  But my latest bargain was a pair of flat shoes with strap for €2 in Heatons - hard to beat that!


----------



## MissRibena

*And in defence of gyms*

I have no problems with buying clothes in Pennys or wherever I find them. I reckon if I spend 300 a year, that's the max.  It's just not my thing.

However, I pay almost 700 a year (for the last 4 years) for my gym membership and it is worth every cent. I go about 4 or 5 times a week. On a good week it can be 7 but even a bad week with an injury wouldn't see me go less than twice. It's not just a fitness thing (god knows!) because I love the relaxing atmosphere in the pool area and the banter with the regulars. Gym classes are free to members, so no additional aerobics/yoga class fees and I get to use their towels and (power) showers too.  I have an exercise bike, gym ball, resistance bands, exercise dvds, weights, resistance bands and a forest and park on my doorstep (all of which I use from time to time) but give me the gym any day and it's not such an expensive hobby at €14 a week; you just have to use it.

I spend twice that a year on courses too.  But I don't feel an ounce of guilt about either of those because of the enjoyment and satisfaction I get from them.  

Rebecca


----------



## Noor77

*Re:clothes budgets*

It is hard to beat that Bluebean!

I think the most I have ever spent on a single item of clothing was in 1996 when I spent IR£160 on a coat. It was green and I went off it in a matter of months!

I spent IR£150 on a debs dress in 1995, and the most I have ever spent on shoes was IR£120 in 1997. I've got much more budget-conscious over the last few years - there's nothing like having a mortgage to do that to you


----------



## Vanilla

*I love clothes*

I buy my suits in places like MacBees in Killarney- typically these would be Paul Costello ( although I'm not keen on him since his denouncement of Irish womens fashion sense), Claudia Strater, Maxmara etc I do NOT buy because of the label, and if a label showed on something I would be horrified. I buy because they look well on me, no other reason. I could not afford Escada!

I do agree that some people can look very well in 'cheaper' clothes, but dont think this applies to work suits, when I think quality shows..or at least thats what I tell my husband!

Oh and my suits would last a few years. I have some jackets that are about 5-6 years old and still going. Typically I would expect a suit to last about two years- but they would be worn up to once a week.


----------



## Noor77

*Re: budgets*

I have to say Vanilla, that if I had more disposable income I would probably buy some good quality suits too. Maybe in a few years time! I'm lucky in that I don't have to wear a suit to work - the dress code is smart casual.

Would you be the same with kids clothes - do you go for the more expensive / better quality option there too?

I probably spend at least €1,200 a year on clothes but none of the clothes would be in any way classed as expensive!


----------



## Noor77

*Re: budgets*

re: gyms

Miss Ribena - just so you know; I'm not against gyms at all. I was only making those suggestions about DIY-fitness in the context of Melybaby not knowing how she was going to pay her bills!


----------



## melybabymely

*Re: budgets*

thanks Noor,

Well my boyfriend and I are going to join the option where we both can join for 500 euros. They have a wonderful swimming pool and also free access to classes such as abs/yoga/pilates/arobics etc. We have both put on some weight and since we both need to lose about 2 - 3 stone we should start now before we go on hols in August. Which i cant wait for.

but first we are trying to work out a budget for the bills. They can be a nightmare. the problem we have is by the time we have paid for some and getting ready to put the little amount away per week were already hit with more, so its not giving us a head start to save for the amount. 

We know that eircom is approx 200 per 2 months, so we are able to save 20
ESB is 80 every 2 months so thats 10
Chorus TV is 60 ever month so that approx 15 and thats it
we should be putting 50 approx away every week that would well be enough to cover for bills, but were not getting a chance to put that away, now i know that we blew it last weekend, but even paying for these bills right now is preventing us saving the regular amounts, so that when the next bills come were not ready for them either.


----------



## Vanilla

*Kids clothes*

I buy clothes for my little girl in all sorts of places. They range from Dunnes for vests to Tesco, to Next and I also buy on the internet. I buy her vests fairly cheaply as she out grows them so quickly that quality is not an issue- having said that, I find the vests I buy in Dunnes/Tescos are not as good as those from Next in that they shrink and discolour more easily. I have a soft spot for hannah andersson clothes and buy them over the internet in the sales- I buy ahead. These are very high quality and I am happy to pay a little more for them. However since I buy in the sales they probably cost about the same as an outfit from Next or Mothercare. I also buy from local childrens shops, as I like to support local businesses, and again although I find they are more expensive than say Tesco or Dunnes, I feel it is worthwhile from a local business perspective.


----------



## melybabymely

*Re: Kids clothes*

I buy alot of socks etc from penneys,
they do great offers of only 2 euros for a pair of 3, the socks are the different girlie ones with different images and designs etc. Some of them also have grips underneath to give the slipper feeling.


----------



## Janet

*Re: Kids clothes*

200 euro on phone bills every two months is quite high - have you looked at the way you use the phone?  It's very possible you could make some savings there.  Do you get an itemised bill?


----------



## Noor77

*Re: budgets*

Yes, €200 on the phone is quite high. I don't have a landline..and use my mobile for everything and spend about €30 a month maximum on it. I try and text as much as I can instead of actually making calls


----------



## melybabymely

*Re: Kids clothes*

Hi Janet,

The 200 for eircom breaks down as follows

Line Rental  
Broadband 90 (exc Vat)
Calls are about 20 - 25 every 2 months

with vat on top of that is usually works out between 180 - 200 euros.


----------



## Noor77

*Re: I know it's a bad idea but ....*

I am seriously thinking of getting a small loan of €2,000 to buy some really good clothes. I know this is daft, but maybe it makes a little bit of sense??????

I would pay back €50 every two weeks


----------



## MissRibena

*Re: I know it's a bad idea but ....*

I think I've possibly heard it all now


----------



## ClubMan

*Re: I know it's a bad idea but ....*

*I know this is daft, but maybe it makes a little bit of sense??????*

It's one or the other. I personally consider it the former given that this topic originated with your wish to gain better control of your finances/spending. 


> Noor77
> Registered User
> Posts: 20
> (21/2/05 4:17 pm)
> 
> What am I doing wrong???
> 
> Basically, I need a little help as I never seem to have any money.
> 
> ...


This topic doesn't really seem to be going anywhere at this stage and people seem to be simply rehashing the same old questions, comments, suggestions and advice. Perhaps it's time to close it?


----------



## Noor77

*Fin del topico*

Fine by me


----------



## Noor77

*Change in Circumstances - new budget needed!*

Hi,

Due to a change in circumstances I need to re-do my budget and would love some assistance.

Income: €630 per week after tax
Mortgage: €850 per month
Gas & ESB: €150 per month, combined
SSIA: €254


Doesn't leave me much spare!


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*

What was your old budget? 
What was the change in circumstances?
Are you sure about your net income this time?
I thought that you had other sources of income?


> Doesn't leave me much spare!


 €630 p.w. net is ((€630 * 52) / 12)) = €2,730 p.m. net. 
Less the expenses above leaves €1,476 p.m. or €341 p.w. How is that not much to spare?


----------



## Itchy

*Re: Change in Circumstances - new budget needed!*



			
				ClubMan said:
			
		

> What was the change in circumstances?


 
http://www.askaboutmoney.com/showthread.php?t=22946


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*

Sorry - I wasn't paying attention.

Get rid of the lodger and get a paying punter in.


----------



## Noor77

*Re: Change in Circumstances - new budget needed!*

Sorry,

I should have outlined the change in circumstances - lodger leaving after 3 years. I don't intend to get anyone else in. Hopefully anyway.

I would like to save €6,000 over 2 years to do some home improvements. I am not sure if it is possible. I have the SSIA money earmarked for something else


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*

€6,000 over 2 years is less than €60 a week ignoring any growth/interest. You have €341 p.w. "spare" according to the details that you have posted. That leaves €280. What's the problem?

Alternatively if you own a chunk of equity in your house now or in two years time then depending on the _LTV (Loan To Value)_ ratio topping up for home improvements may be a suitable option.


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*

Ah - maybe this (my underlining) is your problem and the reason that you are likely to be in debt forever unless you make changes to your cashflow management.


			
				Noor77 said:
			
		

> I was recently declined a home improvements loan from Bank of Ireland - they told me it was because I was overstretched!!!
> 
> I pay €850 a month in mortgage payments, and spend about €500 a month on my VISA - I pay back 70% every month.


I don't understand how you omitted this spending pattern/debt building strategy in your budget outline above. Not much point in asking for advice when the fundamental data is incompleted or flawed.


----------



## Noor77

*Re: Change in Circumstances - new budget needed!*

All my visa expenditure is discretionary. I have stopped using it as of yesterday!!!


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*

What are your outstanding _CC _debts and interest rate applicable?
Do you have other debts or savings/investments?
What other information (if any) is missing from your budget outline above?
You haven't explained why €341 "spare" p.w. (or €280 after deduction of €60 savings towards €6K in two years) is "not much".
If your lodger is not paying his/her way have you decided to get rid of them (I haven't read the other thread)?


----------



## Satanta

*Re: Change in Circumstances - new budget needed!*



			
				Noor77 said:
			
		

> ...lodger leaving after 3 years. I don't intend to get anyone else in. Hopefully anyway.


 
Seems gone.... so good work there at least. Wish all landlords were as soft hearted as you had been, it'd save most of us a fortune!

If you do want genuine help from some of the excellent sources here on AAM I'd arm them with as much data as you can. All loans, rates, debts, savings, etc. would be needed for them to make meaninful suggestions. (as always, its no substitute for professional advice, but it can be a good starting point to get you thinking) 

As CM points out, your finances seem to be quite healthy with more than enough "living" expences available each week. There seems no reason for you to suffer from any financial problems.... as long as you stick by the putting your CreditCard away.


----------



## Noor77

*Re: Change in Circumstances - new budget needed!*



			
				ClubMan said:
			
		

> What are your outstanding _CC _debts and interest rate applicable?
> Do you have other debts or savings/investments?
> What other information (if any) is missing from your budget outline above?
> You haven't explained why €341 "spare" p.w. (or €280 after deduction of €60 savings towards €6K in two years) is "not much".
> If your lodger is not paying his/her way have you decided to get rid of them (I haven't read the other thread)?


 

No visa debt. No other debts, apart from mortgage. No loans or overdrafts etc...
The "€341" a week has to cover groceries, public transport, "social expenditure" etc....

Lodger going at the end of the month.


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*



			
				Satanta said:
			
		

> as always, its no substitute for professional advice, but it can be a good starting point to get you thinking


I totally agree.


----------



## Bluebean

*Re: Change in Circumstances - new budget needed!*

Noor, has much else changed since last year apart from the lodger moving out? Not to get back in to the mammoth thread that was about budgeting etc. which you posted last year, but roughly how much (based on the last 6 weeks say) have you spent each week on groceries, transport and social spending? Have you calmed down on the birthday present spending?!  Are you still doing your course?


----------



## Sherman

*Re: Change in Circumstances - new budget needed!*



> The "€341" a week has to cover groceries, public transport, "social expenditure" etc....


 
Many, many families with children have to pay rent, food, heat, and everything else out of less than that Noor, it is a decent amount of money.

If you're serious about budgeting and/or saving for home improvements, you could make some major cutbacks while still having a decent standard of living. 

As far as I can see, there is only one fixed element without any flexibility at all there, and that's transport (assuming you don't count taxis as being public transport!).

How much do you spend on groceries? Can't/shouldn't be all that much for someone living on her own - again, assuming you don't consider bottles of wine to be groceries!

How much do you spend on socialising/entertainment? I know many people who think nothing of burning through at least €100 on a pretty average night out - do you spend this sort of money? I have friends who go to the cinema every single week - guts of €20 just for tickets, excluding food and drinks before/during/after - they can easily spend €30 a head (usually they view going to the cinema as 'saving money' that they would otherwise drink!!).

If you really tried, you could easily save at least €100 per week - if not a good deal more.


----------



## Satanta

*Re: Change in Circumstances - new budget needed!*

Well, seems to only be a few areas to look at....

Income: €630 - Healthy, are you maximising tax benefits etc to make the most of the pay? Mortgage relief, flat rate expences, pension contributions.... etc. The key posts in Taxation is as good a place to start as any.

Mortgage: €850 per month - Are you getting the best deal possible? Look into the possible benefits of switching mortgage and the associated costs... you may already have a very good deal, but never hurts to check. Again, the key posts in the mortgage section should help bounce some ideas around.


Gas & ESB: €150 per month, combined
SSIA: €254 - Very little you can do to reduce either of these

To make meaningful impacts you'd need to change your level of income (seek a raise, additional income, rethink the renting of the house [this time at a price your happy with and covers all associated costs and compensates you fairly for having to share your house]) or your level of expences.....
I still think €341 is more than enough to provide for travel, food and leisure combined with the €60+ you hope to save..... but until recently I was still a student so maybe thats the difference 

Have you taken into account the maturing of your SSIA providing you additional savings to be made toward the €6000.....
Your in the habit of saving the SSIA ammount, so you can easily continue to feed this ammount into a savings account. This, combined with the additional savings you may be able to start now, should help you reach your target.


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*



			
				Satanta said:
			
		

> Mortgage: €850 per month - Are you getting the best deal possible? Look into the possible benefits of switching mortgage and the associated costs... you may already have a very good deal, but never hurts to check. Again, the key posts in the mortgage section should help bounce some ideas around.


Also - are you claiming/obtaining the maximum owner occupier mortgage interest tax relief possible? Are you on the best deal for home insurance and mortgage protection life assurance and not taking out other unnecessary insurances (e.g. mortgage repayment protection)?


> Gas & ESB: €150 per month, combined
> SSIA: €254 - Very little you can do to reduce either of these


There may be scope for reducing the Gas/_ESB_ charges depending on use patterns, energy efficiency of the house etc. If the hot water tank and/or attic are not insulated then doing so now would recoup the cost very quickly and save money going forward.


----------



## Noor77

*Re: Change in Circumstances - new budget needed!*

I spend about €140 a week on groceries and the rest of the "€341" on transport and socialising.

The only thing that has changed in the last year is that my net weekly income has gone from €500 to €630. So really, you would imagine that I should be able to save the difference of €130, as it was money I did not have before. But I seem to spend what I have. I think money burns a hole in my pocket


----------



## casiopea

*Re: Change in Circumstances - new budget needed!*

Hi Norr77,

Sounds like you need to start writing everything down so you can see where that extra money is going. Youd be surprised on the things youll find you can cut back on (ie coffees or magazines etc)

good luck


----------



## Bluebean

*Re: Change in Circumstances - new budget needed!*

How much per week on necessary transport - ie getting to and from work? 
How much per week on your course (or are  you including this elsewhere?)
Are you on any medication that the costs have to come out of the 341?
Do you have a mobile phone - again, does this come out of the 341?
Is the 140 per week on groceries just for you, or is it for 2 people?  Does it include wine, presents, cards, knick knacks for the house etc.?  140 would seem a lot to me for just food.
I have approx 230 per week to spend after the essentials, and it usually works out ok, unless I have to go to the doctor or something goes unexpectedly wrong with the car.  
If you say money burns a hole in your pocket, why not set up a direct debit to take 100 e a week out of your account on pay day and put it in to an account which you don't have easy access to?


----------



## Sherman

*Re: Change in Circumstances - new budget needed!*



> Not to get back in to the mammoth thread that was about budgeting etc. which you posted last year


 
Which is exactly what is happening. Read back over that extremely long thread for detailed budgeting advice (and actually use it this time!).

Money does not 'burn a hole in your pocket' Noor, you spend the bloody stuff.

Do you honestly spend €140 p/w on groceries? You must do all your shopping in M&S or Donnybrook Fair!

You spend €200 per week on travel and socialising. So you spend about €20 per week on travel and €180 on socialising.

Ever think of staying in the odd weekend? You cannot save without making some sacrifices. 

Really, you should be able to get back to the lifestyle you had before your pay increase - that would save you €130 p/w straight away. You'd have your €6,000 saved in less than a year.


----------



## Satanta

*Re: Change in Circumstances - new budget needed!*

Hey Norr77,
Spending usual does expand to take up all the available funds, your far from alone on that count. If you didn't have your current SSIA savings that too would easily become part of the monthly spend.

Could be worth doing a very detailed budget for a couple of weeks to give yourself a better idea where its slipping away too. Could some money be saved purchasing long term travel tickets (your company may provide this from payroll allowing additional savings - many have incorporated things like this as part of EMS's and ISO14001)?
A huge saving can be made on adjusting leisure spending.... you can have as good a night out (or in) on €30 as you would spending €80+, just takes a more disciplined approach.

Its not easy to make huge changes in one drastic step, but if slowly over time you adjust your spending to provide a little more funds towards saving it'll become second nature. 
Using high interest accounts (such as Rabo) which don't have clauses for removal of funds to set aside savings as soon as your pay check arrives and remove the temptation to spend can be very helpful. You then still have access to the money should you NEED it.

The most basic point here is that you should do what suits your lifestyle and your needs. Its very easy for people to say spend less, save more etc. but its your choice to put your hand in your wallet and part with money. By doing out the detailed budget over a few weeks you'll be able to see exactly what you have coming in and going out. You'll also be able to put a figure on what you can possibly save.....
Thinking about making that figure smaller each time you make an impulse buy may help you reduce the needless outgoings. Everytime you reduce the saving, your a step away from reaching that €6000 goal.


----------



## Noor77

*Re: Change in Circumstances - new budget needed!*

Thanks a million for all your advice Satanta. You are extremely helpful and informative  

I will let you know how I get on next month!


----------



## ClubMan

*Re: Change in Circumstances - new budget needed!*



			
				casiopea said:
			
		

> Hi Norr77,
> 
> Sounds like you need to start writing everything down so you can see where that extra money is going. Youd be surprised on the things youll find you can cut back on (ie coffees or magazines etc)
> 
> good luck


 Yes - good advice - but I think that this was suggested to _Noor77 _last year in the aforementioned epic thread (which I can't seem to find now) so I can only assume that she never acted on the advice. If I recall correctly several people independently pointed to the usual recommendations and resources for budgeting, money management etc. so it's a little like deja vu here as far as I can see.


----------



## Sherman

*Re: Change in Circumstances - new budget needed!*

Previous thread here.


----------



## ClubMan

Thanks - I've merged the two into one since they are basically on the same issue.


----------



## Noor77

ClubMan said:
			
		

> Thanks - I've merged the two into one since they are basically on the same issue.


 
I stand chastised Clubman.

Yes, I am very stupid with money. 
You can delete the thread if you would like.

I won't bother the forum any more!


----------



## purplealien

*Re: That's where it goes*



> _"If one only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are."
> 
> MONTESQUIEU_


_

Nice!_


----------

