# Looking for general financial advice because I'm just about making ends meet



## WhatNext2011 (15 Apr 2011)

Age: 33
Spouse’s/Partner's age: n/a

Annual gross income from employment or profession: 2350 (salary) + 250 (rental Income)
Annual gross income of spouse: n/a

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

In general are you:
(a) spending more than you earn, or
(b) saving?
*Just about making ends meet*


Rough estimate of value of home: €220,000
Amount outstanding on your mortgage: €257,000
*What interest rate are you paying? 4.9% fixed for 5 years ( 18 months left)*

Other borrowings – car loans/personal loans etc
*Credit Union Loan - 300pm*
*Personal Loan - 214pm*


Do you pay off your full credit card balance each month? *No*
If not, what is the balance on your credit card? *5500*

Savings and investments:
*CU Savings - €50pm*

Do you have a pension scheme? *Public Service Pension (paying approx 450 pm toward this)* 
Do you own any investment or other property? *No*

Ages of children: N/a

Life insurance: 
Life Assurance100.00Home Insurance30.00Car Insurance250.00

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

*I have filled in the template above but I will also list other information below. I am breaking even just about every month, if one unexpected expense come up, Im in bother. Ive tried to consolidate my loans and spread them out over a longer term to give me a bit of breathing space, but Ive not had much luck. Im not actually sure what I'm looking for here, but its just getting so hard to manage. I suppose Im looking for a light at the end of the tunnel. All advice appreciated. Thank you*


*Income*
Salary 2,355.00 pm
Income 250.00 (rental income from lodger)

*Insurance*
Life Assurance 100.00 (annual)
Home Insurance 30.00 (pm)
Car Insurance 250.00 (annual)

*Loans*
Mortgage 1,106.00 pm
Personal Loan 214.00 pm
Credit Card payment 175.00 pm
Credit Union Loan 300.00 pm

*Savings*
Credit Union 50.00 pm

*Outgoings*
Groceries 30.00 Weekly
Electricity 150.00 pm
OIL 400.00 annual
Car Tax 360.00 annual
TV Licence 160.00 annual
Catfood 20.00 weekly
Mobile Phone Credit 20.00 monthly
Petrol 20.00 weekly
Management Fees 350.00 annual


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## elcato (15 Apr 2011)

Your Credit card is your first priority. Switch if you can to interest free for 6 months. Cut it up also. Direct the savings from the CU to this. Can you tell us what you still owe to the CU and personal loan ? Might be more prudent to stop the CU for a few months and pay all extra into CC.


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## WhatNext2011 (15 Apr 2011)

The outstanding balances are:

CU - 2504 
Credit Card 1 - 5100
Credit Card 2 - 530
Personal Loan - 4024

Im deliberately concentrating on the CU because Im so close to clearing it. I have approx 1000 in savings in this a/c, so when the loan is down to 1000, I will clear it using the savings. I hate owing money to the CU. Ive always used the CU as my safety net, I put money into the CU all the time, usually only maybe 50 per month, but its very handy for unexpected bits and pieces. I v anxious to get my safety net back if you know what I mean.

The CC are long cut up... its the interest that the killer. I have tried to switch them both to my own bank, but no luck, and also tried to switch them to Mortgage bank, but also unsuccessful. 

I did try my mortgage bank for a consolidation loan, (CU + CC's +Personal Loan), and it worked out at 217pm over 5 years, which if approved would have been a Godsend, but unfortunately wasnt approved...


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## so-crates (15 Apr 2011)

What is the rate of interest charged for each of these debts?

I know you want to get the CU one cleared but it may not be the most cost-effective one to focus on. Also it may be worth getting at least the smaller CC debt covered by an extension of your CU loan - especially if the interest rate is better.

Your electricity bill you've said is €150pm? That seems quite high. Can you confirm that this is correct? Check the following:
Is it actually your two month bill? ESB usually bills every two months.
Have you averaged your elec bill over the year or just used the latest one to hand? Most people use more electricity in winter.


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## WhatNext2011 (15 Apr 2011)

Apologies.. my ESB is 150 every two months. 

The Personal Loan is 6.9% (it was a tesco loan)
The CU is 7%
To be honest... Im not sure about the CC's.. Im nearly afraid to look..


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## so-crates (15 Apr 2011)

It is time to take a deep breath and look. Once you do that you will realise two things - the CU debt is probably cheaper so you are paying more because you are focussed on it rather than on the CCs. The second thing you will realise is that now is not the best time to be saving. It is costing you money (in interest repayments on your CCs) to save €50pm. 

Based on your figures above I have converted everything into a monthly charge and totted up your "average" monthly expenses. The total from what you have given is €2409 which is less than your given income (not by a whole lot which is why you are feeling stretched - this also means you haven't included all of your expenses probably). You need to start a spending diary - find out exactly how much you are spending, keep it for 6 weeks and see how the figures then compare to now. The other thing to do is to start budgeting for those expenses that are not on a monthly basis - these can stress you because they take an unseemly portion out of one month.

Another thing, €250pm is a very good deal for your lodger, are they contributing to bills at all? If that is including bills perhaps you should look at a rent increase or asking for them to contribute to the electricity and heating oil bill since I am guessing they use both. At the moment you are subsidising them to the tune of €55pm if you are the only one paying the bills.

Just realised I made an assumption in my calculation that I didn't validate!! Are you charging rent of €250pm or €250pw?


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## niceoneted (15 Apr 2011)

ESB bill stood out for me. 150 every two months is very big. It should be coming down now for the summer months. 
Lodger should be paying half bills.
Stop saving. Clear the smaller CC first then the second then personal loan the CU. 
Spending diary. 
Look at ways to being in a bit of extra cash.


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## WhatNext2011 (18 Apr 2011)

Hi all, 
Thank guys for all the replies! I'll answer queries now...
Bord Gais Bills...... Feb/March - 129.45, Dec/Jan - 151.23. Oct/Nov - 145.54

Lodger - I have three rooms to let, the lodger picked the middle one (my rooms are going for 60pw, 50pw, and 40pw). I dont live in town, about 6 miles outside, so my rent has to reflect that. The only bills that I feel the lodger should contribute towards are ESB/bins (so she pays approx 50pm for these). I quite happy with this arrangement. 
When its time for oil/coal etc etc, it is paid for equally, but we worry about that when the time comes around.

Oh, and Im still advertising two rooms to let... if anyone is interested 

I have decided to throw all available cash at the smaller CC now incl the CU savings, only small though. 

I have also just listed about 100 items on ebay, and any money I make from this will go directly onto the small CC.

I work 9-5 at the moment, but Ive applied for two early morning cleaning jobs. Its not a big deal for me to work before work, Im usually lying awake from 6am onwards. If I get one of these jobs, I will try it for a while. 

I appreciate everyone's advice and help.. thank u!!


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## WhatNext2011 (18 Apr 2011)

Hi again, 
I started my spending diary on Saturday! I'll be able to give a 7 day breakdown on Friday night!! (its like Weightwatchers, only not food... money


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## wbbs (18 Apr 2011)

Not sure if you have more than one cat or what you feed it but I buy dry catfood in bulk from zooplus.co.uk (not the .ie site) and €100 worth feeds the cat for 9 months or so.


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## WhatNext2011 (18 Apr 2011)

I have two. I have tried them on every cheap type of food thats out there, but they wont touch it. One of them will eat nuts sometimes and thats great, the other one unfortunately will only eat wet food.


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## Scotsgirl (18 Apr 2011)

I have two cats and know how expensive it is.  Mine normally only eat Whiskas but I've found they actually like the Optima cat food from Lidl's.  The sachets not tins.  It's €2.99 for a box of 12 sachets.  Huge saving.  You should give them a try.


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## WhatNext2011 (18 Apr 2011)

Oh God, I'll do that! Altho Im so reluctant to buy boxes of pouches, because they might eat one or two, then walk away and I end up going back to Felix/Whiskas and donating the rest to the local shelter, which obviously ends up costing me more!


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## Scotsgirl (18 Apr 2011)

I was lucky enough to get a donation of a packet to try it out first!  I couldn't believe it when they finished it all.  They really are fussy cats.  I have tried every brand under the sun over the years trying to get them to eat something cheaper than Whiskas but to no avail.  They have been eating the Optima for well over a year now, with hardly a complaint.  

It's only €2.99 for a box so you won't lose out too much if they don't like it.  

I now go to Lidl every couple of weeks and stock up on several boxes.  Whatever you do, don't try the tinned stuff!


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## elcato (18 Apr 2011)

> I have two. I have tried them on every cheap type of food thats out there, but they wont touch it.


 they will if they're hungry and there's nothing else


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## wbbs (18 Apr 2011)

The brand I buy is Royal Canin, if she won't eat it then tough she'll be hungry.  I operate the Jo Frost school of discipline.  She would much prefer to eat tinned salmon but you cant always have what you want!


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## Scotsgirl (18 Apr 2011)

Sorry I got home and realised the sachets are called Opticat.   Optima is the tinned food they sell.


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## niceoneted (19 Apr 2011)

My corresponding ESB bills for the ones you listed were 73, 55, 63. Granted one in the house. Electric shower on every day. Had heat on so didn't need emersion. 
I have all CFL's/LED's. Usual other stuff, tv, pc, washing machine cooker all on go. 
You really need to look at this.


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## WhatNext2011 (20 Apr 2011)

Hi niceoneted,
Ive been thinking about the ESB bills, Im thinking maybe the bills are so high in the past because I use the tumble dryer for nearly everything during the winter (except towels/bedclothes - usually throw across the landing). 

We also ran out of oil in early Feb, so we've had no radiators either to dry clothes. I should see a drop from now on, as all the clothes are on the line! 

I have an electric shower, so never use the emersion. Ive the energy saving lightblulbs where I can, but the previous owner has recess lights on the landing and in the kitchen too

Going to get the Lidl catfood at the weekend too! 

Thanks a million for all the replies... I will keep everyone posted!!


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## Panacea (21 Apr 2011)

We replaced the halogen spots in the kitchen and landing with LED spots. Thankfully had a friendly electrician so only had to supply fittings with coffee and biscuits 

The light they give of is great and they run at 4 watts or 8 watts (cant remember) instead of their 40watt and 50watt halogen counterparts. They also tended to be the lights that were permanently on for one reason or the other.

I reckon the payback is pretty quick as the halogen bulbs blew on a regular basis and were expensive to replace whereas the new LED bulbs are there a year and have yet to blow a single one.

Would definitely recommend them to anyone.


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## WhatNext2011 (17 May 2011)

*Update!*

hi All,

Just a wee update on how Im getting on! Im feeling much more positive now as well, I was really in the doldrums when I posted my original post. Ive generally been very stingy 

Groceries 30.00 Weekly - After reviewing my spending diary, Ive noticed that Im spending a lot more than 30.00 on food... maybe 60+ some weeks. I now allocate myself 40 to spend on a weekly shop, and so far this is working!

Electricity 150.00 pm (Ive told the other half that the tumble dryer is broken, and that he has to use the washing line - also working so far 

Catfood 20.00 weekly - Thanks to Scotsgirl, my two lions are now happily scoffing into Opticat, and therefore I have reduced my catfood bill by 50% + (approx 9e per week now)

Petrol 20.00 weekly - myself and other half are now car pooling to work, so its 20 every two weeks now. 

Ive also made about 200e on ebay selling bits and pieces, so that has come straight off my Credit Card (the small one), so its gone from 500 to 300. And Ive been able to put more money on the larger one too. For the first time in a long time Im below my limit  Im gonna keep trundling along until I get it down to 0!

Ive also changed all my lightbulbs to energy savers too! 

I had no luck with the cleaning jobs either...

Thank you guys for all the advice!!


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## WhatNext2011 (17 May 2011)

2114 views!!!


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## Scotsgirl (17 May 2011)

Delighted your cats are eating the catfood and Lidl have reduced the priced of a box down to €1.99 last time I was there (from €2.99), so even better!

Fair play to you for cutting down on everything and getting on top of things.  Easier said than done.  With the way you are going, you will definitely make a dent in those bills.

Best of luck!

Scotsgirl.


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