# 29 year old - just lost job, got a new one but am on min wage



## carina (25 Jan 2010)

Age: 29

I own an apartment with a friend. We have a dual mortgage. I pay 441 per month.

Annual gross income from employment or profession: Started last week on €8.65 per hour


Type of employment: Cafe/Barista

In general I am:
(a) spending more than I earn

Rough estimate of value of home: 
Hopefully 260k

Amount outstanding on your mortgage: Only in it 4 years so most of it

Other borrowings – car loans/personal loans etc
Personal loan - 155 per month

Do you pay off your full credit card balance each month? 
No

If not, what is the balance on your credit card? 
900

Overdraft:
700

Savings and investments:
1000 saved in EBS

Do you have a pension scheme? 
No

Do you own any investment or other property? 
No

*Bills:*

*NTL & Internet - 30 per month*
*Electricity - 25 per month*
*Gas - 25*
*Management *



Ages of children: 
None

Life insurance: 
25 per month

*Apart from looking for a new job does anyone have any suggestions for me?*
*I am really stressed out. I realise I am lucky that I found a new job so quickly but I don't know how I'm going to make ends meet.*


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## PaddyBloggit (25 Jan 2010)

What's your question?


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## carina (25 Jan 2010)

Sorry!
Apart from looking for a new job, which I am doing, is there anything that sticks out? Anything I can change or apply for. Basically I am completely stressed out and don't know how I'm going to make ends meet.


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## dereko1969 (25 Jan 2010)

use your savings to pay off your credit card unless you're on 0%.


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## chlipps (25 Jan 2010)

why pay 30 euro for NTL.. when you get free to air channels.. that saves you another 30 eur per month


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## bullworth (25 Jan 2010)

Do you have a car or pay money for busfare etc ? If so why not eliminate those and buy a bicycle ? Looking forward, the weather shouldnt be so bad as we are entering spring plus you will get some exercise. You can save 20-25 euro a week busfare indefinitely for a bicycle costing 100 to 150 euro so it will pay for itself over  a few weeks. Your heating bills will 
hopefully be lower too as we leave wintertime. 

Why do you need life insurance if you have no children ? Is this connected to your mortgage and compulsory or can you eliminate it ? As someone said above :Use your savings to pay off your credit card bill.  I know its good to have some cash handy for emergencys but its' insanity not to pay off your CC especially. Its also bad to have loans outstanding if you have cash to reduce them. 

You could can get free impartial advice here about budgeting: http://mabs.ie/


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## D8Lady (25 Jan 2010)

How much is your personal loan? what is the interest rate? 

Can you eat one meal a day in the cafe? Might save you a bit. 

Also, consider getting a second, part time job ( I know I'm going to be flamed about that). But there is shift work in your type of area. Even 1 or 2 extra mornings / nights will make a difference. 

I'd disagree with other posters in using all savings to pay off loan. Having a few bob in the bank is handy if the unexpected happens e.g if you need medical attention. 

Strategy for credit card pay off: 
1. Change card to 0% interest for 6 months e.g. Tesco. Stop using it! 
2. Pay €500 from savings. Leave €500 for emergencies. 
3. 6 month to pay €400 is €67 per month/ €17 per week. One extra shift will cover it.


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## carina (26 Jan 2010)

Thanks guys. I did the bike thing last year. Cycled every day in last job as it was only half an hour away. Now I'm on a bus for over an hour in in the morning and longer in evening. Cycling not an option, will probably sell bike.
I do eat one meal per day in the cafe thank god.
Yes I was thinking that when Jan is over I might pick up 2 nights per week in a restaurant.
Will look into switching credit card. Haven't used it in months so stopping not a problem!
Might look at getting rid of NTL, I don't even really watch TV, it's the flatmate, I'd live without a tv if I could!


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## bullworth (27 Jan 2010)

Hope we helped Carina. Apart from the above, theres lots of ways to save money in day to day life which people dont think about. For example , with rubber gloves and the correct detergent it's possible to handwash clothes in a bathtub or basin instead of taking them to a laundrette or paying expensive washing machine electricity bills. My granny did it for most of her life (without the gloves). I wish you the best of luck.


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## z104 (30 Jan 2010)

Buy your groceries in Aldi. I find the quality of the fruit and veg far superior and about half the price Dunnes.


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## hiagain (5 Feb 2010)

When I'm on a tight budget this is the one that helps me - use every last scrap of food up before buying any more.  That way you don't waste food and it's makes you think twice about buying something that you weren't that keen on eating.


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## gnubbit (5 Feb 2010)

Hi Carina, check out www.moneysavingexpert.com.  It's UK-based but much of the advice will be relevant; the forums there are full of excellent advice on cutting costs and managing debt.

Good luck!


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