# help with managing money right



## mazie (21 Jan 2008)

hi all 

i would like advice on where i should save my money and how much i should be saving a month 

i get paid weekly 500e net 
100e weekly on car loan (€4500 left to pay)
no other loans 
say 150 on food, petrol and social life(dont drink or smoke)
500e a month goes to saving account

but at the end of the month i still seem to only have saved the 500e which i would like to change to about 800 a month.

any ideas how i can budget and plan a good method to savings


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## z106 (21 Jan 2008)

mazie said:


> hi all
> 
> i would like advice on where i should save my money and how much i should be saving a month
> 
> ...


 
I would suggest making a list of all expenses for a month or so to see where your money is going.

From there - just cut down on things you feels are not necessary.


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## SarahMc (21 Jan 2008)

Who is paying for your accommodation?

If you rent/own and a whack comes out of your salary for rent or mortgage, well done, you're doing great to save so much.  If you are living at home, and not handing anything up for your keep, shame on you.

If it is any other scenario, apologies for the assumptions.


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## Jonathan.OB (21 Jan 2008)

For one month keep a little black notepad and record every single expense. Literally everytime you have to pay out money for something, regardless of how much, record the transaction. 

Start tomorrow and be sure to have you black book in your pocket at all times. Then at the end of each day/week, take a glance over your notes and it will give you a fright. You'll see where you are spending money and more importantly, you'll see where you shouldn't be spending. 

Worked wonders for me, so do try it. 

J


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## gar123 (22 Jan 2008)

i just put my savings straight to a savings account at start of month, that way its a little harder to get at and you can draw it back as you need it

can you try put the 800 straight to the savings account


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## gar123 (22 Jan 2008)

or alternatively put the 500 towards the car loan, now and pay it off in less than 9 months, then the interest you save is paying you more than interest earned in a bank account?


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## ClubMan (22 Jan 2008)

mazie said:


> 100e weekly on car loan (€4500 left to pay)
> 
> 
> ...
> ...


You should clear the loan before worrying about saving. Your loan could be charging up to twice the rate of interest that you stand to earn on deposit so the "returns" from clearing it are more attractive than saving.


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## mazie (22 Jan 2008)

hi all

thanks for the replys
Sarah Mac, i live at home and yes i do contribute to the household weekly

right so really ye all think i should pay off the car loan, its currently at 4500 and savings i have 9000e, so should i just clear the loan now and start to save then. Im only working nearly two years, so i dont think i doing to bad- just want to start off on the right track this year?


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## ClubMan (22 Jan 2008)

mazie said:


> right so really ye all think i should pay off the car loan, its currently at 4500 and savings i have 9000e, so should i just clear the loan now and start to save then.


It makes no sense to me to have this debt when you can clear it with existing savings. Clear it with half your savings lump sum (check in case there are any penalties for clearing it early) and then start building the remaining €4.5K back up.


> Im only working nearly two years, so i dont think i doing to bad- just want to start off on the right track this year?


What are you saving towards?


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## mazie (22 Jan 2008)

Clubman- no penalties for clearing it early its a credit union loan.

saving for the future- the rainly day and so i can be sure to have less of a mortgage when that time comes. 

thinking about it makes sense i guess to clear it and start my saving up without any loans!!


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