# Would love some advice on my current financial situation!



## Guelder (1 Jan 2009)

Hi all!

I'm currently a student and I would love to get some advice on how to manage my funds better, if anyone could point out any areas I could improve on that would be great, all opinions and feedback would be greatly appreciated! Thanks! 

*Age:  *25*

   Spouse’s/Partner's age:  *N/A*

   Annual gross income from employment or profession: *15,600* (However this should hopefully be increasing to 20,800 by the end of next year)

   Annual gross income of spouse: *N/A*

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

In general are you:
(a) spending more than you earn, or: *No*
(b) saving? *Yes*

   Rough estimate of value of home: N/A

   Amount outstanding on your mortgage:  N/A

* *What interest rate    are you paying? N/A

   Other borrowings – car loans/personal loans etc: None

   Do you pay off your full credit card balance each month? Not always - however I have recently set up a DD so it will be paid off in full from now on

   If not, what is the balance on your credit card? 500

   Savings and investments: approx. 40,000

   Do you have a pension scheme? No

   Do you own any investment or other property? No

   Ages of children: N/A

   Life insurance: No


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

*I'd like to know how I can best manage my funds, at present I have E300 per week, by late next year this should increase to E400 per week.

I'm looking to take driving lessons this year, buy a car, insure and tax it etc.. I'd just like to know that I should be able to afford the running costs of owning a car.

Also, I'd like to know how to best manage my savings (~40k) I don't know whether to invest it, leave it in a deposit account, buy prize bonds with it etc.. I do not need immediate access to it.

I'm hoping not to have to touch my savings for the next 5 years or so unless I decide to purchase a house - realistically speaking though, would it be possible for me to get a mortgage with just having E400 per week income, even though I'll have at least 40k in savings?


Income/Outgoings: (Per Week)

Income = E300

Rent = E0
Food/Drink = E80
Phone/Broadband = E25
TV = E10
Pet = E10
Entertainment/Miscellaneous = E40

At the moment I'm trying to save E100-150 per week. Currently this is just going into my current account, are there any good savings accounts out there atm where I should be lodging this?

I don't drink or smoke, but does any of my outgoings look excessive? Anywhere I should be cutting back?

I know I'm not in dire straits or anything atm, however my income is below minimum wage and I want to make the most of it and continue to save.

All comments are greatly appreciated!

Thanks everyone!


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## ClubMan (2 Jan 2009)

What rate of interest are you paying on the _CC _balance? If not 0% then it makes no sense to carry a _CC _balance when you have €40K saved!


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## SteH (2 Jan 2009)

For someone earning 300 a week to be saving 100-150 I think that you are doing more than alright. €40k in savings is also a pretty staggering sum for a 25 year old student. You really should be clearing your credit card though before you put anything into savings. Even if it is 0% it is good practice not to have credit card bills outstanding and even better to clear your monthly balance.


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