# how to do things better



## Budget2008 (2 Jan 2008)

howdie folks need some advice 

heres my current outgoings,


mortgage €1316 mthly
personal loan €425 mthly about 4 yrs remaining.


credit card balance of €5500 on this
current ac1 over draft - 640 in red
current ac2 over draft -3500 in red
credit union loan 1090 remaining, taken out of salary at source.
(will be paid in full oct 08)

annual salary of 65k. net mthly pay approx €3500

paying normal bills, mobile, gas, esb ,eircom petrol, etc etc paying a few quid off the cc monthly

but finding it very tricky to satisfy all...


am considering cancelling the eircom line altogether and converting the mobile to RTG, anyother suggestions, welcomed
cheers


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## ClubMan (2 Jan 2008)

Budget2008 said:


> annual salary of 65k. net mthly pay approx €3500


www.taxcalc.eu suggests that your take home should be nearer €3,800. Can you clarify the details of your payslips perhaps? Are you sure that you are claiming all relevant tax credits? Does the €3,500 figure reflect additional deductions such as _CU _repayments? Are you making pension repayments too by any chance?

What rates of interest apply to your various debts? Have you stopped using credit to fund your normal outgoings?

What are the details of your mortgage - original amount and term, outstanding amount and term, rate, rate type (fixed, variable, tracker), property value etc.?

Why did you rack up that amount of unsecured debt?


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## Budget2008 (2 Jan 2008)

ClubMan said:


> www.taxcalc.eu suggests that your take home should be nearer €3,800. Can you clarify the details of your payslips perhaps? Are you sure that you are claiming all relevant tax credits? Does the €3,500 figure reflect additional deductions such as _CU _repayments? Are you making pension repayments too by any chance?
> 
> What rates of interest apply to your various debts? Have you stopped using credit to fund your normal outgoings?
> 
> ...


 
just  ended up etching up that amount of unsecured personal debt as bank kept throwing money at me. and i bit the hook..  am a single person.
house value 400,000 under current conditions.
mortgage of 220,000 remaining  fixed until mid 09. term of mortgage remaining 23 years approx.

the 3500 figure includes my credit union savings and loan payments 75 euro per fn. i also pay 6.5% pension.

the personal loan is a fixed rate loan.  have no idea of the rate, but its fixed and 4 years left. i plan on stopping using the credit card, but at this time of year its tough, plan to stop using it now..

am claiming all tax credits. and i plan on never taking a personal loan again. also plan on setting up an emergency fund ...


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## ClubMan (2 Jan 2008)

Budget2008 said:


> house value 400,000 under current conditions.
> mortgage of 220,000 remaining  fixed until mid 09. term of mortgage remaining 23 years approx.


What rate?


> the 3500 figure includes my credit union savings and loan payments 75 euro per fn. i also pay 6.5% pension.


Is the pension contribution to avail of some level of employer matching of contributions? If not then you should probably consider stopping the pension contributions while you tackle your debts first.


> the personal loan is a fixed rate loan.  have no idea of the rate


You need to find out!


> i plan on stopping using the credit card, but at this time of year its tough, plan to stop using it now..


You need to stop racking up more debt!


> am claiming all tax credits. and i plan on never taking a personal loan again. also plan on setting up an emergency fund ...


Forget about the emergency fund until you have reduced your debt in my opinion.

Have you contacted MABS and read the various debt management/budgeting tips in this forum and the _Banking/Budgeting _forum?


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## Budget2008 (6 Jan 2008)

ClubMan said:


> What rate?
> 
> Is the pension contribution to avail of some level of employer matching of contributions? If not then you should probably consider stopping the pension contributions while you tackle your debts first.
> 
> ...


 
boi personal loan rate 7.7%   apr 7.9%

mortgage     3.98% fixed until July 09.


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