I'm not sure if I am budgeting properly...

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moneymakeover said:
Yes i do the same with online banking.

It's convenient.

But because of that it's easy to move the money around in an instant :)

The credit union is slightly more removed

Insofar the house deposit, you might want to accelerate that because of the cost of rent.

The mortgage monthly won't cost any more than what you're already paying in rent.
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I used to have my savings in the credit union and I found when I needed money for something, I had to wait a day or two for it to be transfered and it was just annoying to wait.

I told myself when my debt was done, then I was going to start sorting my banking account out and making separate savings accounts and man have I made it a look clearer now. I can see my wages clearer when I get paid and I don't need to hop and change savings to suit whatever needs doing. Its been great so far.
 
Learningasigo said:
Can I derail this to the topic I was talking about? I think we are going off topic completely to what my original post was about.

Thanks for the offer. My debt is paid and partner is working towards his. My original topic was the title of my thread.

My original topic was am I leaving myself broke.

Thank you.
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Hi Learningasigo,

Your 'off topic comment' appears rather strange and you appear to be shooting yourself in the foot, in light of the good advice and this kind offer from Red Onion, who appears to work in the financial sector and is the very person who would be able to help with advice :

RedOnion said:
Sorry, that makes absolutely no sense.
Are the loans in Ireland? Because that's not how loans work here. Interest is charged daily on the outstanding balance, so the earlier you repay it the less it will cost you.
I'd happily take a look at it to explain if you like.
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You did after all say in your first post:

Learningasigo said:
Be as blunt as you can be and give all the tips and advice you can. It will be all appreciated. Belive me.
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Sue Ellen said:
Hi Learningasigo,

Your 'off topic comment' appears rather strange and you appear to be shooting yourself in the foot, in light of the good advice and this kind offer from Red Onion, who appears to work in the financial sector and is the very person who would be able to help with advice :

You did after all say in your first post:
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I wasn't going to discuss my partners way of paying off his debts as I was rather focusing on whether I was doing the right thing myself as my partner has expressed that he will focus on his own savings and debts. I've explained the way I sorted my debts and he was expressing how quick I was able to go about this and was amazed. I can't tell him what he can and can't do. Any advice gathered from this forum towards my partner, isn't helpful towards me as I have said I will help him if needed but it's up to him to figure out what to do as these were loans he had before we met and I'm sure he feels the same towards me.

My main focus, as egotistical as I sound now, was pointing towards myself and as to if I was leaving myself broke or if I was making the right decision in my savings and making sure I can live from week to week.

I'm not doubting that Red Onion wasn't going to advised me in the best possible way and I don't doubt that they aren't good at what they do but the post itself was derailing from the fact that I was simply asking if I was saving to much, leaving myself broke or all is working out. In terms of deposit, I don't think I will save a good chunk in a short amount of time, I know it can take a long time. As does my partner.

I'm sure Red Onion has some certainties towards my partners way of quickly paying off his debts and I'm sure they wanted to know my process of the bank loan itself but like I've said, I've spent over 1 plus years to save to pay off my loan and still had plenty left to continue my savings and I've managed to pay off my loan 3 years before it was due to be finished.

So yes, all advice, tips and tricks are appreciated. Immensely, but I'm not going to get into a debate of how banks give loans, how it works etc as that's completely going off topic. I hope Red Onion understands this.

Thank you for your reply
 
Actually @Learningasigo , I'd appreciate if you could explain what type of personal loan you can get where you pay off the interest first and then the capital. I've never come across that before.
 
Thirsty said:
Actually @Learningasigo , I'd appreciate if you could explain what type of personal loan you can get where you pay off the interest first and then the capital. I've never come across that before.
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Car loan. AIB. PCP. I can photo copy a form I recently recieved which shows I paid the interest first. 2 grand added on top of the loan itself. 5 year loan. Managed to pay it off in over 2 years. First year I wasn't pushed, second year I scrimped and saved and by the end of second year had it paid off. Need I say more? Pretty sure this is a form of pettiness to make someone prove something. Unless AIB had a secret scam going on I didn't know about and the garage I bought my car from was pretending they set up the payment for me through AIB then I didn't know.

Debt paid.

I don't want to sound nasty here but is the debate about the loan finished and can this thread be closed? Seems that a thread I posted for a quick reassurance has turned into nit pick to find the answer.
 
Why are you paying €20 pm for pay as you go for your mobile
Would you not be better signing up to GoMo for €12.99 pm with unlimited usage
 
So it was a PCP you were referring to and the 'capital' was in fact the final payment of the PCP?

When you post on a public board, you get lots of different replies from people with experience in lots of different areas.

Many posts will be read by others who will also take useful information from it; responses are not always just relevant to you.

You've posted in great detail already so its not unreasonable to seek further understanding by asking questions.
 
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Learningasigo said:
Seems that a thread I posted for a quick reassurance has turned into nit pick to find the answer.
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It wouldnt be AAm if there wasnt some nitpicking going on. :)

That said, you do not understand how loans work. They work like this

RedOnion said:
Interest is charged daily on the outstanding balance.
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While you dont want to tell your partner how to run his life, understanding how things work is always valuable.

In my opinion you are saving heavily and leaving little for spending. You are doing this because you want to save for a house, thats your choice and in terms of long term financial security I am sure its a good choice.

Your weekly income at €500 per week is low, there may well be jobs out there that suit your skills and experience and pay you more.
 
Yes. I think I would be looking for improvements in remuneration on the work side. It’s hard to say to you to stop saving. People on aam tend to be financially prudent. But I would struggle personally on your allowance to yourself. I’d be thinking about how to increase income not reallocation of it. Good luck
 
Thirsty said:
So it was a PCP you were referring to and the 'capital' was in fact the final payment of the PCP?

When you post on a public board, you get lots of different replies from people with experience in lots of different areas.

Many posts will be read by others who will also take useful information from it; responses are not always just relevant to you.

You've posted in great detail already so its not unreasonable to seek further understanding by asking questions.
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Hi Thirsty

Thank you for your reply
 
cremeegg said:
It wouldnt be AAm if there wasnt some nitpicking going on. :)

That said, you do not understand how loans work. They work like this



While you dont want to tell your partner how to run his life, understanding how things work is always valuable.

In my opinion you are saving heavily and leaving little for spending. You are doing this because you want to save for a house, thats your choice and in terms of long term financial security I am sure its a good choice.

Your weekly income at €500 per week is low, there may well be jobs out there that suit your skills and experience and pay you more.
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Hi Cremegg

Understandably knowing how things work, and knowing my facts can steer me in the right direction. I won't argue with that.

The thread I started was in regards to my wages and savings, not in regards to my loan, partners loan and how they should be paid off. As I have previously stated, I have paid my loan and its cleared and I've now been able to use the loan money as another means to save. As for my partner, again, his choice in what he wants to do.

I have wondered about my wages throughout my 11 years working for the same company and over those years, my wages have increased and I've reached the highest level in pay increase. I will be taking your advice though and have a look to see where I can improve my skills and knowledge and potentially earn a higher wage.

Thank you for your reply

DeeKie said:
Yes. I think I would be looking for improvements in remuneration on the work side. It’s hard to say to you to stop saving. People on aam tend to be financially prudent. But I would struggle personally on your allowance to yourself. I’d be thinking about how to increase income not reallocation of it. Good luck
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Hi DeeKie

Myself and partner earn roughly the same amount and from previous replies, I'm woundering how we are surving if our wages deem low enough. It's mad how much you can make something stretch. Especially €50, when all things are done and paid for. Granted I don't meet up with friends and family as much I would like too but they also live a little bit further away so I suppose when I do meet them, my rainy day funds gives me the freedom to go anywhere and not have to worry about how much I'm spending.

I'm just glad at least one of us has no loans so there's a safety net somewhere. I won't say it's been easy.

Im a firm beliver that just because you have an opinion, it doesn't make you right or wrong. That goes with me as well. I may think I've made the right choices or have opinions but it also doesn't make me right or wrong. Granted this forum is valued for giving advice and belive me, I wouldn't of asked my question if I knew I was being silly but I was more so looking for clarification (tips and advice) in regards to my wages. I've no intentions of arguing, especially with professionals but I'm not going to be belittled and be told to prove or explain my actions to prove a point either.

Thank you for your reply
 
I’m sorry. I’d no intention to belittle you. It was a genuine attempt at help.
 
cremeegg said:
It wouldnt be AAm if there wasnt some nitpicking going on. :)

That said, you do not understand how loans work. They work like this



While you dont want to tell your partner how to run his life, understanding how things work is always valuable.

In my opinion you are saving heavily and leaving little for spending. You are doing this because you want to save for a house, thats your choice and in terms of long term financial security I am sure its a good choice.

Your weekly income at €500 per week is low, there may well be jobs out there that suit your skills and experience and pay you more.
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Learningasigo said:
Hi all. Hope all is doing well.

I've a questions. Be as blunt as you can be and give all the tips and advice you can. It will be all appreciated. Belive me.

I am early 30s and I live in Dublin City with my partner who is early 30s. We both work full time and earn the same wages. We've no children (would love a house, marriage and children in the future of course). Currently renting a one bedroom apartment for €1450 PM. We both drive, our jobs are outside the city. Wishful thinking to purchase a house by the time we are 35 but God only knows what the house prices will be like by then.

Recently I have finished off a loan I had. It took me a year to build up the savings so I could pay off the loan and still have enough to build back up again. So that's been a huge stress relief.

The savings I used towards this loan, has now been turned into my "deposit" fund as it reminds me that it's going towards something in the future and I've no intentions of dipping into it for anything leisurely.

I get paid €500 (sometimes I do overtime if I it's available, which can be an extra €20) weekly.

Out of that €500 I pay....

€180 towards rent (weekly) (could also increase as landlord has informed they might increase the rent, so I might have to move, I'm not sure yet)

€200 Savings ("deposit", I am making it my mission to save for a house in the future and I would prefer to save as soon as I can and build up as much as I can. Also I was hoping to save a set amount each week as I can do the whole "if I don't see it in my account then I can learn to live without it")

€20 for my "Rainy day" funds (which also means maintances in case the car needs a repair or something in the house needs fixing etc, the usual stuff that no one wants to think of plus I do like the odd time to go out, previous to Covid 19 obviously, so see what happens now but it's nice to have something to fall back on)

€20 for Car insurance/ tax (I pay these yearly but I prefer to set an amount to the side each week so I'm not struggling to find a way to pay when the time comes. My insurance has been less and less each year so I've been lucky in a sense that I don't have to pay too much)

€30 for groceries (sometimes less, maybe €20 as I tend to do brilliantly some weeks with batch cooking then other weeks I'm cooking something different each day so I rarely get a take away or go out for meals but thank god for Aldi!!! )

Which I'm then left with €50 to last me until the next pay day the following week. Can I ask, is this reasonable or am I doing something wrong along the lines? Often by the time Sunday rolls around and I see €50 left in my account. I'm often woundering is that enough? Am I depriving myself or

Fair play to you for your perseverance, you have a goal to achieve and the motivation to go along with it. There are many who wouldn't even get out of bed for your take home pay, they prefer to live off the State, free house, free medical etc.
Good luck to you, I'm sure you will achieve your dream.

just a point, you say you live in the city and your rent is very high yet you both work outside the city. Would it not be cheaper to move nearer to your workplaces, avail of cheaper rent, do with one car etc.....
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