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

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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.
 

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:

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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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
 
Hi Thirsty

Thank you for your reply
 

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


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.
 
 
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