Noor77's personal budgeting thread

Re: Eur100 Test

Thanks Noor. Didn't know about that shop but will definitely take a trip next time I'm up.

I've been studying arts on my own time with the Open University (as a hobby rather than work related) for the last couple of years, but decided to take a year out to come back at it all refreshed. Great theory except I feel all refreshed now and have nothing to do and I find it hard to be disciplined eonough to read academic books without exams or assignments to aim for. So now all my spare mental capacity is going on fretting about selling my current house and buying a new one and I'm even doing my own head in at this stage!

Rebecca

re:Net Worth?

When you do that Net Worth - what does the value of life cover - is this the payment you would receive if you die?
Also the pension : is this the amount it is worth when you retire?

Re: Eur100 Test

Clubman, re: online CD shopping. Don't forget I am plastic-less so there is no net shopping for me. Sounds a very good deal though.

Anyway, I ended up buying the Tesco one - out of my newly created Vitamin "brown envelope". I might get rickets now but at least I can listen to U2 ; )

cd wow

CD wow recently emailed me saying they now accept laser cards

Re: cd wow

How much do you guys generally spend on clothes a month? I'm finding it hard to settle on a budget figure for that. I don't spend that much at the moment, but I'd love to be able to get something nice once in a while.

clothes

So far this February Ive bought a top in Awear for €15, a pair of trousers for €28 and earrings for €6, only bought those cos I was going out one night.
January I spent €42 in killarney outlet centre, december I spent about €30, which was mainly because it was christmas and crowds in shops make me just want to go home

Re: clothes

I haven't spent any on clothes so far this month but last month.....

Cardigan - €35 in A Wear
Top - €18 in A wear
Top - €4 in Zara's sale
Top - €8 in Penneys

That was about it
That's not too bad is it?!

Hi,
I learned a very simple rule a few years ago and since then I have found saving easy. My rule is. "Pay myself first". I reckon we work hard enough. When i get paid the first payment out of my account is to my savings. All other costs and expenses are secondary. Everything else i spend if based on what is left after i have paid myself. Works for me.

Hi, haven't read all the replies to your query, so sorry if I'm repeating some information you might have already received: but I'd suggest the following:-

a) pay your mortgage every two weeks rather than monthly (to tie in with your wages) - your mortgage provider should have no problem setting this up for you

b) jot down your major annual expenses - TV License, TV Cable - Car Tax/Insurance/Service - Heating - Insurances etc etc (build in an amount for contingency/emergency) - add them up and divide by "26" - then each fortnight place this amount in to a separate account, by doing this you'll have the money to pay these bills during the year, and you'll know exactly how much you have available for yourself each fortnight

c) Credit Card would be convenient, but I'd suggest you only get one if you are convinced that you would pay off in full when the bill would arrive - my suggestion would be go to with b) for six months first.

a) pay your mortgage every two weeks rather than monthly (to tie in with your wages) - your mortgage provider should have no problem setting this up for you

Good point - if your mortgage lender calculates interest daily (as many do) rather than monthly or annually then paying more frequently than monthly can yield significant savings as you are chipping away at the outstanding principal quicker.

That's a very good idea re: paying the mortgage every two weeks - because having to pay it monthly as I'm doing now means that I get a bit hit on my cash flow all at once that I'm usually never prepared for.

Came home yesterday to a gas bill of €160 - aaaaaaahhh!! Don't you just hate it!

re: annual expenses

Great post Bank Manager, think I am going to try and do this myself.

Just wondered if everyone could help with all the annual expenses? I always forget certain things. I know the following:

TV License
Car Insurance
Car Tax
Car Service
ESB
Home Heating
Rent
Credit card charge
Birthdays
Christmas

I dont have any children, and dont have cable tv at present. What else is there? I know it sounds stupid, but there's always something that I forget about that screws up my cashflow/budget for at least a month.

Thanks!

Re: re: annual expenses

Noor, both the gas and electricty do a budget account where they calculate your usage over the year, and then you pay an average amount by direct debit each month. I find it good as I get paid a regular amount every two weeks and it's handy to have as many of the bills as possible being regular too! We switched over to paying the mortage every two weeks as well, I get paid on a Thursday and the money comes out on a Friday, so now I don't even notice paying the mortgage which is GREAT!!!!!

Re: re: annual expenses

Terrysgirl - you must be on a great salary if you don't even notice the mortgage coming out! But thanks for the tip : ) I'm going to ring the ESB and Bord Gais later.

Bluebean - have you got any holidays factored in to your annual expenditure?

Re: re: annual expenses

What about VHI/Bupa - €35-odd per month is a fair amount.

Re: re: annual expenses

What about clothes and food Bluebean? I can't see those things on your list.

I am really going to have to cut down on the amount of money I spend on gifts though. It always seems to be someones birthday - and bar dropping all my friends I don't know what I can do! Plus, I kind of like giving gifts, moreso than receiving them actually.

re

oops, forgot holidays. Was hoping to use my own personal budget for food, if Miss Ribena can live on 30 a week than I'm going to try too! Not sure what to do about clothes, might have to add them to my annual list alright.
Thankfully my VHI is paid for by work, and I pay 10 euro extra each month for extra cover which allows me to claim back money for gp visits, dentist etc. But this money is taken directly out of my wages so doesn't ever get to me!

Anything else I've forgotten? Socialising, mags, books etc. are going to come out of personal spending.

Gift giving

Noor77, I thought you might appreciate this lighthearted look at gift-giving. Might make you buy cheaper, but more personalised gifts!!

Economist.com

Edited to put in the link!!

Re: Gift giving

Ah well, when I say I don't notice the mortgage come out, what I mean is that I get paid, the mortgage comes out the next day, and the money that's left is 'spendable'. It means I don't have a big amount of money in the account, but a big bill coming in at unpredictable times! I'm finding it hard to explain, but I'm paying the same amount into the mortgage but I don't 'feel' the money coming out, it's like I just get paid a little less.

Clothes and Holidays

I'm lucky; I couldn't really care less about clothes and hairdos. I absolutely HATE hairdressers and people at my hair, so I just get it trimmed. I have friends who think nothing of spending over €100 every few weeks.

Clothes come out of my personal money or from money I get for presents at my birthday and Christmas. What usually happens is I'm going along fine and then realise "oh my god, I have no clothes", so I muster up €100 and go to Penny's and buy a few outfits.

My gym membership is €50 a month and is not part of my personal money. My course cost me €125 a month and didn't come out of my personal money either.

The first four years of home-owning saw no holiday at all; not even a weekend away, so that solved how to pay for it! I've been away a good bit in the last year or so; mostly city-breaks, but a skiing holiday also. I save for those as it comes up but not out of my personal money.

Presents are a bit of a pain especially as my family all seem to be clustered around the same time of year. My friends and I all agreed to stop buying each other presents ages ago because it was all a bit daft. My birthday presents fund comes out of my fund for annual costs; servicing the car, house insurance etc.

Rebecca