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how can i improve?

  • 28-03-2011 12:51am
    #1
    moving21
    Closed Accounts Posts: 2 ✭


    hi, i would really appreciate any advice on how to improve my finances or get better value. I have listed my position below and any advice is most welcome-Aib graduate loan 3200 at 7.95% repaying 323 per month. Aib visa of 1580 not sure of the rate but it's a click visa. Current account 30 overdrawn-at a rate of 11.95%. Due to be paid 1400 on thursday. Have just accepted a job paying 37k first pay end of april- anticipated pension contribution 3-4 %. Petrol average 100 per month. Vhi 58. Savings for self and kids (not my kids) 75. Have a few hundred in credit union. Rent 350 hoping to move to 500-550 place in summer. Car taxed and nct, insurance due end of may approx 500. I think that's the guts of it. I've been considering things like consolidating all debt with a credit union loan or shifting the credit card balance to a ptsb interest free one for 6months. I'm unsure if i could even obtain credit with such a new job. I seem to be constantly buying presents for friends and family too which has me smashed. Thanks for taking time to read this, suggestions welcome. M


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,688 ✭✭✭✭drunkmonkey


    moving21 wrote: »

    Aib graduate loan 3200 at 7.95% repaying 323 per month.
    Aib visa of 1580 not sure of the rate but it's a click visa.
    Current account 30 overdrawn-at a rate of 11.95%.

    Due to be paid 1400 on thursday.

    Petrol average 100 per month.
    Vhi 58.
    Savings for self and kids (not my kids) 75.
    Have a few hundred in credit union.
    Rent 350 hoping to move to 500-550 place in summer.
    Car taxed and nct, insurance due end of may approx 500.
    I think that's the guts of it.

    We'll take rent, savings, car tax & nct out of the equasion as there not immediate.

    Your not in a bad position. Your personal loan is a pretty big repayment to be making every month but if you keep clearing it at the current amount, it will be cleared in about 10mts, yes? But I wouldn't do that if I couldn't afford to.

    Move your credit card straight away, as the car insurance is just due I would pay that on your current credit card and then move it. EBS are currently offering 10mts interest free credit if you switch to them. http://www.ebs.ie/site/All/Members%20Credit%20Card?opendocument

    That gives you 10mts to clear off your credit card debt and pay for you car insurance.

    If you talk to the bank and stretch out your personal loan over 3years, it should bring down the repayments to about €110 per month. I'm not saying wait 3 years to pay it off, but when your repayments are down so low it gives you an extra 223pm to clear off your credit card and pay for your car insurance all interest free.

    That's the way i'd play it and you should be in a good position in 10mts with just the personal loan to clear off but that should be no bother to you with your savings and no credit card to pay off.

    Try and get into the habit of clearing off your credit card when ever the balance is due. Easier said than done but try and if you fail remember to switch to someone doing interest free.

    Somebody else might play it a different way but that's they best way I can see at getting debt free this year.


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