Help for saving money!

Pecker31

For some reason I can not seem to save money!!!

I am in a reasonable paid job, €920.00 a fortnight and pay €200 a fortnight rent, €220.00 back a fortnight in loans, €50 in petrol, €85 in ESB and every week before pay day I am left with next to nothing. This week all my wages are gone and I got a bill for my car for €400 which was all I had saved so now I have nothing.

Can anyone give me some advise on what I am doing wrong ~ I don't go out every weekend, don't buy much clothes and don't live the good life!

I was talking to a colleague and she has saved €4K over the summer and shes on half my wages!!

Is it acceptable now a days to have no savings?!!

UGHHH

fits

Your loan commitments are high. It will be difficult to save until those are paid off but start small. Setup a direct debit to a 30day notice savings account and put fifty euro a fortnight in. Its not much but we all have to start somewhere. Don't access it at all. Set up an instant access savings account and put a bit in that also . You can build your emergency contingency fund there.
Try avoid getting into loans in future if you can. They are a killer.

Bafucin

Pecker31 wrote: »

For some reason I can not seem to save money!!!

I am in a reasonable paid job, €920.00 a fortnight and pay €200 a fortnight rent, €220.00 back a fortnight in loans, €50 in petrol, €85 in ESB and every week before pay day I am left with next to nothing. This week all my wages are gone and I got a bill for my car for €400 which was all I had saved so now I have nothing.

Can anyone give me some advise on what I am doing wrong ~ I don't go out every weekend, don't buy much clothes and don't live the good life!

I was talking to a colleague and she has saved €4K over the summer and shes on half my wages!!

Is it acceptable now a days to have no savings?!!

UGHHH

I feel you OP. I do irregular work as I am studying. it's not steady. I still have bills and loan repayments to make. I gave up a car before moving down to waterford to study nobody told me public transport was ****e and you can end up spending more. I cycled my legs off down there. Loan payments are first.

I live with my brother and he covers a lot for my groceries and bills if needs be. It's not ideal but until I finish studying it helps.

Use the car as little as possible.

I am the same ..it's like I don't stop spending until there is nothing...like eating ..I finish when I get to the end of whats on my plate ..

I have taken up teaching music to help. But it takes away time from studying.

I guess getting in the habit of it is the start.

Daisy78

220 a fortnight is an awfully high amount to be paying back on a loan. Tbh I dont think id manage to save much if I had to pay that back every month. Have you much more left to pay back? Honestly I would concentrate on paying that back first and then you can start saving the loan repayments once you have finished paying off your loan. I earn a good bit more than you, pay 260 euro a month back on a car loan and am trying to clear my credit card debt. Until I do that I cant even think of saving. Ive prioritised my loan repayments for now and once im done with that I can focus on my savings.

On a separate note do you really need your car?

pwurple

220 every two weeks for 4-5 months (ie over the summer) is your missing 4k savings anyway. What was the loan for? Is it something you don't need/can sell?

kylith

Keep a diary of every penny you spend, even if it's just a Mars bar. You'd be amazed how fast that 'I'll just get a coffee' and the like add up. Bringing lunch to work is a great help when cutting down on spending; you might spend €5 a day on lunches, but could buy the makings of lunches for a week for €10.

dellas1979

Hi OP,
I think you need to do a better break down of how you are spending your money (down to the cups of coffee you might buy per day).

Because your money is going somewhere.

Monthly you earn: e1840

At the moment, per month you are aware of:
e400 rent
e440 in loans
e200 in petrol
e170 esb
= 1210

1840-1210= e630 you are not sure where its going (car insurance/groceries/socialising/tele/phone?).

waterfordgirl

Is the figure of 85 a fortnight fir esb correct? It seems incredibly high! You need to look at your usage if it is that high I think

kissmequick

€170 on ESB? Apologies I don't know the Opening Poster's family-size, obviously electricity usage may differ for differing circumstances, but could that be anyways looked at or reduced somewhat?

I know myself trying to find accommodation is practically impossible but if yer favourable to move elsewhere, ya might get something to rent a little cheaper, or alternatively ask is there any way your Landlord could come down to €90?!? I know it's probably a big ask, but it would be an extra €40 for you. Or even €95.

The car is the biatch of it I think! Had to pay over €500 there myself lately for Car-Service.

lulu1

Maybe i have got it completely wrong but would you be left with 230e a fortnight to live on after paying your bills. Would be really hard to save out off that

Lia_lia

Your loan repayments are the big one there really! That seems crazy, I hope there isn't much left to pay off...must be a pain in the arse! Your rent could be seen as high for your wage, but I guess it depends where you are living. Maybe not!

I save a lot of money every month, but I have no car, no loans, no overdraft. My rent is my only big expense really, and I earn a lot more than I need.

You could track every single thing you spend money on. I did this for a week and was astounded at how much I spend on crap...really does open your eyes and help you save!

Shopping around for the cheapest electricity providers can help.

Pecker31

Thanks everyone. I live on my own and my rent recently went up. The ESB is high due to a set charge that my landlord set with the them and in the winter month it decreases - I don't really understand it. I'm moving house in March and moving in with my boyfriend so that will help a bit. Just was getting me down now being able to save. I'm going to try documenting everything this Thursday(I'm paid) and will see where exactly it's going!

My loan is with the credit union for €4k and repayment is €140 a fortnight and then I have a €2k bank loan and repayment is €80 a fortnight. I just wanted to pay them back quicker. Maybe I'm screwing myself over.

Sam Kade

kissmequick wrote: »

€170 on ESB? Apologies I don't know the Opening Poster's family-size, obviously electricity usage may differ for differing circumstances, but could that be anyways looked at or reduced somewhat?

I know myself trying to find accommodation is practically impossible but if yer favourable to move elsewhere, ya might get something to rent a little cheaper, or alternatively ask is there any way your Landlord could come down to €90?!? I know it's probably a big ask, but it would be an extra €40 for you. Or even €95.

The car is the biatch of it I think! Had to pay over €500 there myself lately for Car-Service.

€500 car service :eek: what did they do for that?

Challo

I know this isn't helpful but your ESB bill is absolutely crazy.

kissmequick

Sam Kade wrote: »

€500 car service :eek: what did they do for that?

Golly does that sound dear?! I thought that was cheap?!? :O Full service and new tyres. I was expecting it to be nearer a grand actually.

Plump Jake

kissmequick wrote: »

Golly does that sound dear?! I thought that was cheap?!? :O Full service and new tyres. I was expecting it to be nearer a grand actually.

Are you being taking for a ride somewhere along the way? The electricity arrangement sounds dodgy as does the car service. Has your boyfriend reviewed these for you? What does he say?

pwurple

Plump Jake wrote: »

Are you being taking for a ride somewhere along the way? The electricity arrangement sounds dodgy as does the car service. Has your boyfriend reviewed these for you? What does he say?

Tell me this is a joke? Hah hah.... ..?

Plump Jake

pwurple wrote: »

Tell me this is a joke? Hah hah.... ..?

What's the issue with having a partner help assess a situation that has proved self admittedly complicated ?

pwurple

Plump Jake wrote: »

What's the issue with having a partner help assess a situation that has proved self admittedly complicated ?

Sweet mother of god, you were serious.

For a start I see no mention of a boyfriend in the opening post.... So why didn't you say friend, or mother, or sister?

The implication is that you assume silly little women couldn't possibly understand an electricity bill.

Ocean Blue

pwurple wrote: »

Sweet mother of god, you were serious.

For a start I see no mention of a boyfriend in the opening post.... So why didn't you say friend, or mother, or sister?

The implication is that you assume silly little women couldn't possibly understand an electricity bill.

OP said she's moving in with her boyfriend in March. Her partner as the closest person in her life would be the obvious choice to consult if she needed a second pair of eyes to look over the bills in case something is amiss. I think you might be reading too much into this.

Plump Jake

pwurple wrote: »

Sweet mother of god, you were serious.

For a start I see no mention of a boyfriend in the opening post.... So why didn't you say friend, or mother, or sister?

The implication is that you assume silly little women couldn't possibly understand an electricity bill.

Have you read the thread in its entirety or just seeking offence ? See below the OP says she can't understand the ESB arrangement with the landlord. A boyfriend is also mentioned....

Pecker31 wrote: »

Thanks everyone. I live on my own and my rent recently went up. The ESB is high due to a set charge that my landlord set with the them and in the winter month it decreases - I don't really understand it. I'm moving house in March and moving in with my boyfriend so that will help a bit.

Plump Jake

Ocean Blue wrote: »

OP said she's moving in with her boyfriend in March. Her partner as the closest person in her life would be the obvious choice to consult if she needed a second pair of eyes to look over the bills in case something is amiss. I think you might be reading too much into this.

Indeed. She may be being taken for a ride as the landlord has control of the arrangement with the ESB rather than her. It's an unusual arrangement.

J82

That comment re the Boyfriend really got me mad up too . Incredibly annoying.

And yes she has a boyfriend as she mentioned in another post but sure he might not be clued in either. Huge assumption that he would be better.

Just advise the OP to go away and do some research for herself. To be fair she has started here, but it is not always the best place.

Your car service sounds very high. But we know no details. Did you get a receipt noting what was done for that price??
If not I would go back and ask for it. They may have done a particularly expensive job and can justify it. Take your receipt and ask friends/family (including the boyfriend!!) about it.

In future, before leaving your car for a service, ask the garage how much they expect a typical service to cost you. Ask them to phone you once it goes a good bit higher or if they uncover that something significant needs to be done.

Re the esb, can you not look at your bills?
They are not massively complicated. Any questions can by answered by yhe provider and just ensure that you are on the best rates. It sounds like your landlord has it set up with some bill equalisation arrangement. Before you move out, tell her that you want to check the meter reading and submit it. You could be leaving her in credit on that account. Be wary as this works in rreverse too.

Hope that helps.

First identify where you're leaking money OP, and maybe reconsider taking out loans after these are paid off.

Talk to the landlord about the ESB arrangement, it's unclear how it works and you seem to be losing. Does it include your heating?

Keep a pocket ledger and record every last cent you spend over the next month. It's easy to overlook small spends that add up. Coffees, magazines, a quick snack here and there can all be drains you don't notice.

Do you overbuy? Once I counted four kinds of shower gel around my bathroom, and I hadn't even noticed I'd that many.

Can you save on your grocery shopping? Do you plan meals and make a list? Write down what you need for the week and only buy that. Use up things in the cupboards and use things before they expire and you wind up throwing them out.

Shop around. Go to budget shops like Lidl or Aldi and take advantage of brand equivalents, look for specials on items you use frequently, and again, stick to the list and don't overbuy.

How much do you spend on a night out and how can you cut down on the cost?

Awareness of what you're spending and why is the first step to having greater control over your finances. Keep the diary for a week or so and you'll see a clearer picture emerging of what needs to change, and where.

sunshine and showers

OP, you are being ripped off on your ESB bill! I live in a three bedroom house and we pay €124 a month total for electricity and gas from Airtricity. So about forty quid a month each. €170 a month is absolute madness - contact your LL about that asap!

hfallada

OP forget saving money. Pay off your loan. You will only get 1%-1.5% in the bank on your savings. If you have a credit card you will probably be paying 22% interest. You need to clear off your loan before you bother start saving.

fits

I dunno. You are right to an extent. Its important to have contingency funds in place also so more loans aren't required. I like to have easy access to an amount I can dig into for big necessary expenses rather than using the credit card. even 100euro a month is something.

FlUtO

sunshine and showers wrote: »

OP, you are being ripped off on your ESB bill! I live in a three bedroom house and we pay €124 a month total for electricity and gas from Airtricity. So about forty quid a month each. €170 a month is absolute madness - contact your LL about that asap!

Something very dodge here. Obvious OP is being taken for a ride by the LL

Humour Me

Hi OP. Just to give you an indication, I'm am in a small 2 bed apartment and our ESB bill for July and August was €84 total. We have to use the immersion to heat all of our water which is our biggest use of electricity.

If the bill is not in your name, I would be asking the landlord to switch it over. You are probably building up credit on the account, and anything that is left won't be paid back when you move out in March.

It really is a good idea to keep a small notebook in your handbag to record your spending. Even if you just do it for a week it does make you aware of your spending patterns. I did this myself a few months ago and realised I was spending over €20 a week just on coffees, muffins and chocolate. It was so easy to throw a bar of chocolate or packet of biscuits into my tesco shop that it never occurred to me just how much money I was wasting. Cutting down has really helped my purse (and waistline!)

Hold the Cheez Whiz

hfallada wrote: »

OP forget saving money. Pay off your loan. You will only get 1%-1.5% in the bank on your savings. If you have a credit card you will probably be paying 22% interest. You need to clear off your loan before you bother start saving.

Even with debt it is important to have savings - what if something happens with her car again or she loses her job?

OP I agree with the previous poster that setting up an auto debit to a savings account timed for your pay cycles is the best way to start saving. If you never see it, you'll never spend it. I'd also limit all spending to cash - take out a bit of money every week, and when it is gone, it is gone. Packing lunch and cooking your own meals is also good advice.

Shakespeare's Sister

Are you getting to see your electricity bills? If so, and if they're not estimates due to the meter being inaccessible or something, then you're not being ripped off - the meter readings are an accurate reflection of usage.
Size of premises has less of a bearing on this than what appliances/devices you are using, and how much. Maybe get it checked by an electrician? As the bills do seem quite high cost, especially when summer is just over and we're having a particularly mild September.
Do you have a day/night meter? These have a low-cost unit rate at night but quite a high-cost one during the day.
Maybe ask for more advice in this regard on the electricians forum, and on any other relevant forums?

paperclip2

OP, as has been said already your ESB is ridiculous. My ESB bills for a family of four in a four bed house is about €180 every 2 months. You really are subsidising someone else's leccy I think.