Saving Money... Any Tips

Pippa_Pipsy

Hi All,

My 1st post to boards.

Myself and my OH are living together and we seem to be living paycheck to paycheck each week. We barley manage to save €25 each a week each. We don't go out, once a month would be a lot, don't have children or no major loans.

Has anyone any tips for us, we eventually want to start saving for a mortgage and putting a rainy day fund in place. Neither of us would have high paying jobs. I get €430 into my hand a week and he gets approx €380 take home.

Our rent is €650 a month.

Thanks

jobless

i suppose the first thing is to note down what you spend each day in a spreadsheet and try point out things you can cut back on..... coffees, take outs etc all ad up

NapoleonInRags

Hi,

Everyone recommends youneedabudget.com to help track and structure your spending - including making some provision to save.

I haven't used it yet .....but any day now I swear

Pippa_Pipsy

Thanks I will check out that website, we are starting late in lift we are in our mid 30's! Hopefully we can get a handle on it. I know I am a demon for takeaway coffee's and grabbing breakfast on the go. Using the Visa Debit card is a killer also.. can't see what you are spending.. until you look it up!

PaddyWilliams

Do as jobless says and note everything down. Keep receipts as well, make sure to ask in shops or wherever. You'd be surprised where money is peed away.

Spanish Eyes

Ok, start to think about things.

Between you, you have take home per month of €3,200.

Rent is €650

That leaves 2.5 grand per month between you.

You need to list out where this money is going!

I know there are the usual bills, phone, tv, utilities, insurance, petrol, food and so on, but it sounds like the money is going somewhere if you only save €25 each, on a good week!

That is reasonable money if you have no mortgage and no kids.

Write it down! Everything, from takeaway tea/coffee magazines, hair salons, nails, hobbies and so on.

Some people would bite your hands off for that kind of income in your circumstances.

Best of luck!

PaddyWilliams

Set up a standing order as well monthly for say €200.00 each to go into a savings account. Make whatever money is left over last and see what you can forego on a monthly basis i.e coffees, newspapers, etc. You'll soon find the essentials are important and the not so important stuff can be done without.

goldenhoarde

Based on the figures you have given below when you minus the savings and rent you have a figure of 610 a week left exclusive of bill etc.

So for the next month every cent you spend needs to be tracked by both of you so that you can get a baseline of what you are spending.

Coffees, food on the go will all add up

e.g.
coffee + breakfast roll 6
sandwich + coffee 7

That's what I would have to pay where I am so *5 that's 65 a week

Bring your own lunch and you could easily have a nice lunch for 2 euros a day when you buy the ingredients in bulk.

Pippa_Pipsy

Thanks Spanish Eyes, didn't mean to sound unhappy with our wage we are, just trying to come to a solution. We are very lucky to have jobs.

When you add it all up of what we get a month it looks like a lot! Gonna sit down this week and try and tackle it.

Was thinking of giving up SKY etc to save, that is our only DD bar phone and loans.

Cakerbaker

My OH and I made big savings by making batches of salads/ soups and bringing lunch / snacks to work. We could easily spend €10 each on stuff like this and its not that much work to prepare in batches at home.

Another suggestion is to look at your grocery shopping. Could you do the majority of your shopping in Lidl/ Aldi or buy other supermarkets own brands if you don't already? I also check what meat / veg the supermarkets have on offer each week and tailor some of our meals around these.

RedXIV

Pippa_Pipsy wrote: »

loans.

This is usually a significant strain on income. How many loans do you have?

Spanish Eyes

Do you have any ahem... vices like smoking or buying "things". I was a demon for buying book after book for the Kindle. Had to cut back on that, so now enjoy a few books a week on the Amazon daily special for 99c each. Still get my fix but save myself a fortune! Occasionaly will treat myself to a new release though. Gotta have something!

If you smoke, consider moving to vaping. My brother has done this and is saving a fortune too, while improving his overall health too.

One tip is to leave cards at home. Only bring a certain amount of cash to work, and that has to do you for the day. You can't impulse buy any old thing you see just because you want it, you more than likely don't NEED it!

byronbay2

Well, you're certainly leaking money somewhere! €810 p/w between you corresponds to €3510 p/m, and €2860 when the rent is paid. That's handy money with no children and (presumably) no credit card or bank debt. You should easily be able to save €500 p/m on that income. Do you have 2 cars that could become 1? That would save a lot of expense. Otherwise, swapping gas/electricity/broadband provider can save a good few quid over time. First job is to find out where the money is going at the moment.

vandriver

Income €3510
Rent. € 650
Savings €216
Balance. €2644
Thats a lot of money each month you aren't tracking.

spaceylou

+1 to all of the above about tracking your spending and then cutting down/cutting out the obvious money drainers.

Also worth considering the following:

1. Are you on the best phone price plan for you? Might be expensive to change mid-contract but keep an eye on it and know when your contract is up so you can switch

2. Shop around when it comes time to renew insurance - car/holiday/health/house(contents) etc

3. If you, and not the landlord, is solely responsible for utilities then shop around for gas; electricity; oil; bins etc. You'll get the info on your current bills for how many units you use etc.

4. Plan your food for the week and shop accordingly so you can avoid having to pop around to the corner shop for over priced bread/milk or having to grab breakfast on the go because there is nothing in the fridge...its boring but you can definitely save money. Also try not be too brand loyal - if you are the type of person that likes their brands. Try switch one thing at a time , there is bound to be one or two things that just aren't the same but most stuff the shop's own-brand stuff is just as good.

5. Don't mention what part of the country you are in but look at your transport costs and if you are using public transport make sure you are on the cheapest ticket available and if you are driving download an app like pumps.ie so you can keep up-to-date with prices in your area.

All the above might sound like little things but over time they will add up.

Keano

Start bringing your own lunches to work. I have being doing so for last 2 months and I actually have money left at the end of the month. I would easily have been spending close on €50 a week on lunches.

Crash Bang Wall

A controversial one, but I would use a credit card rather than VISA debit for buying stuff....no transaction fees as long as you pay your bill on time.

I do the standing order to a savings acc about 2 days after pay day as wel...that way you have no option only to survive on what you have left

Pippa_Pipsy

No vices, that's the odd thing! We spend approx €80 a week on food shopping. He NEVER spends during the week and where he works he can't... me on the other half work in a city, gets an hour for break, doesn't know anyone at work so I wander around the shops!

Lunchtime today I spent €20.00

Oranges, Butter, Ham, Potatoes, Cupcake Paper, Loaf Liner and Juicy Extractor (all in dealz the last three)

I need to stop!!

Pippa_Pipsy

I have a loan of €6500 which is €55 a week in repayments and he only has €800 left on his, repayments are the same. I got a new car in Jan. Well a 08!

spaceylou

Pippa_Pipsy wrote: »

No vices, that's the odd thing! We spend approx €80 a week on food shopping. He NEVER spends during the week and where he works he can't... me on the other half work in a city, gets an hour for break, doesn't know anyone at work so I wander around the shops!

Lunchtime today I spent €20.00

Oranges, Butter, Ham, Potatoes, Cupcake Paper, Loaf Liner and Juicy Extractor (all in dealz the last three)

I need to stop!!

Think you might have identified the problem there yourself!!

beertons

Lose tv subscription, get Amazon firestick. Costs 50 quid. All the sports and movies to your hearts content. You'll have rte on freesat or what ever it's called.

Spanish Eyes

Pippa_Pipsy wrote: »

No vices, that's the odd thing! We spend approx €80 a week on food shopping. He NEVER spends during the week and where he works he can't... me on the other half work in a city, gets an hour for break, doesn't know anyone at work so I wander around the shops!

Lunchtime today I spent €20.00

Oranges, Butter, Ham, Potatoes, Cupcake Paper, Loaf Liner and Juicy Extractor (all in dealz the last three)

I need to stop!!

Leave your cards at home. Take cash only. say a fiver. Bring your own lunch in and make your own tea and coffee. Can you provide your own at work in a kitchen or something like that? Like others, when I was at work I'd spend at least 15 quid or so a day on lunches, teas and coffees.

Started to bring in my own. Bought a thermal cup thing and honestly I could not believe how much money I had left. Every little helps, and you get to make nice sandwiches or salads.

I got really into it, and used to make the sandwiches on a Sunday evening for the week and freeze them. Only had to stick my hand in the freezer and they were defrosted by lunchtime! Brilliant, no excuses due to laziness. Took about 15 minutes on a Sunday night.

Ham, corned beef, cheese and peanut butter all freeze well in sandwiches. There are lots more aswell, too many to list here! Salady things and eggs, are not so good. Just google it. Saves a fortune, and with a mug of soup or tea or coffee, you're sorted.

Pippa_Pipsy

Spanish Eyes wrote: »

Leave your cards at home. Take cash only. say a fiver. Bring your own lunch in and make your own tea and coffee. Can you provide your own at work in a kitchen or something like that? Like others, when I was at work I'd spend at least 15 quid or so a day on lunches, teas and coffees.

Started to bring in my own. Bought a thermal cup thing and honestly I could not believe how much money I had left. Every little helps, and you get to make nice sandwiches or salads.

I got really into it, and used to make the sandwiches on a Sunday evening for the week and freeze them. Only had to stick my hand in the freezer and they were defrosted by lunchtime! Brilliant, no excuses due to laziness. Took about 15 minutes on a Sunday night.

Ham, corned beef, cheese and peanut butter all freeze well in sandwiches. There are lots more aswell, too many to list here! Salady things and eggs, are not so good. Just google it. Saves a fortune, and with a mug of soup or tea or coffee, you're sorted.

I generally do bring my own lunch but do need to curb the card spending. Do you recommend getting a joint account and taking "pocket money" weekly from it?

PaddyWilliams

Another thing I meant to put down. Use cash rather than the visa debit all the time. Take out a €100.00 for example every week and make that last you the whole week. When you're only using the visa debit you can't see the money going so don't care as much. With cash, it's harder to let it go!

wandatowell

Pippa_Pipsy wrote: »

Lunchtime today I spent €20.00

Oranges, Butter, Ham, Potatoes, Cupcake Paper, Loaf Liner and Juicy Extractor (all in dealz the last three)

I need to stop!!

Aldi or Lidl I cant remember which off the top of my head do a large salad in a bag thingy (buy two) and you can buy on two of their smoked salmons for I think like €3. Its like 8 quid for two days lunch. (You'd want to prepare them in the morning).

Also check out the slimming world curry recipe. Its very nice and you can easily get 4 meals a week out of it.

Deli food is stupid expensive. Your paying a premium for quick access to not so great food.

Spanish Eyes

Pippa_Pipsy wrote: »

I generally do bring my own lunch but do need to curb the card spending. Do you recommend getting a joint account and taking "pocket money" weekly from it?

A joint account is a good move for joint expenses! Things like food, utilities and so on.

But it will only work if it is ONLY used for these things, and nothing else. Keep your own account for your own spends would be my thinking. But it is an individual thing, some people like to keep their own money and be independent, others like to have everything jointly. It depends on your relationship!

A joint savings account is a good move too. Will build up for your deposit if you get down and sort out your spending!

Best of luck.

og2k7

NapoleonInRags wrote: »

Hi,

Everyone recommends youneedabudget.com to help track and structure your spending - including making some provision to save.

I haven't used it yet .....but any day now I swear

I heard a lot about this but first thing is that it costs 70 bucks i think (last time I checked). When I read about what it does - and what I thought was relevant in our case - was to assign all the money you get (so in other words no funds go unassigned)

What we do ourselves (we dont have a joint account though) is to log every spent cent into the expenses app: (Money Pro for iOS) and report on items (every single one no matter if 49c or 50eur) we buy. What I do then is set a budget for a month and try to stick to it.

Also, I have set up a savings account that the money goes to on a certain date - if you dont see it, you wont spend it basically, but you would need to see if that is an option for you

Good luck!

Senna

Some of the things I have done (had to do after a pay cut);
Price around every year for electricity provider, gas, phone, broadband providers.
Move from a mobile contract to a sim only plan
Left Sky TV until they offer half price package
Stopped paying for things on Direct Debit (car insurance)

witchgirl26

OP if you can avoid going out at lunch then you'll avoid the temptation to spend. I used to work in town & for 4 days a week, I'd bring in my own lunch, a book & go to Stephen's Green Park for a read at lunch time. Fridays were usually a treat day for me but only if I'd enough cash left. Like someone else mentioned, calculate how much you actually need for the week in work (getting to & from plus lunches if you can't bring them) and take out that amount on a Sunday. Make it last - anything left over, minus from the normal and take out only to the amount needed again or else put the extra in a piggy bank at home.
Put everything for a month on a spreadsheet of what you're both spending & be completely honest. There's no point doing it if you're not going to be.
Look at how much you're using things like your phone or the tv. Could you be on a cheaper package? I switched my phone to PAYG and limited myself to €20 a month to help curb spending. TV I cut back to the basic package as I didn't watch a huge amount of the other channels I had. Wasn't using netflix so cancelled it for a while.

sellasheep

Anther tip for anybody who has Sky is to get rid of it all together and watch programmes on RTE player, 3 player or youtube.

fits

how much per month are the loans taking up? They can be a killer.

Eire Go Brach

I'd use a spreadsheet to see where your money is going. When you figure that out. I'd set a budget and take it out as cash. Forget the visa. To hard to keep track of budget wise.

Look at your bills then. You can save money by ringing providers for better deals. Be honest and brutal. Don't get stuff for the sake of it. If you only watch Netflix. Get rid of your tv subscription etc

For cost that change every month electrical w d gas etc. Get the bills for the last 12 month and work out a average per month. Put this in every month into those accounts. So no surprises.

Write down your dinners and lunch for the week. Get it all in one big shop. Sign up to Tesco or Dunnes loyalty cards and use the vouchers. Better still shop in Aldi. Only have coffee treats at the weekend.

We do all this. Certain ones can be hard to keep up. But take out cash as you budget helps a huge amount.

celligraphy

That's madness , I used budget on 30 food shopping including toiletries by buying Tesco brand everything and cooking from scratch , get takeaway once a week as a treat and pay the same rent as you , this was when I was on jobseekers . I still keep the same habits , haven't set up a standing order yet for the credit union as waiting for fis , so last two months I get 350 a week wages and I pay for partner who doesn't get any money and my 2 year old , learn to budget start small bring 5 a day for lunch or packed lunches for the week would cost 6 Euro -

Dilute juice -1
Ham -0.79
Bread -69
Breaskfast bars-2
Fruit 2

OU812

As you implied you get paid weekly, I suggest you open a "Rent, loans & Utilities" account. Your rent, electricity, phone, gas, loans etc a basically anything you know that * has * to be paid each month comes out of this. You need to seed it the first month's outgoings, so add up whatever you know is due in October & put it in there. Now, next multiply that amount by 12 and divide by 52. That's the amount you need to put into that account every single week from the start of October. So using your figures:

Rent: €650
Loans: €110
Phones: €100 (assumed)
Gas: €100 (assumed)
Electricity: €100 (assumed)
Contingency: €210 (20% to allow for unexpected bills/costs)

TOTAL: €1070

Multiply by 12 (months) = €12480, divide by 52 (weeks) = €247 per week - round this up to €300 if you can as it will help you build an emergency fund for car repairs etc.

You should be left with about €450 a week between you. Give yourselves €100 a week each for WAM & groceries and save the rest - €250 a week is over €12,000 a year in savings...

Will take some dedication, but you should be able to do it. Your gas & electricity costs should be way below €100 a month though, I'm basing that on mine & that's for a family of five.

Don't forget to factor in car running costs

wandatowell

OU812 wrote: »

I suggest you open a "Rent, loans & Utilities" account.

Best advice you can give.

I use this myself. Never having to worry about a bill is a weight off my mind.

Birdsong

OU812 wrote:

As you implied you get paid weekly, I suggest you open a "Rent, loans & Utilities" account. Your rent, electricity, phone, gas, loans etc a basically anything you know that * has * to be paid each month comes out of this. You need to seed it the first month's outgoings, so add up whatever you know is due in October & put it in there. Now, next multiply that amount by 12 and divide by 52. That's the amount you need to put into that account every single week from the start of October. So using your figures:

I started doing this in January and is fantastic. Never worry about any bills now, the money always there to meet it.

I also have a savings account and money goes into that on the first of the month. What's left them is for living with.

Wheety

Myself and the gf have standing orders to put €200 each a week into a joint account. Sounds a lot but mortgage, all bills, shopping and the occasional meal out comes out of that.

That would leave you with €230 and the gf €180. If that sounds too low adjust it. But sticking with that figure would put around €1600 into a joint account. You should be able to put savings away from that too.

You get used to it very quickly and never have to worry about a bill or rent again.

ongarboy

sellasheep wrote: »

Anther tip for anybody who has Sky is to get rid of it all together and watch programmes on RTE player, 3 player or youtube.

I got rid of my Sky subscription last year after rarely watching it for years. If you still have the satellite dish and are a keen TV fan, then you can still get a free to air box for less than 100 euro one off charge that has dozens of channels. I save 400 euro a year that way which is the cost of a package flight and accommodation to many sun resorts!

Pippa_Pipsy

fits wrote: »

how much per month are the loans taking up? They can be a killer.

They are €220.00 a month for me.. and I have another 3 years!!

Pippa_Pipsy

ongarboy wrote: »

I got rid of my Sky subscription last year after rarely watching it for years. If you still have the satellite dish and are a keen TV fan, then you can still get a free to air box for less than 100 euro one off charge that has dozens of channels. I save 400 euro a year that way which is the cost of a package flight and accommodation to many sun resorts!

Your right! Going to ring them later and cancel it! We always watch netflix and have Saor View in the house

Pippa_Pipsy

OU812 wrote: »

As you implied you get paid weekly, I suggest you open a "Rent, loans & Utilities" account. Your rent, electricity, phone, gas, loans etc a basically anything you know that * has * to be paid each month comes out of this. You need to seed it the first month's outgoings, so add up whatever you know is due in October & put it in there. Now, next multiply that amount by 12 and divide by 52. That's the amount you need to put into that account every single week from the start of October. So using your figures:

Rent: €650
Loans: €110
Phones: €100 (assumed)
Gas: €100 (assumed)
Electricity: €100 (assumed)
Contingency: €210 (20% to allow for unexpected bills/costs)

TOTAL: €1070

Multiply by 12 (months) = €12480, divide by 52 (weeks) = €247 per week - round this up to €300 if you can as it will help you build an emergency fund for car repairs etc.

You should be left with about €450 a week between you. Give yourselves €100 a week each for WAM & groceries and save the rest - €250 a week is over €12,000 a year in savings...

Will take some dedication, but you should be able to do it. Your gas & electricity costs should be way below €100 a month though, I'm basing that on mine & that's for a family of five.

Don't forget to factor in car running costs

That is great advise, thank you. Have printed off my July and August statement so will work on it tonight. Great idea about clubbing the bills together in one account.

Pippa_Pipsy

If I put €200 a week into savings I would be left with €40 once I have paid Rent and loans, I can't make it add up

vandriver

Pippa_Pipsy wrote: »

If I put €200 a week into savings I would be left with €40 once I have paid Rent and loans, I can't make it add up

Between both of you .

Pippa_Pipsy

Rent ~ € 325.00
Loan ~ € 320.00
Saving H ~ € 100.00
Groceries ~ € 140.00
Phone ~ € 30.00

Total € 915.00

Wages € 1,520.00

Left € 605.00



If I save €200.00 a month that would leave €400 left, €100 for car and other things that might crop up.

Is that realistic. The rent includes broadband, water and tele.

PaddyWilliams

€400.00 left after you're fed, watered and warmed isn't bad at all. Just try not to splurge on things you really don't need!

Pippa_Pipsy

Thanks for your help! Appreciate it :-)

slinky2000

Sorry if I've missed some ports.

Are there any other bills? car/house/health insurance, road tax, gym membership, sky, broadband, what about budgeting for some nights out, birthdays, holidays, weddings to attend etc?

I always fond myself amazed by the amount I could be saving, but in reality some of the above always crop up and take half of what I had planned.

Pippa_Pipsy

slinky2000 wrote: »

Sorry if I've missed some ports.

Are there any other bills? car/house/health insurance, road tax, gym membership, sky, broadband, what about budgeting for some nights out, birthdays, holidays, weddings to attend etc?

I always fond myself amazed by the amount I could be saving, but in reality some of the above always crop up and take half of what I had planned.

That is included in the savings bit, we both put €200 away a month between us for them occasions, diesel is paid for with work, broadband is inc in the rent and no gym!

OU812

Pippa_Pipsy wrote: »

Rent ~ € 325.00
Loan ~ € 320.00
Saving H ~ € 100.00
Groceries ~ € 140.00
Phone ~ € 30.00

Total € 915.00

Wages € 1,520.00

Left € 605.00



If I save €200.00 a month that would leave €400 left, €100 for car and other things that might crop up.

Is that realistic. The rent includes broadband, water and tele.

Electricity, gas, car tax, insurance, TV licence etc.

Shemale

Agree with the other posters, you are seriously bleeding cash and need to find out on what exactly.

Use a joint bank account for bills, both pay the same amount in, have a joint savings you both pay into and use your own separate accounts, the one looking for money before payday is the culprit abd might make them better at not wasting cash.

Eddie Hobbs has a book you might be able to get "Short Hands Long Pockets" its from a while ago but if you can get it there is software called Wonga Wizard in it where you put wages and expenses and comments pop in with recommendations or if something seems excessive, I found it quite useful. When looking for the name I found this link:

http://www.rte.ie/tv/showmethemoney/rteguide.html

audi12

Pippa_Pipsy wrote: »

Hi All,

My 1st post to boards.

Myself and my OH are living together and we seem to be living paycheck to paycheck each week. We barley manage to save €25 each a week each. We don't go out, once a month would be a lot, don't have children or no major loans.

Has anyone any tips for us, we eventually want to start saving for a mortgage and putting a rainy day fund in place. Neither of us would have high paying jobs. I get €430 into my hand a week and he gets approx €380 take home.

Our rent is €650 a month.

Thanks

Should be able to put away 50 a week each anyway dont know what ye are doing with the money