I need more money

LegacyUser

hi all

i know this is what everyone in ireland seems to worry about - money. im finding it really tough at the mo. i have a relatively ok job and on 43k and am 30. im not on class cash but i know im in a better place than others. im in dub and finding it really hard to make ends meet. my rent is fairly high and commuting isnt an option from where im from.

i have v flexible hours so im tryin to figure out if i can take on an odd night or two in a bar to get in more cash. im fine up to the last week of month but car repayment, mad rent, and insurance/tax on car just seems never ending. i also suffer with depression so i have to pay for meds and counselling (160 a month). phone is 30 a month. bus from where i am in dub into work (too long to cycle) is 100 a month.

i know bugeting wud be the obvious thing or to find a better paying job.. i have tried loads of different ways to budget but i always seem to mess up the month

does anyone know a way i could make even 100 quid a week from home? i was going to give grinds but dont have teachable subjects and not sure wht else i can do

if anyone has any tips that'd be great. this month i already took out a bit from savings and gf is trying to get me to go away in june but i havent 2 pennies to rub together most of the time.

Mr. Incognito

If you live in Dublin and take the bus to work, sell your car.

I sold mine as I live in Dublin and it was pointless keeping it and maintaining it.

I just rent a car on the odd weekend I need one for a wedding or that and its about €60 or so for the weekend with Enterprise. As you are 30 it would be about the same.

sullivlo

You need to figure out where your cash is going. Look through your bank account and figure out where you spend money.

Example: buying your lunch instead of bringing it in, buying coffee in a coffee shop, buying a bar of chocolate. That could easily run to €10 a day. I'd hazard a guess that €10 a week in the supermarket would cover lunch for a week and a jar of coffee.

How much is your rent? Could you move to somewhere cheaper?

silverharp

Its easier to spend less than try to earn more on top of a day job, do you have a lot of repayments? do you clear credit cards every month? do you save up for holidays or repay it over months by CC?
Concerning food do you make everything form scratch and bring in a lunch to work or do you buy lunch everyday and pay for coffees , you be surprised how much you can clock up on these. other things are expensive tv packages, paying for landline and mobile.

FitzElla

Start writing down everything you spend each day and total it up at the end of the month. As others have said it's usually easier to cut spending then to earn more money. €43k is close to the average wage across Ireland so you are not on the breadline. Look at where your money is going and think about ways to cut down on costs. Some ideas:
- bring your lunch into work instead of eating out / buying coffees
- change your phone / tv / internet plan to a cheaper one
- get a Tax Saver annual ticket for the bus
- look at other renting options
- shop around for car insurance etc.
- claim tax relief on your medical expenses
- plan out your weeks grocery shopping and meals in advance

It can be tough but managing your money is something nearly everyone has to do - it just takes a bit of planning and discipline.

Sunny Dayz

Why are you paying for car repayments, tax and insurance when you are also paying for the bus?


You do need to sit down with a pen and paper and work out where your money is going. I'm estimating you take home approx. ?2,750 net per month. Write down what you spend on eg rent, utility bills, car expenses (loan, insurance, tax, petrol, repairs), food, travel, clothes, nights out, credit card/loan repayments, phone, gym, hobbies, etc.

Walter H Price

Its an odd feeling OP i'm on a little more then you and my OH is on €70k even still were a long way off buying a house , we've sold our car's , got rid of our Sky TV and started cooking lunch's at home and bringing stuff in all because we've been feeling a bit pinched the last 12- 18 months , cost of living in this City is insane not 1 of my single mates have been able to move out on their own and of the couples only those earning a minimum a combined €60k have been able too. I've lived in other places Birmingham , Austin and Seattle never felt money draining the way it does here.

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witchgirl26

OP I'd echo what others have said about looking at your outgoings. I was shocked when I realised how my money was dripping away on things without noticing. If you're with AIB (don't know about the other banks as not with) they have a tracker thing in the online banking that shows where you're money is going and is quite useful for planning.

In terms of the car - I can understand you maybe wanting to keep this but could you look at downsizing it? You mention a loan on it - is this through the garage or the bank? Would it be possible to sell the car and downsize to a smaller one with less insurance cost or tax and also slightly cheaper on running costs.

As for the bus - if you're not on a contract then don't pay this month on month. It'll cost you a fortune. Ask in work about getting the yearly tax saver ticket. You can use it at weekends too so might eliminate the need for a car.

As for food - are you shopping in the main supermarkets (Tesco, Dunnes, SuperValu) and would switching to Lidl or Aldi help? There were certain things I didn't like to compromise on from my shopping but 9 out of 10 items were cheaper in those so well worth it. Also trying to meal plan ahead for the week means you're less likely to spend as much on food shopping as you only get what you need.

I did the harsh thing on myself of taking out a set amount to live off each week and put my debit card away in the house. It was there if needed for an emergency but I tried to make myself live off what cash I had. It forced me to budget and think through buys rather than just using my card.

In terms of you saying that you're struggling to make ends meet at the end of the month, is this bills or rent or general extras? If you have an idea how much your bills are for the month could you set up a separate account for these to come out of and transfer the money in when you get paid so that you know there'll be money there for them to come out without worrying.
Honestly OP I think you'd be better off being properly strict on yourself for a bit with money rather than trying to kill yourself with an extra job.

jimmycrackcorm

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I'd second this but also question why the OP feels that cycling commute is too far.

bmwguy

OP just like losing weight is as simple as creating a calorie deficit, being better with money is about creating a budget.

If people are not losing weight, they are eating what the like, not what they should be. If people are under financial pressure, they are spending what they like, not what they should be.

I guarantee if you earn more money you will suffer lifestyle creep and still feel broke, thats why you hear people on big money still complaining, I see it all the time in my job.

Seriously, budget properly. You have approx 2700/2800 a month coming in.
If you put up here what you spend people will help you see whats wrong. I have a friend like this, moans about money big time how tough life is. I had a chat to him it turns out he is saving 1000 a month for a new house but apparently its not enough as the banks will not let him keep his old house and has to sell it. So its because he wants to have 2 houses he thinks things are tough. Out every weekend too he is.Nothing tough about his life at all.

charlietheminxx

I live and work in dublin, but if I were to cycle to work it would take a minimum of 1hr20 mins and involves some windy, poor quality roads that I wouldn't be confident on. Not everyone is up for that twice a day!

OP I second the general consensus. You need to learn how to budget. I'm on far less money than you and while obviously I would love it to be easier, it's very doable to live comfortably within your means. I use a spreadsheet to track my finances but find whatever way works for you and plan ahead. I would also agree you probably don't really need a car. If you feel you can't do without one and your repayments are high, maybe sell it on and get a cheap runner instead.

baby and crumble

OP until you learn how to budget properly, any more money you get will end up being spent before you want it to. If you don't have solid budgetting techniques and make good decsions, you could burn through twice your salary just as easy.

Like others have said, look at your outgoings and see where you can make changes. I have managed to live in Dublin, while studying and renting, on €16,000 a year in recent times so it CAN be done.

What you should do first it track every single penny you spend for at least one month. Every lunch, every snack, every night out, every Leap card top up, everything. You'll quickly see if there's an area you're overspending on without realising. Most likely that'll be workweek lunches and coffees. You'd be surprised how quickly €5 on a sandwich and a coffee a day for €4 will add up. You'd easily spend €10 a day during the week- that's €200 per month just on lunches and a coffee each day :eek:.

Then, decide where you can make changes. I have a fridge in my office building so in my weekly shop I buy ingredients for all my breakfast and lunches during the week (wraps, lettuce, meat, dressings, yoghurt, granola etc) and I bring it in on Mondays and then it's there and I have zero excuses. I found trying to make it each night before bed just wasn't working for me!

ManOfMystery

OP there's no point in me echoing what others have said above - the solution here is obviously more careful budgeting and planning. Taking on a second job will of course help, but I often find that when you have more money - you spend more money - and it all cancels itself out. Being in better control of your budgeting will safeguard there and should be the first part of your approach (namely, your mindset). 

As a tool to help you better budget, I'd strongly recommend downloading any one of the multitude of free apps to your phone which can help you track expenditure, bills, etc. Mint is a very well renowned one. This won't work miracles, but it will make it much easier for you to see where your money is being spent at a glance, and position yourself week to week so you know how you're fixed for €€ in the days and weeks ahead.

LegacyUser

op, i'm after reading your original post and thinking "is this a joke"? and it seems you are for real. i am on HALF ofwhat you earn. i own my own home and pay the mortgage on it as well as extortionate management fees and travel to work and bills and all the other stuff that people need to spend BEFORE they spend money on themselves or on what i call "luxuries".

your wage is quite high to be honest, for your age, and you seem to have a problem with being able top budget properly. cut out any waste of money things like nights out in the pub, sky movies or any mad things that you dont NEED to live.

if i was on your wage, i certainly wouldnt be complaining and i seriously can not get my head around how someone with that wage is struggling. it is 100% true that you will need a new mindset, not more money. mo money mo problems,.

Walter H Price

charlietheminxx wrote: »

I live and work in dublin, but if I were to cycle to work it would take a minimum of 1hr20 mins and involves some windy, poor quality roads that I wouldn't be confident on. Not everyone is up for that twice a day!

OP I second the general consensus. You need to learn how to budget. I'm on far less money than you and while obviously I would love it to be easier, it's very doable to live comfortably within your means. I use a spreadsheet to track my finances but find whatever way works for you and plan ahead. I would also agree you probably don't really need a car. If you feel you can't do without one and your repayments are high, maybe sell it on and get a cheap runner instead.

No hope id cycle in Dublin seen far too many incidents involving cyclists and cars , vans , buses etc... could cycle to work in about 20mins but id rather walk for an hour before id get on the bike.

Hollister11

One tip I have is regarding your home.

Move to 48. You can get a pre paid plan for €10 which includes 300 minutes, 300 texts and 1gb of data

That would be €20 saved a month. €240 a year. Not a fortune, but it's a start. If you find five bills you can do that for that's €1200 a year.

Not sure why people are assuming 2700 to 2800 as a take home pay for 43k gross. Unless the op is not paying any pension and has no additional deductions at source its possibe but who doesn't pay a pension etc, even more so if he is public service with the pension levy on top of that.

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bmwguy

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Hmmm, I only saw one post making that assumption and probably because they used a tax calculator to get it and without any info from the OP regarding pension and deductions its the best guess.

As the OP is only 30 and on a lowish salary he may not have a pension at all - many dont (I think it was nearly 50% of people with no pensions last article I saw on it).

That's was me I am an accountant so I know take home pay and you are correct about the pensions, only about half of people have them. And it's the last thing people that think they are struggling financially think of paying into.

I would love to see the figures from OP to be honest about where the money goes.

el_gaucho

You don't need more money, you need stop spending what you have. I recommend Robert Kiyosaki's book, Rich Dad, Poor Dad. He talks a lot about people who think more money will solve their problems, but it doesn't because their problem isn't the amount of money they have, it's how they spend it. Here's a couple of quotes from it:

"It's not how much you make, it's how much you keep."
"The rich buy luxuries last; the poor and the middle classes buy luxuries first."

Midlife crisis man

Just wow OP. My wife and I would be on 40k between us and we manage rent, car, bills, kids etc and all the trimmings. Sounds like you need to try budgeting. it is quite an easy thing to do

I'm surprised to see people saying 43k is a low salary. It's not huge but it's about average (if not above it) and you should be able to live comfortably on it, even in Dublin. As others have said, start budgeting and figure out where you're overspending.

bmwguy

Flying Fox wrote: »

I'm surprised to see people saying 43k is a low salary. It's not huge but it's about average (if not above it) and you should be able to live comfortably on it, even in Dublin. As others have said, start budgeting and figure out where you're overspending.

It's well above average. Just a budgeting issue at play here. There may be some legacy debt or problems but who knows. A family with kids income of 43k could feel legitimately tough but we don't have that info. 43k single person is a very good income. I know families on 100k + combined think they are broke, they aren't though they just do silly things with the money.

BetsyEllen

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I wish I earned enough to think that €43k was a 'lowish' salary!

OP I make €35k and I pay rent, pension, all utilities, run a car - now I don't live in Dublin but paying rent by myself on a house was still pricey.
I managed by budgeting, putting a set amount of money aside each month for emergencies, limiting nights out and being mindful when I shop for food - ie making dinners that I can have for lunch the next day as well or freeze for another time.

I managed but it was hard on occasions.
I recently started renting out my spare room so now my rent and bills are halved.

This has really given me some freedom financially and allowed me to up my monthly savings without stressing over it.

Could you rent out a room? Or move into a house share? Even doing so for a year would allow you to get some decent savings put aside or help to pay off any debts you may have.

Parchment

Thats not a low salary. I make less than that and own a home, a car and travel on a regular basis.... But i bring my lunch to work each day, cycle to work. We could stand to get rid of our car but it does get used at the weekends and its not putting pressure on us money-wise. But it does seem like you could sell your car, pay off the money owed on it - you would make huge savings then rent one if needed as someone else mentioned.

OP - there has to be some kind of budgeting issue here. Cut out all the rubbish like tv subscriptions (get a free to air tv box if you need more channels), expensive phone bills, buying lunches/coffees.

I have a friend who earns way more than me and she is constantly saying she is broke - yet when i go out with her if she gets petrol she picks up a drink and bar (she may not even eat the bar, just leaves it in the car) in the shop when paying for petrol. If we go to Costa or something she gets some kind of food/chocolate bar impulse buy (she may not even finish it) at the counter. She drops her (older ) car to the dealership of the car to be serviced and pays through the nose. She has mountains of Penneys clothes thrown all over her house that are worn once then never used again. I love her to bits and i know it sounds judgey but im trying to show how money can be kind of frittered away without you even noticing.

I lived for a long time as a student and i think i got very savvy with my money as a result. I totally get that others wouldnt like to live as i do but like others said in this thread - you need to cut costs not look for another job.

SusieBlue

I'm about to turn 26, college educated (granted, I only started this job less than a year ago) and I earn 21k a year before tax living in Cork City in rented accommodation. Come out with around €18.9k after tax/pensions, yet not entitled to medical card/income supplement/any type of social welfare.

I didn't mean to turn this into something about me but if you are struggling on the wage you are on it has to be a budgeting issue. You need to set up an excel spreadsheet and go through every single transaction on your bank statement and see where the money is slipping through the cracks.

For what its worth, I wouldn't say I have a poor quality of life. I rent, use public transport to get to work, and have a small loan that I'm paying off. I do watch my spending, but I went on a holiday of a lifetime to the US earlier this year and will be going to Portugal for 10 days over the Summer. I have almost 3k in savings. I would love to be on more money, but I'm reasonably comfortable on what I'm on, for now at least.

If I can do it on the crap money that I'm on, there's no reason why you can't. You just need to be more diligent with tracking your spending.

LegacyUser

bmwguy wrote: »

OP just like losing weight is as simple as creating a calorie deficit, being better with money is about creating a budget.

If people are not losing weight, they are eating what the like, not what they should be. If people are under financial pressure, they are spending what they like, not what they should be.

I guarantee if you earn more money you will suffer lifestyle creep and still feel broke, thats why you hear people on big money still complaining, I see it all the time in my job.

Seriously, budget properly. You have approx 2700/2800 a month coming in.
If you put up here what you spend people will help you see whats wrong. I have a friend like this, moans about money big time how tough life is. I had a chat to him it turns out he is saving 1000 a month for a new house but apparently its not enough as the banks will not let him keep his old house and has to sell it. So its because he wants to have 2 houses he thinks things are tough. Out every weekend too he is.Nothing tough about his life at all.

I would earn approximately 43k gross and get just over 2500 into my hand after tax, usc, PRSI, pension, public service pension levy, mandatory income protection and mandatory accident insurance.

bmwguy

fridayguest29 wrote: »

I would earn approximately 43k gross and get just over 2500 into my hand after tax, usc, PRSI, pension, public service pension levy, mandatory income protection and mandatory accident insurance.

Yes so 2700/2800 is probably not miles off if you consider not everybody has to pay mandatory pension, income & accident insurance. No mention of children in OP.

Take the following all higher end for one person paying, 600 rent, 400 car loan, 200 car running costs, 200 house bills, 200 food, 200 socialising, it's 1800.Leaving almost 1000. Some, if not all of them could easily be decreased. Get an older car with no loan, live somewhere else (not easy I know). Anyway OP has not come back to us.Living within your means is a more viable alternative than working a second job

SusieBlue

bmwguy wrote: »

Yes so 2700/2800 is probably not miles off if you consider not everybody has to pay mandatory pension, income & accident insurance. No mention of children in OP.

Take the following all higher end for one person paying, 600 rent, 400 car loan, 200 car running costs, 200 house bills, 200 food, 200 socialising, it's 1800.Leaving almost 1000. Some, if not all of them could easily be decreased. Get an older car with no loan, live somewhere else (not easy I know). Anyway OP has not come back to us.Living within your means is a more viable alternative than working a second job

I agree, plus he would probably be taxed a lot for the second job so it would hardly be worth his while.

I cannot fathom why you are finding it so hard to live on €43k a year ... You need to get a handle on your outgoings.

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bmwguy

I am in accounting/financial services and i do budget for myself (and clients) and this is what I spend, it shows 43k is very comfortable. No mention of my income but I am within my means. I could easily go beyond my means but i don't really have extravegant taste. Only thing i would have outside the ordinary is i have a mortgage on my own, in Dublin, a 2006 BMW 5 series bought in cash but is expensive to run (overall costs about the same as a small newer car when all things considered) and a girlfriend who has her own house just outside Dublin too. We don't live together just yet so as a couple we run 2 houses so to speak, no lodgers or anything. No kids yet. The below figures are just me annually. I am not particularly frugal but don't spend silly money.

Mortgage 12k
Electricity/Gas 2k
House decoration/repairs1k
Internet/mobile phone/sky tv 600
Car tax 1k
Car insurance 1k
Car repairs and servicing 1k
Fuel 2k
Holidays 2k
Socialising 5k
Groceries and work lunches 3k
Pension and planned medium term savings 5k
Clothes 1k

That's approx 36k or 3 grand a month. Just a little above OPs take home and i feel like one of the luckiest people in the world. Mortgage on my own. In Dublin. Take holidays and weekends away. Sometimes buy lunch in shops but try not to very often it's rubbish and expensive . Running an above average costing car (although no payments on it). Spend 100 a week on a night out or 2. Pay gas and electricity bills. Put money into a pension and a savings fund. Have broadband a mobile phone and sky TV. No loans apart from mortgage and the fact I am saving means I never should have. Am saving short term too. Basically live like I want. Only thing I would like is a newer car but that's just a financial nightmare considering I like high end cars. I know not everyone can afford all these things. A day might come when I am blessed with children and if I had to cut back I would.

We would live together, cutting mortgage and bills in half for me. Rent out other house. Thats a 7k annual saving. Sky TV, first to go. 500 quid back. It's unnecessary these days if you have broadband. Lunches in work next. Then socialising. Car is a necessity and I couldn't save too much by changing to be honest.

Lia_lia

OP seriously 43K isn't a low salary. Especially for a single person.

You're just not very good at budgeting I reckon. Budgets are not much fun, but have to be done. I have a few friends and colleagues in and around that salary. One guy saves about a grand of it a month whilst paying rent for a room in a nice house-share. Another guy I know has very cheap rent of ?400 per month but never has any money left by payday. One is obviously good with money the other one doesn't think before they spend..

Make out a budget in Excel or even download a budgeting app. There are lots of free ones. Track your spending for a month, it's crazy what you end up spending.

LimeFruitGum

Not sure if the OP is in a house share, so there might not be as much leeway with switching utilities or getting rid of the TV. No harm trying all the same.

I lived on a similar salary to the OP until last year and was renting a 1-bed up until 3 years ago on that salary. Yes, there times when things were tight during the recession, but I found a budget spreadsheet from Perm TSB to help me me figure out where I could improve on expenditure. I had enough of housemates after 10+ years, so that was my line in the sand.

I negotiated a 100 quid discount off my rent a couple of years into my tenancy. I claimed for as much taxable credits and expenses as I could. I would call UPC every year to say I was going to switch, so I could get a discount. I became really good at planning my meals, using money off vouchers, cooking and baking. I just went out for lunch once a week with a close colleague, and really enjoyed that treat. I did all the other things other posters suggested (apart from cycling to work, I tried it, but it wasn't really worth it for me. Even if I were super fit, it would not be faster than driving)

I even stopped buying wine for the weekends and switched to spirits & tonic. �� Switched to cheaper brands of makeup, went to student hair colourists, bought clothes in sales, stopped buying magazines with my coffees etc. Went to Northern Ireland on bulk buys, if the exchange rate was favourable. Don't get me wrong, I still went out, but at this stage (early 30s), a lot of my friends had gotten married, pregnant or left Dublin, and they weren't around as much anyway. There were times where there wasn't much left at the end of the month, but at least I knew it wasn't because I took the eye off the ball, and I could still cover unforeseen expenses. I did forego big holidays, but I managed a few long weekends abroad.

I had enough for a deposit after 2 years, and I was lucky to buy an apartment closer to my work 3 years ago, with my partner.

I remember one year, the money I got back from revenue covered my credit card balance and then some. I closed off the card as soon as I could, and I don't miss it at all. Is there anything else you don't use, that you could sell off? Why don't you call MABS, it sounds like you need someone to help you work through this.
https://www.mabs.ie/en/how_we_help/debt_and_budgeting_tools/mabs_self_help.html

You don't need the latest phone, or games, (or whatever it is you are into). What I would say,OP, is that it is all very well downloading a budget app and go 'yeah, I really should do that' and then not do anything about it. Don't say yes to everything your friends want to do, if socialising is the reason why you are broke. Maybe you can't go on holiday in June, but maybe you could afford a mini break later in the year. It is worth it: I've got my own place, and aside from the mortgage, am debt free.

The hardest part is doing it and keeping it up. It doesn't sound like you are in serious debt yet, but you have got to be vigilant. Please don't borrow money to cover your living costs or to keep your girlfriend happy.

Beta Ray Bill

Hey OP

I was in the same boat as you.
Managed to get out of it by doing the following:

1) Bring Lunch to work (Easily as saving of €150 per month)
2) Don't go out drinking in Dublin to often, It's a rip off. (Only last night a bus into town, 5 pints and Joer home cost me the guts of €50)
3) Shop in Aldi, Lidl way cheaper for what is essentially the same goods
4) Don't splurge spend or impulse buy
5) If you're not using the car to get to work and getting a bus, maybe trade the car in for a motorcycle or moped (Cheaper to run, cheap tax and no more bus fair)
6) Ask for a raise in your Job (all they can say is no)
7) Look at your spending, go over your bank statement and see where the money actually went (You'll be surprised what you spent money on)
8) Get a training and or a better Job. There is high demand out there at the moment for good staff. (I've moved job 3 times over the last 18 months, Salary has gone up a good bit!)