No Disposable Income

Quitelife

About 6 years ago i gave up cigarettes as i couldnt afford them any longer , two years ago i gave up drink for the same reason . I used buy a daily newspaper up to 5 years ago but now never buy a paper.

The last treat id left was going for a meal once a fortnight and now im struggling to afford that which is only accompanied by minerals. Looks like ill give up that as well. I earn 50K and my wife 20K part time but by the time we pay mortgage, pay for car, ESB, oil, childrens education ( 2 in 3rd level, 1 in secondary) , we've nothing left.

Getting disillusioned with working, has to be more to live. When i was in my 20s i could go out regurerly etc etc ....

igCorcaigh

Sucks. Really, really does.

igCorcaigh

Are you living in Dublin?

Witcher

What are the two in third level doing to support themselves?

Gusser09

https://www.boards.ie/discussion/2058290433/no-disposable-income

Sweet jesus. How much is your mortgage?

Cant the two kids in 3rd level get part time jobs?

Do you have two cars?

Gusser09

Thats 70k gross between you?

mariaalice

It's a stage that is the best way to view it, you will be amazed at how much money you have once the kids are off the books.

The vast majority are well in their 50s before they start to get well off.

Also, you can't give the kids back at this stage.

Anaki r2d2

It sucks indeed. Keep going. Kids will be done with college in a few years and working.

Can they get a part time job if they have not done so already?

BattleCorp

It's the kids man. Essentially you've 4 mortgages. One for the house and three for the kids.

You'll be Richie Rich when the kids fly the nest.

Electric Sheep

Is there a reason why yor wife can't work full time? It would ease the pressure.

riclad

Once the 2 kids leave 3rd level your costs will go down, i presume you are paying for their expenses ,travel etc ,only idea i have is buy yellow pack food in tesco or ald instead of brand name items i.bringing up kids is very expensive this is just a temporary stage of high expenses

dxhound2005

https://www.boards.ie/discussion/comment/120420907#Comment_120420907

It's less straightforward than that from the CSO stats I looked at. Many start to get well off before that age group. I am usually suspicious of statements about the Vast Majority. One thing which will certainly help the OP is when the mortgage is paid off.

maude6868

I'm the same and sometimes wonder what's it all for. I'm on 72k gross, one income family. I've scrimped and saved all my life knowing I'd be paying for college for the kids as I'd be over the threshold. I've 5 kids. Three are done for now, one in college and one in secondary school. They will all do the exact same thing, work all their lives, pay taxes and save for college. When I'm done with the kids I will have to save in case I get sick, never could afford health insurance. Finally, if I end up in a nursing home I will have to have money for that and with Fair Deal I'm assuming my house would have to be sold so essentially kids would get very little. If I had never worked...free house, free college, medical card etc and nursing home and it seems foreign holidays which I never had etc. I feel we are the fools.

lawred2

https://www.boards.ie/discussion/comment/120420897#Comment_120420897

And?

Leg End Reject

The 2 kids in college need to get part-time jobs and work every hour they can get over the summer. Take a percentage of what they earn and put it by to dripfeed back to them over the next academic year. If the child in secondary school is old enough for a part-time summer job they need to do the same.

If your wife works full-time the extra will be taxed at 40%, and that's before PRSI and USC so that might not make a huge difference.

You're probably in a position where your combined earnings are over the threshold for supports, but they have increased the limit for a medical and GP card so worth checking out.

https://www2.hse.ie/services/schemes-allowances/medical-cards/applying/how-much-you-can-earn/

Also worth checking if you qualify for a working family payment (formerly FIS).

https://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_to_families_and_children/family_income_supplement.html

Gusser09

https://www.boards.ie/discussion/comment/120421140#Comment_120421140

And. There is a big differ between 70k net and gross.

Leg End Reject

https://www.boards.ie/discussion/comment/120421160#Comment_120421160

Good point, if it's gross the OP may well qualify for some supports.

elperello

https://www.boards.ie/discussion/comment/120421133#Comment_120421133

They will look after you when the time comes.

You are not a fool you have done right by your kids and paid your way.

Just one thing you should check out the details of the Fair Deal and arrange your affairs accordingly.

Your house won't necessarily have to be sold but if you have cash savings they will be taken above the threshold.

https://www.boards.ie/discussion/comment/120420895#Comment_120420895

Hate that crap.

Many courses are 40 hours a week before report/assignments and study.

Part time job another 20 hours.

Amazing that it's working and lower middle class kids burn/drop out or fail exams. Wonder why that is?

gameoverdude

https://www.boards.ie/discussion/comment/120421206#Comment_120421206

I did it. Good idea for them to do I think.

Witcher

https://www.boards.ie/discussion/comment/120421206#Comment_120421206

Will ya pull the other one ffs😂...there are people studying every course in the country working part time jobs.

People like you support college being a piss up😂 Plenty of people working well over 40 hours, running a house and a family, can't be mollycoddled forever.

https://www.boards.ie/discussion/comment/120421212#Comment_120421212

Do you work 60+ hours a week plus assignments now.

Teen/20s burnout is so fun to see. Yeah, make them stronger...

gameoverdude

https://www.boards.ie/discussion/comment/120421225#Comment_120421225

60+ hours a week plus 3 kids...

fits

It really depends on the course.

anyway op I hear you. I feel like a hamster on a wheel at times.

Clareman

That really does suck but fair play to you to make such sacrifices for your family, you should look at the positives though, giving up the smokes and drink is a lot better for your health, eating out has become grossly overpriced in my opinion, maybe change that to cooking a super duper homecooked dinner, for a less than a meal out you would get some amazing ingrediants to cook yourself.

Looking at your situation, 2 children in college should be contributing, everyone I knew growing up had a part time time to get through, especially if they were living at home, don't think they have to pay you, just cover some of their own expenses, they are also adults now so have a chat with them and explain that stuff is hard and you'd really appreciate it if they helped out, just don't be a dick and go back on the drink/smokes as soon as they start contributing.

1 thing that jumped out was your wife working part time, could she pick up more hours?

downtheroad

https://www.boards.ie/discussion/2058290433/no-disposable-income

Make sure you're jointly assessed for tax. Instant €1800 tax saving per year for you if you aren't already. That would give you €150 extra per month in the bank.

manniot2

Enjoy your family while they are young and vibrant. We will all be washed up soon and no amount of money will be any good to you

gameoverdude

Apologies op. I got sise tracked.

It does get easier. I do believe the elder kids should get a job though. Fun money for them and it'll definitely stand to them in future.

riclad

it depends on what area you live in, you could maybe sell the house and buy another 3 bed house in another area 10 miles away and have reduce your mortgage by 50-100k .we have compulsory irish in every school , in secondary school there should be a subject call basic finance, eg how to get a mortgage, interest rates, the housing market ,variable vs fixed rate mortgages things we all need to learn as we go through life.

look at america ,many people go bankrupt if they have a serious illness due to medical bills ,at least we have a basic health system that does not rely on ripping off the public.

Airyfairy12

Its pretty bad when people on 70k are struggling! Imagine how people on 40, 35 & 25K are coping, they still have to pay 60euro to speak to a doctor if they get sick, pay their mortgages, cars & pay for their kids. You're in the high earner bracket and get as much supports from the government as someone on 30k & the student grants are nothing to write home about, they don't even cover the basics.

If you've been voting FF & FG maybe think about this come the next election & imagine how the nurses, sna's, childcare workers, retail staff & service industry staff are coping with day to day living, who have also saved their whole lives & worked hard but with nothing to show for it.

If you're middle aged & struggling on a high wage, imagine what it's like for working adults in their 20's & 30's who don't have financial supports from their parents, imagine how hard it is for them to just get on their feet & live like autonomous adults out of their parents homes or having all their hard earned money eaten up by rent & bills, despite being highly educated in many cases & unlike you they won't have the chance to save all their lives because every cent they earn is taken back off them through high costs, taxes, rents, insurance, healthcare & mortgages.

Leg End Reject

https://www.boards.ie/discussion/comment/120421289#Comment_120421289

it depends on what area you live in, you could maybe sell the house and buy another 3 bed house in another area 10 miles away and have reduce your mortgage by 50-100k

Moving house is a huge upheaval and you need to factor in additional transport costs and the logistics of 5 people getting where they need to go in the morning and back home in the evening.

If moving 10 miles would result in houses being 50-100k cheaper you can bet there's no infrastructure.