How much do you spend a month before you actually buy anything?

facehugger99 · 01-02-2019 2:46pm

Observatory wrote: »

Would yourself or your partner consider giving up work to mind the kids?

No, we'd be far worse off financially.

ELM327 · 01-02-2019 2:48pm

pwurple wrote: »

You guys have WAY too short a list if this is for budgeting.

Here's mine, without figures, cos none of your business.

Monthly
Mortgage
Internet
Electricity
Petrol (none)
Water
Mobile phone
Groceries
Gifts for parties (kids parties are a tenner in a card)
Life policy
Work expenses
Childcare (none - Daddy Day Care)

Annual stuff, to be divided monthly for budget
Car tax
Car insurance
Car servicing
NCT
house insurance
Bins
home heating fuel (coal, wood, oil)
Childrens's shoes and clothes
Boiler servicing
Alarm servicing
Garden maintenance
School fees / expenses
Building Maintenance (repairs, gutters etc)
Health insurance
Christmas Gifts
Property Tax

Extras:
Sports / gym
Grooming (haircuts etc)
Entertainment / going out
Holiday
Craft supplies (kids paints and paper etc)

Tenner in a card? Do you hate the child or something? Jebus I'd be scarlet giving that. Anyway the question was about how much goes out on recurring payments **before you buy anything** not on budgeting your entire income.

TeaBagMania · 01-02-2019 2:48pm

ELM327 wrote: »

Mortgage 390
life ins/mortgage protection 15
Car loan 525
Bills contribution to joint account 600-800
Nespresso subscription 40
AA 15
phone 50
Savings 400
Classic Car Storage 73

Damn, nice mortgage

as for the OP start paying off your debt, when finished put a few extra euro towards the principal of your mortgage

theteal · 01-02-2019 2:48pm

pwurple wrote: »

You guys have WAY too short a list if this is for budgeting.

Here's mine, without figures, cos none of your business.

Not a budget at all, just what comes out on the 1st of the Month, off the top of my head.

turdball · 01-02-2019 2:48pm

begbysback wrote: »

You could rent a room in Dublin for the same price

Yes but it’s not your own place dealing with housemates etc and do you want to be house sharing at a certain age. You wouldn’t even get a bed sit in Dublin for 500, I have a nice big one bed apartment for the 500

Also I can get a nice house for 150K.

[Deleted User] · 01-02-2019 2:50pm

McGaggs wrote: »

. Why have a car loan?

Not everyone is happy to drive around in a cheap cars that they can buy for a few thousand for many many reason.. Some like to spend money to buy new, others spend a lot on a nice car even if it’s not new, other spend a large amount on both new and very nice.

I know of one or two people paying up on 1k a month in a car loan, now that is high but the cars are special.

ELM327 · 01-02-2019 2:52pm

TeaBagMania wrote: »

Damn, nice mortgage

as for the OP start paying off your debt, when finished put a few extra euro towards the principal of your mortgage

Fixed term still 2+ years left so won't be paying extra down, and we plan to move after that.

I have no debt other than the car loan and as that's for an EV it's similar to my old fuel costs. (I do 60k km per year)

facehugger99 · 01-02-2019 2:53pm

Macie Delicious Brunette wrote: »

I know of one or two people paying up on 1k a month in a car loan,

A fool and their money are soon parted.

ELM327 · 01-02-2019 2:54pm

facehugger99 wrote: »

A fool and their money are soon parted.

They are probably driving a nice new car that is interesting and doesnt break down.

Who's the fool again?

turdball · 01-02-2019 2:57pm

What I usually do is when my car goes down to 5k in value I sell it and get out another loan for 5k. Buy something then for around 10k.

Doesn’t cripple me whatsoever to be fair.
I don’t understand people buying brand new cars

facehugger99 · 01-02-2019 2:57pm

ELM327 wrote: »

Who's the fool again?

The guy paying €1,000 a month.

Keep up.

theteal · 01-02-2019 2:58pm

turdball wrote: »

What I usually do is when my car goes down to 5k in value I sell it and get out another loan for 5k. Buy something then for around 10k.

Doesn’t cripple me whatsoever to be fair.
I don’t understand people buying brand new cars

Somebody has to. I'd have nothing to pick up chaep down the line otherwise.

turdball · 01-02-2019 2:58pm

ELM327 wrote: »

They are probably driving a nice new car that is interesting and doesnt break down.

Who's the fool again?

Break down? Have to laugh at this sorry.
If they can afford a brand new high spec car then fair play to them. People crippling themeselves with car payments is a another story

Dakotabigone · 01-02-2019 2:58pm

The person paying the 1k car loan may be on 200k wages. It’s relative.

Scotty # · 01-02-2019 2:58pm

pwurple wrote: »

You guys have WAY too short a list if this is for budgeting.

I was thinking the very same!

Groceries €210.00 per week
Diesel €280.00
Toll €70.00
Mortgage €700.00
Gas €63.00
Electricity €162.00
Car Insurance €175.00
Car Loan €265.00
House Insurance €43.90
Mortgage cover €28.45
Phones €60.00
Kids phones €50.00
Panda €74.00 every 3 months
SKY Digital €55.00
Broadband €45.00
BT Sport €27.50
Netflix €13.99
Amazon Prime €9.00
Kids Extra Curricular €120.00 sports, classes, etc
Savings €800.00

Not counting incidentals like take-outs, clothing, medical, dentist, social life, etc, etc, etc.

So about €2.5k not counting savings. Based on two adults and two teenagers.

blackbox · 01-02-2019 2:59pm

Macie Delicious Brunette wrote: »

I know of one or two people paying up on 1k a month in a car loan, now that is high but the cars are special.

In my mind, if you can't afford a car without a loan, you can't afford it.

ELM327 · 01-02-2019 3:00pm

turdball wrote: »

What I usually do is when my car goes down to 5k in value I sell it and get out another loan for 5k. Buy something then for around 10k.

Doesn’t cripple me whatsoever to be fair.
I don’t understand people buying brand new cars

Luckily some do or there wouldnt be any bangers left for you to buy at 5l

facehugger99 wrote: »

The guy paying €1,000 a month.

Keep up.

What if it's only a small percentage of takehome? Keep up

1k to someone on 30k might be a lot, but it's not to everyone.

turdball · 01-02-2019 3:01pm

blackbox wrote: »

In my mind, if you can't afford a car without a loan, you can't afford it.

Not really, why save for a couple of years and then get the car when you can just get a loan.

Same model then is that people shouldn’t get a mortgage if they need the loan

Working class heroes · 01-02-2019 3:02pm

I get give or take, it works out at about with expenses 140,000 a year and I pay 30.3% tax on that, so it’s about a net 100,000 and out of that 100,000 I run a home in Dublin, Castlebar and Brussels. I wanna tell you something, try it sometime.

ELM327 · 01-02-2019 3:02pm

turdball wrote: »

Break down? Have to laugh at this sorry.
If they can afford a brand new high spec car then fair play to them. People crippling themeselves with car payments is a another story

A car is not an asset it is an expense, therefore should not be financed with capital.

theteal · 01-02-2019 3:04pm

Scotty # wrote: »

I was thinking the very same!

Groceries €210.00 per week
Diesel €280.00
Toll €70.00
Mortgage €700.00
Gas €63.00
Electricity €162.00
Car Insurance €175.00
Car Loan €265.00
House Insurance €43.90
Mortgage cover €28.45
Phones €60.00
Kids phones €50.00
Panda €74.00 every 3 months
SKY Digital €55.00
Broadband €45.00
BT Sport €27.50
Netflix €13.99
Amazon Prime €9.00
Kids Extra Curricular €120.00 sports, classes, etc
Savings €800.00

Not counting incidentals like take-outs, clothing, medical, dentist, social life, etc, etc, etc.

So about €2.5k not counting savings. Based on two adults and two teenagers.

I know things cost more in Ireland than the UK (and teenagers will eat you out of the house) but that seems a really high amount on groceries. I aim for about £200 per month.

Also, with those TV/Broadband prices, I'm in no hurry to move back. Our Virgin is 100mb, full TV (bar Sky, we can get NowTV is something is of interest) and BT Sport UHD for £33pm. Netflix full package can be got fro cheaper too :cool:

[Deleted User] · 01-02-2019 3:05pm

Interesting thread. I think about something like this every time I get paid and update my spreadsheet.

Currently, my bills/consistent outgoings each month are:

Rent: €525
Eir: €27.50
Spotify: €15
Car Repayments: €312
Phone Bill: €45
Netflix: €11
Savings: €600
Electricity: €65 (This is a guess, I always forget about this, and it comes up every 2 months)

Totals: €1600 per month

On top of that, I have my discretionary budget of
€40 per week general spending (€160 p/m)
€15 per week for lunch at work (€60 p/m)
€30 per week for diesel (€120 p/m)
€50 per week for socialising (€200 p/m)

Total: ~€540 per month

Then each month, there are one-offs such as birthdays for family members. Trips away. Unexpected expenses
Basically €2500 a month is just enough to live on if we want to keep saving

jimgoose · 01-02-2019 3:07pm

ELM327 wrote: »

A car is not an asset it is an expense, therefore should not be financed with capital.

Nonsense. A car is a depreciating asset. Just like houses were back around 2009.

[Deleted User] · 01-02-2019 3:08pm

turdball wrote: »

Not really, why save for a couple of years and then get the car when you can just get a loan.

Same model then is that people shouldn’t get a mortgage if they need the loan

And why even get a loan when some dealerships offer 0% finance.

Scotty # · 01-02-2019 3:08pm

theteal wrote: »

I know things cost more in Ireland than the UK (and teenagers will eat you out of the house) but that seems a really high amount on groceries. I am for about £200 per month.

You mean per week surely? No way you could feed a family of 4 here for €50/week.

theteal wrote: »

Also, with those TV/Broadband prices, I'm in no hurry to move back. Our Virgin is 100mb, full TV (bar Sky, we can get NowTV is something is of interest) and BT Sport UHD for £33pm. Netflix full package can be got fro cheaper too :cool:

Yea I've been looking at this lately, getting TV Broadand all in one pack and if I go with Eir then BTSport is included.

ELM327 · 01-02-2019 3:10pm

jimgoose wrote: »

Nonsense. A car is a depreciating asset. Just like houses were back around 2009.

How is a car an asset? The use of the car is a day to day expense, which manifests as depreciation.

So you take a loan because the opportunity cost (especially for a 0% loan) is higher, and you let the bank take the risk on some of the depreciation (via PCP) It's a win win.

In the time it takes to save up to buy the car, the opportunity cost and cost of inflation will likely be more than the cost of the (often 0-3%) interest.

ELM327 · 01-02-2019 3:10pm

bazwraf wrote: »

And why even get a loan when some dealerships offer 0% finance.

Which is called a "loan".

jimgoose · 01-02-2019 3:11pm

ELM327 wrote: »

How is a car an asset? The use of the car is a day to day expense, which manifests as depreciation.

So you take a loan because the opportunity cost (especially for a 0% loan) is higher, and you let the bank take the risk on some of the depreciation (via PCP) It's a win win.

In the time it takes to save up to buy the car, the opportunity cost and cost of inflation will likely be more than the cost of the (often 0-3%) interest.

The car is an asset. The finance on the asset, e.g. car loan, is a liability, as is the expense of driving it.

Scotty # · 01-02-2019 3:12pm

ELM327 wrote: »

How is a car an asset?

It has a financial value to you. Therefor it is an asset, which is deprecating all the time. To maintain that asset, involves an expense.

ELM327 · 01-02-2019 3:13pm

jimgoose wrote: »

The car is an asset. The finance on the asset, e.g. car loan, is a liability, as is the expense of driving it.

Yes but you do not own the asset.
In the form that it is presented to you, as a leveraged asset if you will, it is an expense in the form of depreciation monthly.

This is more formalized in the case of PCP deals but is equally true for all forms of car finance.

How much do you spend a month before you actually buy anything?

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