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WELCOME TO HOW I Spend My Money, a series on The Journal that looks at how people in Ireland really handle their finances.
We’re asking readers to keep a record of how much they earn, what they save if anything, and what they’re spending their money on over the course of one week.
Are you a spender, a saver or a splurger? We’re looking for readers who will keep a money diary for a week. If you’re interested send a mail to money@thejournal.ie. We would love to hear from you.
Each money diary is submitted by readers just like you. When reading and commenting, bear in mind that their situation will not be relatable for everyone, it is simply an account of a week in their shoes, so let’s be kind.
Last time around, we heard from a HR staff member in Offaly. This week, a supply chain manager in the east of the country earning €110K, making a diary as a couple.
We are a husband-and-wife couple with two boys and one daughter who are all sports mad. Our money has always been pooled, so I will break down our spending and income as a combined budget. We work off the cash-stuffing budget method and aim to increase savings while reducing debt as a priority.
Like most kids who finished college in the early 2000s, we decided to buy a house just at the peak of the market in 2007. It has been a noose around our neck for years as we could not sell due to the substantial negative equity. We needed to save a 20% deposit to buy our current home, which meant renting for 5+ years with a newborn as we needed to move counties for work. It is covering its mortgage month now but with subsidies for years, the interest increases are hard to swallow, and the tax bill is a killer come October, which rear show its ugly head in my monthly picture as we pull it out of cash savings. We will retain the house at this rate and help subsidise our pensions in retirement.
We put €1,500 into Zurich child savers each month as this allows us to max out the gift tax each year, we hope to give access to each of our kids to their own fund post-university. We put €3,000 each month into our own Zurich account. This was €2,250 up to a few months ago. We started doing this about three years ago as we hope to change house in a few years. In saying that, we have been where we are for 10 years, even though it was our five-year plan. We have great neighbours that have kept us here, but the kids are getting bigger and need more space.
We aim to put €500-€1,000 into a cash savings pot each month for holidays, kids camps, tax bill, etc if left over at the end of the month. Bonuses are used to change my car every second year outright; we keep it around three/four years old, don’t believe in new cars. Bonuses are also used for holidays and activities. I’m a firm believer that life is for planning and living in equal measure. Items are nice, but memories trump every time.
We owe €495,000 in mortgages across the two houses and €25,000 for my husband’s car (he does believe in new cars)
Occupation: Supply chain manager and finance director
Age: 42
Location: Leinster
Salary: €110,000 with 10% bonus and €165,000 with 20% bonus
Monthly pay (net): €12,850 minus pensions & health insurance and dental insurance, €1,450 rental income
Transport: €400
Mortgage: €1,500 + €1,650 (original home now rented out)
Household bills: Utilities est. €250 based off the last three months
Phone bill: Work pays for both; son has a pay-as-you-go
Health insurance: Covered by work for all, BIK €400 a month
Groceries: €1,000
Family days out and eating out: €600
Clothing for kids: €400
Subscriptions: €90 for Sky including Disney+, €12 – Spotify, €12 – Netflix, €10 – NowTV
Tutor: €240
Coffee bean subscription: €200
Piano/GAA: €100
Car loan: €530
Pocket money for kids: €40
Misc household: €100
Personal spend: €1,100*2 used for clothing, race entries, eating out, beauty, trips etc.
***
6.00 am: I get up to go do a workout.
6.45 am: Rush back for 7 am to help get the kids out to school.
7.30 am: I shower and then I’m at my desk at home for 8 am. Since Covid, both my husband and I work from home – myself for three or four days a week and my husband full-time at home. Covid was awful for everyone, but I do believe it has brought some positive changes to how we work which now allows for a more balanced life without losing productivity as time wasted commuting has been cut out. When we do go to the office, it can take over an hour each way for both of us. We both use my husband’s electric car when we go to the office as we can get there with the full battery. We set it to charge at 2 am until 5 am, utilising the 2-4 am low rate of ESB. We then charge at the office for our return journey.
1.00 pm: Pop to town for a quick break. I grab a free coffee from the Bewleys’ app and buy four books for my youngest, who is just starting to get into reading by himself. I had vouchers so the total was knocked down to €19.05.
3.00 pm: The tutor comes for an hour to watch over my kids to ensure they do their homework – this allows myself and my husband to continue working. They also listen to him more than us when it comes to homework! (€20.00)
4.30 pm: Finish work. Having the tutor also allows us to finish at about 5 pm/6 pm each day so we can help coach with the kids’ activities, which is like a second job at times! Monday is athletics, GAA and swimming.
5.00 pm: Dinner is eaten before we depart in different directions to either drop off or coach until 7.30 pm.
7.45 pm: Back home. Showers, supper and bed for the kids. My husband and I then organise the house for the morning, sorting uniforms, etc.
9.30 pm: Early night to bed.
Today’s total: €39.05
6.00 am: Up early again to go to exercise class at 6.30 am.
6.45 am: Race back for 7 am again to help get kids out the door. The two boys have GAA school matches, so €2 each is popped in their school bags (€4). My daughter has school term swimming, so that’s €42 transferred to the school.
1.00 pm: I made lunch at home this morning for both my husband and I from weekly groceries.
2.00 pm: The property’s management company has notified us that the rental property is due its boiler service, so that €350 will be taken from the rent transferred to us this month. This will come out of our savings account to keep the monthly cash flow.
4.45 pm: Swimming lessons for two of my three kids. Not my preferred activity to coordinate but it’s certainly a life skill I want them all to have.
6.30 pm: I have to go to physio this evening, costing €65. New boots needed for my 12-year-old. Adult size now, so it’s more pricey at €85.
7.30 pm: Home. I start dinner, very late this evening. I always make a double batch of spag bol or curry for the swimming days, to make life a bit easier.
8.30 pm: Send kids to bed a bit later than normal and organise the house again for the morning.
9.30 pm: Watch some Netflix and off to bed about 10.30 pm.
Today’s total: €545.00
10.00 am: My physio suggested that I need a scan now, so I have a doctor’s visit this evening to get a referral along with blood tests.
5.30 pm: It costs €85 for the bloods and €65 for the GP visit. On the way back home, I grab a roll. It costs €7.35. Insane.
6.00 pm: We have three GAA activities this evening for the kids, but before it all kicks off, I run to get some groceries to cover half the week. (€125.40)
7.30 pm: Salmon, rice and broccoli for dinner – a crowd-pleaser in our house.
8.30 pm: Off to bed for the kids.
8.45 pm: I pop out for a walk as the weather is ok.
10.00 pm: Off to bed. Husband sorted the house for the morning.
Today’s total: €282.75
6.00 am: Same routine as before – up early for my workout class and then back to get the kids ready and off to school. I have to go into the office today for work.
8.00 am: I’m at my desk. I took the hybrid, so no diesel cost.
12.30 pm: We have lunch at a meeting today, so I didn’t need to bring or buy any.
2.00 pm: Tutor is in for the kids. (€20)
6.30 pm: Kids have activities this evening. I forgot to get water, so there’s a Maxol purchase of €2.50 before we go anywhere.
Today’s total: €2.50
6.00 am: Early rise and same routine as before.
8.00 am: Working from home today.
9.00 am: Get to pop on some washing and plan the meals for the week.
4.00 pm: I’ve one child going to a party so that’s €20 in an envelope.
7.00 pm: Quiet night in after the GAA match for our youngest.
8.30 pm: We order a takeaway instead of cooking. Spend €116.50 for sushi. I know – more expensive than the normal for take out, but it is much healthier.
10.00 pm: Off to bed for us all.
Today’s total: €136.50
7.30 am: Early start for lifeguarding for the three kids, followed by basketball at 10 am for the eldest.
10.30 am: Make fresh pancakes for the two smaller kids while the eldest is at basketball.
12.00 pm: I’ve two to go to GAA until 3 pm.
3.00 pm: Make a light lunch for them all when they get back. Crazy day with activities!
5.00 pm: Parents pop in for a few hours so I’ve made dinner for us all at home along with some treats from Avoca. Butchers and Avoca cakes came to €65.50.
8.00 pm: Parents head off and we relax watching TV for the evening till about 10 pm.
Today’s total: €65.50
8.00 am: Wake up for another marathon of dropping the kids to GAA, gymnastics, athletics, etc.
12.00 pm: More activities. I pack lunch for the kids as they go through their day.
6.00 pm: We get dinner out as a treat as one of the kids had a big team win. This comes to €164.25.
8.00 pm: Get home after a long, long day.
8.30 pm: Kids all tucked up in bed post-showers to start a new week in the morning.
Today’s total: €164.25
***
What I learned –
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