Her Money Diaries: A 43-year-old Garda on €80,000 a year

"Childcare is hard on the pocket"

In this week’s Money Diary, we’re taking a look at 43-year-old Aoife from rural Ireland, whose biggest money worry is the price of childcare in Ireland.

Aoife works as a Garda in the countryside and has confirmed that she earns €80,000 a year, with €40,000 in savings and investments.

We couldn't help but wonder how one gets to such a secure savings fund, especially with a mortgage. Aoife revealed there's one piece of financial advice she has always sworn by.

"Mind the pennies and the pounds will look after themselves," she shared.

Aoife admitted that she has a lot of fixed expenses, including her €115,000 mortgage, ESB, gas, fuel for the car and house, childcare, house insurance, car insurance, and pet insurance.

Her list of monthly expenses doesn't stop there. She also has to cover the car tax, mortgage, and life insurance, broadband and mobile phones, property tax, dog licence, a TV licence, bins, and streaming charges for Spotify, Netflix, and Prime.

The 43-year-old is a mum and admits that childcare is one of her biggest financial stresses.

However, she is lucky that she splits all of her expenses with her partner.

She shared, "It can be tight at times, but we're both in good jobs with a small mortgage. Childcare is hard on the pocket, as well as the kids' sports and activities."

Despite an extensive list of monthly expenses, the family still manages to put some money aside for holidays, sports, swimming pool and gym membership, and takeaways and meals out.

One financial mistake she made this month was overspending on birthday presents, but is there anything wrong with a financial wobble like that, especially when it's for something special like a birthday?

We owe it to ourselves to shed financial guilt when it's a special treat or when it is for someone who matters to us.

43-year-old Aoife admitted she was never taught about managing finances when she was young, but she always had a job or a means of earning money.

Her family is comfortable, but still has some financial goals, including saving enough so she can buy their next car outright, as well as having no car loan.

One thing Aoife swears by when it comes to her finances is to constantly have access to her budget on her phone. She constantly makes sure to update her budget on her phone, whether that's daily or weekly.

43-year-old Aoife said this helps her remain on track and stops her from overspending on things she doesn't need. Being able to view your budget this easily is something that helps prevent splurging, and one thing we really need to do more often.