When it comes to your hard-earned cash are you getting value for money?
In this summer series The Last Word examines the cost of socialising, transport, accommodation, education, and day-to-day necessities to find out if consumers are being fleeced.
Today we begin the series by asking whether we are paying too much tax, and are joined by guests Brendan Burgess of askaboutmoney.com and Michelle Murphy, research and policy analyst with Social Justice Ireland.
We have already had a huge response from our listeners, many of whom wanted to share their own experiences of being financially stretched in their day to day lives. Here are some of their stories:
- 'Each month I feel the pinch. Two incomes with combined income of €80k. Bought during the boom and in negative income. Renting it out at moment and renting in Dublin and have to make up the shortfall. On top of that childcare insurance hike and little or no tax incentives.'
- 'Extremely stretched here. Literally working to pay the bills. Husband exceptionally well qualified but unable to find work and my salary puts him just over the threshold to be able to claim social welfare so we live on one paycheck that barely cuts it. Mortgage in arrears and bills piling up but the government say that unemployment is down and things are getting better? Not for us they're not!'
- 'I'm lucky enough to be able to pay my bills. My big issue is that after paying the mortgage, the bills, buying groceries and putting petrol in the car there's usually nothing left over! So no spare money for any little luxuries. Some weeks myself and my husband are lucky to have fifty between us as petty cash until the next wage in a fortnight. Everything is expensive, car tax, insurance, mortgage, food.'
- 'Back to school costs and university fees. Crippling and we have a combined income of €120k.'
- 'My wife and I are in full-time employment but with 3 kids and big 2008 mortgage we have pennies left end of month. One thing I'd love you to cover is inequitable road tax. Two points in particular: 1) we need two cars for work; our second car is 06 banger and we can't afford to upgrade and are penalised for having an older car. Second point, we can't afford to pay the 12 months so pay 3 or 6 which incredibly costs more!! So again if you have the money it costs less!! Emissions etc. and green policy is one thing, but when you're on the breadline it isn't much comfort.'
- 'Childcare, two incomes. I've just gone back to work from maternity leave and childcare for 2 kids part time was €1300. We are lucky to have grandparents to help out. Full time creche is €1800 plus. This is before the rest of the bills. Almost not worth my while returning to work.'
- 'We pay tax for services but then have to pay to get those services. I pay PRSI but if I go to hospital for treatment the HSE insists on charging my private health insurance for that treatment. I pay Local Property Tax for the Council to provide services like lights, grass cutting, road repairs but the council won't take over my housing estate so I have to pay a management company for lights, grass cutting, road repairs etc.'
- 'I have a good job and my husband works as a builder. We have 5 kids but never make it to a pay check with money in the bank. Bills get paid but we have nothing left. Children's allowance covers all the education costs like bus and school fees, car tax and all extra curricular activities. No idea how I will pay for college when it comes around. I can't afford a holiday or even a day trip to the zoo with the kids. But the bills are paid. Depressing but it could be a whole lot worse.'
- 'I'm a single parent and stretched to the limit each month despite having a decent job. My issue is with childcare, I pay €858 a month for a toddler for creche and just as the universal childcare subsidy is due to kick in in September, I just got notification that the creche is increasing their fees by €20. Others I know are having their fees increased by €50 and €80 a month in their creches. It was obvious this was going to happen. Should have been given as a tax credit instead.'
- 'My husband gets paid on the 15th of the month. I've no childcare costs, as I stay at home. Husband's wages are too high so I don't get social welfare or a medical card. After I paid the majority of the bills last month, there was €59 left in the bank for 4 weeks!! The biggest bill was for the doctor, dentist and medicine - cost €480. Needed to pay TV license but just couldn't afford it. Maybe this month, after I get my son's school books and uniform.'
- 'I'm self-employed. I pay either 30% or 49.5% tax, that is a disgrace.'
