Credit repurchase: the example of a young couple without children.

Tet and Mario have been living as a couple for five years and have a total income of $ 3,275 per month. Installed near Saint-Etienne, they have owned their house for two years. How is their budget structured? What are the revenues and expenses? How can they find more leftover living while including an upcoming project?

The couple’s income

The couple

Tet, 25, has been a secretary in a private company for two years and earns around $ 1,150 per month. Mario, 27, is a sales technician in a building supply company and has monthly income of $ 1,800 per month. Their situation gives them the rights to housing allowance for an amount of $ 325 monthly. In addition, they benefited from the exceptional activity bonus for an amount of $ 150 for Tet and $ 275 for Mario.

Monthly expenses

Monthly expenses

First of all, there are the incompressible expenses: the repayment of the mortgage on the apartment for an amount of $ 1,050 as well as the monthly payment of the car loan made last year to ensure the couple the safety of a functional vehicle or $ 350 each month.

Their food budget represents around $ 500 per month. Tet and Mario are also very active and the subscription to the gym for him costs $ 50 per month and Tet’s artistic activities cost around one hundred USD per month including supplies. The couple also save $ 400 per month and spend $ 300 to finance the annual vacation. Their living expenses are therefore around $ 200. The rest of their monthly budget including various subscriptions (telephone, etc.) and outing represents around $ 300.

Combine their credits to increase their purchasing power

Combine their credits to increase their purchasing power

If Tet and Mario want to increase their monthly living allowance, they can consider the solution of the loan buy-back . This operation would allow them to combine the two loans, real estate and auto, in a single loan whose duration will be extended to benefit from a reduced monthly payment.

In their case, they reimburse a total amount of $ 1,400 each month and could therefore reduce their monthly payment to $ 1,000, which would free up an additional $ 400 in their monthly budget. Not to mention that they can also include in a repurchase of credit an additional sum to finance a new project , such as their marriage and their honeymoon planned in 2020.

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