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Simple personal savings questions?

  • 31-07-2007 10:04pm
    #1
    oddone
    Closed Accounts Posts: 233 ✭✭


    I'm in my mid twenties in full time employment,and have been for a few years now, I am single and I earn what I think is an above average salary
    and I live in rented accomodation, like many others I'm sure.
    I have the usual expenses and bills but I wonder about savings and the future,
    I am saving so much each month, but doing nothing with it, it is simply sitting in my account, is this in essence dead money?
    Should I really be investing this in something long term or perhaps in stocks in order to maximise my earnings and have something to fall back on, rainy day etc.?

    I have no idea, after a couple of years work whether my savings would be regarded as substantial or not, I would love to know what would be considered a decent amount to have saved?

    any replies would be appreciated


Comments

  • #2
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    Moved to Investments & Markets.

    Oddone, you really could do far better than putting it into your Current Account. Have a look at the threads about the funds Quinn and RaboDirect are offering. Also have a look Banking forum for some of the results of putting a fair bit (say 10%) of your income into a pension - it could literally be millions by the time you're 65.

    Any other comments welcome - I hate when threads die after mods spend two minutes outlining options :).


  • #3
    A Random Walk
    Closed Accounts Posts: 346 ✭✭A Random Walk


    oddone wrote:
    I have no idea, after a couple of years work whether my savings would be regarded as substantial or not, I would love to know what would be considered a decent amount to have saved?
    I'd say you're doing well to not be in debt in your mid 20s. Ibid has laid it all out - I'd suggest you buy a "family finance" type book and read through topics like pensions and investments.

    You should be thinking about what you will need money for in the future. Short term needs and long terms aims (e.g. retirement). That will drive much of your planning as to where to put it.

    Your money will barely keep up with inflation in the bank, so it should only really be used for short term requirements, rainy day funds and the like.


  • #4
    oddone
    Closed Accounts Posts: 233 ✭✭oddone


    Thanks folks.


  • #5
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    I can't really add much to what the others say but there is now a viable alternative to the fund options that Quinn & Rabo have, at investandsave.ie.

    Moderators can decide if this mention is blatant advertising on my part, as I have a connection with the site. In my defence, I do feel that the original poster should be aware of it.


  • #6
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    Deleted User wrote:
    I can't really add much to what the others say but there is now a viable alternative to the fund options that Quinn & Rabo have, at investandsave.ie.

    Moderators can decide if this mention is blatant advertising on my part, as I have a connection with the site. In my defence, I do feel that the original poster should be aware of it.
    Just to be clear, GerardS is not a spammer and got the okay from me about posting this. I've checked him out and he seems legit (and registered with IFSRA) and has been helpful in his (albeit short) Boards career.


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  • #7
    petersbk
    Closed Accounts Posts: 1 ✭petersbk


    Hi Oddone, it's good to be thinking about investing for the future early. If you have not already, consider a high yield savings account. I work for ShoreBank and we're offering 3.50% APY on new HYSAs and the balance is liquid which means your money is accessible when you need it. We focus on socially responsible investing which helps communities and the environment while your investment grows. Check us out! http://shorebankdirect.sbk.com


  • #8
    kincsem
    Closed Accounts Posts: 4,013 ✭✭✭kincsem


    There is a big advantage to pension contributions. You pay income tax on your income after pension contributions (there are limits, more contributions allowed to older workers). In effect the taxman is funding some of your pension. Put it in your pension instead of giving it to the government.


  • #9
    Blackjack
    Registered Users, Registered Users 2 Posts: 3,624 ✭✭✭Blackjack


    petersbk wrote: »
    Hi Oddone, it's good to be thinking about investing for the future early. If you have not already, consider a high yield savings account. I work for ShoreBank and we're offering 3.50% APY on new HYSAs and the balance is liquid which means your money is accessible when you need it. We focus on socially responsible investing which helps communities and the environment while your investment grows. Check us out! http://shorebankdirect.sbk.com

    What are you guys at?.

    3.5% is not high yield in this country.


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