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Is it worth my while saving money?

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  • 03-06-2010 4:45pm
    #1
    Chuchoter
    Registered Users Posts: 4,305 ✭✭✭


    Hope this is the right section. I'm 16 and I've a pretty good job babysitting (I make around €70 a month I'd say) and I'm thinking about getting into the national installment savings scheme. The interest is 20% after 5 years of putting in €20 every month with no tax. The thing is, considering there is a deflation of 2.9% now, if in 5 years there was inflation would my money actually be worth less if I spent it then versus now? Is inflation supposed to go up or down in the next five years? Thanks!!


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    #2
    x in the city
    Closed Accounts Posts: 7,134 ✭✭✭x in the city


    feking hell.

    davy stockbrokers future employee right here....


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    #3
    billybigunz
    Closed Accounts Posts: 925 ✭✭✭billybigunz


    Some life advice.

    Your monthly income is a pittance. When you are older and smarter you should be swimming in the stuff but might not have hte opportunities you do now to enjoy it. Enjoy it while you can.


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    #4
    Chuchoter
    Registered Users Posts: 4,305 ✭✭✭Chuchoter


    Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P


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    #5
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    crayolastereo wrote: »
    Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P

    A very sensible point: it's better to save money than spend it on crap. But who is to say that after you have saved a lump of it, you won't spend it on crap anyway?

    Okay, I'll trust your judgement. If you accumulate a decent-sized lump of money, you might use it in a more considered way, even if that means buying a better class of crap.

    Nothing about the future is certain, but I think National Instalment Savings are a pretty good bet.


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    #6
    tommy21
    Closed Accounts Posts: 2,419 ✭✭✭tommy21


    I would put it into prize bonds. Your not making enough right now to warrant entering that scheme. It will probably be wound up before you've entered enough to see a return (no offence). Prize bonds at least offer a very long shot of winning something, you still have your money and your unlikely to spend it unwisely given you have to wait a few weeks for a refund if you cash them in (you can't at all in first 3 months of purchase, whenever you want then).


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    #7
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #8
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Just get in to the regular habit of putting some money away as a matter of course. Arrange to put at least 25% of what you earn in to the post office, prize bonds, regular savings account etc. The most important part of the process is that you enjoy spending the remaining 75%.

    Money is not the target, it is the benefits that money can bring. If you don't taste the rewards, there is no point in putting anything away for the future


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    #9
    who what when
    Registered Users Posts: 822 ✭✭✭who what when


    crayolastereo wrote: »
    Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P


    So just dont spend it on crap.
    Maybe start collecting stuff that increases in value over time.
    Model cars, stamps etc are fairly inexpensive to get into and its also a hobby.


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