money

keep going

a question for ye,should you be trying to save money at moment are trying to spend it the way things are around the world

JohnBoy

unless you're buying something you need then I think saving.


saving might mean your money is gone, but spending means it's definitely gone

whelan1

what about for tax purposes?

irishh_bob

keep going wrote: »

a question for ye,should you be trying to save money at moment are trying to spend it the way things are around the world

if ireland leaves the euro , it will take more punts to buy a tractor , oil or anything like that , with such uncertainty over the future of the money we literally have in our pocket , i can see merit in those who choose to plough it into something tangible , its no wonder the price of land is holding up if not rising , people with money feel less secure about leaving it in a bank and want to stick it in something tangible

sh1tstirrer

keep going wrote: »

are trying to spend it the way things are around the world

keep going

irishh_bob wrote: »

if ireland leaves the euro , it will take more punts to buy a tractor , oil or anything like that , with such uncertainty over the future of the money we literally have in our pocket , i can see merit in those who choose to plough it into something tangible , its no wonder the price of land is holding up if not rising , people with money feel less secure about leaving it in a bank and want to stick it in something tangible

an auctioneer buddy is telling me that he has sold a pile of stuff in the past 2 months,combination of people with debts wanting to get out and taking any price and people with cash wanting to get it out of banks/funds

Tora Bora

keep going wrote: »

an auctioneer buddy is telling me that he has sold a pile of stuff in the past 2 months,combination of people with debts wanting to get out and taking any price and people with cash wanting to get it out of banks/funds

That MUST be true, as auctioneers NEVER tell a lie regarding the state of the property market.;)
Meanwhile, the market continues to tank!:cool:

pakalasa

Saw on the news last night, the drop in house prices has actually accelerated since the summer. Apartments in Dublin now down over 60% from their peak. They are starting to look like good value.

reilig

If we go bankrupt will money saved in the bank still be there? If we go back to the punt, surely the punt will be valued much lower than the Euro?

We're saving feck all at the minute. This is because of a combination of untrust of the banks and following a farm improvment plan which ties up most of the farm profit and sometimes some of the off farm job salary. But the hope is to give up work when the mortgage is paid and hopefully live off the land.

pakalasa

If we go back to the punt, exporters like the weanling producers might see a nice jump in prices. Fertiliser and diesel would cost a fortune though, so 6 of one ....

vanderbadger

have nothing saved really except whats in pension and sure that could be worth nothing anyway..whatever about saving but I dont want to hear about another loan for a while.. I dont know about ye but always seem to have this loan or that loan to pay, lucky not to have a mortgage so wil hopefully bein the clear in the next 2 years

Tora Bora

pakalasa wrote: »

Saw on the news last night, the drop in house prices has actually accelerated since the summer. Apartments in Dublin now down over 60% from their peak. They are starting to look like good value.

Looks like Greece will default. They say, Ireland and Portugal will also have to be allowed to default on a big slice of the outstanding debt.
Consequently, the austerity budgets will come to a stop, and we may even see some stimulation of the economy from some of the money which would otherwise have gone to paying back the now forgiven debt.
A bit of a house in Dublin / Cork or Galway would be good value then I suppose at or around current prices. The rest of the country, you could leave for another ten years,

F.D

I am always told by the older generation keep you money invested in 4 legs you can sell a few if you stuck and keep well up in the numbers and the other old fav is dont buy it unless you can pay for it, so they saved then purchased and so on and so on
dont see to many of them caught in the whole down turn were in at the moment and most of them have everything the could ever want sitting there all bought and paid for and probably not a whole lot sitting in the bank either, maybe a few biscut tins alright, they were probably right not trusting the banks like we did

Muckit

reilig wrote: »

But the hope is to give up work when the mortgage is paid and hopefully live off the land.

Ya the mortgage is a big one. Imagine the freedom without it...:rolleyes:

I'm glad I didn't build a big house in the boom time and invested in a small local urban property instead. I'm hoping the urban market will be the first to rise and I'I at least get back what I paid for it. Then will most definitely be building a small modest (criteria alot of people ignored at their pearl in this decade) and energy efficient house at home on farm.

flatout11

saving for the land grab for 2014 :rolleyes:
at my stage in life im still in well past my elbow!!!!!

reilig

Muckit wrote: »

Ya the mortgage is a big one. Imagine the freedom without it...:rolleyes:

I'm glad I didn't build a big house in the boom time and invested in a small local urban property instead. I'm hoping the urban market will be the first to rise and I'I at least get back what I paid for it. Then will most definitely be building a small modest (criteria alot of people ignored at their pearl in this decade) and energy efficient house at home on farm.

We were kind of lucky. We built a house on our own land and have a modest enough mortgage. We built it to live in, not as an investment, so rises or falls in its value don't really bother us. We built at the end of the boom and had a lot of help from family which saved us a lot of money. We have a lot of work to do around the house yet, but we have all our lives to do it. We were one of the last planning permissions to be granted for a new house in Leitrim. New septic tank rules brought in by the Greens mean that only 5% of the land in the county would pass the percolation test and the rules that they brought in will not accept reed beds or any other alternative type of treatment system.

Towns and villages around us are teaming with ghost estates and the council are telling people to buy a house instead of building when they seek planning at the moment. I just couldn't bear living in a town or village!!

Muckit

I was up at that 'Green Door' event a few weekends ago. Leitrim (Dromahair) wasn't really a county I had been in before that. I got the impression, right or wrong, that there's alot of strangers coming to the area buying up old farmhouses and 'trying' to do them up DIY style on shoe string budgets. Possibly because of the planning restraints you talk about Reilig. Interesting farming countryside. I see the L200 pickup is very popular up there!;)

Username John

JohnBoy wrote: »

unless you're buying something you need then I think saving.

saving might mean your money is gone, but spending means it's definitely gone

Would have to agree with this - I would prefer to have some money in the bank, than have it all spent.
I am not much of a risk-taker, but I dont have too much of a mortgage either...
So I accept I will never be rich - but I hope I wont be too poor either

But the answer to your question is different for everyone - depends on where you are in life, family situation, what you want to do, etc.
If you see a bargain, then examine it by all means. But I wouldnt be running out with a ball of money, with the intention of "it must be spent" cos it wont last long then

reilig

Muckit wrote: »

I see the L200 pickup is very popular up there!;)

That's what I have

Its landcruiser country around here though. There are 10 landcruisers for every L200 around me

Joe the Plumber

Like everything in this world, Its about balance, spend yes, save yes,

There is over 100billion on deposit in Irish banks at the moment, In the boom there wasn't half this!!

Money - made round to go round.

keep going

Tora Bora wrote: »

That MUST be true, as auctioneers NEVER tell a lie regarding the state of the property market.;)
Meanwhile, the market continues to tank!:cool:

to be fair it is all stuff at very poor prices

johngalway

Tora Bora wrote: »

Looks like Greece will default. They say, Ireland and Portugal will also have to be allowed to default on a big slice of the outstanding debt.
Consequently, the austerity budgets will come to a stop, and we may even see some stimulation of the economy from some of the money which would otherwise have gone to paying back the now forgiven debt.
A bit of a house in Dublin / Cork or Galway would be good value then I suppose at or around current prices. The rest of the country, you could leave for another ten years,

I don't think there'll be stimulation. Obama tried that with a wholllllllllllllllllle shed load of money and it didn't work. Merkel is dead set against it today, but that one, could change this time next week.

Even if we do a controlled default, do we really need to be adding debt to a lower debt level? Think about it. Working out of this mess is better than digging deeper into it.

It's my opinion that the commentators who're saying that a leaner, meaner Ireland is better positioned than the rest are on the money. The more a person can do without Govt stimulation/grants etc. the better.

johngalway

Joe the Plumber wrote: »

Money - made round to go round.

100% true.

Money is only confidence. Confidence in something and it'll fly, no confidence and it goes down.