Earning €50k a year paying €500 on rent

shadowcomplex

should it stil be possible to save for a mortgage, my net is about 35k and I dont have very many other expenses

blueturnip

shadowcomplex wrote: »

should it stil be possible to save for a mortgage, my net is about 35k and I dont have very many other expenses

I am almost the same, I manage to put away 150 a week. I am quite bad with money though so you should be fine!

Victor

Yes, you should be able to save. That of course depends on your responsibilities and out-goings.

With those numbers, you are actually not spending a whole lot on rent.

djimi

Im horrendous with money and even Id find it easy to save a decent wedge every month if I was taking home that much and paying €500 a month on rent. You have about €2500 after rent to play with each month; that should give you plenty of room for saving.

matrim

I was able to save between 300 to 500 a month when being paid less and paing the same rent so it is possible but it depends on your expenses.

The best option is to setup a savings account and automatically transfer the amount on payday. That way you won't be tempted to spend the money. And if you have any money left over at the end of the month transfer that to the savings account too.

Giblet

Depending on sector etc, you pull in around 3k a month, you should well be able to save a large amount of that providing you don't go overboard on anything.

smallerthanyou

Definitely. I find if you put a certain amount (500e maybe) into mortgage account saving that's unaccessable and then maybe 100 or 150 if can stretch to it into a second accessable account for any holidays/car expenses etc that might come up. I earn less and pay slightly more in rent and I can save a good bit and still live the good life!. That's all based on no kids or anything else siphoning off money.

ted1

I' m on about the same but am paying 1150 a month and was saving 50 a week while supporting a wife and 2 kids. Just gone sale agreed and now my mortgage will be 750 a month for exact same house but in nicer estate 50m away from present house. I also was skimping.

Mr. Loverman

You don't give us enough information to answer your questions.

For example, do you have two children, a stay at home wife, etc.

But I can tell you when I lived in Ireland if I was pulling in 3k into my hand each month I would be able to save about 2k of that and still have a nice lifestyle.

shadowcomplex

I dont have any dependents and I am single, i am paying off a loan at 380 euro a month, I am also paying off an orthodontist bill at 220 euro a month, my current rent is 220 a month but im living in a crumy place altogether, at my age and wage I should be living more comfortably

Mr. Loverman

If you can't live comfortably on 50k a year you are doing something wrong.

Have you worked out where your money is going? For example, two lattes every day, fifteen pints a week, etc.

Melted

i earn about 25k and i though that was comfortable ur lucky op no reason u can save i think!

The_Honeybadger

I have the same income and pay a little more in rent (550e), two kids & stay at home wife. I save €500 p.m. which comes out on payday and I am usually able to transfer another €200-€300 into another savings account also unless we get a surprise bill during the month. I have no debts and we have a fairly modest lifestyle (six year old car, rarely eat out or drink, watch what we spend etc.). It really depends on what type of lifestyle you want, I know people who earn more than me but have regular nights out, car loans and other lifestyle debts who struggle to manage their finances. I had a roaring time in my twenties and accumulated debts from travelling etc. which I really regret now but thankfully they are all cleared and priorities have changed. Planning and keeping an eye on your outgoings are key to saving.