I don't know how to save!!!

dodzy

BorneTobyWilde wrote: »

I have 60k plus savings and earn 1/4 what you do

You have saved the equivalent of 5 yrs wages so. Some achievement. Oh, nice username by the way.

petes

This thread was both depressing and inspirational!

I have feck all savings so it's time to start!!

Setting up a standing order now

Crooked Jack

Glimmerdog wrote: »

I've never saved a penny in my life, for anything. I'm in my late twenties and make over 50k per year and still am not able to save. Is this ridiculous? I'm sure it is. What do people normally save per month? I came from the Celtic tiger era of if you wanted something you borrowed for it. I do have some debts...maybe 10k but surely I should be able to save money. I spend way too much on booze and going out

Im in my late twenties as well. I work ridiculous hours for 14K (sterling) a year and save dilligently only to have my savings eradicated every time the car needs fixed or some other unexpected expense comes along.

I hate you.

mongdesade

@ Glimmerman...I think you're just a smug príck, lording it over us all with your 'I earn €50K a year & I can't save'...fúck off :rolleyes:

Meauldsegosha

Crooked Jack wrote: »

Im in my late twenties as well. I work ridiculous hours for 14K (sterling) a year and save dilligently only to have my savings eradicated every time the car needs fixed or some other unexpected expense comes along.

I hate you.

But is that not what saving are for? I would rather spend my saving on fixing the car etcthan take a loan out to fix it or not have use of it at all.

OldNotWIse

Insurgent wrote: »

This thread was both depressing and inspirational!

I have feck all savings so it's time to start!!

Setting up a standing order now

Likewise, I'm 28 and haven't a penny to my name :eek:

boardie100

500 quid a weekend!! you are either a serious boozer, fond of the marching powder or have an expensive bird! or maybe all....

i'm a few years older, earn about the same and have 50k savings.... and have managed to travel quite a bit.... 500 quid to me on one weekend is lunacy.... one night on the tiles is max i can do any weekend

af_thefragile

I don't drink and don't eat outside often so i save plenty of money which i can then spend on my hobbies and fun stuff and ofcourse petrol!!

Glimmerdog

I hate all you people. Not really. I'm actually so motivated to save now. I just needed to confirm I'm a disgrace. Some people here have the polar opposite of me which suggests they don't enjoy themselves at all. I'm trying to find a happy medium. I think it's the scourge of generation. Too much credit not enough saving. We should be taught how to do this in school

Helix

Glimmerdog wrote: »

We should be taught how to do this in school

no, your parents shouldve taught you the value of money

mikom

OP, get a second job driving some heavy machinery and bank that cash.
I hear you can learn to drive a 10 tonne Hymac in an hour as there is no real skill to it................. of course that could be absolute bollox talk also.

Glimmerdog

mikom wrote: »

OP, get a second job driving some heavy machinery and bank that cash.
I hear you can learn to drive a 10 tonne Hymac in an hour as there is no real skill to it................. of course that could be absolute bollox talk also.

I earn good money because I've worked hard to get it and worked hard at my education. I find that insulting to be honest

mikom

Glimmerdog wrote: »

I earn good money because I've worked hard to get it and worked hard at my education. I find that insulting to be honest

Whoosh......

Fentdog84

Give it to me, ill mind it for ya

BigFatGiant

Cut your weekends down to only 3 nights out. Give yourself €100 a night, should be enough to get you good and drunk. No coke, no casinos, no hookers.
Boom! €200 saved a week and you still enjoy yourself.

Boombastic

mikom wrote: »

OP, get a second job driving some heavy machinery and bank that cash.
I hear you can learn to drive a 10 tonne Hymac in an hour as there is no real skill to it................. of course that could be absolute bollox talk also.

Or start making ham sandwiches, I believe there is great demand for them:D

Crooked Jack

Meauldsegosha wrote: »

But is that not what saving are for? I would rather spend my saving on fixing the car etcthan take a loan out to fix it or not have use of it at all.

No. Im trying to save to go to Canada for a while. Really disheartening after you spend months puttin a few hundred quid together and then the crank shaft or discombobulater or some other thing you've never heard of decides to give up the ghost and that's you back to square one.

I've looked over the posts again though and I think the OP is trolling.

Crooked Jack

Glimmerdog wrote: »

I earn good money because I've worked hard to get it and worked hard at my education. I find that insulting to be honest

Really? What do you do? Cause from your description of your spending it sounds like you have some cushy number that lets you show up hung over and late whenever you want.

puffishoes

Glimmerdog wrote: »

I earn good money because I've worked hard to get it and worked hard at my education. I find that insulting to be honest

yet you come from an era of when you can't afford it borrow and buy it anyway?

Glimmerdog

Crooked Jack wrote: »

No. Im trying to save to go to Canada for a while. Really disheartening after you spend months puttin a few hundred quid together and then the crank shaft or discombobulater or some other thing you've never heard of decides to give up the ghost and that's you back to square one.

I've looked over the posts again though and I think the OP is trolling.

This is why so many people hate boards. Because everyone who is not here regularly is a troll.. Muppet

Crooked Jack

Glimmerdog wrote: »

This is why so many people hate boards. Because everyone who is not here regularly is a troll.. Muppet

No, because people who come on moaning about how they have too much money are more than likely trolls.

http://images.dailyexpress.co.uk/img/dynamic/1/285x214/76651_1.jpg

Jogathon

BorneTobyWilde wrote: »

I have 60k plus savings and earn 1/4 what you do

Inaccurate username so??

boardie100

Glimmerdog wrote: »

This is why so many people hate boards. Because everyone who is not here regularly is a troll.. Muppet

i still dont get how you can spend 500 in one weekend..... do you fine dine fri/sat/sun and then go out boozing?....

i dont know how anyone can't put even a little bit aside for a rainey day!

skyhighflyer

OP, don't get too worried about people judging you or 'feeling like a retard'. At the end of the day, you're young and make good bank for your age so you can't be that much of a screw-up

The method I use might work for you:

1. Set up a credit union account to pay into. My credit union account allows you to pay in electronically, and is set up as a payee in my online banking.

2. I don't have a direct debit for a set amount to go in as my expenses can vary from month to month. As soon as I get paid I transfer an amount (usually between €500-800 a month) into the credit union account. This is called 'paying yourself first' and really helps with savings because once it's out of your account it's not appearing on your balance begging to be spent, which seems to be an issue you have. I'm the same - if it's there, I'll spend it, if it's not, I won't miss it.

3. The credit union is great because there's no ATM card attached to the account and you have to physically go there to get your money out. My credit union is 30 miles away where my parents live. It means that I can get at the cash if there's an emergency but it's just enough of a hassle to mean that I'm not motivated to dip into it for something frivolous.

4. I personally found normal bank savings accounts useless because I could get at the account far too easily. I was in the pub the other evening (fiscally prudent and all as I am ) and a lad had his card declined when he was trying to pay for a massive round of drinks. He said 'hang on - just need to transfer some cash out of savings', got on his iphone and a minute later the barman swiped his card and the sale went through this time. Maybe some people would have the discipline not to go near that but to me a 'savings account' like that is useless.

As a side point, the CU funds have built up a fair bit and I'm now looking at transferring some into a year's deposit account, as I'm beginning to get tempted by a sports car I have absolutely no need for. :rolleyes:

humanji

If you don't want to post about the topic, then don't post here. And next person to accuse someone of being a troll here gets banned.

Lawrence1895

http://www.bonkers.ie

I posted this one in 'All things Retro' already.

But it's a decent site to compare different savings accounts and other stuff

scotchy

Bank shares and a property portfolio (you can get a bank loan for these) and you’re sorted.


You can thank me when you're a millionaire.



:cool:

carolinespring

If you are spending 500 quid at the weekends, you could easily save 250 of that and use another 100 to pay towards your debts and still have 150 for a socal life/treats.

Get into a good habit of saving now.

Glimmerdog

skyhighflyer wrote: »

OP, don't get too worried about people judging you or 'feeling like a retard'. At the end of the day, you're young and make good bank for your age so you can't be that much of a screw-up

The method I use might work for you:

1. Set up a credit union account to pay into. My credit union account allows you to pay in electronically, and is set up as a payee in my online banking.

2. I don't have a direct debit for a set amount to go in as my expenses can vary from month to month. As soon as I get paid I transfer an amount (usually between €500-800 a month) into the credit union account. This is called 'paying yourself first' and really helps with savings because once it's out of your account it's not appearing on your balance begging to be spent, which seems to be an issue you have. I'm the same - if it's there, I'll spend it, if it's not, I won't miss it.

3. The credit union is great because there's no ATM card attached to the account and you have to physically go there to get your money out. My credit union is 30 miles away where my parents live. It means that I can get at the cash if there's an emergency but it's just enough of a hassle to mean that I'm not motivated to dip into it for something frivolous.

4. I personally found normal bank savings accounts useless because I could get at the account far too easily. I was in the pub the other evening (fiscally prudent and all as I am ) and a lad had his card declined when he was trying to pay for a massive round of drinks. He said 'hang on - just need to transfer some cash out of savings', got on his iphone and a minute later the barman swiped his card and the sale went through this time. Maybe some people would have the discipline not to go near that but to me a 'savings account' like that is useless.

As a side point, the CU funds have built up a fair bit and I'm now looking at transferring some into a year's deposit account, as I'm beginning to get tempted by a sports car I have absolutely no need for. :rolleyes:

Thank you. That was genuinely helpful

allibastor

Glimmerdog wrote: »

Great advice!! I spend money like it it has some sort of disease. I don't know where I learned it from. My parents are excellent with money. Is saving learned or is it just in your personality?

it a result of the celtic tiger my friend. we young people on good money were too used to not needing anything in the bank to be able to get credit. i remember being 19 and being able to get a mortgage cause i had very good money. stopped now.

and i earn well over 40K a year but can't save as 2 kids and a partner in education, all of which has to come from my back pocket as there is no help for people who earn. bit of a pain really, did the sums last night and i am only 60 euro a month better off than if i stopped work and went on the dole, no more rent or travel costs and childcare.

enjoy the life while you can but try and out aside around 800 a month if you can. nearly 10g a year.

Glimmerdog

allibastor wrote: »

it a result of the celtic tiger my friend. we young people on good money were too used to not needing anything in the bank to be able to get credit. i remember being 19 and being able to get a mortgage cause i had very good money. stopped now.

and i earn well over 40K a year but can't save as 2 kids and a partner in education, all of which has to come from my back pocket as there is no help for people who earn. bit of a pain really, did the sums last night and i am only 60 euro a month better off than if i stopped work and went on the dole, no more rent or travel costs and childcare.

enjoy the life while you can but try and out aside around 800 a month if you can. nearly 10g a year.

Thanks bro. Fair play for to you for doing what you are doing. I need a good dose of reality

Gran Hermano

Thread title is misleading, here I was thinking it was another soccer thread and the OP was Shay Given.

AwayWithFaries

skyhighflyer wrote: »

OP, don't get too worried about people judging you or 'feeling like a retard'. At the end of the day, you're young and make good bank for your age so you can't be that much of a screw-up

The method I use might work for you:

1. Set up a credit union account to pay into. My credit union account allows you to pay in electronically, and is set up as a payee in my online banking.

2. I don't have a direct debit for a set amount to go in as my expenses can vary from month to month. As soon as I get paid I transfer an amount (usually between €500-800 a month) into the credit union account. This is called 'paying yourself first' and really helps with savings because once it's out of your account it's not appearing on your balance begging to be spent, which seems to be an issue you have. I'm the same - if it's there, I'll spend it, if it's not, I won't miss it.

This is exactly what I do and is the simplest way of saving. I have more or less forget about the money I have in that account and it works a charm. Setting it up as a payee instead as a direct debit works better imo.

And to the people who say you don't need saving, that is bollix. I was recently in hospital so I missed 5 weeks of work and also have no medical insurance so was stuck with a nice hospital bill on top of it.

But thankfully my savings kept me a float.

allibastor

Glimmerdog wrote: »

Thanks bro. Fair play for to you for doing what you are doing. I need a good dose of reality

you will be fine, just take a good look at what you actually spend, write down what you go through a month and see how much stupid stuff you actually but.

Back in the good old construction days of 2008, at 24 i used to spend around 300 a week on dinner out with the misses and another 200 at the weekend.

your lucky to still be at that level, but do try and manage it somewhat. it is a big shock to the system if your job ever goes. just set up your credit union account, chances are you won't miss the money going into it every week/month

also any jobs going?ha

Geuze

In my late 20s, earning 50k approx, I used to save 700 pm.

Plus run a car, pay rent, and have 4-6 hols per year.

1000 pm should be doable, with some sacrifices.

A night out for me costs 20 euro, how do people spend 100??

Geuze

Currently, on 57k approx, I pay a mortgage, save 800 pm, and repay 400 pm for a car.

Glimmerdog

Honestly it's the ridic social life that's killing me. I need to reassess things. Did my sums there and I'm confident on saving a minimum of 500 per month from now on and on a good month 800. I've had some rude awakening. I was in the ' sure everyone is the same' mentality.

Glimmerdog

Geuze wrote: »

Currently, on 57k approx, I pay a mortgage, save 800 pm, and repay 400 pm for a car.

Seriously? How? Do you go out?

pickarooney

Ctrl-S

Geuze

Yes, I go out.

Weekday night = 2/3 pints = 12-13 euro max

Beamish = 3.00 or 3.40
Guinness pint bottle = 4.10
Galway Hooker PA = 4.00
O'Hara's beers = 5.00

Weekend = maybe 20 euro

mongoman

OP you're about as believable as Santa and while you are on pretty shít money, you should still manage to save something ffs.

Cina

Geuze wrote: »

Yes, I go out.

Weekday night = 2/3 pints = 12-13 euro max

Beamish = 3.00 or 3.40
Guinness pint bottle = 4.10
Galway Hooker PA = 4.00
O'Hara's beers = 5.00

Weekend = maybe 20 euro

You sick, sick man.

Shane732

Geuze wrote: »

In my late 20s, earning 50k approx, I used to save 700 pm.

Plus run a car, pay rent, and have 4-6 hols per year.

1000 pm should be doable, with some sacrifices.

A night out for me costs 20 euro, how do people spend 100??

I hate tight people on a night out.

How does a night out cost you €20? If you're paying into a club then that's €10/€15 gone.

A round of drinks could be anything €30 - €80.

Taxi home could be €40 - €50 split between how ever many people are in the taxi.

€100 would be a cheap night out for me. Having said that I have friends who get a kick out of spending as little as possible on a night out - they'll be gutted if they spent €15 on a night out.

Thinking about people like that just enrages me.

Shane732

Cina wrote: »

You sick, sick man.

There's always one.

Cina

Shane732 wrote: »

I hate tight people on a night out.

How does a night out cost you €20? If you're paying into a club then that's €10/€15 gone.

A round of drinks could be anything €30 - €80.

Taxi home could be €40 - €50 split between how ever many people are in the taxi.

€100 would be a cheap night out for me. Having said that I have friends who get a kick out of spending as little as possible on a night out - they'll be gutted if they spent €15 on a night out.

Thinking about people like that just enrages me.

My friends are like that. Half of them are happy out on the dole and smoke rollies full time. As an ex smoker I tend to buy a pack when I go out, and they always try and scab them off me then because they know I won't smoke them all and they won't buy any themselves.

Hell, a friend of mine walked an hour home at 4am one morning because he didn't want to spend money on a taxi by himself.

Shane732

Geuze wrote: »

Currently, on 57k approx, I pay a mortgage, save 800 pm, and repay 400 pm for a car.

What's your mortgage?

A salary of €57,000 gives you a net monthly of in and around €3,200.

You probably have something in the region of €2,000 gone (incl. the €800 saved) before you spend a cent on food/utilities/insurance/motor insurance/tax/petrol.

Your discretionary spending must be minimal.

Sleepy

Oh to be able to go back in time to a point where I could have started saving...

With a missus and kids to support I'm slowly, slowly paying back my debts but luxuries like nights out are a once a month thing for us at this stage!

DoesNotCompute

Boombastic wrote: »

Well if Sean Quinns children can't live on €2,000 / week, I don't know what they expect the rest of us to do:rolleyes:

God forbid daddy's little girls would have to join the dole queue like all the other plebs out there!

Back on topic: OP, if you're in your late twenties and earning €50k you are doing spectacularly well for yourself. It is a bit ridiculous that you can't save.

rgmmg

Geuze wrote: »

Yes, I go out.

Weekday night = 2/3 pints = 12-13 euro max

Beamish = 3.00 or 3.40
Guinness pint bottle = 4.10
Galway Hooker PA = 4.00
O'Hara's beers = 5.00

Weekend = maybe 20 euro

A weekend Hooker and beers for €20? The Celtic Tiger is finally dead

Shane732

Cina wrote: »

My friends are like that. Half of them are happy out on the dole and smoke rollies full time. As an ex smoker I tend to buy a pack when I go out, and they always try and scab them off me then because they know I won't smoke them all and they won't buy any themselves.

Hell, a friend of mine walked an hour home at 4am one morning because he didn't want to spend money on a taxi by himself.

Some of my friends would be absolutely gutted if they had to pay for a taxi by themselves. They're nice lads and good craic but as tight as fu*k.

These lads would all have plenty of money just seem to get a kick out of spending as little as possible.

Like they'll go out with €20 in their pocket on a night out.