I don't know how to save!!!

Glimmerdog

DoesNotCompute wrote: »

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.

I don't agree that this is doing spectacularly well at all

Shane732

Sleepy wrote: »

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!

I think priorities change as you move through different stages of your life.

I'm 23 and live a good life at the moment and manage to save about €600 - €700 per month.

However, the time will come when children/houses/spouses will come into the equation at that point in time I imagine that my spending habits will change significantly. I'm sure €500 doesn't go too far when it comes to children.

Shane732

Glimmerdog wrote: »

I don't agree that this is doing spectacularly well at all

There's no point in getting into that debate in AH.

Doing spectacularly well is subjective although I'd tend to agree with you on the matter.

Glimmerdog

Shane732 wrote: »

There's no point in getting into that debate in AH.

Doing spectacularly well is subjective although I'd tend to agree with you on the matter.

I know people can be very sensitive about this subject. It comes down to what your end goal is whether you think you make a lot of money or not. Maybe thats why I don't have enough respect for it because I don't see it as a lot

Ash.J.Williams

Glimmerdog wrote: »

I don't agree that this is doing spectacularly well at all

you're doin well!

Helix

Glimmerdog wrote: »

Seriously? How? Do you go out?

it's possible to go out without spending hundreds. you know, it's even possible to go out and do non alcohol related stuff too

Glimmerdog

Helix wrote: »

it's possible to go out without spending hundreds. you know, it's even possible to go out and do non alcohol related stuff too

I'm counting clothes into this too. I spen on average 200 on clothes at the weekend then bout 150 fri and sat. That's how you burn through 500 a weekend. It's quite easy.....believe me

Helix

Glimmerdog wrote: »

I'm counting clothes into this too. I spen on average 200 on clothes at the weekend then bout 150 fri and sat. That's how you burn through 500 a weekend. It's quite easy.....believe me

i assume at this point then you have enough clothes

stop buying them

flanders1979

Well done Eddie Hobbs

Glimmerdog

Helix wrote: »

i assume at this point then you have enough clothes

stop buying them

I'm financially retarded. But I am going to change

Helix

Glimmerdog wrote: »

I'm financially retarded. But I am going to change

it's very easy

buy things you need, occasionally buy things you want. don't drop 300 quid a week on nights out

Glimmerdog

Helix wrote: »

it's very easy

buy things you need, occasionally buy things you want. don't drop 300 quid a week on nights out

Yea I know. Today has been a rude awakening. I was totally doing a head in the sand job on it

Helix

its pretty scary that you didn't realise it wasnt normal

from a rich background are we?

@rti-shm@rti

Ah OP - don't feel bad. I could have written your post. My brother is a lot younger than me has mountains of money in the bank and earns a lot less than me. I don't know where they got me, I'm so hopeless at sticking to a budget.

I am turning it around a bit though. Sit down and actually work out what you spent on going out for the last two months. This includes alcohol, dinners out, taxis AND take aways during the week instead of cooking yourself etc. I did that and in 7 weeks I had spent €2,000 on that type of carry on. That's €285 a week on average. It's a bit less than you but it was definitely a wake up call to me! I go out A LOT and if you're like me, you're the first to the bar to get a round going, probably buy way more of your fair share of rounds, insist on paying for things like taxis and what not and then are miserable looking at your bank balance afterwards. I have some sort of insane obsession with making sure I 'pay my way' on nights out and stuff and it ends up more like me being far too generous with my money.

When I realised what I actually was spending, not what I thought it was it made me realise something had to change or I'd always be borrowing from someone to pay someone else back. Plus it makes you realise what you can realistically cut down to as well. I was forever setting myself crazy budgets that I could never seem to stick to, probably because I'd never properly looked at what I was spending and the targets were far too low.

Then do as the others have said, set up a savings account. Preferably in the credit union, or one of those 7 day notice ones. Get rid of it out of your current account. Stop taking your credit card/laser with you on nights out. It's my greatest downfall. That round of 8 jagers can't be bought if you only have cash on you and at 2.30 noone probably wants them anyhow!

Best of luck!

The King of Moo

Glimmerdog wrote: »

I'm counting clothes into this too. I spen on average 200 on clothes at the weekend then bout 150 fri and sat. That's how you burn through 500 a weekend. It's quite easy.....believe me

I don't even...

Have you ever worn the same item of clothing twice?

Are you a Kardashian?

OldNotWIse

This thread has really made me see the light

That's it, no more messing now. I'm gonna have to knuckle down and start saving.
- move out of parents where I pay 130 per week rent and into house share with the other half and 3rd tenant - €250 per month. Thats a saving of around seventy euro a week.
- no more fags (save around 30 eur per week)
- no more cheap tops from penneys that I dont need but just buy bc they're cheap :rolleyes: save around twenty per week
- no more drinking mon-thurs, save about 50 per week

EEK!!!!

flanders1979

What kind of a man spends more on clothes than he does on porter?

Shryke

The King of Moo wrote: »

I don't even...

Have you ever worn the same item of clothing twice?

Are you a Kardashian?

I imagine he wears them once and then sets them on fire beside a clothes bank.
OP, you've got problems. I worked minimum wage for a couple of years and I saved a few thousand doing so.

OldNotWIse

Glimmerdog wrote: »

Yea I know. Today has been a rude awakening. I was totally doing a head in the sand job on it

Me too...my head should be paying rent to the sand it spends so much time there...

Glimmerdog

@rti-shm@rti wrote: »

Ah OP - don't feel bad. I could have written your post. My brother is a lot younger than me has mountains of money in the bank and earns a lot less than me. I don't know where they got me, I'm so hopeless at sticking to a budget.

I am turning it around a bit though. Sit down and actually work out what you spent on going out for the last two months. This includes alcohol, dinners out, taxis AND take aways during the week instead of cooking yourself etc. I did that and in 7 weeks I had spent €2,000 on that type of carry on. That's €285 a week on average. It's a bit less than you but it was definitely a wake up call to me! I go out A LOT and if you're like me, you're the first to the bar to get a round going, probably buy way more of your fair share of rounds, insist on paying for things like taxis and what not and then are miserable looking at your bank balance afterwards. I have some sort of insane obsession with making sure I 'pay my way' on nights out and stuff and it ends up more like me being far too generous with my money.

When I realised what I actually was spending, not what I thought it was it made me realise something had to change or I'd always be borrowing from someone to pay someone else back. Plus it makes you realise what you can realistically cut down to as well. I was forever setting myself crazy budgets that I could never seem to stick to, probably because I'd never properly looked at what I was spending and the targets were far too low.

Then do as the others have said, set up a savings account. Preferably in the credit union, or one of those 7 day notice ones. Get rid of it out of your current account. Stop taking your credit card/laser with you on nights out. It's my greatest downfall. That round of 8 jagers can't be bought if you only have cash on you and at 2.30 noone probably wants them anyhow!

Best of luck!

At least you can see where I'm coming from. It's so easy to blow through a huge amount at the weekend. It's getting rounds and never being the scabby one and bla bla bla.....it all adds up. It's a really bad habit that needs to be broken.

Sky King

OldNotWIse wrote: »

Me too...my head should be paying rent to the sand it spends so much time there...

You're saving money by not paying it though!

I don't smoke but take-away coffees were my own downfall. Bought 1 or two a day... that's nearly a hundred quid a month! on ****ing coffee!

That's €1200 a year...a nice holiday that!

The King of Moo

Glimmerdog wrote: »

At least you can see where I'm coming from. It's so easy to blow through a huge amount at the weekend. It's getting rounds and never being the scabby one and bla bla bla.....it all adds up. It's a really bad habit that needs to be broken.

If someone creates a reality show where someone with a high salary swaps places with someone on the minimum wage, if they haven't already, you should apply.

No offence intended, but you need a bit of a dose of harsh reality.

There's no reason to be ashamed of earning a lot, but you need to learn the value of money.

OldNotWIse

Sky King wrote: »

You're saving money by not paying it though!

I don't smoke but take-away coffees were my own downfall. Bought 1 or two a day... that's nearly a hundred quid a month! on ****ing coffee!

That's €1200 a year...a nice holiday that!

haha true

We have a lovely coffee machine in work (thanks mr boss) so thankfully I dont have to buy my own "productivity juice" but I know that delis and cafes can be insidious money drains. A fiver for a bagel or 4 eur for coffee and scone etc. Dad percolates the coffee and fills the little flask for me every morning too - spoilt I know Actually....about that moving out....hmmm

carly_86

I am so jealous of ye all right now 50k i only earn 25k a year if i am lucky i try to save a bit but that usually has to go on a bill. Wat do ye all do

Musiconomist

carly_86 wrote: »

I am so jealous of ye all right now 50k i only earn 25k a year if i am lucky i try to save a bit but that usually has to go on a bill. Wat do ye all do

God, I'm the same. Thought I was doing well with 32k... I do manage to save though. One day, last year, I snapped out of it and opened a rake load of savings accounts with Ulsterbank. I have one for

1 College
2 Mortgage
3 Rent
4 Med Term Savings (Holiday)
5 Bus
6 Car
7 Doctor (touch wood)
8 Presents (tenner a week)
9 Savings

I've saved a bomb since I started, and to be honest, it's a bit of a scroogey thrill moving my money around between the accounts. I know I have most eventualities covered, and I'm earning 4% before dirt on all of it.

I also move all of my wages straight away into my "savings" savings account, and just transfer 100 at a time to my current account. This means that I'm only not earning interest on 100 euro.

--LOS--

Do you have kids OP? you're saying you spend everything you earn? I can't really fathom that if you're earning that much. Have you never saved for a holiday or anything?

carly_86

I think i need a better job

Geuze

Gross income = 57-60k

Annual / Monthly fixed costs

Car repayment = 400
Mortgage = 866
Savings = 800
Telecom / broadband = 45
Mobile phone = 40
Electricity = 40-50
Heating oil = 800 pa = 66pm
TV licence = 160pa = 13.33

Insurances = 130 pm

(1) life 530 pa
(2) house 385 pa
(3) car 510 pa
(4) mortgage protection = 130 pa

Total costs (which are more or less fixed) = 2400 pm incl 800 saving pm

Wife has small income as well, that helps with costs of child. She saves as well as my 800 pm.

Geuze

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.

Too old for clubs, just go to pubs.

Live in a town, never get taxis.

I'm a bit odd in that I buy Beamish stout at 3.00 in one pub, but then an hour later I'll pay 5.50 for Leann Follain stout.

I buy rounds when the situation calls for it. I bought one last night in a small group.

OK, in my 20s, I did go to clubs, paid 5-8-10 in, fair enough. Also drank more back then, so spent maybe 30+ per night.

Green Mile

I'm a mad saver! I can't help it but save (40% of my net)
My monthly wage goes into one account, standing orders take it the next day to other accounts that I don't even have ATM cards or account-books for!
I actually have to go into a bank with ID and statements to take out money! (I work 9-5 so it's hard)

In a sense, saving is a good thing but my social life suffers because of my saving addiction!

Some day I'll snap and go mad and have a savage weekend....
"the milky bars are in me"

Cookie_Monster

Glimmerdog wrote: »

Really? Is this norm? Am I an absolute financial retard? A third of your salary?

depends on your commitments: rent /mortgage /car etc but I wouldn't consider a third especially high.
I current save 54% of my after tax income, 41% or so of before tax, but then I'm trying to buy land and build a house and fund a wedding and fly home from NZ twice in the next year...

Shane732

Geuze wrote: »

Gross income = 57-60k

Annual / Monthly fixed costs

Car repayment = 400
Mortgage = 866
Savings = 800
Telecom / broadband = 45
Mobile phone = 40
Electricity = 40-50
Heating oil = 800 pa = 66pm
TV licence = 160pa = 13.33

Insurances = 130 pm

(1) life 530 pa
(2) house 385 pa
(3) car 510 pa
(4) mortgage protection = 130 pa

Total costs (which are more or less fixed) = 2400 pm incl 800 saving pm

Wife has small income as well, that helps with costs of child. She saves as well as my 800 pm.

Do you eat, tax the car, put fuel in the car?

Personally I'd find it very hard to save €800 per month earning €60k with a house and children. Although I do appreciate that your priorities change as you go through life.

Shane732

Cookie_Monster wrote: »

depends on your commitments: rent /mortgage /car etc but I wouldn't consider a third especially high.
I current save 54% of my after tax income, 41% or so of before tax, but then I'm trying to buy land and build a house and fund a wedding and fly home from NZ twice in the next year...

Saving 54% of your after tax income is a fair achievement!

Cookie_Monster

Shane732 wrote: »

Saving 54% of your after tax income is a fair achievement!

It's also an absolute pain in the hole
But it's not long term thankfully, only another 9-12 months and once house is built the need to save so much for deposit drops. At that stage would probably drop to about 35-40% of after tax income.

Not having kids is a massive advantage when trying to save too to be fair.

PickledLime

Beruthiel wrote: »

That's pretty shocking.
That's a weeks wages for a lot of people.

And a week and a half for a whole lot more.

Degag

JohnMarston wrote: »

Buy only what you need, not what you want, pay back your debt as soon as you can. Maybe go out once a month and bring €x with you. No atm card

I'd always bring my atm card with me. I wouldn't advocate anyone going out without it tbh.

cloptrop

**** it OP if you have savings losing your job will mean the social give you nothing .
Spend it all before they do.:D

Paudee

This thread has made me sofa king sad.

Jesus Wept

Keep living the dream OP. Don't listen to all these skinflints.
Keep on keeping on!!!!!!!!!!!!!!!!!!!!!!!!!!!!11

Glimmerdog

Andy Carroll wrote: »

Keep living the dream OP. Don't listen to all these skinflints.
Keep on keeping on!!!!!!!!!!!!!!!!!!!!!!!!!!!!11

I officially have a savings account and put 600 into it is morning. Tbh I'm already thinking about what I could have spent it on. I have to give 7 days notice to get that **** out now however. I could have had a great weekend with that

Cookie_Monster

you can have a great weekend on 1/4 what you spend anyway so it's not that bad!

carly_86

Glimmerdog wrote: »

Andy Carroll wrote: »

Keep living the dream OP. Don't listen to all these skinflints.
Keep on keeping on!!!!!!!!!!!!!!!!!!!!!!!!!!!!11

I officially have a savings account and put 600 into it is morning. Tbh I'm already thinking about what I could have spent it on. I have to give 7 days notice to get that **** out now however. I could have had a great weekend with that

Spend the lot you can't take it to the grave enjoy it

jack presley

All these people saying they have €25k or €50k in savings. Are you paying a mortgage as well or what? I don't lead an extravagant lifestyle and an only a semi ok wage but it would take me years to get anywhere near that amount saved

Elessar

OP what do you do that you are earning €50k/year in your late twenties?!

I'm the same age but earn a tad over half that (for high responsibility shift work where I have absolutely no social life and am constantly tired) and am sick of it.

I manage to save €1k/month though. After expenses are paid I actually have anywhere from €250 to €350 a month to myself.

pcardin

mongoman wrote: »

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

50k shít money in his age? do you really live on milky way or just trying to sound cool?

Shane732

pcardin wrote: »

50k shít money in his age? do you really live on milky way or just trying to sound cool?

Really depends on the industry you're in.

OldNotWIse

I'm getting really dis-heartened following this thread... Feel like a financial failure :rolleyes:

Anyone with a bit of extra time on their hands fancy doing up a strict budget plan for me? Think of it as a personal austerity measure lol

Shane732

OldNotWIse wrote: »

I'm getting really dis-heartened following this thread... Feel like a financial failure :rolleyes:

Anyone with a bit of extra time on their hands fancy doing up a strict budget plan for me? Think of it as a personal austerity measure lol

Why do you feel like a financial failure?

Doing a budget plan is no problem - sticking to it is the issue!

frozenfrozen

I have a proposition OP. Since you're pissing away 500eu a weekend you should give that money to me. I'll spend it on ice cubes and hookers. In exchange I could be your personal friend, I would sometimes text back and occasionally see you in the real world.

OldNotWIse

Shane732 wrote: »

Why do you feel like a financial failure?

Doing a budget plan is no problem - sticking to it is the issue!

Because I dont have 30-50k saved

I'm constantly doing budgets and never stick to them :rolleyes: