I don't know how to save!!!

Geuze

jack presley wrote: »

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

Mortgage, car, wife and child.

I sank most savings into house purchase, then spent maybe 40k on renovations/furniture. I have lost 100k on house.

Savings now of about 25k, saving 800pm, but that may not be possible forever.

Geuze

I can't understand how people can physically actually spend 100 on a night out.

Say I'm in Galway/Dublin for a weekend away, with other lads. I walk to various pubs, have maybe 5-6 pints, maybe 1 whiskey, have chips on a rare occasion, walk home.

If paying Dublin prices, that's 35 euro max.

Glimmerdog

Glimmerdog wrote: »

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

I can save about 70% of mine while supporting my gf..

OldNotWIse

Geuze wrote: »

I can't understand how people can physically actually spend 100 on a night out.

Say I'm in Galway/Dublin for a weekend away, with other lads. I walk to various pubs, have maybe 5-6 pints, maybe 1 whiskey, have chips on a rare occasion, walk home.

If paying Dublin prices, that's 35 euro max.

Maybe with taxis and paying into clubs, or if you get stuck in rounds and get screwed over... not sure. My brother does this kind of stuff and buys drinks and leaves them around the pub and forgets about them (I joke that when I want a cheap night out I can just follow him and hoover up his untouched/barely touched drinks all night lol)

I would be pained to spend 100 on a night out, wouldnt do it unless someones bday and had meal before and maybe treated them to a drink (oh and drunken fag-buying :rolleyes:) but its rare. 30 or 40 is my max.

frozenfrozen

I don't see how you can spend 100 on a night out and enjoy yourself.. Surely if you're that drunk you won't have much fun at the time and the next day wouldn't be very pleasant...

OldNotWIse

frozenfrozen wrote: »

I don't see how you can spend 100 on a night out and enjoy yourself.. Surely if you're that drunk you won't have much fun at the time and the next day wouldn't be very pleasant...

I think for those who do it, they're not actually spending 100 on drink (if they are God help their livers) I think its the extra costs factored in like taxis, paying into clubs, chipper on the way home, cigarettes, getting stuck in rounds...

Shane732

Haha,

On a normal night out I spend about €150 and it could easily be €250.

Glimmerdog

Shane732 wrote: »

Haha,

On a normal night out I spend about €150 and it could easily be €250.

I feel you bro. How can you spen 30 and go out for a night? Seriously? I'm still shocked at how many people have 20k plus in savings!!

Another guy lives on 250 a month! What do you eat? I'm being serious!

POKERKING

Dont think i have ever spent less than 50e on a proper night out.

DOnt know how people are doing it for 20e and the likes.

Geuze

9:30pm walk to Bierhaus, Henry street, Galway

Have a Dark Arts porter = 4.60, maybe a Leffe = 3.90

10:30pm walk to the Salthouse, Raven's Terrace

Have, say, three pints at 3.80-4.50 each.

So far at 22 euro.

12 midnight - Roisin Dubh late bar, Dominick street

Say two pints at 4.00-4.30 each, now at 30 euro.

Walk home.

Geuze

Bear in mind that households in Ireland have 92 bn on deposit:

http://www.centralbank.ie/polstats/stats/cmab/Documents/2012m04_ie_monthly_statistics.pdf

Assuming 3m adults, that's 30,000 per person on deposit, on average.

Sykk

Geuze wrote: »

I can't understand how people can physically actually spend 100 on a night out.

Say I'm in Galway/Dublin for a weekend away, with other lads. I walk to various pubs, have maybe 5-6 pints, maybe 1 whiskey, have chips on a rare occasion, walk home.

If paying Dublin prices, that's 35 euro max.

Because you're smart. The amount of times I've went into rounds with a group of mates and end up getting rode spending €150 on a night out. Never again!

Scanlas The 2nd

I used to save 1000k a month on 27k. Loved seeing the savings balance. Now im on 34k and save 0. Too much expenses now. It really pisses me off now that I have nothing to show for my hardwork in the savings account.

I need to figure out how to earn a decent wage so I can save. 2300/2400 per month after tax I earn including overtime is pathetic IMO for spending the majority of your waking hours locked up in an office.

summerskin

I'm 39, wife and two kids, I work she looks after the kids. Currently have over 180k in the bank as a result of saving 500-1000 per month and also selling a house for a decent profit.

I earn good money but not six figures. We have two or three holidays a year and are sensible with the rest of our money. We go out a couple of nights per month and also take the kids places and pay for summer camps etc. We shop at aldi and tesco, run two cars( I spend over 400 on diesel alone per month for mine), and do a monthly budget each month and don't waver from it. Some months are harder than others, but savings secure your future.

Shane732

summerskin wrote: »

I'm 39, wife and two kids, I work she looks after the kids. Currently have over 180k in the bank as a result of saving 500-1000 per month and also selling a house for a decent profit.

I earn good money but not six figures. We have two or three holidays a year and are sensible with the rest of our money. We go out a couple of nights per month and also take the kids places and pay for summer camps etc. We shop at aldi and tesco, run two cars( I spend over 400 on diesel alone per month for mine), and do a monthly budget each month and don't waver from it. Some months are harder than others, but savings secure your future.

Assuming your saving the higher end of your range per month it'd take you 15 years (ignoring interest earnings) without spending a cent of your savings.

BTW looking at it from a finance point of view having a large cash sum sitting in a bank account would be considered an under-utilization of funds and would actually be viewed negatively.

Talking about how much people have sitting in a bank account is pointless unless you know more about the individual in question. Some people would consider €180k to be a huge amount whereas others wouldn't be able to sleep at night if that's what they were down to. I have client's who need €18k net a month just to keep the show on the road (i.e. before any savings etc...) and others who need €1,500.

If you are legit and your figures are accurate then I'd highly recommend that you get some professional tax advice as if the €180k is an after tax figure you have potentially pi**ed away half of the gross amount in tax for absolutely no reason.

BrianD3

Shane732 wrote: »

BTW looking at it from a finance point of view having a large cash sum sitting in a bank account would be considered an under-utilization of funds and would actually be viewed negatively.

Cash is an asset class, only a fool says it isn't. There are plenty of people out there who would now be better off if they had left their money "sitting" in a deposit account rather than "investing" it elsewhere.

Of course brokers, fund managers and various advisors who charge fees for their services hate it when investors put their money in simple to understand deposit accounts with transparent terms and conditions and guaranteed returns.

Shane732

BrianD3 wrote: »

Cash is an asset class, only a fool says it isn't. There are plenty of people out there who would now be better off if they had left their money "sitting" in a deposit account rather than "investing" it elsewhere.

Of course brokers, fund managers and various advisors who charge fees for their services hate it when investors put their money in simple to understand deposit accounts with transparent terms and conditions and guaranteed returns.

I agree with you, of course cash is an asset.

I'm just saying that strictly speaking having a large amount of cash sitting in a deposit account is an under-utilisation of funds. There's no question it is, regardless of what basis somebody charges fees.

BrianD3

Shane732 wrote: »

I agree with you, of course cash is an asset.

I'm just saying that strictly speaking having a large amount of cash sitting in a deposit account is an under-utilisation of funds. There's no question it is, regardless of what basis somebody charges fees.

Maybe it is an under utilisation of funds from the point of view of the world economy, if nobody invested in businesses and instead hoarded money in deposit accounts I wonder where we would be.

However what's bad for the world economy isn't necessarily bad for the individual. I would regard saving 180k and putting all of it in a deposit account as being a reasonable strategy for an individual and I am doing something similar myself. Doesn't mean that I'll always follow this strategy.

Also re: saving, other people can give their money to publicans and ISME/SFA members and take out loans for crap they don't need. Not for me. I suppose I should thank borrowers though - in effect they're paying my interest.

If I count my deposit interest as income I'm saving over 80% of my total net income. I earn a modest enough salary but wealth builds up pretty quickly with that sort of savings rate, the first 100k is the hardest etc.

Geuze

Saving 80% of your net income........................?????!!!!!!

Mr.Crinklewood

OP are you an Ulster Bank customer?.

BrianD3

Geuze wrote: »

Saving 80% of your net income........................?????!!!!!!

Yes indeed. Remember that this 80% figure includes deposit interest. I save 100% of it (that's 100% of the net figure after DIRT).

I own a house with no mortgage. Big advantage there. But this didn't happen by accident, savings were a big factor there too.

I spend less than a dole payment per week and yes, I do enjoy my life. As I say I don't give my money to publicans and give as little as possible to many others. I must admit to getting a spiteful pleasure out of saving instead of spending when I hear vested interests such as the SFA moaning about the savings rate being too high.

hardCopy

Serious money to be saved on drink. Drink less, pre-drink at home and even try home brewing. 23 litres of cider works out about €25. If you're spending €150 on drink, are you really drinking 30 pints? Or are other people screwing you in the round? Just buy points for yourself all night and see what it costs.

Learn to cook. A tin of kidney beans costs 17c in lidl, a carton of sieved tomatoes costs 74c, add a couple of slices of toast and that's two night's dinner. Chicken fillets can be got for €1, decent Irish ones. Cooking is easy, ready meals are over priced by about 10 times.

Buy clothes in Banbridge or Newry once a year.

SusieBlue

I can't believe you spend €500 in a weekend, that's mental. I don't have much savings, only about €2,500 but I did put myself through college for a year, paying my own fees, rent and living expenses so I had a lot more last year. I'm in my early 20's too.

I was working until last month. I was earning €210 a week. My weekly outgoings were €93 on rent, €20 for my bus pass. €25 on food, and €25 for socialising. By pre-drinking at home I managed to go out 2 nights a week on €25 and have a few euro left over. €47 goes into savings.
My monthly outgoings are €20 on phone credit and about €15 for electricity bill.

If I can support myself through college on minimum wage, I don't see why you can't save a few hundred a week via direct debit.

The fact that you spend my fortnightly wages and then some in one weekend is scary.

Why not pre drink at home on nights out? That usually saves me a few quid. Or have takeaway instead of meals out? I honestly have no idea how someone could spend that much in one week regardless of how much they were earning.

bfocusd

The more you have the more you spend, the few hundred quid here and there seems like nothing, but to someone on the dole/ min wage it could be a months money. When I was out of work I was on 146 a week and managed money way better, when im working it's almost like a magnet attached to my earnings towards buying stupid s#it that I don't need or sometimes don't even want, its all impulse, that's one big problem in the economy, people buy stupid s#it for social status... You've a acer.. Pfft.. I've a Mac book air!

I get reeled in now and then but this thread has awoken what I need to do to reach my goals and not spend a week working for a few nights out that I can really remember!

Still though, im being a drill sergeant, every now and then you need to let loose or you work so much with no enjoyment in life and loose the will to live, then treat yourself!

Op, set yourself a budget of 200 a week, major bills aside, day to day living, you'll immediately see how much waste you accumulate, kinda secret millionaire style, only no freebies at the end

A_Sober_Paddy

Glimmerdog wrote: »

I'm actually embarrassed. Do most people have savings so?

I'm unemployed and I've savings of €1,689.14...only a tenth of what i once had before my ill fainted trip to Oz

OldNotWIse

hardCopy wrote: »

Serious money to be saved on drink. Drink less, pre-drink at home and even try home brewing. 23 litres of cider works out about €25. If you're spending €150 on drink, are you really drinking 30 pints? Or are other people screwing you in the round? Just buy points for yourself all night and see what it costs.

Learn to cook. A tin of kidney beans costs 17c in lidl, a carton of sieved tomatoes costs 74c, add a couple of slices of toast and that's two night's dinner. Chicken fillets can be got for €1, decent Irish ones. Cooking is easy, ready meals are over priced by about 10 times.

Buy clothes in Banbridge or Newry once a year.

hardCopy

OldNotWIse wrote: »

The tins of mixed beans are nicer but they're almost 5 times the price at 74c a can.

Cook them in passata with some herbs and spice and you get much nicer beans on toast than you'll get out of any Heinz tin.

Jogathon

I take out €200 cash every Thursday, and I make myself live on that for the week. That includes diesel, but doesn't include bills like my mortgage and electricity. After I've paid for my diesel I can spend that money how I wish.

I also have a separate savings account in the Credit Union that is taken from my paycheque before I even see it in my bank account. I access that money for holidays and certain yearly bills such as car insurance and new tyres etc.

I buy most of my clothes in huge bulk yearly in America when I'm on holidays so tend not to purchase clothes much here apart from the basics. I use my savings for that blowout!

I have a grand amount of savings - about €12,000 and hopefully am going to improve on that year on year.

Many people here are wondering how you could spend €100+ on a night out. Well, very easily in my case when a taxi home is €35 and I generally can't share that with anyone. Club - €10-15 and then a few drinks/bite to eat as well? I'm lucky that I can normally get a spin into town from someone. However, I avoid rounds like the plague since I'm now officially grown up and sensible.

libnation

To those saying that over spending is a "condition" - it is not. Anyone can save and its never too late to start. If your personality is not the saving type then try harder.

OldNotWIse

hardCopy wrote: »

The tins of mixed beans are nicer but they're almost 5 times the price at 74c a can.

Cook them in passata with some herbs and spice and you get much nicer beans on toast than you'll get out of any Heinz tin.

Sounds good....and over an hour until lunch! :eek:

I sometimes make a big pot of chilli con carne and find the kidney beans, tomato puree and chopped tomatoes are very good value there.

Lasts ages too

ghogie91

Boombastic wrote: »

Direct debit in to the credit union every week- you won't miss it

Boombastic,

I have wanted to set this up for the last year but dont want to go into the back and ask how to do it and look like a pure sack.

If the thread rules dont allow you to explain could you PM me on what to do and ill go in and set up shop today!

Cheers

ghogie91

Glimmerdog wrote: »

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

With calculator in hand... I save 53.6% of my wages weekly

Meauldsegosha

ghogie91 wrote: »

Boombastic wrote: »

Direct debit in to the credit union every week- you won't miss it

Boombastic,

I have wanted to set this up for the last year but dont want to go into the back and ask how to do it and look like a pure sack.

If the thread rules dont allow you to explain could you PM me on what to do and ill go in and set up shop today!

Cheers

I can set up direct debits/standing orders on-line. You just need account details etc. or go into your bank and say "I would like to set-up a direct debit please", give them the account numbers and you're all set.

Lord Bafford

This thread will come in handy the next time I see any bleating about the Irish having low IQs.

Incredible stuff really!:eek:

skyhighflyer

ghogie91 wrote: »

Boombastic,

I have wanted to set this up for the last year but dont want to go into the back and ask how to do it and look like a pure sack.

If the thread rules dont allow you to explain could you PM me on what to do and ill go in and set up shop today!

Cheers

You need to drop into your Credit Union first to get an account number and sort code to pay into. It can work one of two ways, depending on the credit union:

1. You pay into the CU's general bank account and put in a reference to your CU account number with each payment so they know which member account to put the money into, or

2. The CU gives you an individual account number and sort code specific to your CU account.

Once you have the right bank account and sort code details from your CU you can do one of two things to set them up as a payee:

1. Go into the bank and get a direct debit mandate form. They usually have these on the stand with the other forms or the cashier will give it to you. Fill it out, putting in the the CU account details you obtained earlier and the amount you want to save each month, the date it's to come out of the account, etc. Give it to the cashier and you're sorted.

2. Some banks let you set up a direct debit online, in which case the process is pretty much the same, just enter the CU bank details you got earlier and all the other info and you're good to go

ghogie91

OldNotWIse wrote: »

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

Im 20,

If I keep up my saving habit, which I find easy as once i have tobacco, skins and filters and pokemon I am actually quite happy not to spend anything else

Soooo,

by the time im your age (minus whatever repairs I will have to do to my car or a holiday lets say) I should have €83,200... and the horrible thing about it is I know in my heart and soul i wont have that, that be nearly a waterside penthouse for me like

ectoraige

Glimmerdog wrote: »

I don't know how to save!!!

Is that you Shay?

ghogie91

skyhighflyer wrote: »

You need to drop into your Credit Union first to get an account number and sort code to pay into. It can work one of two ways, depending on the credit union:

1. You pay into the CU's general bank account and put in a reference to your CU account number with each payment so they know which member account to put the money into, or

2. The CU gives you an individual account number and sort code specific to your CU account.

Once you have the right bank account and sort code details from your CU you can do one of two things to set them up as a payee:

1. Go into the bank and get a direct debit mandate form. They usually have these on the stand with the other forms or the cashier will give it to you. Fill it out, putting in the the CU account details you obtained earlier and the amount you want to save each month, the date it's to come out of the account, etc. Give it to the cashier and you're sorted.

2. Some banks let you set up a direct debit online, in which case the process is pretty much the same, just enter the CU bank details you got earlier and all the other info and you're good to go

Cheers I shall give it a try!

d-gal

OP if you find it hard to save get a piggy bank that u have to literally break open to get money out or simply build a box with a slip on top of it.
Another thing is save coins. Any change I get I throw into a jar on my dresser, I save around 2k a year doing it! You don't miss it and its great watching it fill up

Lord Bafford

d-gal wrote: »

OP if you find it hard to save get a piggy bank that u have to literally break open to get money out or simply build a box with a slip on top of it.
Another thing is save coins. Any change I get I throw into a jar on my dresser, I save around 2k a year doing it! You don't miss it and its great watching it fill up

What a stupid idea. :rolleyes: No interest, no security and the temptation to break open the 'piggy bank' are all reasons why your idea stinks.

Setting up a direct debit and funneling the cash into a savings account is the solution.

I think the piggy bank idea would be in addition to a savings plan.. No one saves for a deposit using it but they are good. My brother has taken thousands out of them before. Only ones and twos in it.

d-gal

Ads by Google wrote: »

I think the piggy bank idea would be in addition to a savings plan.. No one saves for a deposit using it but they are good. My brother has taken thousands out of them before. Only ones and twos in it.

Always handy for saving for a hol or something. For 6 months I wouldn't pay for anything in coins, only notes. After a good night out you would throw in 10/20euro worth of coins easy

Glimmerdog

I spent 39 quid this weekend. I only now realise what a an absolute moron I have been. Had a great weekend too.

Pedant

Today I'm going to start saving!

Okay, so I have this glass jar and this €2 coin. I'll put the coin into the jar.

*Puts coin in jar*

Now, the coin is in the jar! Stop looking at me coin. STOP LOOKING AT ME! NOOOO!!!

the groutch

Glimmerdog wrote: »

I spent 39 quid this weekend. I only now realise what a an absolute moron I have been. Had a great weekend too.

hope you take the advice already given, and use the money you've "saved" to paying off your debts.

hardCopy

Glimmerdog wrote: »

I spent 39 quid this weekend. I only now realise what a an absolute moron I have been. Had a great weekend too.

After Hours, here to help. Take that Personal Issues!

MadYaker

I used to be like you. Standing order into a credit union account every week on the same day you get payed is the way to do it, you don't even get a chance to spend the money before its moved to the CU account.

Glimmerdog

hardCopy wrote: »

After Hours, here to help. Take that Personal Issues!

I think personal issues is more for ' I've only gained 6 stone since I got married and my OH said he thinks I need to lose weight....the cheek' type threads. And as I am not a large, reality tv watching, tray of chocolate fingers eating female blimp I thought my query would be better placed here

Sappa

Glimmerdog wrote: »

hardCopy wrote: »

After Hours, here to help. Take that Personal Issues!

I think personal issues is more for ' I've only gained 6 stone since I got married and my OH said he thinks I need to lose weight....the cheek' type threads. And as I am not a large, reality tv watching, tray of chocolate fingers eating female blimp I thought my query would be better placed here

First in, sits back grabs popcorn and waits for the extreme pc brigade to respond to that comment.

o1s1n

Best thing I ever did regarding saving was opening up an AIB Online 7 account via online banking.

Every month when I get paid I just go into my online banking and transfer a lump sum into the online 7 account straight away.

If I need it I've to give notice and then wait 7 days to take it out again.

What I like about it is there's no direct debits, or ringing the bank of any of that crap. All done online.