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Savings account

  • 22-10-2012 3:06pm
    #1
    pancakes rule
    Registered Users Posts: 137 ✭✭


    Hi, I'm 19 in my first job (on a temporary contract) and looking for the best savings account for me. I'm working in Shannon earning €392 per week, my rent+bills is €260 p/m, bus from limerick to Shannon is €32 p/w. I want to save up for a deposit for an apartment because my shared house isn't the best. I currently have about €500 in my account (I went a bit mad when I had money for the first time in my life). What would be the best savings account for me?
    I'd want to put €400 p/m into a savings account.
    Can someone give me some budgeting advice as well?
    Would I be able to ever afford a car?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan


    Have a ready of these savings guides.

    Permanent TSB 3.50% Online Regular Saver might be the best option for you.


  • #3
    okiss
    Registered Users, Registered Users 2 Posts: 699 ✭✭✭okiss


    I would use the budget planner on nca.ie ( national consumer agency website). It will give you list of expense most people have and you just fill in the info relevent to you ie the expenses you have a week, month, quartly and yearly.
    This will help you see where you are spending money & where you can save money.
    This website also has a section on savings and gives a list of the regular savings account on the market.
    I would look at this savings rate on a regular basis to make sure you getting the best rate.
    Also when you build up a few thousand in savings see if you can move the money into an account which pays interest monthly and which you can add to each week or month.
    I would build up a regular saving habit which will help you later.
    When it comes to buying property I would not buy an apartment.
    Many apartments are small and lack storage. A lot of people are now in apartments with families and you need to consider very long term when you buy a property. Also with renting you have the ability to move for a job without worry about how you will pay the mortgage.
    I would not buy a car as you can't afford it. I know couples both with good jobs who now have one car due to the cost. I lot of young people are just working to pay for there cars.


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