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Aged 29, how much savings is normal?

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  • 19-10-2013 9:06pm
    #1
    chargerman
    Closed Accounts Posts: 152 ✭✭


    hi guys, so I am 30 next week and just worried about money. I'm living at home and have 3.5k savings. Is this little, considering I'm at home?


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    #2
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    Stonky wrote: »
    You should be stashing at least 100 a week if you are working and living at home. If you've been working for 10 years you should have 10x100x52 plus interest so approx 55 to 60 grand would be expected for someone in your situation ( unless you have splurged on a new car or something like that )

    That really depends on a persons income and circumstances, 55-60 grand seems like an awful lot to expect someone to have? youre kidding, right?


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    #3
    12gauge dave
    Closed Accounts Posts: 2,072 ✭✭✭12gauge dave


    im 25 living on my own and have nearly 4,500euro savings if thats any indication it all depends on lifestyle wether you have a car or living at home and most of all what your wages are.

    i moved out of home last year and i find it alot harder to save i used to save 125 a week at home and can just about manage 80euro a week now i earn just over 400euro a week i run a car aswell but have all loans payed off than god


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    #4
    12gauge dave
    Closed Accounts Posts: 2,072 ✭✭✭12gauge dave


    Stonky wrote: »
    You should be stashing at least 100 a week if you are working and living at home. If you've been working for 10 years you should have 10x100x52 plus interest so approx 55 to 60 grand would be expected for someone in your situation ( unless you have splurged on a new car or something like that )

    there is people thatare that good at saving but most of us are not that good some of us have expensive habits like modifying cars drinking heavy on weekends, fashion etc:)


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    #5
    deseil
    Closed Accounts Posts: 333 ✭✭deseil


    Id about 400 in the credit union at that age and was delighted with myself:)


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    #6
    Wanderer2010
    Registered Users Posts: 6,739 ✭✭✭Wanderer2010


    ^ Just because you live at home it doesnt mean you have the means to put aside 100euros a week. A mortgage isnt the first and last expense in a persons life. You could have loans from the bank or credit union, try running a car with little money not to mention holidays, health insurance and general living expenses, commuting etc. Too many people think living at home means no debt, weird.


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    #7
    LD 50
    Registered Users Posts: 1,559 ✭✭✭LD 50


    Stonky wrote: »
    Assume a modest wage of 500 a week net. Give up 100 to your parents. 100 for loans etc. (if these exist)100 for other expenses (and that's being generous). Leaves 200. 100 for entertainment. 100 for saving. As calculated above if you live at home for 10 years you should have approx 60k stashed

    In a perfect world, you're spot on mate.

    Unfortunately, this country, let alone the rest of the world aint perfect.


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    #8
    creep
    Banned (with Prison Access) Posts: 360 ✭✭creep


    I save about 10% of my wages but usually just spend it then on foreign holidays, car insurance or buy the latest phone etc. I like to enjoy myself and not worried about saving at my age. I could save 500 a month properly if I wasn't renting


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    #9
    manonboard
    Registered Users Posts: 1,102 ✭✭✭manonboard


    Stonky wrote: »
    Are you 29 or 32 btw?

    http://touch.boards.ie/thread/2057014512/1/#post85980239

    He's had quite the interesting life recently.

    He's living alone last week
    http://www.boards.ie/vbulletin/showpost.php?p=87001905&postcount=21

    Thinking of moving to Oz, and moved to Canada already.
    http://www.boards.ie/vbulletin/showpost.php?p=86888703&postcount=8

    moved only 2 months ago
    http://www.boards.ie/ttfthread/2057040540/1#post86552773

    Works as a manager in a shop(today)
    http://www.boards.ie/vbulletin/showpost.php?p=87084212&postcount=20

    and is claiming JSA (yesterday)
    http://www.boards.ie/vbulletin/showthread.php?p=87073050

    But sure, Returning to college this year as a mature student, had a major operation last month and is setting up a bargain shop.

    You'd have to be more specific about your situation OP, with your hectic and eventful life, Savings are hard to estimate correctly. Your income must be all over the place and you've major events which would seriously cost alot...


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    #10
    FaganJr
    Registered Users Posts: 581 ✭✭✭FaganJr


    If your living @ home until your 30's and working full time and all you have is 3,500.

    Well sir you are screwed! Jesus 100 a week over 10 years is nothing!

    What the hell were you doing?

    Not living at home and have all the expenses you mentioned, plus, Mortgage, Life insurance, mortgage payment protection insurance, House insurance, personal accident insurance,Electricity, water, property tax, Bins, Phone, Broadband, Sky, TV licence, Home heating Oil , Property Maintainance,groceries (cause I'm sure Mammy makes your dinner, poor Baba) 2 kids, 2 cars.

    Hadn't a cent when I was 30 but I was outta the nest for 12 years at that stage!

    40 this year and have 60k in the bank.


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    #11
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    Stonky wrote: »
    Nope. I am not kidding. Living at home would assume 100 a week is handed up. What other expenses would someone have if working full time ?

    yes but every week for 10 full whole years assuming no interruption in employment or other circumstances, I thought you were having a laugh


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    #12
    chargerman
    Closed Accounts Posts: 152 ✭✭chargerman


    manonboard wrote: »
    He's had quite the interesting life recently.

    He's living alone last week
    http://www.boards.ie/vbulletin/showpost.php?p=87001905&postcount=21

    Thinking of moving to Oz, and moved to Canada already.
    http://www.boards.ie/vbulletin/showpost.php?p=86888703&postcount=8

    moved only 2 months ago
    http://www.boards.ie/ttfthread/2057040540/1#post86552773

    Works as a manager in a shop(today)
    http://www.boards.ie/vbulletin/showpost.php?p=87084212&postcount=20

    and is claiming JSA (yesterday)
    http://www.boards.ie/vbulletin/showthread.php?p=87073050

    But sure, Returning to college this year as a mature student, had a major operation last month and is setting up a bargain shop.

    You'd have to be more specific about your situation OP, with your hectic and eventful life, Savings are hard to estimate correctly. Your income must be all over the place and you've major events which would seriously cost alot...
    My partner uses my profile too prob more than me


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    #13
    dave98
    Registered Users Posts: 352 ✭✭dave98


    chargerman wrote: »
    My partner uses my profile too prob more than me

    Jeez chargerman, don't explain yourself to him. My other half posts from my account as well


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    #14
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    Not a great forum to find "normal".. I reckon at 29, most would have under ten grand in savings plus the leftovers if they sold their car and paid the loan.


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