Age Verus Savings

Lara_Croft.ie

Hi guys...

Just out of interest....how many people here actually save or can save money from their wages?

I'm 31 yrs and i have 10K in savings...

I'm just wondering if that is a good or bad level to have at my age...

Please feel free to contribute

Let's say for arguments sake that it is isn't great OP? What then? Will you try even harder to save because a bunch of internet people told you that your savings wasn't enough?
You have a few bob there and that's good. If it was less or more that would also be good.
You're 31. Enjoy your life.

Fr_Dougal

That’s crap for a 31 year old, soz.

ytpe2r5bxkn0c1

It depends on your stage in life- have you a mortgage or family for instance.

At 31 I would have had little or no savings, as I was early in a Mortgage at over 11% interest rates, had a young family and not earning great money. Today savings are in six figures and I still have surplus for dropping into things like the "car purchase fund" every month from my pension.

Ken.

A man on the Ivan Yeats show earlier today said that to save for a pension you need to have saved 1½ times your yearly income by your 28th birthday. So if your on €40k you need to have saved €60k. By your 38th birthday it should be 3 times your yearly income.

BrokenArrows

You should aim to have enough saving to continue your current lifestyle for 6 months should you lose your job.

10k savings for someone who is a sole earner of the house, who has to pay for a 2k mortgage with 5 kids. 10k is very little and wont last very long.

10k for someone who is single and no debits and paying 400 rent per month in the country is loads.

I have nowhere near 6 months savings but thats always the goal to work towards.

wally1990

Lara_Croft.ie wrote: »

Hi guys...

Just out of interest....how many people here actually save or can save money from their wages?

I'm 31 yrs and i have 10K in savings...

I'm just wondering if that is a good or bad level to have at my age...


Please feel free to contribute

27 and have 10,000 also but all my close friends 25-30 have nothing

daysaredust

can u loan me a tenner

ytpe2r5bxkn0c1

Conspectus wrote: »

A man on the Ivan Yeats show earlier today said that to save for a pension you need to have saved 1½ times your yearly income by your 28th birthday. So if your on €40k you need to have saved €60k. By your 38th birthday it should be 3 times your yearly income.

He's probably not far off. I always considered my pension investment as a separate entity to savings. The savings were 'rainy day money', holiday fund and suchlike.

Ken.

Landry Mushy Twilight wrote: »

He's probably not far off. I always considered my pension investment as a separate entity to savings. The savings were 'rainy day money', holiday fund and suchlike.

Not to be smart and I should have said, the guy was a professor of economics at U.C.D. or trinity so I'd say his numbers were spot on.

tomwaterford

[Deleted User] wrote: »

Let's say for arguments sake that it is isn't great OP? What then? Will you try even harder to save because a bunch of internet people told you that your savings wasn't enough?
You have a few bob there and that's good. If it was less or more that would also be good.
You're 31. Enjoy your life.

^^^This wan is wise


I've not much (enough for an emergency)....but fcuk it...I've no intention of living to be old like

Autochange

Im 34 with 31 k in the bank . No house, ****ty car and no kids.
Its all relative

ytpe2r5bxkn0c1

Conspectus wrote: »

Not to be smart and I should have said, the guy was a professor of economics at U.C.D. or trinity so I'd say his numbers were spot on.

Oh, I accept his figures. I meant not far off as in close to what my experience was.

whoopsadoodles

I've about €40 in cyril squirrel stamps.

Allinall

I'll have a tenner on Age, if you'll give me the draw as well.

Heres Johnny

It's all relative. I'm in my 30s and have plenty of money in equity in my house, plenty in the pension fund and plenty in an investment fund which I don't want to cash in but could if I wanted.

If I sold the house and cashed in some investments I'd have about 200k for cocaine and strippers.

Pension I can't touch but that's about 70k or so now.

As for real liquid cash in bank/credit union, I don't have much really.

Look at what you are doing with your savings if you don't need it for a few years make it work for you.

endacl

tomwaterford wrote: »

^^^This wan is wise


I've not much (enough for an emergency)....but fcuk it...I've no intention of living to be old like

The problem is 'old' is always in the future. Or the other guy your age.

Ohmeha

I have 90k but in reality I consider that I have €0.00 when it's all going to be wiped out someday signing up latest installment of the Fianna Fail/Fine Gael property ladder scam

Martina1991

I'm 26 with around 30k savings.

2 of my close friends in the same job have very little savings. If any.

I never understand how they spend so much so quickly.

So 10k is better than nothing OP.

posturingpat

400 million savings. Should keep me going for a few weeks should i crash the rolls royce into the mansion some weekend after too much Dom Permignon and Caviar.

daysaredust

i have about 3 cans of beer , a lump of hash, thats it

tomwaterford

tomwaterford wrote: »

^^^This wan is wise


I've not much (enough for an emergency)....but fcuk it...I've no intention of living to be old like

Or far too easy going with grownup responsibilties such as savings

I'd be similar to yourself Tom. Although I am putting away a little here and there for a trip to the dentist. I fear the worst.

retro:electro

Please tell me I'm not the only one living week to week?

anna080

anna080 wrote: »

Please tell me I'm not the only one living week to week?

Welcome. Please make yourself at home.

SusieBlue

I'm 26 and if I have 1k left in my current account at the end of the month before I get paid again I'm doing well. Zero savings and 4K in debt.

I live out of home, the loan was for college and I'm only finished one year. Before I moved out last year I had about 5k savings but then I went on holiday to the US so that wiped it out. Haven't been away since then and won't be going anywhere any time soon either.

In a job earning 21k (gross) despite having a qualification.

This thread is depressing.

SusieBlue

anna080 wrote: »

Please tell me I'm not the only one living week to week?

If I could thank your post twice I would! I'm practically living in poverty compared to some people here.

posturingpat

WhiteRoses wrote: »

I'm 26 and if I have 1k left in my current account at the end of the month before I get paid again I'm doing well. Zero savings and 4K in debt.

I live out of home, the loan was for college and I'm only finished one year. Before I moved out last year I had about 5k savings but then I went on holiday to the US so that wiped it out. Haven't been away since then and won't be going anywhere any time soon either.

In a job earning 21k (gross) despite having a qualification.

This thread is depressing.

**** the savings, go everywhere you want and worry about the money afterwards. Book the flights and you'l be surprised how much can be kept for a trip when you put your mind to it.

retro:electro

WhiteRoses wrote: »

If I could thank your post twice I would! I'm practically living in poverty compared to some people here.

If I had 31k in savings I'd be swanning around thinking I was Princess Grace of Monaco

Sarn

it's not worth comparing your savings to someone elses. We all have different circumstances that affect what we might have saved. It is recommended to have a few months wages set aside for a rainy day fund.

zl1whqvjs75cdy

Conspectus wrote: »

A man on the Ivan Yeats show earlier today said that to save for a pension you need to have saved 1½ times your yearly income by your 28th birthday. So if your on €40k you need to have saved €60k. By your 38th birthday it should be 3 times your yearly income.

Ha. Is that chap buying a house or paying rent?

anna080

anna080 wrote: »

If I had 31k in savings I'd be swanning around thinking I was Princess Grace of Monaco

I was all torn up earlier trying to decide whether or not to get a taxi from work. It was lashing rain and my shoes are made of cardboard. So I said feck it taxi it is. Now I am even more broke this week and my teeth are definitely going to fall out. 31k sure would be handy alright.

EPAndlee

Keep a couple of grand saved, spend the rest on whatever you want and enjoy yourself sure life's too short

LirW

anna080 wrote: »

Please tell me I'm not the only one living week to week?

I was just thinking that, it's nice that people pat their shoulders here on that thread while a good load of people live hand to mouth.

For most of my adult life I was lucky enough to have a few hundreds saved away for an emergency.

Now jointly own a gaff outright with my man and manage to save a little bit each month, so if the washing machine should go we could replace it.

myshirt

The trick is your money has to work for you, not just you working for money. That's the biggest tip I can give.

Think, if you bought an iPhone when they first came out, and your brother bought Apple shares. You'd now have a 10 year old iPhone, zero euro, but your brother would have 3 brand new iPhones and have 2k to spare.

Equally, if my aunt had balls she'd be my uncle. But the point shouldn't be lost. Your money has to work for you. If you are ****e with money entrust it to someone who isn't.

B.A._Baracus

Well?
I need to take a piss and I lost my pot.

tomwaterford

endacl wrote: »

The problem is 'old' is always in the future. Or the other guy your age.

Pfft....my family dies young

Don't see the benefit of a rake of money in the bank and dying at 40 tbh




That being said,I've a suprisingly amount of assets and 6 bank accounts...because I'm obviously a moran and like paying bank fees

LirW

myshirt wrote: »

The trick is your money has to work for you, not just you working for money. That's the biggest tip I can give.

Think, if you bought an iPhone when they first came out, and your brother bought Apple shares. You'd now have a 10 year old iPhone, zero euro, but your brother would have 3 brand new iPhones and have 2k to spare.

Equally, if my aunt had balls she'd be my uncle. But the point shouldn't be lost. Your money has to work for you. If you are ****e with money entrust it to someone who isn't.

Okay I give you a tenner, invest it for me (that's all I can afford at the moment)

Four Phucs Ache

Just for the craic here's my month.
2 kids 1 adult and me.

Mortgage 900
Mortgage insurance 25
Life insurance 25
Stuff that makes lights work 100
Stuff that heats the house 150
Big square thing near couch 40
Shopping 500
Box that allows me to Google 40
2 mobiles 80
2 car insurance 100
1 car tax disc 300
2 Petrol 500
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Xbox live 30
Car service 100
Printer ink 30
New kettle 30
Cinema 50
Birthday gift for me ma 50


NO SAVINGS.

Next month......repeat.

Autochange

myshirt wrote: »

The trick is your money has to work for you, not just you working for money. That's the biggest tip I can give.

Think, if you bought an iPhone when they first came out, and your brother bought Apple shares. You'd now have a 10 year old iPhone, zero euro, but your brother would have 3 brand new iPhones and have 2k to spare.

Equally, if my aunt had balls she'd be my uncle. But the point shouldn't be lost. Your money has to work for you. If you are ****e with money entrust it to someone who isn't.

I can save but wouldnt know where to start investing.

Autochange

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.

Mortgage 900
Mortgage insurance 25
Life insurance 25
Stuff that makes lights work 100
Stuff that heats the house 150
Big square thing near couch 40
Shopping 500
Box that allows me to Google 40
2 mobiles 80
2 car insurance 100
1 car tax disc 300
2 Petrol 500
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Xbox live 30
Car service 100
Printer ink 30
New kettle 30
Cinema 50
Birthday gift for me ma 50


NO SAVINGS.

Next month......repeat.

That scared me.

wally1990

Autochange wrote: »

That scared me.

That's life

AlmightyCushion

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.

Mortgage 900
Mortgage insurance 25
Life insurance 25
Stuff that makes lights work 100
Stuff that heats the house 150
Big square thing near couch 40
Shopping 500
Box that allows me to Google 40
2 mobiles 80
2 car insurance 100
1 car tax disc 300
2 Petrol 500
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Xbox live 30
Car service 100
Printer ink 30
New kettle 30
Cinema 50
Birthday gift for me ma 50


NO SAVINGS.

Next month......repeat.

How many fecking kettles do you need

Four Phucs Ache

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.

1 car tax disc 300
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Car service 100
Printer ink 30
New kettle 30
Birthday gift for me ma 50

That's €1,450 in non-recurring monthly costs.

Ulysses Gaze

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.

Mortgage 900
Mortgage insurance 25
Life insurance 25
Stuff that makes lights work 100
Stuff that heats the house 150
Big square thing near couch 40
Shopping 500
Box that allows me to Google 40
2 mobiles 80
2 car insurance 100
1 car tax disc 300
2 Petrol 500
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Xbox live 30
Car service 100
Printer ink 30
New kettle 30
Cinema 50
Birthday gift for me ma 50


NO SAVINGS.

Next month......repeat.

Scrap the Takeaways....

Stheno

I've a pension and save about 1k a month

I'm also hoping to get divorced soon which will give me a fair whack of cash for a deposit on a house in Dublin

I'm in my forties

Autochange

Ulysses Gaze wrote: »

Scrap the Takeaways....

Burn the cinema

I have 10k saved, but it's locked away against a loan from the CU. The loan is a mortgage in everything but name, but it's at 5.9% so it's interest will cripple me if i don't pay off as much as I can, as soon as I can.


I'm 29, have the mortgage as per above at approx €680 per month. Everything else is decided day-by-day. I have no real costs or bills other than the standard car/utility related costs. But I live a dull, relatively inexpensive lifestyle, so.. I'm just hoping to be able to make as much of a dent in the mortgage/loan as I can. I have a job, but it's not a very secure one, and if it goes to the wall I'm in serious trouble. Off down to the dole I go.

tomwaterford

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.

Mortgage 900
Mortgage insurance 25
Life insurance 25
Stuff that makes lights work 100
Stuff that heats the house 150
Big square thing near couch 40
Shopping 500
Box that allows me to Google 40
2 mobiles 80
2 car insurance 100
1 car tax disc 300
2 Petrol 500
Laptop because other one **** itself 450
Kids party 150
2 new rads coz they **** themselves aswell 200
About 8 takeaways 170
New shoes 50
Xbox live 30
Car service 100
Printer ink 30
New kettle 30
Cinema 50
Birthday gift for me ma 50


NO SAVINGS.

Next month......repeat.

What's the big square thing near couch?

Liam McPoyle

tomwaterford wrote: »

What's the big square thing near couch?

Turf box.

Four Phucs Ache

[Deleted User] wrote: »

That's €1,450 in non-recurring monthly costs.

Next month will be:

The regulars +

Her car tax 600
Course registration 350
And.....I will be having them takeaways
And....something else will sh1t itself
And it's Xmas.

Autochange

tomwaterford wrote: »

What's the big square thing near couch?

im guessing the tumble drier?