Age Verus Savings

Beasty

At 30 I was just about at break even. My net pension accrued plus net equity would pretty much have been negated by credit card and other short term debt

I was in a good job with a good pension, and my salary has since grown substantially. I've moved house 3 times in the 27 years since, and am now free of debt with a very healthy pension accrued plus a number of other assets. Right place, right time and a lot of hard work, but it was worth it.

The key though is adopting a bit more discipline, and working through the debt in a structured way. By being relatively frugal in the early years, I'm now in the fortunate position to be able to enjoy an incredibly comfortable life. Yes luck certainly plays its part, but looking at trying to pay off debt and invest over a very long period is key.

Trying to play the property game is also high risk, as whatever you gain on one house inevitably is eaten up as a deposit on the next, with probably a higher mortgage outgoing. I know I won't need to downsize as I'm mortgage free and know my accrued pension will more than pay any ongoing costs of living and maintaining the property, with a nice nest-egg for any rainy day (or indeed the kids!)

tomwaterford

Autochange wrote: »

im guessing the tumble drier?

Who keeps a tumbledryer in the sitting room

tomwaterford

tomwaterford wrote: »

Who keeps a tumbledryer in the sitting room

Ahhh Tom!!

Autochange

tomwaterford wrote: »

Who keeps a tumbledryer in the sitting room

Maybe the couch is in the utility room. Ever think of that?

Four Phucs Ache

Four Phucs Ache wrote: »

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.

Ah, no doubt there are gonna be things that pop up, but it sounds like you'd be well able to save €100 a month no bother. Sounds like a trivial amount in the grand scheme but it'd wipe out your christmas each year or put you on a late sun holiday.


And I presume the big square thing beside the couch is the TV.

tomwaterford

[Deleted User] wrote: »

And I presume the big square thing beside the couch is the TV.

I've been lead to believe it's the tumbledryer and the couch is now located in the utility room


Personally I'd have never taught of this

B.A._Baracus

tomwaterford wrote: »

What's the big square thing near couch?

The Misses? :pac:

Four Phucs Ache

[Deleted User] wrote: »

Ah, no doubt there are gonna be things that pop up, but it sounds like you'd be well able to save €100 a month no bother. Sounds like a trivial amount in the grand scheme but it'd wipe out your christmas each year or put you on a late sun holiday.


And I presume the big square thing beside the couch is the TV.

Ah yeah, we have about 500 sitting in the account at all times but that fluctuates and we don't count it as savings really.

We could save if we really wanted to but at the moment it just gets flittered away.

The big square thing is my TV.If that sh1ts itself I'm going to dance on it.

Canyon86

I'm 27 , I have 3k in savings but no debt

Would like 10k saved by the time I'm 30 as a target

Lately I can save 680 monthly consistently but feel like I can increase this

bear1

At the start of the year I had near on 12k in savings and regularly 10k left over in our current account.
After the summer it's all gone to **** with our savings done to 3k and our current account has hit 4k until I'm paid.
Honestly I'm ****ting it.
But, I look at my equity.
2 cars worth in the region of 40k combined and a house worth about 400k of which 260k is the banks.
If things keep going down then one of the cars will go and prop up the savings and current account.
We've been offered a 3rd car for free which isn't worth more than 2k but that will be sold too.
Equity wise we are quite good but hard cash wise up **** creek.
I'm 30, wife is 32 with one 2 year old and another on the way.

RedXIV

I've 3 kids and one due next month

I'm 30.

I save regularly.

I have my savings wiped regularly

I'm currently 17k in debt due to the new 7-seater needed. But I've a good job and herself is a nurse so probably one of the safest (albeit not great paid as a new graduate) jobs out there.

I hope to clear that loan in about 18 months and then I should be debt free for the first time in years! And then I can worry about the whole deposit for a mortgage thing

Ah well, I'm ridiculously happy in life so feck it, ONWARDS!

professore

daysaredust wrote: »

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

Well lah Dee ****ing dah you posh git

Birneybau

I'll be honest...absolutely none of your business.

Autochange

Birneybau wrote: »

I'll be honest...absolutely none of your business.

ohh:eek:

The Backwards Man

I have fcuk all and owe nobody fcuk all.

Tigger

when i was 21 i had no where to sleep no money and no idea where dinner was comming from tomorrow
im double that now and i would give all my material posessions to be 21 again (well only if i could bring mrs tigger and baby tigger with me, well hes stay the same age but we get 21 years younger )
when im 84 ill feel the same about being 42 so i live for the day not the savings not the future
i will never be younger than i am today

pablopicasso1

Tigger wrote: »

i will never be younger than i am today

Equally, you've never been as old as you are today

I'm sorry

Tigger

pablopicasso1 wrote: »

Equally, you've never been as old as you are today

I'm sorry

better to get older than the alternatitive

Wesser

When you save it up it all vanishes in one day when you buy a house.

EPAndlee

EPAndlee wrote: »

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

It's precisely because life is short that you should do whatever you can to avoid having to look behind the sofa cushions for money for bread in later life, if you possibly can.

If you can being the important bit, if you're just managing to scrape by then it obviously takes a backseat to getting from week to week in one piece.

Save what you can when you can, you never know what life is going to throw at you. If you're earning well and find yourself broke all the time, you need to look at where you're bleeding money and start thinking about providing for your future.

Rubberchikken

When you say feel free to contribute - you're not looking for a donation are You???
I save. Every week. Religiously.

Yakult

27 and I've savings of -€2000

Doing well like.

Liam McPoyle

Between wife and I we have a house that is slowly crawling out of negative equity, about €10k cash savings and shares currently worth about €60k after tax but they won't completely vest for about 16 months.

However she is now on unpaid maternity leave until the end of February so a large chunk of the savings will be depleted by then.

No major debt other than mortgage which is on a tracker so very manageable. Both have car loans which will be almost cleared by this time next year based on current repayments.

I'm 38 and she is 39.

Have a 7 month old and will most likely be trying for number 2 in the new year all things going according to plan.

Not great but we are comfortable and happy so that's what's important tbh.

mojesius

34 and 40k in savings, been paying private pension for 8 years and have shares sitting in the pot, never sure when to sell them.

That said, I do not own a house. My husband and I with Baba on the way live with my mam, it works out as we all get along and pay her decent rent. Got out of renting two years ago and put the equivalent of a mortgage + extras away every month. We were going to buy but prices are a bit steep for what we'd justify.

The husband also inherited some land (with road frontage) in the sticks, it has a bit of bog. So if the **** hits the fan, we can build a cabin there and live off turf for heating, grow our own food while keeping the zombies at bay with a few shotguns.

Hector Savage

39 and partner is 36, we have about 120k in savings, that will all be gone on a ****ing apartment tho soon that the vulture govt and banks will **** us over for .... ***** ...

Jawgap

Wasn't really much of a saver until the crash hit - since then I've become an avid saver and investor.

Creme fraiche

30 and about 40k in savings.

Have about €5k in shares that don’t best for 3 years.

Reading this thread has been an eye opener. I spent way too much on partying/gadgets/eating out in restaurants etc.

No house, no car loan, pay credit card off every month.

elefant

Creme fraiche wrote: »

30 and about 40k in savings.

Have about €5k in shares that don’t best for 3 years.


Reading this thread has been an eye opener. I spent way too much on partying/gadgets/eating out in restaurants etc.

No house, no car loan, pay credit card off every month.

Sure that's what it's for.

sbsquarepants

The missus and myself, both around the 40 mark and having been saving like mad for the last 6 or 7 years now have the combined total of zero:mad:

We have just "bought" a house though and we put every last cent into that to keep the mortgage as low as possible. Should the worst happen, we could still pay the mortgage from the scratcher, so I'm not too bothered about the savings being gone. It will save us a small fortune in mortgage interest in the long run.

Creme fraiche

elefant wrote: »

Sure that's what it's for.

For sure. But when you see people who have triple the savings in the same time and more shares etc. I could have tightened the purse string a little and still had fun.

HalloweenJack

I'm 29 and I have no savings. I have no debt either. I've been working pretty much non-stop since I left college in 2011.

I live a comfortable life, it's not like I'm struggling at all. I'm just enjoying my life.

Ciaran_B

I read that tweet that went around last week about having twice your annual wage saved by the time you're 40. Now, I turned 40 earlier this year and I have nowhere near that saved up. I've got about 15 thousand I think. No shares or investments. Mortgage is low thought and should be paid off in 10 years.

On balance I think I'm OK.

No house/equity, no debt, **** all savings. Not arsed with saving a huge amount, it's a waste really. From the start of next year I'll be putting into pension and the plan is once I hit the higher tax threshold I'll be putting all the excess into the pension (til I hit the upper limit at least).

Bubbaclaus

I'm 26 and just over 40k in savings. It's reassuring to know that my job and life could go go belly up tomorrow and I'd have enough there to keep me going for a few years

Creme fraiche

Creme fraiche wrote: »

For sure. But when you see people who have triple the savings in the same time and more shares etc. I could have tightened the purse string a little and still had fun.

There will always be people who have more money than you. Sure what of it? Why not be happy with the savings you have now and continue to grow it in to the future?

Bubbaclaus

Bubbaclaus wrote: »

I'm 26 and just over 40k in savings. It's reassuring to know that my job and life could go go belly up tomorrow and I'd have enough there to keep me going for a few years

Same. :pac:
I'm not too worried really about if I lose my job. It'd be lean for a bit but I could sell the car (forgot about my car loan but I'm way ahead on that and have a way longer term than I need) and put in for rent allowance if I didn't find something straight away. I can live a very frugal life when necessary. :P

Creme fraiche

[Deleted User] wrote: »

There will always be people who have more money than you. Sure what of it? Why not be happy with the savings you have now and continue to grow it in to the future?

Ah yeah I didn’t mean to sound unhappy. Tbh I started saving late (5 years ago). I’m saving for a deposit and currently saving the price of a mortgage + rent. I just wish I regularly saved even something smaller like a €10 a week from an earlier age to get bitten by the habit sooner than I did

sbsquarepants

Creme fraiche wrote: »

Ah yeah I didn’t mean to sound unhappy. Tbh I started saving late (5 years ago). I’m saving for a deposit and currently saving the price of a mortgage + rent. I just wish I regularly saved even something smaller like a €10 a week from an earlier age to get bitten by the habit sooner than I did

I was never a saver - until the last recession hit and job almost went tits up leaving me in a very precarious position, pay cuts + short time with no buffer whatsoever between me and repossession. At that stage I was maybe 7 or 8 grand in debt to credit card + credit union on top of my mortgage and zero savings - from then (2007) until we bought the house a few months ago we managed to clear all the debts and save up over 100k, this is with the missus not working for the past 5 years or so since the kids started arriving.

When you stop and think about it - you'd be amazed at how much money you spend on shít you don't need, don't want or just downright regret buying in the first place. Tenner here, score there it all adds up. When you stop doing those things and stick that money away it builds up fairly quickly!

The downside is a couple of hundred in the bank is just not as much craic as a weekend on the slaughter - but that's life for you, you've just got to prioritise sometimes.

server down

Wesser wrote: »

When you save it up it all vanishes in one day when you buy a house.

This is a major issue. I’m impressed with 20 year olds who get 60k+ together for a house but then it’s all gone into bricks and mortar

sbsquarepants

sbsquarepants wrote: »

When you stop and think about it - you'd be amazed at how much money you spend on shyou don't need, don't want or just downright regret buying in the first place. Tenner here, score there it all adds up. When you stop doing those things and stick that money away it builds up fairly quickly!

That's definitely my issue right now. When I stop and think what I actually would need coming in to get by and compare it to my current bank balance I despair. Ah well, almost time for New Years resolutions. :pac:

sbsquarepants

server down wrote: »

This is a major issue. I’m impressed with 20 year olds who get 60k+ together for a house but then it’s all gone into bricks and mortar

It's not gone. It's keeping the wind and rain off you while you watch the telly!:D

Hammer89

Beasty wrote: »

At 30 I was just about at break even. My net pension accrued plus net equity would pretty much have been negated by credit card and other short term debt

I was in a good job with a good pension, and my salary has since grown substantially. I've moved house 3 times in the 27 years since, and am now free of debt with a very healthy pension accrued plus a number of other assets. Right place, right time and a lot of hard work, but it was worth it.

The key though is adopting a bit more discipline, and working through the debt in a structured way. By being relatively frugal in the early years, I'm now in the fortunate position to be able to enjoy an incredibly comfortable life. Yes luck certainly plays its part, but looking at trying to pay off debt and invest over a very long period is key.

Trying to play the property game is also high risk, as whatever you gain on one house inevitably is eaten up as a deposit on the next, with probably a higher mortgage outgoing. I know I won't need to downsize as I'm mortgage free and know my accrued pension will more than pay any ongoing costs of living and maintaining the property, with a nice nest-egg for any rainy day (or indeed the kids!)

You've officially broken the world record for the amount of banking phrases used in one post.

ancapailldorcha

I've a few grand. I said I was saving for a deposit but now I just laugh at that idea. Thanks London.

c_man

I have a fair wedge of cash but it's earmarked for a house. Apart from that I put 15% of my net per month into a global tracker and 5% gross into my pension.

Don't try and judge yourself against others OP, you'll always feel bad. Look at your own spending and see where you can make cuts.

the_sonandmoon

36, married, both fairly low earners. A 1.5 year old and another in ma belly.
We have about 15k in savings, to go towards a house extension that will cost about 150k. Currently house is mortgage free. 2 cars, no loans, no credit cards or any other debts.
I have £16k pension from previous job in uk. No pension since I returned to ireland.
I'll go back full time in a few years, and I should start earning well again.
Hubby is going part-time to retrain for a year. Hopefully his earning potential will improve after that too.

Burial.

In my early 20s, I'd have a lot more in savings than most people ten years older, twenty years older than me would have but money isn't everything and everyone is different. Living week to week would wreck my head though. I often spend money like a lunatic but I do so happy in the knowledge it's not a big chunk of my net worth and if anything happened tomorrow morning I'd be okay for a while.

Never been in debt, never had a credit card and never will, never got a loan and never been anywhere near broke. I've a savings account that needs a months advance notice to access and I haven't touched a cent from it since I opened it when I was 18.

+1 to the person who said make your money work for you. Rich Dad Poor Dad was a very eye opening book. Would recommend to anyone as you're bound to get something out of it.

I have no house as I don't believe in being tied down but getting into real estate is definitely something for the future, maybe ten years down the line when I stop being such a hound.

tomwaterford

Burial. wrote: »

In my early 20s, I'd have a lot more in savings than most people ten years older, twenty years older than me would have but money isn't everything and everyone is different. Living week to week would wreck my head though. I often spend money like a lunatic but I do so happy in the knowledge it's not a big chunk of my net worth and if anything happened tomorrow morning I'd be okay for a while.

Never been in debt, never had a credit card and never will, never got a loan and never been anywhere near broke. I've a savings account that needs a months advance notice to access and I haven't touched a cent from it since I opened it when I was 18.

+1 to the person who said make your money work for you. Rich Dad Poor Dad was a very eye opening book. Would recommend to anyone as you're bound to get something out of it.

I have no house as I don't believe in being tied down but getting into real estate is definitely something for the future, maybe ten years down the line when I stop being such a hound.

I was lead to believe it could come againest you,never having a loan before...if yous were to go about getting a mortgage??


Something about credit history or similar?

Pac1Man

tomwaterford wrote: »

I was lead to believe it could come againest you,never having a loan before...if yous were to go about getting a mortgage??


Something about credit history or similar?

Not really. Show them a bank statement with a steady stream of income and you'll be fine.

BigEejit

Four Phucs Ache wrote: »

Just for the craic here's my month.
2 kids 1 adult and me.
...
Stuff that makes lights work 100
Stuff that heats the house 150
...
Next month......repeat.

Not wanting to drag the thread off topic but the energy costs look crazy...
Not knowing size of property or is its double glazed etc, but is €250 a month average for Ireland? (haven't lived in Ireland for ~13 years)

I live in Kent, 3 bed semi with converted attic built in 1930's (solid wall throughout, no cavity wall) with 15 year old double glazing. We spent £1200 last year for electricity and gas and I was not sparing the heating. I think i could probably run my heating 24/7 from Oct - April and still be less than that €250 per month.

Is there much competition for gas/electricity? Whats the average monthly bill?

cantdecide

BigEejit wrote: »

... with 15 year old double glazing.

It would probably be worth replacing the glass on its own. Lots of glass in windows from that era was just two plain sheets of glass and a metal spacer forming a 'cold bridge'. The U-Values for low spec double glazed units are not that much better than single glazing. These days you can get things like Argon filled, 'Low E' coatings and all kinds of feature that jack the thermal characteristics way up for a fraction of getting windows fully replaced. You would save some money on heating but the difference in comfort would be very noticeable.