How much do you save a month?

A Battered Mars Bar

Me about €1,100 on averge. Just wondering how this compares to everyone else and people who are saving for mortgages either on their own or with a partner.

Shenshen

We're single income at the moment (mine), so I don't save as much as I'd like. I usually manage around 200 - 400, depending on the month. I'm also enrolled in the company share purchasing scheme, and the pension scheme, but I couldn't honestly tell you how much this is each month.
We're thankfully not saving for a mortgage, we're in the process of paying one off instead. The savings are just for hard times and unexpected expenses.

readyletsgo

About 800 a month max, that's all I can afford.

PowerToWait

Cue the headlong rush to either outright gloating or humble bragging. With a sprinkle of woe is me.

pickarooney

About a tenner last month.

One eyed Jack

A Battered Mars Bar wrote: »

Me about €1,100 on averge. Just wondering how this compares to everyone else and people who are saving for mortgages either on their own or with a partner.

You won't be able to make much of a comparison in monetary terms, but rather it would tell you more to look at the percentage of income put into savings, and then the percentage of the mortgage which those savings will be used as a deposit. Not much use for example if your income is €1,100 a month and you're eyeballing a property for €600k!

I'm not saving for a mortgage as I don't plan on taking out a mortgage, let alone buying property. I put aside a significant proportion of my income though in savings because I predict that the cost of my child's third-level education will be the guts of a small mortgage! :pac:

Did we not just do a saving thread

suicide_circus

What is this save you speak of?

Don Kiddick

About 2-fiddy

PeterParker957

Thinly disguised "I'm minted and have hundreds left over at the end of the month" thread!!!!!

Bout 3 fiddy is about all I have left lol - E3.50 that is!

Bitches Be Trypsin

About 40% of all income. I don't know why, maybe to learn to drive!

Irish Stones

Some of the replies make me wonder: "How much do you earn a month?"

Colonel Claptrap

My outgoings as a % of net income:

Savings: 31%
Mortgage: 28%
Bills excluding food: 13%
Discretionary: 28%

I include food in discretionary rather than bills as I like to spend money on good ingredients or eating out. Cooking is a hobby so I view it as a luxury rather than a bill.

McMurphy

What ever I have left in the current account the night before my monthly earnings get paid in gets transferred to the saving fund.

Varies from month to month.

optogirl

My rent is 60% of my income so saving is tough but I try to put a couple of hundred away each month - in my fantasies that's towards a mortgage but a bank wont lend to someone with savings so low.

cantdecide

PowerToWait wrote: »

...With a sprinkle of woe is me.

/sobs

I'll be back with a more substantial post shortly...

Dravokivich

When you ask, "how much do you save a month?" is there any particular time frame it's meant to be saved for, to be considered saving it?

optogirl wrote: »

My rent is 60% of my income so saving is tough but I try to put a couple of hundred away each month - in my fantasies that's towards a mortgage but a bank wont lend to someone with savings so low.

With the way things are, you're just saving now to pay higher rent later on.

TallGlass

optogirl wrote: »

My rent is 60% of my income so saving is tough but I try to put a couple of hundred away each month - in my fantasies that's towards a mortgage but a bank wont lend to someone with savings so low.

But if you get a deposit doesn't the rent work in your favor?

Dravokivich

TallGlass wrote: »

But if you get a deposit doesn't the rent work in your favor?

She's suggesting she doesn't have enough for one and likely won't.

beertons

225 per month. 100 goes on prizebonds, another hundred into a bank of Ireland account, 25 into an aib account. I was feeding boi money into aib for a good while, but had to empty it for some home improvements.

Chrongen

optogirl wrote: »

My rent is 60% of my income so saving is tough but I try to put a couple of hundred away each month - in my fantasies that's towards a mortgage but a bank wont lend to someone with savings so low.

:eek:

begbysback

Colonel Claptrap wrote: »

My outgoings as a % of net income:

Savings: 31%
Mortgage: 28%
Bills excluding food: 13%
Discretionary: 28%

I include food in discretionary rather than bills as I like to spend money on good ingredients or eating out. Cooking is a hobby so I view it as a luxury rather than a bill.

You're an accountant - right?

Beta Ray Bill

I used to be able to save nearly €2000 a month about 5 years ago when I was working loads of OT and was saving for a mortgage

Now I'm paying off a mortgage for a house I no longer live it (relationship fell apart)
and I've child care costs to add to that
plus I've also now got to pay rent for a room that I am living in.

So I'm WAY down on what I can save.

You might think that "I'm sorted" in terms of savings and the future because things are great now.
But believe me, speaking as someone "who knows", it can all go to sh*t very quickly!

c_man

I aim to save at least 30% of my income per month.

beertons wrote: »

100 goes on prizebonds

Ever win anything?

theteal

since the sproglet came along, not a dot. In fact, the savings are being used to make ends meet. Mat leave is almost over. . .

TallGlass

Marona wrote: »

Sorry to hear about your relationship breaking down, but for me, I won't be leaving the home I'm paying a mortgage on, simple as that.

No option to sell the house?

TallGlass

Marona wrote: »

I'm not broken up, but if we did break up, I would not leave the house that I'm paying the mortgsge on.

Sorry, I meant the previous poster. I dunno if I would like to stay in a house with an ex, how would that work? Better option would for me to be sell and go separate ways. With a kid involved is it better just that you know they have a roof over there heads? Flip side is, what if a new partner moved into them with you paying the mortgage on that house.

Really is a hard situation to be in, hard calls to be honest.

I dunno, maybe for me first port of call would be to seek legal advise on the situation. Maybe something along the lines of get them to take over mortgage and myself moving to maintenance P/M.

Beta Ray Bill

TallGlass wrote: »

Sorry, I meant the previous poster. I dunno if I would like to stay in a house with an ex, how would that work? Better option would for me to be sell and go separate ways. With a kid involved is it better just that you know they have a roof over there heads? Flip side is, what if a new partner moved into them with you paying the mortgage on that house.

Really is a hard situation to be in, hard calls to be honest.

I dunno, maybe for me first port of call would be to seek legal advise on the situation. Maybe something along the lines of get them to take over mortgage and myself moving to maintenance P/M.

Yep very tough calls to make ahead. I wasn't the person in the wrong mind you.

Marona wrote: »

Sorry to hear about your relationship breaking down, but for me, I won't be leaving the home I'm paying a mortgage on, simple as that.

Sometimes it's not that simple.

But I may need to look at moving back in.

Regardless this is not Personal Issues LOL!


All I'm saying is this was a massive hyper wake up kick in the balls for me.
I was saving loads, 2 or 3 holidays a year, nice house, new motorcycle.
Everything was Rosey but in the space of a few short months everything went to sh*t

So just to the OP, just cause you can save €1100 now, do not make future decisions on the assumption that you'll always have an excess of €1100 a month to fall back on.
I did this and it's really come back to haunt me.

Nothing lasts forever.

Permabear

This post has been deleted.

Colonel Claptrap

begbysback wrote: »

You're an accountant - right?

I'm great fun at parties. I promise.

Dr Crayfish

I spend all my money on booze, drugs, and women. The rest I squander.

TallGlass

grahambo wrote: »

So just to the OP, just cause you can save €1100 now, do not make future decisions on the assumption that you'll always have an excess of €1100 a month to fall back on.
I did this and it's really come back to haunt me.

Nothing lasts forever.

I'd agree, even saving 3,000 now P/M in the grand scheme of things is really fúck all.

Gunslinger92

Sweet **** all :pac:

I don't feel too bad about it though. My salary is in the low 30s, I'm supporting myself in Dublin on that. Still paying off my masters loan. When that gets paid off I'll just put that money into savings instead.

Sin City

Iv got €30 to last me till the 28th

SEANoftheDEAD

Absolutely nothing - simply because I can't.

If I ever get sick and can't work for a period of time - My family is fooked.

Savage Tyrant

I have 7 kids. The idea of savings is an alien concept to us. I do earn a decent enough wage and we could definitely do with trimming some of the needless expenses (take aways and other silly wastes of money that help the week go by)... Savings though? No hope.

Dr Crayfish

Savage Tyrant wrote: »

I have 7 kids. The idea of savings is an alien concept to us. I do earn a decent enough wage and we could definitely do with trimming some of the needless expenses (take aways and other silly wastes of money that help the week go by)... Savings though? No hope.

Can you afford condoms?

Colonel Claptrap

Savage Tyrant wrote: »

I have 7 kids. The idea of savings is an alien concept to us. I do earn a decent enough wage and we could definitely do with trimming some of the needless expenses (take aways and other silly wastes of money that help the week go by)... Savings though? No hope.

7 kids! Wow! That must be tough going, particularly at dinner time.

Hope you don't mind the very personal question, but.... Did you plan on having 7 kids?

We can comfortably afford to have 2 kids in the future, assuming there are no sudden unexpected changes in personal circumstances- loss of earnings, serious illness etc. We could possibly afford a third, but the plan is to have max 2 kids - assuming we're lucky enough.

Don't feel under pressure to respond to the question. I'm just curious

Sgt Hartman

And here I was thinking I was great by saving €20 a week into the credit union:(

Savage Tyrant

Colonel Claptrap wrote: »

7 kids! Wow! That must be tough going, particularly at dinner time.

Hope you don't mind the very personal question, but.... Did you plan on having 7 kids?

We can comfortably afford to have 2 kids in the future, assuming there are no sudden unexpected changes in personal circumstances- loss of earnings, serious illness etc. We could possibly afford a third, but the plan is to have max 2 kids - assuming we're lucky enough.

Don't feel under pressure to respond to the question. I'm just curious

No. It wasn't the plan. I had 3 kids from a previous relationship as did she... And then we had one together. It's tough going, and far from ideal. But we anticipate that as the children get older, life should get slightly easier.
And we aren't living on the breadline the either .... They all own iphones, iPads, PlayStations and wear nice clothes.... But sometimes it's nice to think about all the spare cash we'd have without them. Ha.
Wouldn't change them for the world to be fair. We've been lucky in that they have great attitudes and they understand that some of the luxuries of other families are out of reach of us for the minute (foriegn holidays is the one we all wish for most)
Ah well, it is what it is. You have to play the hand you're dealt. Mine forces me to work 60-84 hours a week.

These stories you hear about people on social having 8/9 kids is insane to me. I have no idea how they survive with any quality of life.

Dr Crayfish

Going on your user icon, having 7 kids in the "South" as you call it seems like you're trying to revive the plantations ffs

Savage Tyrant

Dr Crayfish wrote: »

Going on your user icon, having 7 kids in the "South" as you call it seems like you're trying to revive the plantations ffs

I'm Irish. I don't understand your point.

Geuze

Less than 20% of my net income, just 450 pm.

Not great, hoping to increase it in Jan 2018.

Of course, repaying loans is also saving, and that figure is 650 pm for me.

So really I'm saving 1,100 pm.

beertons

c_man wrote: »

I aim to save at least 30% of my income per month.



Ever win anything?

Not yet. But I know it's safe, and I can withdraw it with a bit of notice. Built up a nice sum.

keano_afc

2 kids, high rent and my wife is unemployed. Savings? Would ya get to f*ck.

Dr Crayfish

Savage Tyrant wrote: »

I'm Irish. I don't understand your point.

Neither do I really

c_man

beertons wrote: »

Not yet. But I know it's safe, and I can withdraw it with a bit of notice. Built up a nice sum.

But then you're actually losing money on inflation.

A Battered Mars Bar

grahambo wrote: »

So just to the OP, just cause you can save €1100 now, do not make future decisions on the assumption that you'll always have an excess of €1100 a month to fall back on.
I did this and it's really come back to haunt me.

Nothing lasts forever.

Painfully aware of that. No way of being secure in this country until you own a house or apartment which I no where near do.

JenovaProject

Nothing.

TerrorFirmer

optogirl wrote: »

My rent is 60% of my income so saving is tough

:eek:

Is that right? I know rents aren't great but I can't quite figure out how that would be possible.....paying very high rent and have a minimum wage or something not far off? Or else have an OK job but paying for an entire place by yourself?

I don't specifically save any particular amount. I do have savings though, I just spend whatever's needed and the pile slowly accumulates.

LewisR

Save €2000 p/m. €500 p/w of my €1100 weekly wages into the Credit Union.

Haven't a clue what I've saved up. Well over €150k anyway.