So who has actually saved money during the lockdown?

Truckermal

I ended up working much longer hours but very well paid for it, no pints plus I stopped calling to shops during work breaks so saved a fortune there.

Wife was working from home since late February so both cars are idle so more money saved!

I'm off now on paternity leave for a month so only leave the house every 8 days for shopping and I'm loving every minute of it...:)

Fann Linn

LuasSimon wrote: »

Think of those whove lost their jobs rather than pat yourselves on the back about how much money ye have!!

Maybe the government will impose a tax on those who benefited from the lockdown with savings like some here are gloating about, would help pick up the cost of covid payments??

I don't think anyone is gloating. Most people just making the point that due to low fuel costs, nowhere open and lucky enough to be still employed are now able to save some more.

na1

JDD wrote: »

I will be the first to say that I am in a very lucky situation, and I fully understand that there is a huge chunk of the working population either on COVID-19 €350 a week benefits or the Government subsidized wages. This is not meant as a brag or anything. I just know there must be other people in our situation, who will have more resources at the end of this crises, which will assist in boosting the economy.

Two parents working, three kids, usually over €2k a month spent on creches and afterschools. Both of us work in offices, so have been able to work from home taking the childminding in shifts during the day. Our employers have been very understanding about flexible work hours and expected work output.

If the creches/afterschools/camps don't open until August (or later), we will have saved €8k in childcare fees.

Our health insurance is giving us €100 a month rebate on our family health insurance plan, so that will be another €400 saved.

Virgin Media have said they will give some sort of rebate for not having sky sports available. I don't know how much that will be - maybe €20-30 a month. We should get some sort of rebate on our car insurance. I may get something back on my annual taxsaver commute ticket. We're certainly spending virtually nothing on petrol.

Despite spending too much on Amazon and takeaways, I have definitely been spending less on a day to day basis. Lunches at home, no browsing at the shops, no impulse buys, no forking out €150 to get my hair coloured, no social nights out.

We are going to spend to the money once the restrictions fully lift. We're going to buy a new car. We are going to get some stuff done to the house that we have been planning for ages. There must be other people in our situation, with some pent up demand and no discernable change in the financial circumstances. This is why I believe that the recession following this won't be as crushing as people are making out.

How far off the mark am I?

Creche owners hate you!

Foweva Awone

My income hasn't changed, I work two jobs and am currently working both from home. I'm spending less on food and petrol I guess, but spending an absolute fortune on online shopping. Then again it's all stuff I'll use. I'm saving 60e a month on nails and about the same (maybe more) by not getting my hair done. I reckon if I were to tot it all up, I'm probably a bit better off overall.

JDD

LuasSimon wrote: »

Think of those whove lost their jobs rather than pat yourselves on the back about how much money ye have!!

Maybe the government will impose a tax on those who benefited from the lockdown with savings like some here are gloating about, would help pick up the cost of covid payments??

I think if you read the original post I have been very careful to state I am not bragging and I very much appreciate the position I am in.

I am also pointing out that I will not be putting aside my windfall savings and will be attempting to spend it, at home, locally if possible, to ensure that those who have currently lost their jobs are not out of work for long. And I am encouraging others to do the same.

JDD

na1 wrote: »

Creche owners hate you!

I emailed all three childcare providers we have at the start of the crisis and said that I was very happy to keep paying them as long as this situation continued, as long as they continued to fully pay their staff. Quite soon after that the special payment came in for creche owners, so I didn't have to pay them anymore.

mikemac2

Did 50 hours of overtime in the last two months which was utterly ridiculous and not sustainable. I need a break

So that is money earned but I would admit I did a lot of purchases on Amazon.

Some are useful like a cool 1 metre tower fan for my bedroom to keep me cool. I love it and it will last years and years

Others were a bit ridiculous like 60 euro on an electric keyboard and I promised myself I would learn and study piano. I used it once in two weeks ha!

Sunrise_Sunset

Reduced costs in petrol, leap card, kids after school activities, family days out.
Increased costs in food, household, take aways.
It just about balances out for us.

HalloweenJack

Where I've saved money: No nights out, eating out or ordering in (€200-300 a month), gym membership on hold until it opens again (€35 a month), no 7-a-side fees (about €20 a month), spending less on junk food as I'm not doing the same amount of exercise to burn it off. Price of electricity per unit seems to have gone down as our bill for mid-March to mid-April (both of us here all day long) was the same as the one for mid-Feb to mid-March when it was only me here in the afternoons. Rent still the same. Cleaner who comes every week hasn't been around so that's another €50-60 a month.

Spending more: A bit more on shopping but nothing else. I haven't been buying anything or signing up for new subscriptions.

I've had my hours cut but my wages are being topped up by the State so my wages are roughly the same.

All in all, I'm probably spending between €300 and €400 less a month and, tbh, I don't feel like my life is any less fulfilling because of it.

road_high

GazzaL wrote: »

Hairdressers and barbers are cleaning up at the moment. €350 a week from the Government and they could potentially get at least that again cash into the hand.

Any idea where one might find such a barber ???

ancapailldorcha

Saving about £200 a month alone on tube fares.

Mister Vain

ancapailldorcha wrote: »

Saving about £200 a month alone on tube fares.

Fook me that's a lot for the tube.

antodeco

I'm spending all my money on stupid online purchases. Piñatas, Blankets, fancy looking towels. I don't need any

ddarcy

Biggest saving for me is I typically spend 300 a month on diesel. I think at the current rate through august anyways that I can go 5-6 weeks before filling up again. Also 100 for the gym and 5 a side fees and instead of buying a 3 euro coffee everyday I got one of those pod machines fit really cheap and going forward I can get a decent enough cup for roughly 50 cent a day. So that will be a definite long term saving.

I also notice I have no impulse purchases, so I’m lucky so far. Hopefully it continues

mirrorwall14

We are completely exhausted trying to both work from home with two kids but the savings do help cushion it. All approx but
Creche 1600 a month
VHI 100 a month
Petrol between us 200 a month
Misc small stuff like kids activities/eating out 200 or so

We are spending a bit more in other areas. -Shopping is up a good 50-70 a week both due to growth spurts and everyone eating at home (no creche or work)
-we’ve spent a fair bit on work set up like desk light, keyboard wrist rest, mouse, clamp for holding phone for video lessons etc
-we’ve also spent a good bit on kids stuff (art supplies, garden toys, a small climbing frame etc) so there’s variety stuck in the house

By the end of the summer we will have a nice fund which we hope will go towards upgrading the house (bathrooms need doing, need a patio for garden). Both would be things we simply wouldn’t have afforded in the short term. We have already been replenishing savings religiously the last year

ztoical

I saved money due to good/bad timing depending on how you view it. I work contract work and finished a very long job the week before the lockdown started. I had arranged not to start my next job for six weeks so I could take some time off to relax so had been budgeting with that in mind for quite a while. Loads of small trips planned over those few weeks that of course didn't happen. Lots of treats I was planning like hairdresser etc that didn't happen. Ordered a few things online but nothing more than what I'd normally order really.

So while I had pretty much all the same bills as normal and no additional money coming in for those six weeks, I'd already budgeted for them. The extra money for the hairdresser etc is still sitting there so it will be spent once that's possible again.

HamSarris

To answer the OP’s question, no there will not be a pent-up demand post-crisis. Even if people think they are doing well now, inflation, taxes and pay-cuts are coming down the line.

It’s important to remember that your spending is another person’s income. So you may be saving on childcare, night outs etc. but you will have to subside these newly unemployed childcare workers, restaurant managers etc. though tax increases. These unemployed people may no longer buy products from your own business, or the businesses on which your company gains revenue from.

Overall I get a weird eerie feeling on the state of the economy at the moment. And it’s not just because of the government paying people to sit at home, it’s also because too much of the remaining workforce is now made up of the work-from-home bull**** jobs guys - the Principal Communications Internal Application Strategist. These jobs are parasitic on those who actually produce goods and sell products and now they have no host.

If the economy is reliant on a bunch of managers passing on emails to each other, the inevitable consequence is stagflation - no productivity, stagnant wages & rising prices.

Plumbthedepths

I know it's the opposite to what the OP is posting but a little reality for alot of people. Nice of the banks, but they are not in the business of loosing money.

https://www.independent.ie/business/personal-finance/property-mortgages/mortgage-holders-warned-payment-breaks-to-prove-costly-39183118.html

fits

StupidLikeAFox wrote: »

Just looked that up there - around €140 a month for 8 dinners you have to cook yourself? I'd say with a bit of planning you could cut that down a good bit (unless I'm missing something)

It’s very obviously an indulgence?

2Mad2BeMad

HamSarris wrote: »

To answer the OP’s question, no there will not be a pent-up demand post-crisis. Even if people think they are doing well now, inflation, taxes and pay-cuts are coming down the line.

It’s important to remember that your spending is another person’s income. So you may be saving on childcare, night outs etc. but you will have to subside these newly unemployed childcare workers, restaurant managers etc. though tax increases. These unemployed people may no longer buy products from your own business, or the businesses on which your company gains revenue from.

Overall I get a weird eerie feeling on the state of the economy at the moment. And it’s not just because of the government paying people to sit at home, it’s also because too much of the remaining workforce is now made up of the work-from-home bull**** jobs guys - the Principal Communications Internal Application Strategist. These jobs are parasitic on those who actually produce goods and sell products and now they have no host.

If the economy is reliant on a bunch of managers passing on emails to each other, the inevitable consequence is stagflation - no productivity, stagnant wages & rising prices.

Dont forget the massive tax bill alot of people are gonna have to pay back at the end of the year.
I'm talking about the wage subsidy one were no one is getting taxed (or at least im not and many people I know)
Then of course when the budget rolls around were all gonna be getting a nice tax rise (expected).
Gonna be a difficult few years.

road_high

Plumbthedepths wrote: »

I know it's the opposite to what the OP is posting but a little reality for alot of people. Nice of the banks, but they are not in the business of loosing money.

https://www.independent.ie/business/personal-finance/property-mortgages/mortgage-holders-warned-payment-breaks-to-prove-costly-39183118.html

Did anyone really think this would not be the case? You don’t go into Aldi and not pay for your groceries until you feel like it.
You’re buying cash off the bank it’s not a lot different.
There has been a lot of delusion going on re this lockdown. Simon Harris, “St” Tony or Mr Varadkar won’t be around when you’re getting letters from the bank. You’ll be on your own.

SusanC10

Overall, we are saving money.

Single-income family with my Husband working (now working from home since mid-March) and I am a SAHM.

So, spending more on Groceries as now all 4 of us are at home for 3 meals a day, 7 days a week plus snacks etc. Though Tesco's 80 Item limit for Delivery is helping to keep it in check.

Spending more on Gas and ESB as again all of us at home all of the time.

Saving on Diesel, Kids Activities, Kids Camps, Nights out, Concerts, Hairdresser, Dry Cleaner, etc

Will get refunds or partial on my Husband's Taxsaver Ticket, Kids' School Bus Fares, VHI, Concerts x2, Car Insurance etc

We had only paid a small Deposit for our Accommodation for our Summer Holiday so still have the balance.

I am worried about what is coming down the road economically and financially though so not going to splurge.

accensi0n

JDD wrote: »

no forking out €150 to get my hair coloured,

:eek:

Can't imagine what your wife spends.

antimatterx

Definitely. I'm not commuting, going to the pub, doing anything etc. I've paused Sky Sports.

I'm spending feck all, so I'm now adding 2K a month towards a property deposit.

Grandeeod

road_high wrote: »

Did anyone really think this would not be the case? You don’t go into Aldi and not pay for your groceries until you feel like it.
You’re buying cash off the bank it’s not a lot different.
There has been a lot of delusion going on re this lockdown. Simon Harris, “St” Tony or Mr Varadkar won’t be around when you’re getting letters from the bank. You’ll be on your own.

I've followed your posts on various threads that I really don't want to get involved with, but I agree with you. We are heading for one almighty ****storm over the next 6 months and beyond. So many economic/employment variables have no road map whatsoever.

If you are saving money now, stick it under the mattress. You will need it.

Dravokivich

SusanC10 wrote: »

Overall, we are saving money.

Single-income family with my Husband working (now working from home since mid-March) and I am a SAHM.

So, spending more on Groceries as now all 4 of us are at home for 3 meals a day, 7 days a week plus snacks etc. Though Tesco's 80 Item limit for Delivery is helping to keep it in check.

Spending more on Gas and ESB as again all of us at home all of the time.

Saving on Diesel, Kids Activities, Kids Camps, Nights out, Concerts, Hairdresser, Dry Cleaner, etc

Will get refunds or partial on my Husband's Taxsaver Ticket, Kids' School Bus Fares, VHI, Concerts x2, Car Insurance etc

We had only paid a small Deposit for our Accommodation for our Summer Holiday so still have the balance.

I am worried about what is coming down the road economically and financially though so not going to splurge.

I thought they arent giving refunds on tax saver tickets. Just extending it.

ancapailldorcha

Mister Vain wrote: »

Fook me that's a lot for the tube.

London's not cheap. 25 minute journey each way as well.

Plumbthedepths

road_high wrote: »

Did anyone really think this would not be the case? You don’t go into Aldi and not pay for your groceries until you feel like it.
You’re buying cash off the bank it’s not a lot different.
There has been a lot of delusion going on re this lockdown. Simon Harris, “St” Tony or Mr Varadkar won’t be around when you’re getting letters from the bank. You’ll be on your own.

I didn't and won't have to avail of it but several of my friends had no choice. I felt sorry for one friend when he described it as a great help from the bank. I didn't point out the obvious to him. His job is gone because of the crisis but he is hoping to find something after the lockdown lifts.

SusanC10

Dravokivich wrote: »

I thought they arent giving refunds on tax saver tickets. Just extending it.

Well, either way it's money back in our bank account.

road_high

Plumbthedepths wrote: »

I didn't and won't have to avail of it but several of my friends had no choice. I felt sorry for one friend when he described it as a great help from the bank. I didn't point out the obvious to him. His job is gone because of the crisis but he is hoping to find something after the lockdown lifts.

Poor guy, feel awful for these people. What industry/role was he in? Scary

Plumbthedepths

road_high wrote: »

Poor guy, feel awful for these people. What industry/role was he in? Scary

Event management.

road_high

Plumbthedepths wrote: »

Event management.

Oh god, couldn’t be in a worse thing really. Probably good money before this hit and no downturn in sight

Experience_day

Saving a fortune. At least 4x mortgage so just putting into savings. Life quality has also gone up. I'm drinking at home rather than the pub, found a couple of hobbies. Work life balance has not been great but i'm saving on commute so not too bad.

anewme

JDD wrote: »

Look, I get what you're saying. But the people who are saving money at the moment are not people getting the COVID 19 payment or the furlough payments, its the people that are in secure long term positions.

I'm not saying people shouldn't pay off their credit cards. That makes sense no matter what the economic situation. On a macro-economic level though it will not be good for our economy, as a whole, if people are hanging on to their savings in fear of what might happen over the next year. Now, again, I totally understand if you work in a job that looks like it's going to pack up in the next 6 months. If that's the case, save away. And if you're saving for a house deposit, again, you'll be spending it on a deposit in the next 1-5 years (hopefully) so that is good for the economy.

I work in public service job that is deemed essential - though I can work from home. My husband works in an industry that has (extremely luckily) done very well out of this pandemic. Neither of us are staring down the barrel of a gun workwise, nor do we have expensive personal loans that we should be paying off. We have savings for a rainy day. We also have a mortgage, and pension plans that we could pay into. While that might save us money in the long run, on a macro-economic level if everyone decided to do this it would be disastrous. The unpatriotic comment was a little tongue-in-cheek, apologies if it came across as offensive.

The way I see it, the money I have saved and will save over the next four months is money that would otherwise have been spent keeping bookshops open and cafes open and pubs open and shops open. So if I spend this money between September and Christmas, I am no better and no worse off - yet the economy is immeasurably better off.

There is obviously people out there who live beyond their means and hike up their debts unnecessarily. I believe the vast majority who have been laid off or furloughed are in the lower paid industries - retail staff, pub staff, café staff etc. While it is very well and good telling them to save 6 months worth of wages, for most of them it is incredibly difficult given the cost of rent and living in Ireland. Yes, if you are in a situation now where you are getting the COVID 19 payment and you can save some of it, absolutely do so. And if you're new found frugality means that when you eventually go back to work you can save some more, great. I'm not talking down the potential of severe recession - we all lived through 2007 and are too smart for that - I'm saying that if you are in a position to spend your savings, then don't feel guilty for doing it - you'll be keeping people in a job.

I agree 100 percent with every single thing you've said.

I intend to go back living exactly the way I was before. I work hard to have a comfortable lifestyle and if I need to switch jobs, then I'll just have to do that.

I've worked hard enough (and like you survived the last recession) and people are very shortsighted in relation to this.

The only way that the Economy can return is that people drive consumer confidence.

I had a guy in before to quote for work at home complaining that people were booking Polish workers and not supporting Irish- yet he'd shown up in a UK registered van.

There are many people in your position and it's people with this attitude and outlook that will lift the Country out of this.

blindside88

Myself and my wife are luckily working from home and still receiving full pay. We’re saving quite a bit through no pubs open etc. However we are spending more on paint for around the house, home gym equipment, wine and beer that we usually wouldn’t drink at home. Commuting costs aren’t high anyway so relatively small savings there. A few restaurants locally have started doing take away so we’ve been getting a bit more food from the likes of those in the past couple of weeks

_Kaiser_

Still working full-time (from home) so things like my usual 350+ monthly diesel bill are non-existent this month, not buying takeaways or lunches so saving there - but the monthly direct debits (rent, loan, bills etc) haven't changed.

Grocery spend is significantly increased but overall I'm ahead. But all it'll really do is allow me to start thinking of things I've been putting off (need one of my eyes looked at which I was quoted as €2k plus) or are due (like the car needing a service and 2 new tyres).

In the end I'll probably be much the same but with a few "quality of life improvements" - until the real cuts start coming

ongarboy

My outgoings have reduced by half or even two thirds each month in the two months since it all started. No daily commuting, takeaway coffees every morning, lunches out every day, evening meals out at least twice a week, no new clothes, no family events, 2 city breaks cancelled and most significantly, no nights out at weekend which could add up to €150 alone depending on the night/grub/clubs/taxis home etc. Groceries bill has gone up obviously now that it's 21 meals a week at home although starting to use Just Eats once a week for a change since last week.

I've not really done any impulse online shopping although will do a big shop in Woodies for garden plants/equipment etc when they open May 18th.

JoeA3

Yep, also very fortunate here so far. Both still employed, relatively securely. Herself had a bit of a fright last week, big company meeting where the worst was feared but it wasn’t so bad - just no pay rises or bonuses for the foreseeable!

But like the OP, we’re saving a fortune on day to day cost of living. I’d say childcare and car running costs are the 2 biggest hitters. Virtually nothing spent on those for nearly 2 months now. I certainly have noticed it. I’ve more money in the account and not much interest in frivolous spending at the moment tbh. No point buying those fancy new runners. Nowhere to go in them

I hope when things get back to semi normality that people get back out and spend.

ixoy

Not much more - don't know what that says about me! I had discounted travel so not a whole lot there and we don't drive so no diesel/petrol cost changes.
We went out for evening meals maybe once a week but typically did early birds and I rarely went to the pub. So a little bit saved, even accounting for the grocery bill but not much more.

Anyone else finding not a huge amount of change? At least we're both currently working.

Plasandrunt

€3,800 exactly saved since 24th of March.

Was lucky enough to have had a good Cheltenham just as this all began, used the winnings to pay off all my bills hoping to start to begin putting a few quid away towards a deposit for a house. Didn't realize the extent of all this happening then.

Saving money on stuff like Clothes, drink, and going out in general. I do seem to be spending more money on food though. Washer dryer is broken plus pipes in my apartment have become noisy in the past few weeks so need to get that sorted as soon as stuff as lifted.

Also gambling transactions don't look too good on bank statements when applying for a mortgage so I put €500 on Trump to win the election just as this all broke so I would have a pot built up for Cheltenham next year and wouldn't have transactions showing on my account later on down the line. Doesn't look the most inspired decision right now.

Cobalt17

JDD wrote: »

I will be the first to say that I am in a very lucky situation, and I fully understand that there is a huge chunk of the working population either on COVID-19 €350 a week benefits or the Government subsidized wages. This is not meant as a brag or anything. I just know there must be other people in our situation, who will have more resources at the end of this crises, which will assist in boosting the economy.

Two parents working, three kids, usually over €2k a month spent on creches and afterschools. Both of us work in offices, so have been able to work from home taking the childminding in shifts during the day. Our employers have been very understanding about flexible work hours and expected work output.

If the creches/afterschools/camps don't open until August (or later), we will have saved €8k in childcare fees.

Our health insurance is giving us €100 a month rebate on our family health insurance plan, so that will be another €400 saved.

Virgin Media have said they will give some sort of rebate for not having sky sports available. I don't know how much that will be - maybe €20-30 a month. We should get some sort of rebate on our car insurance. I may get something back on my annual taxsaver commute ticket. We're certainly spending virtually nothing on petrol.

Despite spending too much on Amazon and takeaways, I have definitely been spending less on a day to day basis. Lunches at home, no browsing at the shops, no impulse buys, no forking out €150 to get my hair coloured, no social nights out.

We are going to spend to the money once the restrictions fully lift. We're going to buy a new car. We are going to get some stuff done to the house that we have been planning for ages. There must be other people in our situation, with some pent up demand and no discernable change in the financial circumstances. This is why I believe that the recession following this won't be as crushing as people are making out.

How far off the mark am I?

I’ve saved plenty. Both myself and my wife kept our jobs, pubs aren’t open, and we negotiated a rent reduction with the landlord until this blows over.

RollieFingers

Yeh still on full pay so saving a good bit too, no leap card, lunches all the usual stuff, happy enough, got a lovely tax rebate recently too so all good! The only expenditure that has gone up is on chronic because fcuk being stuck in lockdown with no smoke

Fred Cryton

The people on 350 a week would easily be able to save half of it, especially if young and single Thanks so much Regina Doherty for giving people a pay rise to sit on their back sides on the dole and even allow them to save while on benefits! You truly are a talented woman.

beggars_bush

Fred Cryton wrote: »

The people on 350 a week would easily be able to save half of it, especially if young and single Thanks so much Regina Doherty for giving people a pay rise to sit on their back sides on the dole and even allow them to save while on benefits! You truly are a talented woman.

They are not on the dole

beggars_bush

Plasandrunt wrote: »

€3,800 exactly saved since 24th of March.

Was lucky enough to have had a good Cheltenham just as this all began, used the winnings to pay off all my bills hoping to start to begin putting a few quid away towards a deposit for a house. Didn't realize the extent of all this happening then.

Saving money on stuff like Clothes, drink, and going out in general. I do seem to be spending more money on food though. Washer dryer is broken plus pipes in my apartment have become noisy in the past few weeks so need to get that sorted as soon as stuff as lifted.

Also gambling transactions don't look too good on bank statements when applying for a mortgage so I put €500 on Trump to win the election just as this all broke so I would have a pot built up for Cheltenham next year and wouldn't have transactions showing on my account later on down the line. Doesn't look the most inspired decision right now.

You need help

anewme

Cobalt17 wrote: »

I’ve saved plenty. Both myself and my wife kept our jobs, pubs aren’t open, and we negotiated a rent reduction with the landlord until this blows over.

Why did you get a reduction if you are both working?

Plasandrunt

beggars_bush wrote: »

You need help

I'm presuming you're refering to the gambling? Normally I'd have a few bets on a Sat coming about €30 and then like to have a few bets for Cheltenham. Hardly extreme

John_Rambo

I'm in a weird limbo, making enough money to not be on the Covid payment, not making enough money where I'll be in trouble if it keeps up. Having to be creative with clients to keep them on board with pro-bono work and massively reduced bills.

Lia_lia

This couldn’t have happened at a better time for me really. I’m on unpaid maternity leave and unpaid parental leave until July (since December). My partner is paying the rent, bills, shopping etc but before this happened I was dipping into my savings spending money on coffees, lunch, petrol etc. Now I’m spending nothing.

Plumbthedepths

Fred Cryton wrote: »

The people on 350 a week would easily be able to save half of it, especially if young and single Thanks so much Regina Doherty for giving people a pay rise to sit on their back sides on the dole and even allow them to save while on benefits! You truly are a talented woman.

So all living expenses have been halved or cancelled? Do you think before you type and post?