So who has actually saved money during the lockdown?

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?

Andrew00

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.

Haha gave me a right good laugh this

McMurphy

Hard to put an actual figure on it, but both my wife and I have definitely saved a good few bob since this pandemic arrived here.

We both work full time both in jobs deemed essential work/front line and if anything we have gotten busier during the time.

The money saving aspect comes into it when you don't really have any options spending the money (or wasting it might be more apt)

Pub is finished.
Eating out is finished.
Cinema finished.
Taking the kids to attractions finished.
Clothe shopping finished (online just isnt the same, i like to try stuff on first)
Random evenings hosting a BBQ/Dinner with drinks finished.
Unnecessary journeys in the car finished so cutting down on diesel.

I was actually talking to my mother the other day and telling her that I dont ever recall a time in my life where work was so busy, and sales were so high but there was nowhere to spend the money.

I think a reassessment of what and where our cash was being wasted beforehand needs to take place asap.

Sweet.Science

Im saving money

My partner was on unpaid maternity leave for a few months. She returned to work end of March

Is now on the 350 but we have no childcare to pay

It helps us save money for when the childcare bills start in August

Wanderer78

Saved a few quid, not much though, online shopping has increased

kal7

Down by 650 per week even given, less expenses, the rebate from vhi, gym etc.

Even though receiving 350per week. As work stopped completely for 8 weeks and possibly another 11 to go.

Must say I would be comfortable wealthwise, not complaining, as it is right thing to do. Trying to see enforced break as a holiday, for mental health aspect.

Glad you are all able to save, better for us all and economy when everything opens up again

combat14

anewme wrote: »

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

Why wouldn't they negotiate a reduction?!

We negotiate a reduction on all sorts of bills (when we are working) from broadband, electricity, mobile phone, refuse charges, banking fees etc.

The other side to the arrangement/contract can agree or not agree and vice versa. We can also switch to another provider if we are not happy with the price/service!

Landlords have been happy to increase the rents over the last number of years (when people are working or not) .. Why not the other way round? Does it always have to be an upwards only rent/price review? This practice was part of the problem in the last recession. Things work both way in a free market economy!

As it stands there has been a significant increase in the supply of rental properties in some segments of the property market and landlords are certainly dropping rents as a consequence.

Why wouldn't the poster take advantage of that? They would be foolish not too.
What is good for the landlord goose is good for the renter gander!

Wanderer78

kal7 wrote:

Glad you are all able to save, better for us all and economy when everything opens up again

The only thing is, in a downturn, savings generally remains high, while spending reduces, the next few months could be rocky

Pkiernan

combat14 wrote: »

Why wouldn't they negotiate a reduction?!

We negotiate a reduction on all sorts of bills (when we are working) from broadband, electricity, mobile phone, refuse charges, banking fees etc.

The other side to the arrangement/contract can agree or not agree and vice versa. We can also switch to another provider if we are not happy with the price/service!

Landlords have been happy to increase the rents over the last number of years (when people are working or not) .. Why not the other way round? Does it always have to be an upwards only rent/price review? This practice was part of the problem in the last recession. Things work both way in a free market economy!

As it stands there has been a significant increase in the supply of rental properties in some segments of the property market and landlords are certainly dropping rents as a consequence.

Why wouldn't the poster take advantage of that? They would be foolish not too.
What is good for the landlord goose is good for the renter gander!

Rent reviews are not legal at this time.

Sounds like the guy pulled a fast one on his landlord, but since all landlords are evil, that's ok.

Typical Irish behaviour unfortunately.

Penn

Saving some, mostly through virtually zero diesel costs as I was previously commuting an hour each way to work. However hard to figure out exactly how much as I'm now on the 70% Covid payment scheme with some (but not full) top-up from employers, but that 70% isn't being taxed so I'm trying to put some money aside for when the tax becomes due on it.

Also have to remember to switch energy providers this weekend and get a better rate seeing as how I'm using more electricity now working from home.

So I think overall, I'm saving money, but it's hard to know how much.

combat14

Pkiernan wrote: »

Rent reviews are not legal at this time.

Sounds like the guy pulled a fast one on his landlord, but since all landlords are evil, that's ok.

Typical Irish behaviour unfortunately.

https://onestopshop.rtb.ie/covid-19-emergency-legislation-for-rental-sector/reviewing-the-rent-and-notices-of-rent-review-during-the-emergency-period/


No one said all or any landlords are evil.


Rent increases are illegal during this time. There have been significant rent increases over and above the rates of inflation for most tenants over the last number of years. Hence, the large number of government designated rent pressure zones throughout the country.

To quote from the RTB regarding the The Emergency Measures in the Public Interest (COVID-19) Act 2020:

"However, it is open to landlords and tenants to come to an arrangement between themselves regarding a reduction in rent"


So it is perfectly acceptable to discuss rent reductions with landlords at this time. The landlord does not have to reduce the rent, but has the option of coming to an arrangement with the tenant if they so wish.

And this is obviously what is happening now the country/world economy is in a completely different place to where we were a month or so ago. The facts on the ground/ rental market have now changed.

Cobalt17

anewme wrote: »

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

Because rental prices have dropped since this started. You expect me to keep paying above market rates just because I can afford to do so?

Cobalt17

Pkiernan wrote: »

Rent reviews are not legal at this time.

Sounds like the guy pulled a fast one on his landlord, but since all landlords are evil, that's ok.

Typical Irish behaviour unfortunately.

Nope, I didn’t pull a fast one on my landlord. Our tenancy was due to expire, and I explained that market rates had dropped since we’d moved in.

I’m certainly not an “eat the landlords” socialist, in fact I believe firmly in capitalism and the free market. In the same token, if the market drops, I also expect a drop in what I have to pay. Frankly you’re a mug if you wouldn’t do the same.

GooglePlus

I'm saving a fortune elsewhere but I find myself buying things online that I never would have before.

At the end of it all, I'll probably break even, which I consider myself blessed to say.

JDD

Wanderer78 wrote: »

The only thing is, in a downturn, savings generally remains high, while spending reduces, the next few months could be rocky

This is what I'm going to try and avoid.

At the moment, frivolous spending - what of it there is - is mostly done on Amazon, as they're pretty much the only website I know of that is guaranteeing delivery right now.

I would much much rather be spending on Irish websites, to keep them in business, but it's difficult to find a central repository that would have the things I want. For instance, over the past couple of weeks I have bought a basketball and Twister for the kids, arts and crafts supplies, electric toothbrushes and some fitness equipment. I did have a cursory google for Irish suppliers but Smyths is closed and Elverys were literally twice the price the basketball. I don't mind paying a premium for sourcing irish but not twice the price!

I'm fully intending on buying Irish and local for the few months after this Daniel after things open up.

Curlysue76

I have managed to save some money, on covid payment, have kept my WFP but still down about €60-€100 a week. Work in a cafe so usually have a very small food bill, also have an adult son who is home from college, so food bill has grown substantially.

Put half tank of diesel in car on 13th March, still 1/4 tank left, so that’s a good saving, filled oil tank for the winter, bought a new laptop for my daughter to do home schooling but that is really all I’ve bought apart from groceries.

Creamy Goodness

Saving more, but it's kind of hard to put a concrete figure on it. herself is laid off and I'm working from home.

Fuel bill has plummeted think I've filled up once since this happened and still have half a tank (I'm doing shopping for two cocooners and ourselves I have to spread them out cause it's difficult doing and sorting three shops in one trip so probably not saving as much fuel as most), herself the same with petrol in her car.

Take-aways haven't increased as we're trying to be healthier anyways but eating out has decreased but I'd say that's been offset by the fact we're both eating breakfast and lunch at home now where we'd have that in work, that's an extra 20 meals a week added to the grocery bill. Eating healthy as well does increase the grocery bill a lot and means more frequent pick up shops for fresh stock.

I'm usually quite good with non-frivolous online spending too, as long as I don't need it I don't buy it. It's a habit I picked up when saving for a house and it seemed to really stick.

NIMAN

Me since the lockdown started

Icepick

JDD wrote: »

While I know that is very sensible, I actually hope most people don't do this. We actually need this extra money circulating in the economy come August/September and beyond.

This mindless consumerism model is destroying the environment and lots of people's mental health and needs to change.
Hopefully, covid is the catalyst for the change we needed.

anewme

Pkiernan wrote: »

Rent reviews are not legal at this time.

Sounds like the guy pulled a fast one on his landlord, but since all landlords are evil, that's ok.

Typical Irish behaviour unfortunately.

If the rental market has dropped, that's fair enough.

I would not be a landlord for love nor money in this Country. Not talking about OP, People want a drop if the market goes down, but want the rent fixed so the landlord can't put it up when the market dictates that way. Also, because of COVID they cant be evicted, but landlord still has to pay for his property.

walshb

Was filling car every 13-14 days up to Mid March....now every 50-55 days....