So who has actually saved money during the lockdown?

anewme

Cobalt17 wrote: »

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.

That's fair enough.

If the rent goes down, of course you can ask for current market rates.

markfinn

I'm cocooned and working full time (and then some) from home for now, (but redundancies are looming).

My cost of living has dropped massively. Fuel, tolls and frivolities alone are saving over €400 a month.

Ongoing Expenses are (in order of decreasing costs) Rent, Loans, broadband, electricity, mobile contract, foodstuffs and Spotify.

So far I've been focused on clearing debts (loan interest > savings interest), and as long as the redundancies are staved off another month I'll have everything except the car cleared. I'm waiting for the car loan offices to re-open to see what it'll take to buy off the loan early.

At that point I vaguely hope to start saving that deposit at last.

Tar.Aldarion

Yeah I am not really spending anything. I usually go climbing a few times a week, dance class, football, eat out a lot with my girlfriend and friends, pay for travel and so on. Now it's just food (extremely cheap as a vegan) and bills. Haven't even gotten a takeaway.

NIMAN

Icepick wrote: »

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.

I am not so sure that once this is all over we won't go back to buying crap we don't need.

Perhaps if a bad recession hits people will have to be more careful, or may not have the money to spend on non-essentials?

The one thing I'd like to see out of all this is reducing our dependency on China to make everything for us. Even if we have to pay more for some things, it would be better to have them made closer to home.

RandomViewer

Working 2 weeks on ,2 weeks off, get 70% for the weeks off, everything is paid but not seeing much in the line of savings

JoeA3

anewme wrote: »

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.

A lot of us are accidental landlords What I wouldn't give to get out of it... only another ~20 years to go. I have 2 generally good tenants, never any bother from them but this crisis was only fresh in the news and they were calling me talking about the affordability of their rent... despite both still being employed as normal. I was polite but firm and haven't heard from them since.... touch wood.

rtron

markfinn wrote: »

I'm cocooned and working full time (and then some) from home for now, (but redundancies are looming).

My cost of living has dropped massively. Fuel, tolls and frivolities alone are saving over €400 a month.

So far I've been focused on clearing debts (loan interest > savings interest), and as long as the redundancies are staved off another month I'll have everything except the car cleared. I'm waiting for the car loan offices to re-open to see what it'll take to buy off the loan early.

At that point I vaguely hope to start saving that deposit at last.

Same as youreself - Paying off debts as much as I can. I was hoping to pay off enough to allow me to borrow more for upgrades to the house, car and holiday post covid times. But you never know what news is around the corner so will not get too excited yet.
But it is good to see the debt reducing.

radiotrickster

I'm an essential worker so I'm saving a hundred euro max a month. Fifty of that was from takeaways (but we're still getting the odd takeaway at home - just cutting back for health reasons) and the other fifty is saved from travelling to hobbies every week.

But then I'm more likely to get a taxi home instead of dealing with Dublin Bus as I'm so tired from work, so that negates some of it.

Ger Roe

My saving is on petrol. The car engine has really improved it's efficiency, since this crisis started - I am now getting three months to the gallon

We are also buying food less often as we are freezer diving for UFO's (Unidentified Frozen Objects) and of course no impulse shop purchases, although working from home on the PC all day has resulted in a few Ebay splurges.

Overall, I would say that I will be looking at my previous spending habits more closely when this is over. I don't think anything will be back to what was considered normal again - the need to live more simply and to plan for the unexpected future is something to consider more seriously.

Ger Roe

NIMAN wrote: »

I am not so sure that once this is all over we won't go back to buying crap we don't need.

Perhaps if a bad recession hits people will have to be more careful, or may not have the money to spend on non-essentials?

The one thing I'd like to see out of all this is reducing our dependency on China to make everything for us. Even if we have to pay more for some things, it would be better to have them made closer to home.

I would agree with your conclusion - who would have known previously that we don't mill flour in this country? We are an island, it seems crazy that we import so much... in the new world order, we need to start producing things for ourselves and others again. The lazy focus on multinational high tech high spec investment has resulted in us being very reliant on others for basic requirements.

JoeA3

on the subject of car running costs, those of you with diesels in particular should be careful - and prepare for a big maintenance bill down the line. Diesels hate infrequent short trips.

All the money I've saved has gone towards building a new PC which feels like a good investment considering there's not much else to do

rahmalec

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

Foweva Awone

rahmalec wrote: »

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

I work in finance/accountancy, I have two jobs and am currently working from home in both. I think both are fairly secure but I wouldn't worry too much if either fell through, accountancy staff are always needed and I've a good CV behind me.

NIMAN

Work for a US multinational

road_high

rahmalec wrote: »

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

Work for an International chemical company on the technical side. Always worked from home with travel. Still on full salary etc. Hopefully be ok but taking nothing for granted- if customers struggle, they can't pay their suppliers and they won't pay us.

Strumms

The only outgoings are food and household bills and Sky tv. I am lucky that I don’t need to be worrying about cash per say. The payment is covering me and if needed I could dip into the savings, there are no extravagances in the current situation so what isn’t getting spent on essentials is getting put away to the side.

PhilOssophy

JayZeus wrote: »

Why? Anyone who thinks that they're under some moral obligation to spend what they earn on stupid crap is really not thinking straight. This was the shot across the boughs. The next one will sink a lot of the clowns who think money saved now is some sort of windfall to be blown at the next opportunity.

People need to take away from this that you need money set aside for a rainy day and that you shouldn't count on the taxpayer subsidising your income next time something like this happens, which it certainly will. Once is enough. Get your crap in order because the state can't afford to give it out with one hand without taking it in with the other. Some of the dumbest stuff I've seen posted on boards to be fair.

So yeah, pay off some consumer debt and avoid taking it on in future. Save enough to cover yourself if you have no income for 3-6 months. Then start paying into your poxy retirement plans or investments. And for the love of whatever you believe in, stop shopping day to day or week to week for basic foodstuffs and essentials. Keep a supply on hand so you don't end up looking like a flake next time the crap hits the fan.

This!!! I can't believe people are suggesting somebody doesn't pay off as much debt as possible - so what, give the banks 4% instead when you can pay it off quicker because you are under some moral obligation to feed the Irish economy, eh no thank you!

I know economies work on money moving through it but if there is 1 group I don't want to give 1 red cent extra to its the banks, and longer term you'll end up with more money to spend in our economy.

rahmalec

rahmalec wrote: »

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

US multinational in IT. I used to work from home 3/5 days a week before all this.

anewme

JoeA3 wrote: »

A lot of us are accidental landlords What I wouldn't give to get out of it... only another ~20 years to go. I have 2 generally good tenants, never any bother from them but this crisis was only fresh in the news and they were calling me talking about the affordability of their rent... despite both still being employed as normal. I was polite but firm and haven't heard from them since.... touch wood.

Was nearly one myself Joe. When I sold my first house, everyone was asking why don't you keep it on, as the figures made sense at the time. However, I knew I was not the kind of person to be a landlord, so I let the house go.

I did not think the rental market dropped as yet, but I dont rent...maybe it has for the person who asked for a drop did.

It is definitely a one way street Joe.

paw patrol

i should be seeing extra money but i have a wife:(

anewme

PhilOssophy wrote: »

This!!! I can't believe people are suggesting somebody doesn't pay off as much debt as possible - so what, give the banks 4% instead when you can pay it off quicker because you are under some moral obligation to feed the Irish economy, eh no thank you!

I know economies work on money moving through it but if there is 1 group I don't want to give 1 red cent extra to its the banks, and longer term you'll end up with more money to spend in our economy.

It's a patronising ranty lecture to someone who clearly has their own head screwed on

It does not make sense for everyone to pay off their mortgage, not everyone is on a 4% rate.

krissovo

US multinational in IT and worked from home for 9 years. 80% of the company work from home.

Ballso

rahmalec wrote: »

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

Working in tech for an Irish consultancy, no change to my job really except am not traveling into the offices/customer sites the couple of days a month I used to. There was a bit of a slowdown with our customers for the first few weeks while they sorted themselves out but back to BAU now.

As ever, ensuring you are in a highly skilled role working under modern working practices insulates you from this stuff. Was going to upgrade the car and go big on a holiday this year so am saving a lot on top of my normal savings.

JimmyVik

Hello Everyone,
Its lovely to see that you are all saving so much money during lockdown.
You see how lucky you can be even in the hard times.
Please keep it up and keep saving. You'll need it in come the budget.

Yours Sincerely,
Paschal Donohoe.

markfinn

rahmalec wrote: »

Lads, what kind of jobs do ye have, apart from those in essential jobs, that allows ye working from home, and is pretty secure in all of this?

In theory Data Analysis/Business Intel Analysis for a charity.
In reality, Database admin, emergency IT support, Excel trainer and SQL competent guy for a charity.

Not feeling particularly secure right now mind you. You'll see a lot of Irish Charities hitting a wall in the next few weeks/two months.

Pieta was just the first of many.

PhilOssophy

anewme wrote: »

It's a patronising ranty lecture to someone who clearly has their own head screwed on

It does not make sense for everyone to pay off their mortgage, not everyone is on a 4% rate.

But it wasn't! He was dead right! Anyway, I guess we all choose how we live. For me, paying down debt is #1 priority.

Not everybody is, but for everybody who isn't there's somebody paying 20% interest on a credit card to feed the economy.....

But sure look, there is more than 1 way of living and that is just my thoughts!

tallaghtfornia

Have been lucky enough to still have my job also got my bonus this month but needed to by a Cooker but managed to save the rest and also pay a few high bills from the Crimbo.

I have 3 kids at home so I find my shopping bill has gone up a bit but from this week I sticking strictly to a list and the money I save is going off the CU loan which is about 5K.

joe123

Luckily I'm able to work from home. I'm saving on petrol but what I'm saving there is definitely going to extra groceries/food.

Eating breakfast at home, lunch at home, dinner at home and even the likes of coffee. Where as in normal times, I'd grab free toast and coffee at work and some fruit.

Certain the electricity bill is going to sky rocket too. So cant say im saving much either way.

markfinn

joe123 wrote: »

Certain the electricity bill is going to sky rocket too. So cant say im saving much either way.

Anyone know how to claim tax back on kettle based electric usage for all the Work Required Tea making?

Pretty sure that's clocking up more than the PC and Lights.