How much savings do you have and what age are you?

Kamu

LawBoy2018 wrote: »

Wow, I'm gonna be poor forever!! Lol. Congrats to the big savers in your mid-twenties, you're playing a blinder! None of my friends could even dream of getting on the property ladder atm, we can barely afford rent.. Mad props to the lads above.

I'm beginning to wonder whether dedicating the last 6 years of my life to education/professional exams was really worth it tbh, I am completely broke + still have quite a bit to go careerwise before I'm making the big bucks. Thankfully I've sorted a job in a very decent firm though so hopefully things will work out in the end.

To the young guys with the massive savings, would you say you go out often? Did you go on J1s while in college, or that sort of thing? My master's blew a massive 10.5K hole in my savings + completely wiped me out financially. I still have roughly 2K to pay back..

I wouldn't say I have massive savings compared to the other people here seem to have, but I do have a years salary saved.

I didn't go on J1's, as I was working throughout the summer to help at home, but I did live in another country for a year.

I would have been out every single week from 18-23, and then maybe once or twice a month from 23-25.

Between these years I would go on one holiday a year.

I got with my partner at 25, and she is a spender. We would be out probably every 10 days or so; not quite every week, but not as sparse as every two weeks either.

Since being with her, I've gone on two holidays a year, one with her and one with the lads.

I could of had more saved but I enjoyed my younger years and enjoy doing things with the misses.

And I should have more saved, but I'm owed circa 10k from various people.

Rimmy

I really pity people living in Dublin to be honest.

The prices of accomadation is just ridiculous. I'm on 45K on Kilkenny and can buy a nice apartment for 150,000K or less and a decent house for around 150K-175K

Wonder what my 45K in Kilkenny would have to be the equivalent of in Dublin salary wise to be within a 5 minute drive to work with parking.

LawBoy2018

Rimmy wrote: »

I really pity people living in Dublin to be honest.

The prices of accomadation is just ridiculous. I'm on 45K on Kilkenny and can buy a nice apartment for 150,000K or less and a decent house for around 150K-175K

Wonder what my 45K in Kilkenny would have to be the equivalent of in Dublin salary wise.

In my most recent accommodation, I was paying €900 a month to share a tiny 2 bedroom apartment with a random married Brazilian couple on Gardiner Street... If you're not from Dublin and don't know where that is, it's where you'd find most of the north side inner-city ghouls who lurk around the red Luas line all day plaguing people for change.

CBear1993

LawBoy2018 wrote: »

In my most recent accommodation, I was paying €900 a month to share a tiny 2 bedroom apartment with a random married Brazilian couple on Gardiner Street... If you're not from Dublin and don't know where that is, it's where you'd find most of the north side inner-city ghouls who lurk around the red Luas line all day plaguing people for change.

Crazy, the first year I paid €700 in 2 different places. Lived with 2 lads, then 3 girls.
Had enough and got a salary rise last year, then said f*ck it and went for the mortgage.

Now living in my own place and paying about the same. Much happier knowing it’s not going into a landlords pocket. I could up the payment and probably should but don’t see myself there in 2 years time, will prob sell on or keep if I can afford it and rent out

CBear1993

How do you get higher interest savings accounts or best place to find them? Thanks

Geuze

CBear1993 wrote: »

How do you get higher interest savings accounts or best place to find them? Thanks

There aren't any.

All main interest rates are 0%.

https://www.askaboutmoney.com/threads/savings-best-buys.90481/

F5500

I'll be 27 later this year. Currently building a house and paying the mortgage of €500 per month - mortgage is 1k so myself and the OH pay half each. I've 35k in savings but between the house and a wedding next year I'll definitely put a good dent in that number.

Salary is 25k p.a. with yearly scale increases but I'm tempted to leave the profession and give my time to starting a business. Despite the desire, I know now might not be the right time for that as the stability of a salary is unreal.

I'm happy with where I'm at. A lot of responsibility and a few different balls in the air but it's all in the name of progress.

James Bond Junior

Interesting to hear the responses about people in their 20s getting head starts etc.

I had modest savings in my early to mid 20s, job security was a little precarious but I used to do pub work when not teaching. Was made permanent in 2012 and went mad spending, nice car, out every weekend on the beer etc. Did it for a year and got a bang of sense. Sold the car, paid off the loan and started saving hard. I
budgeted to a tee, I knew exactly my bills/rent/fixed expenses every month and put those in a side account +10% via DD on payday. Savings also went via DD on payday to a CU account in my hometown, 70 miles away. I gave myself a strict but reasonable allowance for the week to cover groceries, fuel and socialising. After 2 years I was in a decent position and I bought a 3 bed house by myself in Limerick city which is now worth about 45% more than what I paid. I was sick of house shares and reckoned a house I could live in for a mortgage not much more than my house share rent was a no brainer. My plan was/is to live there for a few years then move on and keep it as a rental/investment. I had to do a nice bit of renovation but I put it on a CU loan instead of the mortgage. Who wants to pay a kitchen off for 30 years?! My parents did kick in a little to help me out but I saved 100% of the deposit and associated fees myself.

My wife was always a saver but she lived at home for a few years which helped. We cleared all debts last year, her car PCP and my home improvement loan and moved abroad to work and save for a 20% deposit on a "forever home." We are managing to save 4 times as much as what we saved in Ireland at the moment but the price is longer hours, more stress and not seeing our families for a year or more due to covid.

My point is, yes parent's help is great but small sacrifices in your 20s can have a huge impact on your financial health later on. You don't need a new car, instagram lattes or the best phone. Healthy budgeting without total sacrifice is key to a lot. Know your outgoings in advance and seek to reduce those where possible. Shop around on utilities, cancel the non essential subscriptions and only spend what's in your wallet. Buy a takeaway mug for your coffee's, make your lunch at home, meal plan etc etc

I know rent's are through the roof now and I'd not be likely to save as much as a 24 year old now as I did then but the early you start the easier it becomes.

Also I can't stress the importance of moving your mortgage provider. I did it after 9 months as rates were in freefall and shaved 2 full years off yet kept the repayment the same. Getting the house revalued so the LTV is accurate allowed me to access a lower rate again and shaved another 2 years off by maintaining the same payment. I'm now overpaying by about 50% and if maintained will have the mortgage paid off 15 years early.

I'm 37, worked overseas for a bit, had a great time as well.

Paying 600 a month on a small mortgage, house is worth 370k and I owe 105k, have 15k in investments and at the moment the savings are depleted with house work but will grow this back up modestly, hoping about 5k per year and a separate house improvements saving of about 4k per year.

Resigned to paying 160 per month on loans like harvey norman, ezliving etc to constantly improve furniture and appliances. Its grand with 0%

Have about 50k in the pension and growing this by 15k year from mid last year.

vmware

We built the house, direct labour, big headaches but also big savings, bought site on the cheap back in 2008 as things turned down hill .



Made some great money from the banks,



Anglo back in the day gave me 10% a year on 120k
1 x investment i did with Merrion Investments, returned 19% in just 8 months on 100k


there was money to be made from banks on interest alone. I wish these days would come back again.

Donald Trump wrote: »

That's alright. But not exactly an outlier. It might be given no qualifications for yourself but you haven't mentioned your other half's.



No inheritance but did you build the house or buy it? If you got given a site (or given one for cheap) and built a house on it, then that's a big load off your back that the average person doesn't get. Saving interest of 3-4% on an additional 200k on your mortgage for 10-15 years would help the cash in the bank position a lot.

The Mighty Quinn

Yyhhuuu wrote: »

Is saving €20k a year out of a gross before tax income of €32K a year too heavy saving? Incredible to see the amount others here have in savings.

It's 26, 857 take home a year.

Saving 20K of that leaves a person with 570eur a month for themselves.

So such a person is being facilitated by somebody to save like this, perhaps paying no rent, no bills, not running a car, maybe not buying their own food, whatever.

CBear1993

James Bond Junior wrote: »

Interesting to hear the responses about people in their 20s getting head starts etc.

I had modest savings in my early to mid 20s, job security was a little precarious but I used to do pub work when not teaching. Was made permanent in 2012 and went mad spending, nice car, out every weekend on the beer etc. Did it for a year and got a bang of sense. Sold the car, paid off the loan and started saving hard. I
budgeted to a tee, I knew exactly my bills/rent/fixed expenses every month and put those in a side account +10% via DD on payday. Savings also went via DD on payday to a CU account in my hometown, 70 miles away. I gave myself a strict but reasonable allowance for the week to cover groceries, fuel and socialising. After 2 years I was in a decent position and I bought a 3 bed house by myself in Limerick city which is now worth about 45% more than what I paid. I was sick of house shares and reckoned a house I could live in for a mortgage not much more than my house share rent was a no brainer. My plan was/is to live there for a few years then move on and keep it as a rental/investment. I had to do a nice bit of renovation but I put it on a CU loan instead of the mortgage. Who wants to pay a kitchen off for 30 years?! My parents did kick in a little to help me out but I saved 100% of the deposit and associated fees myself.

My wife was always a saver but she lived at home for a few years which helped. We cleared all debts last year, her car PCP and my home improvement loan and moved abroad to work and save for a 20% deposit on a "forever home." We are managing to save 4 times as much as what we saved in Ireland at the moment but the price is longer hours, more stress and not seeing our families for a year or more due to covid.

My point is, yes parent's help is great but small sacrifices in your 20s can have a huge impact on your financial health later on. You don't need a new car, instagram lattes or the best phone. Healthy budgeting without total sacrifice is key to a lot. Know your outgoings in advance and seek to reduce those where possible. Shop around on utilities, cancel the non essential subscriptions and only spend what's in your wallet. Buy a takeaway mug for your coffee's, make your lunch at home, meal plan etc etc

I know rent's are through the roof now and I'd not be likely to save as much as a 24 year old now as I did then but the early you start the easier it becomes.

Also I can't stress the importance of moving your mortgage provider. I did it after 9 months as rates were in freefall and shaved 2 full years off yet kept the repayment the same. Getting the house revalued so the LTV is accurate allowed me to access a lower rate again and shaved another 2 years off by maintaining the same payment. I'm now overpaying by about 50% and if maintained will have the mortgage paid off 15 years early.

Where did yous move abroad if you don’t mind me asking?

Sounds similar to me. We’re in a 2 bed apartment in Dublin but I definitely don’t see myself here in 2 years from now. I’d like to keep it and rent it out.

Would love to move abroad for a year minimum and both of us save like mad for a house, while renting out the apartment (I reckon I could get 2000 a month and mortgage repayment is 700)
I save well enough here but it will be longer saving all of that living in Dublin. Plus my OH’s salary is very low here, under €30K.

Been tempted by London or Dubai. Wouldn’t go back to oz again it’s very far. With my job in construction on the technical side it would 100% have to be where the package involves them paying your accommodation, which is quite common.
There’s a few attractive relocations to those data Centres at the moment, Could double my salary in euros from what it is in Dublin, just by going to Holland, Germany or Sweden. Other half isn’t as keen but the accommodation is paid for, she says it would be a miserable years existence with no friends or family, but could very well be worth it. Obviously London or Dubai would prob cost a fortune to live in then and you’d spend a lot more .

The European locations tend to be more remote and not near a city, plus a lot of the salaries have great tax incentives ie holland 25% tax free. If I was single I’d be all over it

James Bond Junior

CBear1993 wrote: »

Where did yous move abroad if you don’t mind me asking?

Sounds similar to me. We’re in a 2 bed apartment in Dublin but I definitely don’t see myself here in 2 years from now. I’d like to keep it and rent it out.

Would love to move abroad for a year minimum and both of us save like mad for a house, while renting out the apartment (I reckon I could get 2000 a month and mortgage repayment is 700)
I save well enough here but it will be longer saving all of that living in Dublin. Plus my OH’s salary is very low here, under €30K.

Been tempted by London or Dubai. Wouldn’t go back to oz again it’s very far. With my job in construction on the technical side it would 100% have to be where the package involves them paying your accommodation, which is quite common.
There’s a few attractive relocations to those data Centres at the moment, Could double my salary in euros from what it is in Dublin, just by going to Holland, Germany or Sweden. Other half isn’t as keen but the accommodation is paid for, she says it would be a miserable years existence with no friends or family, but could very well be worth it. Obviously London or Dubai would prob cost a fortune to live in then and you’d spend a lot more .

The European locations tend to be more remote and not near a city, plus a lot of the salaries have great tax incentives ie holland 25% tax free. If I was single I’d be all over it

I'm in the Middle East, do it before kids etc are on the horizon. You're cost of living is much higher yes but your cost of living is much less too if that makes sense. Your accommodation is taken care of, utilities bar internet are a pittance. I get fed at work which was a huge saver but our grocery bill increase is offset by the lack of socialising/drinking at the weekend. Your missus could get work easier than she thinks in Dubai/Abu Dhabi.

We have a 3 year commitment, 1 year was done in the blink of an eye. Making friends is easy, they become your family so to speak and pre covid we stayed in 1 weekend between arriving in August and lockdown in March, you get invited along to lot's of things and once you don't decline the invites keep coming. Everybody remembers what it's like to be new.

Remember your tax liability on rent if resident is 48%, it's 20% if you declare as non resident. I'm ploughing that money back into reducing the capital.

Currently we are saving in one month the same amount that it took 3/4 months in Ireland and we had a decent combined salary. Granted we arrived as standard workers on the standard package but were bumped into senior and middle management a few months later which has increased saving ability. I know of some engineers who would be pulling €7k to €10k per month tax free, if you can get into something niche and high demand. Post covid may see a different picture granted.

Donald Trump

vmware wrote: »

We built the house, direct labour, big headaches but also big savings, bought site on the cheap back in 2008 as things turned down hill .

A completely different story to yours now. A fella I went to school with didn't finish secondary school. He also really had no drive to work. Had some sales jobs during the good times in the mid 2000's. He got a mortgage when they were throwing them at people and he bought a house.
Lost his job at the very start of the downturn. His gf basically paid his mortgage for him. She had a good job and still has. They got married and after a couple of years she built a house on her family's land. Built direct labour and then moved there, renting out the first house.


Your man hasn't really worked a proper job since. But in his head, I'm gather that he counts himself as a millionaire. I am sure that they still have mortgage outstanding, but on paper he probably counts two houses worth maybe 800k (guessing 550+250) total with his tenants paying off one mortgage and lets guess 200k mortgage outstanding on the big one.....whereas in reality had he not had that gf then he'd have lost the first house and probably be still living in a house share.



Some people are lucky and some are unlucky. Some make their own luck of course too. When you have a bit of money, then it becomes easier to make money. That is why the people who can given themselves a bit of a headstart by saving 10k here or there in their early 20s usually are far better off by their 40s

antimatterx

As a 24 year I do realise the importance of saving now, and making life easier going forward. I do realise how lucky I am to be in the position I am. It's all thanks to my parents though.

Dean91

CBear1993 wrote: »

Where did yous move abroad if you don’t mind me asking?

Sounds similar to me. We’re in a 2 bed apartment in Dublin but I definitely don’t see myself here in 2 years from now. I’d like to keep it and rent it out.

Would love to move abroad for a year minimum and both of us save like mad for a house, while renting out the apartment (I reckon I could get 2000 a month and mortgage repayment is 700)


Wouldn't be worth renting it out if moved abroad for a year , tax will be much higher .
Even if you rent it out in Ireland
2k rent
700 goes to mortgage
1300 left
15,600 a year
12,480 after tax
1,040 a month

They pay any extra expenses after that , or if anything goes wrong and have to dip into your own salary to get it fixed .

Sheep Shagger

antimatterx wrote: »

If I'm honest, I'm on **** money. I make 32K a year. But I save a lot of what I earn. I'm planning a move soon as I could get 50K easy. Tech is class, I just need to jump soon.

I'm so lucky to have the parents I have. They are giving me a great start in life.

How does someone earn 32k pa, save 24k....how do you pay tax and live on 8k pa?

Not directed at you personally but there's some posts here that just do not stack up and you don't have to be a genius to figure it out.

Rimmy

Yyhhuuu wrote: »

With an income of €32224 p.a. gross leaves a net income of €25,367. I have a service charge of €1,200 on my property. I manage to live on €4,167 easily a year. I took 3 foreign holidays last year availing of cheap Ryanair flights and accommodation) and day trips away in Ireland. I enjoy buying reduced to clear food and cost conscious for bargains. Yet I managed to save €20,000 last year. Really enjoyed saving. It helps that I neither drink,smoke or gamble and dont drive as I live in the city.

Sure you do, that leaves you with 80 euro a week or 11 a day to live on.

Clothes, food, bills, travel.

Good one.

DonkeyDick1992

27 mortgage, married and 1 child and have around 5k saved, would have more but currently putting up a workshop at house along with constant home improvements 😒😒😒

HamSarris

Rimmy wrote: »

Sure you do, that leaves you with 80 euro a week or 11 a day to live on.

Clothes, food, bills, travel.

Good one.

Yyhhuuu once dropped a euro and it hit him on the head when he went down to look for it.

grogi

DellyBelly wrote: »

I know the government are trying to get people to spend instead of save but in these uncertain times people seem to be frugal. I would say the average saving a person has mid 30's is approx 50K - 65K sitting in their account. If we could people to spend a prercentage of that on staycations it would really help the economy...

Get out of your bubble... 5.0-6.5k maybe...

CBear1993

James Bond Junior wrote: »

I'm in the Middle East, do it before kids etc are on the horizon. You're cost of living is much higher yes but your cost of living is much less too if that makes sense. Your accommodation is taken care of, utilities bar internet are a pittance. I get fed at work which was a huge saver but our grocery bill increase is offset by the lack of socialising/drinking at the weekend. Your missus could get work easier than she thinks in Dubai/Abu Dhabi.

We have a 3 year commitment, 1 year was done in the blink of an eye. Making friends is easy, they become your family so to speak and pre covid we stayed in 1 weekend between arriving in August and lockdown in March, you get invited along to lot's of things and once you don't decline the invites keep coming. Everybody remembers what it's like to be new.

Remember your tax liability on rent if resident is 48%, it's 20% if you declare as non resident. I'm ploughing that money back into reducing the capital.

Currently we are saving in one month the same amount that it took 3/4 months in Ireland and we had a decent combined salary. Granted we arrived as standard workers on the standard package but were bumped into senior and middle management a few months later which has increased saving ability. I know of some engineers who would be pulling €7k to €10k per month tax free, if you can get into something niche and high demand. Post covid may see a different picture granted.

That’s class, either of you in construction or healthcare?

James Bond Junior

CBear1993 wrote: »

That’s class, either of you in construction or healthcare?

Neither, education. PM if you want any other advice.

Yyhhuuu

Yyhhuuu wrote: »

With an income of €32224 p.a. gross leaves a net income of €25,367. I have a service charge of €1,200 on my property. I manage to live on €4,167 easily a year. I took 3 foreign holidays last year availing of cheap Ryanair flights and accommodation) and day trips away in Ireland. I enjoy buying reduced to clear food and cost conscious for bargains. Yet I managed to save €20,000 last year. Really enjoyed saving. It helps that I neither drink,smoke or gamble and dont drive as I live in the city.

That’s not living, 4,167 a year? I’d spend a good chuck of that on beer.

I’m all for saving every month but saving being the whole goal of you life is just too far. Will you ever spend anything you save?

antimatterx

Sheep Shagger wrote: »

How does someone earn 32k pa, save 24k....how do you pay tax and live on 8k pa?

Not directed at you personally but there's some posts here that just do not stack up and you don't have to be a genius to figure it out.

Because I haven't saved it over the course of 1 year. I saved it almost over the course of 2 years. I was making 19K for the first year of working (I had no experience), then I got the boost to 32K, when I switched jobs last year.

I should have more tbh, but I was unemployed for a few months at the start of 2019, and I bought some gadgets. (Macbook, iPhone etc).

I'll be switching again soon and aiming for 50K.

James Bond Junior

James Bond Junior wrote: »

Neither, education. PM if you want any other advice.

Surprised at that I had a family member over there in education and wasn’t earning much more than here and had a higher cost of living. The opinion was the money is not great anymore over there in many things but especially teaching.

James Bond Junior

Bradley Wide Snotty wrote: »

Surprised at that I had a family member over there in education and wasn’t earning much more than here and had a higher cost of living. The opinion was the money is not great anymore over there in many things but especially teaching.

Money is gone way down in recent years but I'm a head of school and my wife is a middle leader. You need to get into middle management or leadership to make it worthwhile.

vikings2012

Sheep Shagger wrote: »

How does someone earn 32k pa, save 24k....how do you pay tax and live on 8k pa?

Not directed at you personally but there's some posts here that just do not stack up and you don't have to be a genius to figure it out.

It’s possible with a subsidized lifestyle. A single individual would pay approx €5200 per annum tax and social charges on a €32k salary. Leaving that person with €27k for spending.

Assuming the person lives at home, they might have no rent, utilities etc.

Only outgoings May relate to phone, transport, food and social life. Depending on this person they could manage to survive on 5-7k a year. Leaving approx €20- 22k savings.

I reckon the above is rare but not impossible .

CBear1993

Won’t these same people have to eventually move out if they want to live with a partner, have kids, and subsequently increase their salary to support their family then? Mightn’t either. If they live in a rural place and can have combined salaries it would probably be very comfortable with their extremely efficient spending habits.

I take my hat off to them, I tend to never look at my bank account tbh, maybe once a month.

Synode

Yyhhuuu wrote: »

With an income of €32224 p.a. gross leaves a net income of €25,367. I have a service charge of €1,200 on my property. I manage to live on €4,167 easily a year. I took 3 foreign holidays last year availing of cheap Ryanair flights and accommodation) and day trips away in Ireland. I enjoy buying reduced to clear food and cost conscious for bargains. Yet I managed to save €20,000 last year. Really enjoyed saving. It helps that I neither drink,smoke or gamble and dont drive as I live in the city.

I don't believe this for a second. Living on 4,167 a year :pac: