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

Jim2007

**** WARNING ****

I'm not very good at playing nanny.....

I've deleted some crap, but I probably missed some.

In any case, if people cannot find it within themselves to respect each other and make a meaningful contribution, we'll have to start making things official.

LawBoy2018

Donald Trump wrote: »

He still works, just not at what I'd consider career roles. But I am not au fait with his day-to-day life. I am sure there are plenty on here who are the same and a few who would have lost houses during the recession.


Looking through his own blinkers he probably sees his "investment" in the first house paying off over the last few years.



Sure you can go over to the accommodation forum and read the views of the accidental landlords whose 20:20 blinkered hindsight is that, due to the spiraling rents over the past few year, view themselves as the new Warren Buffets.


What would you do yourself in the hypothetical scenario that your other half decided to accept a gift of a free site in a nice location, avail of her entitlement to planning permission (an only child is more or less guaranteed to be granted permission in most counties) and spend 200k building a house that would have a market value of maybe 600k? That you would rent out your current house and use that to pay off the mortgage? Would you tell her to feck off? Would it make you a sponger? It might take you from owning a 250k house in a nondescript estate to owning 850k worth of property, and having a future net income stream from one of them.



Everyone tends to attribute success to their own decisions and failings to "bad luck". On the other side, people will be quick to write off others success as "good luck". Sometimes there is a bit of truth to it and sometimes there is a lot of truth to it

I don't get your logic tbh. Why is he a 'sponger'? Are they not a married couple? Would you view the situation differently if the roles were reversed?

Galwayguy35

Donald Trump wrote: »

He still works, just not at what I'd consider career roles. But I am not au fait with his day-to-day life. I am sure there are plenty on here who are the same and a few who would have lost houses during the recession.


Looking through his own blinkers he probably sees his "investment" in the first house paying off over the last few years.



Sure you can go over to the accommodation forum and read the views of the accidental landlords whose 20:20 blinkered hindsight is that, due to the spiraling rents over the past few year, view themselves as the new Warren Buffets.


What would you do yourself in the hypothetical scenario that your other half decided to accept a gift of a free site in a nice location, avail of her entitlement to planning permission (an only child is more or less guaranteed to be granted permission in most counties) and spend 200k building a house that would have a market value of maybe 600k? That you would rent out your current house and use that to pay off the mortgage? Would you tell her to feck off? Would it make you a sponger? It might take you from owning a 250k house in a nondescript estate to owning 850k worth of property, and having a future net income stream from one of them.



Everyone tends to attribute success to their own decisions and failings to "bad luck". On the other side, people will be quick to write off others success as "good luck". Sometimes there is a bit of truth to it and sometimes there is a lot of truth to it

Well from what you say it looks like its her that is doing most of the paying for their life together, if she is happy to do that then best of luck to them.

You're wrong on the planning permission bit though, its nearly easier to win the lotto than get PP these days even on parents land.

Galwayguy35

Galwayguy35 wrote: »

Well from what you say it looks like its her that is doing most of the paying for their life together, if she is happy to do that then best of luck to them.

I think if the roles were reversed it wouldn’t even raise a comment. In fact it wouldn’t even have been posted about in the first place as the man earning for the family is norm but if it’s the woman the main earner then backwards views aren’t long appearing.

Galwayguy35 wrote: »

You're wrong on the planning permission bit though, its nearly easier to win the lotto than get PP these days even on parents land.

Depends on the county but it’s not that difficult. Anyone who wants it gets it around my neck of the woods (once it’s parents land). Just need to prove local needs which if you work within a commutable distance and make a few other arguments it not that difficult to meet.

Yyhhuuu

Galwayguy35 wrote: »

Well from what you say it looks like its her that is doing most of the paying for their life together, if she is happy to do that then best of luck to them.

You're wrong on the planning permission bit though, its nearly easier to win the lotto than get PP these days even on parents land.

Best of luck to them. Personally in the planning perspective I dont agree with one-off housing development in rural locations as it has destroyed the countryside and is I understand not permitted in Britain. But that's a separate matter.

Now to get back on topic to the amount people have saved. I would be interested to know the age and amount saved and the % of net after- tax income people can save if they put their mind to it, particularly those on a modest income who can save a large proportion of their income?

Donald Trump

Galwayguy35 wrote: »

Well from what you say it looks like its her that is doing most of the paying for their life together, if she is happy to do that then best of luck to them.

You're wrong on the planning permission bit though, its nearly easier to win the lotto than get PP these days even on parents land.

No. Might not be the same in all counties but most development plans allow for one child to build on family farm (assuming appropriate site).


BTW, from what I said, she covered his mortgage (I assume) when downturn hit. He had no job for a fair while. Then later on they built a house. You extrapolated from that to her paying for their life together. I never said that. I just said he doesn't really appear to have a career job. I've no idea what he earn.

Donald Trump

LawBoy2018 wrote: »

I don't get your logic tbh. Why is he a 'sponger'? Are they not a married couple? Would you view the situation differently if the roles were reversed?

I didn't call him one.

Galwayguy35

Bradley Wide Snotty wrote: »

I think if the roles were reversed it wouldn’t even raise a comment. In fact it wouldn’t even have been posted about in the first place as the man earning for the family is norm but if it’s the woman the main earner then backwards views aren’t long appearing.



Depends on the county but it’s not that difficult. Anyone who wants it gets it around my neck of the woods (once it’s parents land). Just need to prove local needs which if you work within a commutable distance and make a few other arguments it not that difficult to meet.

Nothing backward about my comment lad and if the sexes were reversed I'd say the exact same thing.

Well I don't have any idea where your neck of the woods is but I went through the planning process as did people i know and while we got there eventually its not as straight forward a process as you suggest it is.

thenightman

I've 10k in savings between savings account in bank and work credit union & no debt. I pay 500 a month plus bills for place I'm sharing near Sallins. I have savings deducted each payday that go straight into credit union and I throw whatever I have left over before next payday into the bank account savings. Started as a very low paid CO in civil service 2 odd years ago & was promoted to EO earlier this year, but still fairly low paid in the grand scheme of things. I try to cut out as much lazy/avoidable spending as possible (lunch/coffee etc) and I don't drive but have a taxsaver ticket and do a lot of cycling. I do whatever OT is available too, though this has dropped considerably since covid.

Going to keep plugging away until I have something that resembles a mortgage deposit, then hopefully pick up an apartment on outskirts of city centre in Dublin or an area near Luas/Dart. Obviously going to keep at any promotion opportunities that arise as well, as HEO is a decent bump in pay.

Top chief

Donald Trump wrote: »

No. Might not be the same in all counties but most development plans allow for one child to build on family farm (assuming appropriate site).

Myself and parnter better get a move on before her sister wants to build on her family land so ,

Pretty sure she wont have a problem getting planning permission after we build out home . Wait and see

PHG

Go Home Paddy Cat!! wrote: »

I agree with everything you said except the above which is a vacuous statement to be honest.

Said 'round-dodgers':
- have seen the worst financial crisis since the great depression
- have been saddled with national debt (through no fault of their own)
- have seen the worst housing crisis this country has ever seen
- are living through a global pandemic
- are now facing another possible recession of an inordinate magnitude

... all within a 12 year period.

Round dodgers, fair enough is harsh but I still stand by the point in general with being tight in general.

I don't agree with your point above because:

- I'm only in my 30s but the 1980s in Ireland was worse than 2007 -2011, taking into account the utilities like better transport, cheaper goods, Internet and quality of life on average being a lot better.
- I graduated at the peak of the last crisis and spent a lot of time going to interviews and flying to London. Had to do a Masters in the end but got me a grad role (terribly paid but the start of a career). Did a cleaning job
on Saturdays to pay for that. Opportunities were there but took a lot of effort to get them.
- National debt or housing crisis didnt apply to that generation as they didn't own property then. Yes I get the debt is still being paid and USC is awful!!
- Covid only just happened and we were booming up to a few months ago
- Between 2013 and last January, getting employment wasn't overly tough but you got to put yourself in the right place. We alhave a culture of emigrating and if possible, why not? Taking into account no serious reason not to.

I struggle to see why not enjoy your 20s. Yes do save somewhat though. If you do a pension early you can pay the remaining off with your 25% allowance once you retire ðŸ˜

Outliers by Malcolm Gladwell is a great book about being in the right place but putting the work in.

As said before I don't believe half of the stories on here but I do agree with your last post about recession and possible depression. Makes it a potentially good buying opportunity if you can pick your moment!

To the person living on €4k a year out of €25k, I'm not having a go at you, but please go out and have some expensive fun, you deserve to!

Yyhhuuu

PHG wrote: »

Round dodgers, fair enough is harsh but I still stand by the point in general with being tight in general.

I don't agree with your point above because:

- I'm only in my 30s but the 1980s in Ireland was worse than 2007 -2011, taking into account the utilities like better transport, cheaper goods, Internet and quality of life on average being a lot better.
- I graduated at the peak of the last crisis and spent a lot of time going to interviews and flying to London. Had to do a Masters in the end but got me a grad role (terribly paid but the start of a career). Did a cleaning job
on Saturdays to pay for that. Opportunities were there but took a lot of effort to get them.
- National debt or housing crisis didnt apply to that generation as they didn't own property then. Yes I get the debt is still being paid and USC is awful!!
- Covid only just happened and we were booming up to a few months ago
- Between 2013 and last January, getting employment wasn't overly tough but you got to put yourself in the right place. We alhave a culture of emigrating and if possible, why not? Taking into account no serious reason not to.

I struggle to see why not enjoy your 20s. Yes do save somewhat though. If you do a pension early you can pay the remaining off with your 25% allowance once you retire ðŸ˜

Outliers by Malcolm Gladwell is a great book about being in the right place but putting the work in.

As said before I don't believe half of the stories on here but I do agree with your last post about recession and possible depression. Makes it a potentially good buying opportunity if you can pick your moment!

To the person living on €4k a year out of €25k, I'm not having a go at you, but please go out and have some expensive fun, you deserve to!

Thanks PHG you are correct and I will take your suggestion on board. When hopefully my income increases shortly I plan to enjoy it more. I have seen a few relatives who passed away with a lot of money but never enjoyed it.

I know of an otherwise intelligent man who could be nice one minute giving me advice but would then turn on you and become quite insulting and demeaning. I think he is probably a narcissist as he sees himself as superior, entitled, and required admiration. He is in his 60s. He goes around with frayed clothes and very worn shoes and told me he had multiple properties rented out in upmarket Dublin suburbs. I think he was telling the truth.
He also told me he had a lot of cash on him.
I had met him in the reduced to clear section of of a supermarket where he would aggressively grab everything off the shelf once placed there by staff in spite of others waiting obviously no consideration for others.I thought to myself how greedy. I know this sounds hard to believe but a medical doctor who is practising and I assume on a huge salary does the exact same thing although reluctant to grab. He too is also in his 60s and wears the same clothes. I wonder if either of them are happy. At the end of the day if you're seriously I'll in a hospital bed wealth means absolutely nothing. I saw this first hand. Changing habits are easier said than done. I think hoarding of money is perhaps caused by a deep -seated insecurity. I personally was never a greedy person and I'm frugal with money but would share things with others if they were good to me but I really detest misers as they seem to me to be quite self-centred.

Jambonjunior

32, was fortunate to have a good job in my 20s but have been mostly unemployed for the last 9months and likely won't get anything similar.
105k in my PRSA
10k cash (was higher but I've burned through savings paying rent)
No children or mortgage

homes_for_all

I'm 34.

Have 9 months expenses set aside for an emergency. I'm slightly overpaying the mortgage, have a set amount going into Premium bonds (which are at a nice level), same for credit union and am saving deposit/ongoing money for another property(ies) to let.

hi!

26 and 40,000 saved.
Been working full time and saving since I finished college at 22. Saving €900 a month now but still can’t afford to buy close to home.

Yyhhuuu

homes_for_all wrote: »

I'm 34.

Have 9 months expenses set aside for an emergency. I'm slightly overpaying the mortgage, have a set amount going into Premium bonds (which are at a nice level), same for credit union and am saving deposit/ongoing money for another property(ies) to let.

Are you based on the UK as I'm not familiar with Premium Bonds? I assume you're a multiple property owner. Many landlords are divesting themselves of property due to stringent regulations

Yyhhuuu

hi! wrote: »

26 and 40,000 saved.
Been working full time and saving since I finished college at 22. Saving €900 a month now but still can’t afford to buy close to home.

That's great savings. What is your after-tax net income which enables you to save ~€10k p.a.?

hi!

Yyhhuuu wrote: »

That's great savings. What is your after-tax net income which enables you to save ~€10k p.a.?

Thanks, I’m lucky to be able to live at home and save. I’d estimate about 33k now after tax. I get about 2,800 a month.
I was on 34k gross but did a post grad and now it’s 41k gross not including unsociable hours.

The Mighty Quinn

If you could all add some background info to your posts it'd be great.

Like your mother's maiden name, the name of your first pet, maybe your father's middle name and the street you grew up on

Yyhhuuu

hi! wrote: »

Thanks, I’m lucky to be able to live at home and save. I’d estimate about 33k now after tax. I get about 2,800 a month.
I was on 34k gross but did a post grad and now it’s 41k gross not including unsociable hours.

So your savings was based on 33k gross.

I'm on a similar income of ~€25,500 net income per annum but manage to save ~€20k p.a. through frugal living and no rent or mortgage, no car and teetottler. I really enjoy saving but plan to splash out when my income increases.

Canyon86

30, and have 23k savings, and no debt,

About the buy a house so majority of savings to be wiped, hopefully will be worth it

antimatterx

Yyhhuuu wrote: »

So your savings was based on 33k gross.

I'm on a similar income of ~€25,500 net income per annum but manage to save ~€20k p.a. through frugal living and no rent or mortgage, no car and teetottler. I really enjoy saving but plan to splash out when my income increases.

I'm on 27K net, and I managed to save 18K in the last year. I thought I was doing well, you really are doing well.

Yyhhuuu

antimatterx wrote: »

I'm on 27K net, and I managed to save 18K in the last year. I thought I was doing well, you really are doing well.

That's great savings. I only buy what I need not what I want. No eating out and my food is top quality reduced to clear. It's very easy to save when no mortgage or rent. I have €55k saved but for expenses a few years ago I would have a lot more.

antimatterx

Yyhhuuu wrote: »

That's great savings. I only buy what I need not what I want. No eating out and my food is top quality reduced to clear. It's very easy to save when no mortgage or rent. I have €55k saved but for expenses a few years ago I would have a lot more.

I eat out and drink a fair bit, but I don't see it as a waste as I always have a good time with my friends and family. I don't have rent/mortgage so yea, it's very easy to save.

hi!

Yyhhuuu wrote: »

So your savings was based on 33k gross.

I'm on a similar income of ~€25,500 net income per annum but manage to save ~€20k p.a. through frugal living and no rent or mortgage, no car and teetottler. I really enjoy saving but plan to splash out when my income increases.

That’s great well done. Yeah I could prob save more but I do like to go out for dinners, the odd drink etc. Holidays too and my car.

Timistry

Fair play to all posters, saving ain't easy otherwise we would all be millionaires!

I have been programmed from an early age to save. I lived a frugal life when I was younger, where I did not seek much but I was not deprived. I worked away during summer hols in school to fund the year ahead. Normally 2 days off between so no J1s or slacking ! weekend work most of the time.

I did an MSc in the UK but then the crash came and that career became extinct overnight bar academia. blah!

Went to Australia then for 5 years, starting doing odd jobs. Got known for my work ethic and worked my way up in a company, where I reached manager level. Took on another role then on an hourly rate and loved it!. Hopefully I will see the likes of those T&Cs again but in Ireland, probably not!

Moved home in 2016. Work for an MNC since then. Renting so no assets bar a 10K car.

No idea of what is in my Irish pension: becasue of Aus, its tiny.
Aus pension: 30K
Aus Cash: 100K @2%; per yr
Ireland pension: ?
Ireland cash: 100K

Yyhhuuu

Timistry wrote: »

Fair play to all posters, saving ain't easy otherwise we would all be millionaires!

I have been programmed from an early age to save. I lived a frugal life when I was younger, where I did not seek much but I was not deprived. I worked away during summer hols in school to fund the year ahead. Normally 2 days off between so no J1s or slacking ! weekend work most of the time.

I did an MSc in the UK but then the crash came and that career became extinct overnight bar academia. blah!

Went to Australia then for 5 years, starting doing odd jobs. Got known for my work ethic and worked my way up in a company, where I reached manager level. Took on another role then on an hourly rate and loved it!. Hopefully I will see the likes of those T&Cs again but in Ireland, probably not!

Moved home in 2016. Work for an MNC since then. Renting so no assets bar a 10K car.

No idea of what is in my Irish pension: becasue of Aus, its tiny.
Aus pension: 30K
Aus Cash: 100K @2% per yr
Ireland pension: ?
Ireland cash: 100K

Great savings. What's your Age?

dzsfah2xoynme9

33, overweight, a 13 year old car and about €500 in savings.

In other words... An absolute failure..

DM_2092

I'm 28. I've 7 grand in savings and its all my dead sisters inheritance. What a weird post...

DM_2092

Westin Abundant Socket wrote: »

33, overweight, a 13 year old car and about €500 in savings.

In other words... An absolute failure..

I'm looking at earlier posts and thinking "how and where and what and how come?" can a 26 year old have over €30,000 saved!???