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

antimatterx

I'm 24 have 25K banked at the moment. I'm saving for an apartment.

rainbowtrout

Tig98 wrote: »

I have friends doing extremely intense courses who still hold down part time jobs. If a child of mine had the absolute cheek to look for spending money while being patrolled for education then they wouldn't be long being told where to go.

Absolute cheek?

Some parents would prefer that their children don't have part time jobs so they can focus on their studies, and can afford to support them. If they can afford that then there isn't a major problem. Spending money as you put it is probably covering their food, transport, household bills for the most part. OP didn't say that their kids looked for the money either.

antimatterx

rainbowtrout wrote: »

Absolute cheek?

Some parents would prefer that their children don't have part time jobs so they can focus on their studies, and can afford to support them. If they can afford that then there isn't a major problem. Spending money as you put it is probably covering their food, transport, household bills for the most part. OP didn't say that their kids looked for the money either.

This. I had 1 PT during job during college (just to experience it). It was 10 weeks as a Christmas temp in Pennys. I made about 3K, but the long hours, on top of class, on top of projects/assignments is difficult.

I never had another job during college after that, and I just worked summers when I could. My parents paid for all my education, if I was short money during the year they gave it to me.

Mr_Muffin

The Mighty Quinn wrote: »

Mid 30s now. Not sure I'll ever get ahead. Paying a modest mortgage, have about 30K in a PRSA and about 5K in savings, which are dwindling as wife on unpaid maternity leave at the moment. I'm doing well to keep up, but getting ahead feels a big ask.

Comparing yourself to others can make you feel inadequate.

It's extremely hard to get ahead (i.e. make lots of money). From my experience, most of the people who do have a helping hand, be it from their parents via inheritance, working in family owned businesses or interest free loans. Visit the Farming forum if you want to see people complaining about not making money yet inheriting farms worth hundred of thousands.

That's not to say it can't be done. It can. But it's harder to take the risks required to do so when you are working a regular 9-5 and trying to support a family on a salary.

Also, take what people post on here with a grain of salt. I doubt the average person is 26 with 16 mortgages paid and 344k in savings.

Undertow

The Mighty Quinn wrote: »

Speaking as somebody who moved abroad from Ireland for a few years in their 20s, I understand how much it can set you back financially. I only got sporadic jobs and struggled for money, ended up borrowing to live and get home, came home to a recession aftermath. Trying to catch up financially in that environment swallowed the rest of my 20s. A jobbridge position was part of that too.

Mid 30s now. Not sure I'll ever get ahead. Paying a modest mortgage, have about 30K in a PRSA and about 5K in savings, which are dwindling as wife on unpaid maternity leave at the moment. I'm doing well to keep up, but getting ahead feels a big ask.

Can totally relate to this. I worked abroad to ride out the recession. Travelled a lot. Back 4 years now but struggling to get the cash together for a deposit for a house, nevermind anything else. Rent drains a lot of your salary unfortunately. I think its a pretty common situation really for people in our age bracket.

vikings2012

25, €74k in the bank. Worked abroad for nearly two years on a great salary. Living at home now due to Covid. Have a few nixers on the side which brings in some extra cash every couple of months.

I’m not a materialistic person and definitely do not keep up with the threads. I tend not to buy items I don’t really need. My biggest expense is eating out. I like sports and holidays so I usually save for equipment and flights etc.

Jim2007

Mr_Muffin wrote: »

Visit the Farming forum if you want to see people complaining about not making money yet inheriting farms worth hundred of thousands.

But you can't actually sell the farm or the business for that matter, because if you do you will not have the income source and even at retirement you end up passing it on.

The same goes for a house, even if you own it, you can't really sell it because you need somewhere to live. In theory you could downgrade in retirement as you don't need so much space, but I don't see many doing it.

Saudades

The Mighty Quinn wrote: »

Mid 30s now. Not sure I'll ever get ahead. Paying a modest mortgage, have about 30K in a PRSA and about 5K in savings, which are dwindling as wife on unpaid maternity leave at the moment. I'm doing well to keep up, but getting ahead feels a big ask.

If you have a mortgage, you already are ahead

893bet

Reading this thread is an eye opener.

I am probably better than most. But I realise that is entirely down to the below in descending order.

1) Luck
2) My parents (for instilling education and through gifts/inheritance)
3) My own choices

CertifiedSimp

I dont know how people manage to spend so much.

I get 2.5 net into my account a month.

Let's say 700 gone on rent/bills. That's 1800 for food, transport etc.

450 a week: 50 on transport, 70 on food. That's 330 left.

Even spending 130 a week on drinks, cinemas etc. that's 200 a week you should be saving.

After a year that's approximately 9500.

Take 3k for big spends, tv or car insurance or holiday and that's 6500 a year.

And that's with a good standard of living.

divillybit

I've seen friends from college leave good jobs in Ireland during the recession to go travelling and when they came back one or two years later they really struggled to get employment. Im 35, and have a house worth 200k paid off a few years and 50k in savings now. I'm not trying to brag about that, but I certainly got no hand outs and I'm on the average industrial wage. My mates thought I was mad not to go travelling like them but it wasn't for me. I worked hard and saved hard in my 20s and early 30s and it has set me up very comfortably now and yet people begrudge me now for that but won't admit that it was a bad move career wise and financially to go travelling

quokula

Yyhhuuu wrote: »

Agree completely. I have about ~€24/25k net income p.a. but mange to save ~€20 k p.a. I'm very proud of this. I currently have over 55k saved but would have had a lot more only I had a lot of expenses a few years ago.


Admittedly my situation is fortunate as I don't drink or smoke and never eat out but love home cooked food all non-processed bought reduced to clear. Prior to Covid I enjoyed 3 sometimes 4 foreign holidays staying in budget accommodation with cheap Ryanair flights costing only ~ €30 return. These holidays only cost me about €200 each as I stayed in budget accommodation. Luckily I have no rent to pay or Mortgage. I dress well and only buy what I need. I enjoy bargain hunting. I hope my post isn't going to result in a barrage of abuse. I enjoy company of friends and meet up groups which are free. material possessions dont bring happiness. I'm building a nest egg as I have no pension.

I think you’ll find the highlighted part is the reason why saving isn’t so easy for many people, rather than spending too much on holidays, new clothes or processed food.

Yyhhuuu

quokula wrote: »

I think you’ll find the highlighted part is the reason why saving isn’t so easy for many people, rather than spending too much on holidays, new clothes or processed food.

People would have a lot more income than me and still even with mortgage or rent would spend a much higher proportion of their income on discretionary spending living a high life. I'm just not into material stuff. I much prefer the company of others over a coffee or meet up groups. My family were all very frugal and good with money.

The Mighty Quinn

CertifiedSimp wrote: »

I dont know how people manage to spend so much.

I get 2.5 net into my account a month.

Let's say 700 gone on rent/bills. That's 1800 for food, transport etc.

450 a week: 50 on transport, 70 on food. That's 330 left.

Even spending 130 a week on drinks, cinemas etc. that's 200 a week you should be saving.

After a year that's approximately 9500.

Take 3k for big spends, tv or car insurance or holiday and that's 6500 a year.

And that's with a good standard of living.

Do you not think that just because YOU don't have much expenses that it may be a little ignorant to not try understand why others might be in that situation?

Me?

Mortgage

Life insurance

House insurance

Electricity/gas bills, boiler service

Property tax

Pension

Car (insurance, tax, tyres, servicing, fuelling)

Groceries

Dogs (food, vet, grooming)

Dentist/GP/prescriptions

Servicing loans from more stupid moves a few years back

Broadband

Other ongoing costs with having a home, saucepans, or curtains or bed linen or whatever happens to wear out this month

It all adds up, even being careful.
Many others have childcare expenses to add in, luckily I don't, yet.

Life is expensive for many.

vikings2012

divillybit wrote: »

I've seen friends from college leave good jobs in Ireland during the recession to go travelling and when they came back one or two years later they really struggled to get employment. Im 35, and have a house worth 200k paid off a few years and 50k in savings now. I'm not trying to brag about that, but I certainly got no hand outs and I'm on the average industrial wage. My mates thought I was mad not to go travelling like them but it wasn't for me. I worked hard and saved hard in my 20s and early 30s and it has set me up very comfortably now and yet people begrudge me now for that but won't admit that it was a bad move career wise and financially to go travelling

It really is down to personal preference.

I assume you got satisfaction out of working, saving and buying a house. Whereas you’re friends most likely made great experiences and memories traveling.

My friend earns a good wage. He spends his dosh buying new machines and cars. He has a brand new 202 van now. I don’t think any of our friends begrudge him. He doesn’t value holidays or experiences at all. Whereas I and a number of our friends have spent thousands on holidays and would happily do the same again should the opportunity arise.

I enjoy looking back on my time spent traveling and glad I took the risk.

Wanderer78

The Mighty Quinn wrote:

Life is expensive for many.

Particularly when you enter the world of rent and morggages

CertifiedSimp

The Mighty Quinn wrote: »

Do you not think that just because YOU don't have much expenses that it may be a little ignorant to not try understand why others might be in that situation?

Me?

Mortgage

Life insurance

House insurance

Electricity/gas bills, boiler service

Property tax

Pension

Car (insurance, tax, tyres, servicing, fuelling)

Groceries

Dogs (food, vet, grooming)

Dentist/GP/prescriptions

Servicing loans from more stupid moves a few years back

Broadband

Other ongoing costs with having a home, saucepans, or curtains or bed linen or whatever happens to wear out this month

It all adds up, even being careful.
Many others have childcare expenses to add in, luckily I don't, yet.

Life is expensive for many.

Some of those I have. Broadband fits into the bills part I already included.

Life insurance? I don't know anyone who has this and why would you want it anyways?

Mortgage/House insurance - I pay rent, included in rent and bills cost already counted.

Actually I won't list all your items down because most of them I already included in my costs above.

CaptainCoPilot

CertifiedSimp wrote: »

Life insurance? I don't know anyone who has this and why would you want it anyways?

Everyone with a mortgage has it, its mandatory so the bank will get paid if you pop your clogs.

CertifiedSimp

CertifiedSimp wrote: »

I dont know how people manage to spend so much.

I get 2.5 net into my account a month.

Let's say 700 gone on rent/bills. That's 1800 for food, transport etc.

450 a week: 50 on transport, 70 on food. That's 330 left.

Even spending 130 a week on drinks, cinemas etc. that's 200 a week you should be saving.

After a year that's approximately 9500.

Take 3k for big spends, tv or car insurance or holiday and that's 6500 a year.

And that's with a good standard of living.

I used to think like this when I was younger.

Just to give one example, my car insurance is about 750 per year. A recent car service was 200. Some repairs were identified that cost 700 to fix. And the car costs 200 to tax.

That is the reality of the housing crisis and been forced to live 50KM away from the job. You need a car and you constantly need to invest in the car.

If I put those costs down as big spends, my big spend budget would be greatly reduced.

The other big costs associated with maintaining my home would wipe it out.

The Mighty Quinn

CertifiedSimp wrote: »

Some of those I have. Broadband fits into the bills part I already included.

Life insurance? I don't know anyone who has this and why would you want it anyways?

Mortgage/House insurance - I pay rent, included in rent and bills cost already counted.

Actually I won't list all your items down because most of them I already included in my costs above.

Look I'm not going to get into an argument with you about it, but I hope you get to live in your bubble for a long time and build savings and enjoy life before all these expenses you can't grasp right now hit you.

It isn't always as straightforward as it seems to be, life is going well for you by the sounds of it, and I wish you more of it. Life is going well for me too, have a wife and child and a home and I'm never hungry or cold - it just comes at a price as we've one income at the moment, so now my income is funding 3 people, albeit one of them a young child but they come with their own expenses too (and I know that ramps up substantially as they grow!).

The Mighty Quinn

Deleted User wrote: »

You need a car and you constantly need to invest in the car

This is where I'm at too. We run one car between two of us. We had two cars but couldn't afford to keep it up.

Tax costs 750eur a year on it (wrong half of 2008 car that at present I can't afford to change!), insurance is about 600eur a year, fuel is lower at the moment at least, but still probably 100eur a month. Four new tyres needed lately, 360eur. Oil and filter change required, 110eur.

Cars are a relentless expense. I had a loan on it, which at least has been paid off by now. I know buying a newer smaller car for 5K and getting road tax for 200 a year would be great, but it's the difficulty in coming up with that money without a loan. Sure, I'd make it back in a few years maybe, but a 5K car isn't the newest car on the road anyway and in a few years time could need constant work to sustain it. It's a tough cycle to get out of.

CertifiedSimp

Deleted User wrote: »

I used to think like this when I was younger.

Just to give one example, my car insurance is about 750 per year. A recent car service was 200. Some repairs were identified that cost 700 to fix. And the car costs 200 to tax.

That is the reality of the housing crisis and been forced to live 50KM away from the job. You need a car and you constantly need to invest in the car.

If I put those costs down as big spends, my big spend budget would be greatly reduced.

The other big costs associated with maintaining my home would wipe it out.

I gave my savings earlier, I also have a car, insurance, tax, fuel, tolls.

700 euro for a fix on a car sounds excessive to me.

Wanderer78

CertifiedSimp wrote: »

I gave my savings earlier, I also have a car, insurance, tax, fuel, tolls.

700 euro for a fix on a car sounds excessive to me.

i know somebody who was just quoted 3,500 grand to fix a 2 year old van!

CertifiedSimp

CertifiedSimp wrote: »

I gave my savings earlier, I also have a car, insurance, tax, fuel, tolls.

700 euro for a fix on a car sounds excessive to me.

Its hardly excessive, a major service along with needing timing belt/water pump and maybe one or two other small bits could easily coast 700 or more. If you happened to need pads and discs also at the same time add about 500 plus. That's not even with something going wrong, just maintenance.

CertifiedSimp

Bradley Wide Snotty wrote: »

Its hardly excessive, a major service along with needing timing belt/water pump and maybe one or two other small bits could easily coast 700 or more. If you happened to need pads and discs also at the same time add about 500 plus. That's not even with something going wrong, just maintenance.

You're getting ripped off at dealer garages. Paying 70 euro/hr on labour.


I had an issue with my car recently, failed fuel pump, needed to be picked up by garage and I requested a 2nd hand pump.

Cost me 180 to pick up, supply and install 2nd hand pump. Go to a main dealer and you'll be lucky to get away with 400 euro.

Wanderer78

CertifiedSimp wrote: »

You're getting ripped off at dealer garages. Paying 70 euro/hr on labour.


I had an issue with my car recently, failed fuel pump, needed to be picked up by garage and I requested a 2nd hand pump.

Cost me 180 to pick up, supply and install 2nd hand pump. Go to a main dealer and you'll be lucky to get away with 400 euro.

oh theres no question, main dealers rip people off, my own mechanic doesnt charge anything, and hes quoted people a grand or two for certain jobs, thats mainly on parts

Padre_Pio

CertifiedSimp wrote: »

I gave my savings earlier, I also have a car, insurance, tax, fuel, tolls.

700 euro for a fix on a car sounds excessive to me.

You have 102k in the bank, probably saving the guts of 15k a year based on your earnings.
In fairness, while the savings figure is high, once you go down the marriage/house/kids route, that figure will disappear in an instant.

Want to get married? Average wedding costs about 30k. You'll get gifts etc, but you will be out of pocket.
Want to buy a house in Dublin? That's 50k in deposit, fees, insurance etc.
Want to do ANYTHING with that house, new bathroom, kitchen? Another 10k easy.
Want a child? Anywhere from 5-10k per child per year.

I'm in your position, lots of savings, stocks, pension, but I'm looking down the barrel of all the above and I'm getting scared :o

Wanderer78

Padre_Pio wrote: »

You have 102k in the bank, probably saving the guts of 15k a year based on your earnings.
In fairness, while the savings figure is high, once you go down the marriage/house/kids route, that figure will disappear in an instant.

Want to get married? Average wedding costs about 30k. You'll get gifts etc, but you will be out of pocket.
Want to buy a house in Dublin? That's 50k in deposit, fees, insurance etc.
Want to do ANYTHING with that house, new bathroom, kitchen? Another 10k.
Want a child? Anywhere from 5-10k a year.

I'm in your position, lots of savings, stocks, pension, but I'm looking down the barrel of all the above and I'm getting scared :o

thats a cheap wedding!

rainbowtrout

CertifiedSimp wrote: »

I gave my savings earlier, I also have a car, insurance, tax, fuel, tolls.

700 euro for a fix on a car sounds excessive to me.

I think you have a very blinkered view of the world. If it doesn't cost you that much, then it shouldn't cost anyone else that much. And if it's not a bill you pay (life insurance) then why would anyone else pay it.


Four new tyres for my car cost over €900. That's not even a repair, that's just maintenance. Anyone taking care of their car properly, getting regular servicing done, replacing parts when they need to be replaced could easily spend €700 in a single go.

You might be paying rent, but your landlord absorbs all the cost of repairs and maintenance of the house. When renters move out they might need to repaint areas of the house or replace worn out or broken furniture or appliances. Sometimes get new mattresses for beds. You are not paying for any of that.

There were high winds around the June bank holiday. 40 feet of my garden fence came down and was beyond repair. Between paying for materials, a fella to put it up, paint for fence I spent about €240 to get it fixed. I also paid to dispose of the broken fencing at my local recycling centre, probably another €20. Ongoing repairs like this is are a regular occurrence for the home owner, bills you simply don't have when you're renting.

CertifiedSimp

Padre_Pio wrote: »

You have 102k in the bank, probably saving the guts of 15k a year based on your earnings.
In fairness, while the savings figure is high, once you go down the marriage/house/kids route, that figure will disappear in an instant.

Want to get married? Average wedding costs about 30k. You'll get gifts etc, but you will be out of pocket.
Want to buy a house in Dublin? That's 50k in deposit, fees, insurance etc.
Want to do ANYTHING with that house, new bathroom, kitchen? Another 10k.
Want a child? Anywhere from 5-10k a year.

I'm in your position, lots of savings, stocks, pension, but I'm looking down the barrel of all the above and I'm getting scared :o

I am thinking of buying an apartment. I can rent out a room weekdays to a student and cover a chunk of the mortgage. So that means I'll be paying the same on mortgage basically as I do now on rent so savings rate will stay mostly the same. Maybe except some higher bills due to sharing with less people.

If I ever get a woman and get married, I don't plan on having an expensive wedding. Maybe just go abroad or just have a small number of family in Ireland. No expensive ring either.