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

Geuze

yabadabado wrote: »

I dont know how much tax I pay tbh.I know my tax credit and I'm in 40% bracket but that's about it.
I rarely look at it unless my wage is different than usual.


Do most people know exactly what tax they pay?
I wouldn't have a clue how much tax I paid last year .

Check your P60 and/or P21.

I don't know exactly, but I suspect I pay about 28-30%??

TallGlass2

ongarboy wrote: »

So if someone says they have more savings then you did at their age or are unable to instantly recite their monthly tax payments, they must be bluffing, even if their circumstances, outgoings and ability to save each month were/are completely different to yours? That's a very sweeping and flawed assumption to make that seems driven more by the green eyed monster than by logic!

Your right it is a flawed and sweeping statement. I suppose, what I mean is enquire a bit more about what they are saying, does it add up. Your taking me up as whip the calculator out on the spot, even if it does add up, who cares? People have different circumstances. People also talk ****é, don't feel bad if your not on 100k a year.

Geuze

Arghus wrote: »

I wouldn't worry about it to much bro. Pretty confident 90% of what's written in these type of threads is bullshyte. Seen a few "how much do you get paid threads" and they're usually laughable, with all the clearly made-up salaries people claim to be on.

I don't agree with your 90% figure, 90% of posters aren't lying.

Here are the (true) gross incomes of some friends of mine.

Couple, aged 55, both work = 180k gross, 15k per month

Couple, aged 55, both work = 170k gross (I laugh to myself when this couple complain about costs)

I also know people on 13k pa.

Geuze

RandomViewer wrote: »

Reasonably well paid, can fix most stuff myself, if I had 5k in the bank I'd buy something I didn't need,
Worrying about the future and dwelling in the past are stresses I don't care for.

You are 51, and "reasonably well paid", that sounds like slightly above average FT earnings of 47-48k.

Let's say 50-60k.

As you have no savings, this implies you spend all your after tax wages.

If you are single, that's a nice bit of spending each month...............

dockysher

I have no savings but do own 172 tigers and lions.

NSAman

dockysher wrote: »

I have no savings but do own 172 tigers and lions.

thats a really impressive soft toy collection!

dockysher

NSAman wrote: »

thats a really impressive soft toy collection!

Lol I know, just hope the value holds

endacl

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

I'm 5 years old and have a millionbajillion saved. Is this too much or not enough at this stage?

NSAman

dockysher wrote: »

Lol I know, just hope the value holds

If each one contains as many memories as my Teddy Bear does (I’m 50),,, that collection is priceless.

Make It Real

PowerToWait wrote: »

It’s not at all representative. Most of my mates have feck all, all with good jobs, businesses, houses, family. Most would struggle to fund a 10 grand emergency in late 30s early 40s.

These threads are almost uniquely fir flexers. Why you would feel the need to anonymously state your bank balance is beyond me.

I’ve 450 grand invested with 85k cash just in case. 36.

+1.

Who's more likely to end up posting - someone who has loads or someone who has nothing.

As I mentioned in an earlier post many people I see fall into the category of not having an emergency 10k.

People shouldn't feel bad about how they are doing just because of what they read here.

onrail

32, no property, 80k in savings, maybe another 35k in a meagre pension fund.

Travelled the world though which impacted things a little - but I don't regret a penny spent.

Earnings impacted heavily by working in Northern Ireland my whole career, but the cost of living here is great. You wouldn't believe how low salaries are, but you can pick up a decent house for pennies.

Problem is, I'm hoping to move back down south to settle down :rolleyes:

Mister Vain

An Ri rua wrote: »

I got the gold bug about 11 years ago. Then bought antique Georgian and Victorian silver on eBay at scrap silver prices (or close enough). Never sold it (even when things were bleak). Started using Bullionvault in 2009 and made 400 on a 1300 investment around that time. Gave it away to Syria at the time.
Late February I took a punt on silver bullion and hoovered up about 3k of coins. That will do very well.
Since April, have put 20k into gold via Bullionvault and will take profits as they come and re-invest. I've been studying gold and silver for 12 years now so I'm happy to have converted 400 savings pm into 500 pm loan repayment and reduced savings.
To me, it's an educated punt in highly surreal times and it's a market I study and know.

I wouldn't be leaving too much money in cash right now. Savings will die on their feet. I'd convert it into assets as inflation will hit hard from early 2021.

Yeah a lot of people seem to be buying gold and silver right now. I've been searching online but its sold out everywhere. I bought some coins at the coin fair in Dublin back in January. I wish I bought more because they were going for a good price at the time.

Mister Vain

TallGlass2 wrote: »

Folks, if you want real advise. YouTube/Watch 'Extreme Cheapskates', them lads know the deal.

Some good advice there alright. I never would have thought to take the skin off bananas before weighing them. Brilliant.

NIMAN

Some folk are very open in telling strangers how much money they have saved.

onrail

NIMAN wrote: »

Some folk are very open in telling strangers how much money they have saved.

It’s a semi anonymous chat room. Regardless, what does it matter really?

Mellor

An Ri rua wrote: »

I got the gold bug about 11 years ago. Then bought antique Georgian and Victorian silver on eBay at scrap silver prices (or close enough). Never sold it (even when things were bleak). Started using Bullionvault in 2009 and made 400 on a 1300 investment around that time. Gave it away to Syria at the time.
Late February I took a punt on silver bullion and hoovered up about 3k of coins. That will do very well.
Since April, have put 20k into gold via Bullionvault and will take profits as they come and re-invest. I've been studying gold and silver for 12 years now so I'm happy to have converted 400 savings pm into 500 pm loan repayment and reduced savings.
To me, it's an educated punt in highly surreal times and it's a market I study and know.

I wouldn't be leaving too much money in cash right now. Savings will die on their feet. I'd convert it into assets as inflation will hit hard from early 2021.

Hasn't Silver been on a fairly steady decide for about a decade?

https://silverprice.org/silver-price-history.html

Ciamardo

At 28 I had 72500 saved, that went into a buying a house at the start of this year. So now, at 29, im back down to about 2000. Trying to build back up savings at the moment. Luckily my job hasn't been negatively impacted with Covid 19

sally cinnamon89

24 with 18K at the moment. Been working for a year and half and living at home which made saving easy. Ready to slow the saving and moving into the city soon so my saving rate will slow.
Trying to get the balance of living vs saving. I wouldn’t be big on nights out but go to plenty of concerts.

ongarboy

https://www.independent.ie/business/personal-finance/latest-news/half-of-irish-adults-have-32k-stashed-away-in-savings-34619062.html

This survey, while a couple of years old could give an idea of what savings that individuals typically had during good times when unemployment was low.

The challenge with posting anonymously on Boards is that while I don't feel people are bluffing, posters with good incomes and savings are more likely to share their information than those who haven't so you get a deceptive picture then that the majority of 30 year olds somehow have 100k stashed away which is simply not the case in reality.

ShareShare

Software Developer (14 years exp) - Age 35. - Never having kids.

Ireland salary was 74k
Finnish salary is 66k (current).

Save about 1000-1200 a month in each place.

About 85k paid off 130k mortgage. (600 monthly paid by tenant which covers it)
15k cash floating around in various accounts.

I took a 2.5 year sabbatical in my late twenties that really consumed alot of wealth. Was a great time though.

It took about 10k expenses to move country (furniture, rent deposits, spending).

So total net value is currently 100k. Its fine. Nothing great but more than comfortable.

Kamu

raze_them_all_ wrote: »

That's 572 a week.=2307 - 1000+ 1307 before any bills, food is paid for. I'll assume no kids, no rent/mortgage and no car? Cos otherwise that's lies

You assume correct; no kids, I live in Dublin city Centre so I walk everywhere and my rent is 300 a month.

I've also been working from 17 and would have saved about 200 a month from that age.

Johnny0232

42,

Bought my first house aged 34. Sold 4 years later and made a good profit.(€70k) Pooled together a 85k redundancy to buy a bigger property with a lot of rental potential.
House worth roughly 295k is now paid off.
Utilising the 14k per annum tax free room rental.
Current rental income 18k. decided to just work part time for now.
17k in savings.

facehugger99

Having too much money in cash savings is not advisable IMO, especially with inflation looking like it may become an issue as money is printed to combat the Covid-19 recession.

In general, I'd only hold about 6 months worth of cash in easily accessible cash savings - that's about €24k for a family of 4 I calculate.

After that I've diversified as much as possible. Some savings in Gold, some in Crypto, some in stocks, some in property and some in long term bonds and tracker funds. Obviously a decent pension fund is a must too.

I'm mid-40's

30 - 75000 euro saved. Will probably be sunk into a mortgage in the next year.

krissovo

facehugger99 wrote: »

Having too much money in cash savings is not advisable IMO, especially with inflation looking like it may become an issue as money is printed to combat the Covid-19 recession.

100% agree, its dead money as they say losing a few % value each year and probably a big drop in the coming months. Even state savings can pay interest above inflation.

An Ri rua

endacl wrote: »

I'm 5 years old and have a millionbajillion saved. Is this too much or not enough at this stage?

Welcome to Ireland. Unfortunately Zimbabwe currency is not recognised here. You will need to exchange it. Ask your Mammy to help.

antimatterx

I'm 24 and I have 20K in savings a few hundred in shares.

I'm looking to buy a house in a few years, so I need to up that rapidly.

yabadabado

Geuze wrote: »

Check your P60 and/or P21.

I don't know exactly, but I suspect I pay about 28-30%??

Neither of those forms exist anymore.
Its not that I don't know where to get the figures, its just I've probably looked once at them and wouldn't know what they are now.

I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.

An Ri rua

yabadabado wrote: »

Neither of those forms exist anymore.
Its not that I don't know where to get the figures, its just I've probably looked once at them and wouldn't know what they are now.

I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.

Some employers are now issuing payslips. Marvellous innovation. Hope it catches on.

stoneill

54, feck all saved, spent it all!

yabadabado

An Ri rua wrote: »

Some employers are now issuing payslips. Marvellous innovation. Hope it catches on.

I hope you aren't relaying on your comedic skills to make money or have savings.

You probably should have read what was posted before making a silly comment.

user.name

I'm 25 and have about 22K saved. I live at home, pay up about 400 to the parents every month. I spend as I need and save a portion of my wages into a savings account when I get paid each month. No plans to buy in the near future as while I can save more to have a half decent deposit over the next while, the lending rates are too low for me to buy an apartment in an area I'd like

patmac2004

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

Sounds like you are very much on track with your saving programme

RandomViewer

Geuze wrote: »

You are 51, and "reasonably well paid", that sounds like slightly above average FT earnings of 47-48k.

Let's say 50-60k.

As you have no savings, this implies you spend all your after tax wages.

If you are single, that's a nice bit of spending each month...............

Not single, wife, child,pets

Kevhog1988

ShareShare wrote: »

Software Developer (14 years exp) - Age 35. - Never having kids.

Ireland salary was 74k
Finnish salary is 66k (current).

Save about 1000-1200 a month in each place.

About 85k paid off 130k mortgage. (600 monthly paid by tenant which covers it)
15k cash floating around in various accounts.

I took a 2.5 year sabbatical in my late twenties that really consumed alot of wealth. Was a great time though.

It took about 10k expenses to move country (furniture, rent deposits, spending).

So total net value is currently 100k. Its fine. Nothing great but more than comfortable.

Do you have a salary in both countries or am i reading that completely wrong? Whats the cost of living like in finland out of interest?.

krissovo

yabadabado wrote: »

I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.

I had no idea how much tax I paid last year until I just checked as I normally bundle in USC & PRSI with it, add the complexities of capital gains tax and hobby business write offs etc its gets complex very quickly.

Henry Ford III

yabadabado wrote: »

I hope you aren't relaying on your comedic skills to make money or have savings.

You probably should have read what was posted before making a silly comment.

Please be civil to each other. Thanks.

radiotrickster

I'm 26. I've €3k in rainy day savings and €3.7k in savings for a holiday (near the end of the year) and a couple of planned weekends away.

Next goals are

- €2.5k by the end of the year so I can quit my job and find something else/freelance
- pay off a loan worth €800
- potentially save for a car (but I don't have my license yet and I'm happy to use my rainy day savings on it if worse comes to worst)

vmb

I'm 35 and have about 350k in different bank accounts. I don't own any property tho, I did sold my Dublin home two months ago and am currently renting.

Having so much money under this economic scenario is stressful, I only want to buy a house but my local market is not offering me anything I like so I have to wait.

At least I'm able to save a few thousands per month so is possible I wont need a mortgage, but at the same time I'm worried about a market recovery or even some type of high inflation.

cgcsb

Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

NSAman

cgcsb wrote: »

Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

Let me get my crystal ball out.

Some people are risk averse. not everyone wants stocks and shares.

That happened before in the 1920s ,,,,,

Wompa1

Jeepers! When I was 27, I only had about 7k saved. That's good going.

cgcsb

NSAman wrote: »

Let me get my crystal ball out.

Some people are risk averse. not everyone wants stocks and shares.

That happened before in the 1920s ,,,,,

There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

krissovo

cgcsb wrote: »

There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

Dangerous as a single strategy and first time investor but true, just like the 1920's the market will recover. You just need to pick companies who survive, lots of people I know have strategies in place and ready to invest big time.

vmb

cgcsb wrote: »

There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

It depends. If I know I'm gonna need the money in a few months I would not risk it that way. Imagine a huge second wave, I could lost tens of thousands almost immediately.

To me is more important to keep all my money safe than been able to earn 100k additional euros.

By the way, my savings account have 0.01% interest :mad:

antimatterx

cgcsb wrote: »

Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

Ryanair shares were also that low last week. They have been fluctuating between €8 - €10.50 for the last 2 months.

coolperson05

Oh god this thread is so depressing! I really should have stayed at home with my parents - I moved to Dublin at 20, renting ever since...I dream of savings sometimes...and a mortgage!:pac:

Jim2007

cgcsb wrote: »

There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

That is an opinion, not a fact.

Jim2007

cgcsb wrote: »

Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

You are right about opportunities, but it requires lots of homework, not speculation on oil prices going up and may be tourism to take off again...

johnfás

cgcsb wrote: »

There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

But it doesn’t mean the value of oil companies will necessarily go up so what are you going to buy in order to capture the perceived market opportunity.