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

User9thousand

coolperson05 wrote: »

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:

I pay rent in Dublin. But share a house. I would have thought a single non smoking person would have at least 30k by late 20’s. And it wouldn’t be unusual.

Even if salary is 30k =2k per month.
Rent around 600 but can get places cheaper if your lucky. 250 on food if you eat a lot. 20 on the phone. 30 for bills. 20 for subscriptions. 100 for transport. So 1020 in total. Leaves 980.

Take 250-300 a month in things you want. Might not spend all that in a month on activities and drink so keep some aside for a holiday. So you have 680 left over not spent.

680x12x4=32k savings.

Now maybe during those years that person spent 1000’s on traveling the world so they won’t have that so that would be different. But if your someone who worked 4 years and took a few weekly holidays each year you’d still save about 30k. Unless you spend over 300 a month on discretionary stuff which would probably mean smoking and drinking every Thursday, Friday, Saturday night and eating takeaways.

Sometimes it even sounds as though people earning over 50k struggle to save a 1000 a month. Could be true if they pay higher rent to live alone in an apartment. Go on lots of expensive holidays a few times a year. Australia, Asia, South America and to the farthest corners of the earth.

If I was in that position I’d probably sacrifice the expensive apartment so I could go on the exotic holidays but also save.

Rent is probably the big factor anyway. I couldn’t condone giving so much money to a landlord and not sharing when under 30 years old. It’s a total waste. But then some people don’t like living with others.

Obviously then some people earn under 30k. I definitely would be sharing an apartment then and limiting the amount of expensive holidays. Doesn’t mean you can’t spend or go on holiday. Just not the most exotic ones. But then if they want to see the world it is their choice. But don’t expect to have much savings.

Not talking about the people who couldn’t save because of education costs or parents who couldn’t support them though. They’d find it harder to save. Just the people who start working debt free! Maybe that’s not a lot of people though...

raze_them_all_

User9thousand wrote: »

I pay rent in Dublin. But share a house. I would have thought a single non smoking person would have at least 30k by late 20’s. And it wouldn’t be unusual.

Even if salary is 30k =2k per month.
Rent around 600 but can get places cheaper if your lucky. 250 on food if you eat a lot. 20 on the phone. 30 for bills. 20 for subscriptions. 100 for transport. So 1020 in total. Leaves 980.

Take 250-300 a month in things you want. Might not spend all that in a month on activities and drink so keep some aside for a holiday. So you have 680 left over not spent.

680x12x4=32k savings.

Now maybe during those years that person spent 1000’s on traveling the world so they won’t have that so that would be different. But if your someone who worked 4 years and took a few weekly holidays each year you’d still save about 30k. Unless you spend over 300 a month on discretionary stuff which would probably mean smoking and drinking every Thursday, Friday, Saturday night and eating takeaways.

Sometimes it even sounds as though people earning over 50k struggle to save a 1000 a month. Could be true if they pay higher rent to live alone in an apartment. Go on lots of expensive holidays a few times a year. Australia, Asia, South America and to the farthest corners of the earth.

If I was in that position I’d probably sacrifice the expensive apartment so I could go on the exotic holidays but also save.

Rent is probably the big factor anyway. I couldn’t condone giving so much money to a landlord and not sharing when under 30 years old. It’s a total waste. But then some people don’t like living with others.

Obviously then some people earn under 30k. I definitely would be sharing an apartment then and limiting the amount of expensive holidays. Doesn’t mean you can’t spend or go on holiday. Just not the most exotic ones. But then if they want to see the world it is their choice. But don’t expect to have much savings.

Not talking about the people who couldn’t save because of education costs or parents who couldn’t support them though. They’d find it harder to save. Just the people who start working debt free! Maybe that’s not a lot of people though...

Math doesn't add up. 12 x 2 is 24...a whole fifth lower. And that's not including taxes, rent etc, just doing the math correctly drops your savings down 6 grand

User9thousand

raze_them_all_ wrote: »

Math doesn't add up. 12 x 2 is 24...a whole fifth lower. And that's not including taxes, rent etc, just doing the math correctly drops your savings down 6 grand

It’s saving 680 a month out of 2k for 4 years I was saying gets over 30k saved. Not 2 years. That’s even if you spend 300 a month on holidays and social stuff.

Income €2000
Rent 600 food 250 phone 20 bills 30. Subscriptions 20. 100 for transport. So 1020 in total. Leaves 980.

Take 250-300 a month in things you want. Drink drugs and some for a holiday.

680 left in the month to save.
680x12x4 is over 30k saved.
While still drinking and holidaying.

NSAman

coolperson05 wrote: »

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:

As I said earlier, I think "time of life" has a lot to do with this also.

I always remember wondering how people afforded to take holidays that I couldn't and own houses that I couldn't.

The simple facts are, we all come into our own at different times in our lives, some later than others.

Just live your life and forget about what others have..;)

Jim Root

I’ve no savings, as in cash on hand, but I put 20% into my pension.

c.p.w.g.w

Have roughly €50,000 at 32...

Also have a house, I reckon we have at least 40% equity judging by a back of an envelope calculation done by an auctioneer friend(he does valuations for banks during the mortgage process

Considering trying to pay off a good chuck next year and try and move to LTV rate...But with Covid-19 i don't know if i'll still have my job

Das Reich

Unearthly wrote: »

About 100k in property, and 50k in savings.

34

Most of it was saved during my 20's living at home, then life and responsibilities hit me

Same as me at 38. Returning to my country in few years with that money would make me on the top 5%.

LawBoy2018

I'm 24, have €0 in savings and still owe approx 4.5K from college/professional exam fees! Fml haha. I'm due to start a new job once things go back to 'normal', but I have a lot of catching up to do by the sound of things.. Well done to the OP though! That's a serious amount to have saved at such a young age.

Padre_Pio

LawBoy2018 wrote: »

I'm 24, have €0 in savings and still owe approx 4.5K from college/professional exam fees! Fml haha. I'm due to start a new job once things go back to 'normal', but I have a lot of catching up to do by the sound of things.. Well done to the OP though! That's a serious amount to have saved at such a young age.

Never too late to start. At 24 I was still in college, and 25, and 26....:eek:

RandomViewer

dockysher wrote: »

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

Carole??

LawBoy2018

Padre_Pio wrote: »

Never too late to start. At 24 I was still in college, and 25, and 26....:eek:

Hopefully it all pays off in the end! I was working in a large firm in Dublin up until March, but I was still only earning roughly 1950 a month after tax, while paying €900/m to share a tiny apartment with a married South American couple! Haha. Lovely people but I found it quite a lonely existence, working long hours while living with people who rarely spoke English. I'm still grateful for the opportunity though and appreciate that some folk only dream of having a roof over their heads.

Hopefully things pick up soon and I'll have the loan paid off before I turn the big 25 next year :rolleyes:

snoopboggybog

User9thousand wrote: »

I pay rent in Dublin. But share a house. I would have thought a single non smoking person would have at least 30k by late 20’s. And it wouldn’t be unusual.

Even if salary is 30k =2k per month.
Rent around 600 but can get places cheaper if your lucky. 250 on food if you eat a lot. 20 on the phone. 30 for bills. 20 for subscriptions. 100 for transport. So 1020 in total. Leaves 980.

Take 250-300 a month in things you want. Might not spend all that in a month on activities and drink so keep some aside for a holiday. So you have 680 left over not spent.

680x12x4=32k savings.

Now maybe during those years that person spent 1000’s on traveling the world so they won’t have that so that would be different. But if your someone who worked 4 years and took a few weekly holidays each year you’d still save about 30k. Unless you spend over 300 a month on discretionary stuff which would probably mean smoking and drinking every Thursday, Friday, Saturday night and eating takeaways.

Sometimes it even sounds as though people earning over 50k struggle to save a 1000 a month. Could be true if they pay higher rent to live alone in an apartment. Go on lots of expensive holidays a few times a year. Australia, Asia, South America and to the farthest corners of the earth.

If I was in that position I’d probably sacrifice the expensive apartment so I could go on the exotic holidays but also save.

Rent is probably the big factor anyway. I couldn’t condone giving so much money to a landlord and not sharing when under 30 years old. It’s a total waste. But then some people don’t like living with others.

Obviously then some people earn under 30k. I definitely would be sharing an apartment then and limiting the amount of expensive holidays. Doesn’t mean you can’t spend or go on holiday. Just not the most exotic ones. But then if they want to see the world it is their choice. But don’t expect to have much savings.

Not talking about the people who couldn’t save because of education costs or parents who couldn’t support them though. They’d find it harder to save. Just the people who start working debt free! Maybe that’s not a lot of people though...

Most people have a life though and not going to live frugally for four years. The 20's are the best years of your life. Not saying go mad and waste everything but living off just 250-300 for socializing/clothes/holidays/car/ is just madness.

At that age I was at every Irish match, every concert possible, foreign holidays as much as I could, out drinking most nights, decent car. Didn't regret one bit of it.

A lot of people with good savings will just die on their death bed with the money in the bank. It's almost a mental illness.

snoopboggybog

One other thing i find funny is young people maxing out their pension in their early 20's and plan on doing it till they retire.

If your not going to spend the money in your youth your not going to spend it when you retire.

krissovo

Jim2007 wrote: »

That is an opinion, not a fact.

I would argue with a decent strategy it is fact, look at the share picks thread 2020 most are doing very well or have low risk potential that have been highlighted. My short term picks are there to see and I have made a easy 30% gain with just 3 tech stocks. The big gains are coming once oil, cruises and airlines start taking bookings again.

User9thousand

Ah yeah. Don’t have a car though. And would rather spend the money on a holiday than giving €80 to the FAI to see Ireland lose!

I suppose it’s a matter of getting the balance right. Even if you change the scenario I gave above and instead of spending just 350 a month you could spend 600 and go to concerts, matches and holidays and drink lots of pints. Then save the 400 a month left over for 4 years between 24 & 28 gives around 20k. Just seems like people easily spend €1000 each month on activities and holidays in their 20’s because they’re young and free. And don’t think of saving anything or thinking about future and how they might need money for house purchase etc . Money saved in 20’s wouldn’t be going to the grave anyway because it will disappear when buying apartment/house.

Probably wouldn’t bother maximizing the avc’s. As long as you maximize the amount of employer contribution thats what I’d do. No point in thinking so far ahead away as 40 years when you will start to see the benefit of those avc’s you maximized. You could keep that bit of money to do nice things when your young and able and alive.

krissovo

snoopboggybog wrote: »

One other thing i find funny is young people maxing out their pension in their early 20's and plan on doing it till they retire.

If your not going to spend the money in your youth your not going to spend it when you retire.

I find this quite sad, enjoy your 20's save a little for a mortgage deposit and start a small pension pot but remember to enjoy yourself. The earning of decent money comes in your mid to late 30's with life experience and then plan on building the pension pot. You can never go back to gain lifetime memories.

In my 20's I maxed out a credit card in a single weekend in vegas which was about £8k and took 5 years to pay and while it was 100% irresponsible it was fun and a story I will tell until the day I die. There are a million ways to spend much less money and still have great memories and in the following 3 years they were picking fruit in Europe getting paid for my holiday until I could afford to have a decent holiday again.

Padre_Pio

User9thousand wrote: »

Probably wouldn’t bother maximizing the avc’s. As long as you maximize the amount of employer contribution thats what I’d do. No point in thinking so far ahead away as 40 years when you will start to see the benefit of those avc’s you maximized. You could keep that bit of money to do nice things when your young and able and alive.

I just don't like giving that money to the taxman.

rob316

32, renting, wife and kid. About 10k savings but I ploughed my life savings into a construction/property deal a couple years back that hasn't yielded anything yet though.

ted1

Padre_Pio wrote: »

Never too late to start. At 24 I was still in college, and 25, and 26....:eek:

Similar enough here

Started college at 18, did a two year cert.
Then at 21 went to work in intel. Took voluntary redundancy a year later.

Went back for a 1 year diploma (level 7) then a 2 year degree ( Level 8) Finished at 24.

Went back to do a part time MSc at 31, took 3 years.

vikings2012

I understand why people say enjoy your 20s and spend as much as you can on social activities.

I’m in my early 20s and have a good nest egg. While I do spend my money on a Saturday night out, ski trip, a big match I would be quite reserved in splashing out and treating myself.

I find it hard for a number of reasons.
- I like the security of having an emergency fund available on hand.
- I sometimes feel guilty buying myself expensive treats (e.g. 180 trainers) when I know that my mother spent €20 on shoes for herself in shoe zone trying to rare our family
- knowing that I or my family member might need funds for a more important future need.

I could be wrong but I feel a lot of people who would have no trouble spending hundred each month on themselves grew up in an environment where money wasn’t a big worry.

Padre_Pio

vikings2012 wrote: »

I could be wrong but I feel a lot of people who would have no trouble spending hundred each month on themselves grew up in an environment where money wasn’t a big worry.

Each to their own.

My own mother takes great joy being frugal.

nthclare

I'm 44 and have my own 4 bed house in the Burren, beautiful location.
Had my house paid off by the time I was 28.

Gave up the cooperative world in 2005, spent money on land, re-educated myself.
Realized that fluff jobs are only for gambler's and intelligent idiot's.

Sustainable living, studied horticulture and arboriculture, working as a full time tree surgeon and part time vegetable gardener and garden and park designer.
Have a few horse's an owl and pet free range raven, two lurchers, 3 cat's and a carp lake.
Hold on I'll check my savings... €688.17 to my name.

Money's only important if I don't have it.

NSAman

Padre_Pio wrote: »

Each to their own.

My own mother takes great joy being frugal.

This drives me nuts.

The woman should not have a care in the world. We pay everything for her. She refuses to go to dinner unless she is paying (so of course we say yes and get the bill), she refuses to spend money on herself (so of course the grandkids is the perfect excuse to bring her to the shops and we get the bill)

She refuses point blank to travel.... no getting around that one.

Yes saves, she turns the lights off, she keeps the house heating down.

The one thing we as a family always want is for her to not want for anything, yet she economizes, she saves, she re-uses, she fixes things (in her 80s that is amazing).

She has her funeral paid for. She has the money for her "wake".

She always tried to pay for petrol, which of course we do not let her pay for. Then she gets annoyed at us for spoiling her.

I think it is innate that she has always looked after us as kids and wants to continue that. As adults we just want to make her enjoy herself.

sKeith

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 43 myself and have about €120,000 invested. Have a rainy day fund of about €20k in easy to liquidate assets. I've still earning, so am continualsy adding to the fund.


I still consider myself quite young, so have about 60% invested in quite risky investments, with about 30k invested in p2p. This is an interesting market at the moment. Most sure timers have left the market already, and i've enjoyed helping them leave the market. More profit for me.



It is very posible I could lose out of this covid-19 pandemic, but honestly, who hasn't?


I'd hate to profit on other peoples misfortune and loss.

ted1

nthclare wrote: »

I'm 44 and have my own 4 bed house in the Burren, beautiful location.
Had my house paid off by the time I was 28.

Gave up the cooperative world in 2005, spent money on land, re-educated myself.
Realized that fluff jobs are only for gambler's and intelligent idiot's.

Sustainable living, studied horticulture and arboriculture, working as a full time tree surgeon and part time vegetable gardener and garden and park designer.
Have a few horse's an owl and pet free range raven, two lurchers, 3 cat's and a carp lake.
Hold on I'll check my savings... €688.17 to my name.

Money's only important if I don't have it.

You sir are the richest person so far

snoopboggybog

sKeith wrote: »

I'd hate to profit on other peoples misfortune and loss.

That's how people become millionaires.

snoopboggybog

nthclare wrote: »

I'm 44 and have my own 4 bed house in the Burren, beautiful location.
Had my house paid off by the time I was 28.

Gave up the cooperative world in 2005, spent money on land, re-educated myself.
Realized that fluff jobs are only for gambler's and intelligent idiot's.

Sustainable living, studied horticulture and arboriculture, working as a full time tree surgeon and part time vegetable gardener and garden and park designer.
Have a few horse's an owl and pet free range raven, two lurchers, 3 cat's and a carp lake.
Hold on I'll check my savings... €688.17 to my name.

Money's only important if I don't have it.

Nice, that's what I want. I'll be buying pretty soon. Once I have a roof over my head paid off I'll be living the easy life and doing some contracting here or there. Get myself a decent house for 150K with a lovely back garden and that'll do me! Plan on paying mortgage as soon as possible.

SusieBlue

I’m 28 with about 7k saved. I moved home last year after spending most of my 20’s renting and thus haemorrhaging money, there was very little left for me to save at the end of each month after rent & expenses were paid.
My salary is quite a lot below average and I still owe about 3k on a college loan.

I could have probably saved a bit more last year but I did a lot of travelling, after spending years living hand to mouth paying extortionate rent I took a trip to 3 cities on the West Coast of the USA and I did 4 European city breaks. I don’t regret it because I enjoyed every second of them.

If I still have a job after lockdown I’m going to really knuckle down with the saving for a mortgage, the odds are already stacked against me with the lending rules, 3.5 times my wage as a single woman isn’t going to buy much so a hefty deposit of at least 70/80k is going to be needed.
Reading this thread is depressing but I do hope to own my own home one day.

ted1

SusieBlue wrote: »

I’m 28 with about 7k saved. I moved home last year after spending most of my 20’s renting and thus haemorrhaging money, there was very little left for me to save at the end of each month after rent & expenses were paid.
My salary is quite a lot below average and I still owe about 3k on a college loan.

I could have probably saved a bit more last year but I did a lot of travelling, after spending years living hand to mouth paying extortionate rent I took a trip to 3 cities on the West Coast of the USA and I did 4 European city breaks. I don’t regret it because I enjoyed every second of them.

If I still have a job after lockdown I’m going to really knuckle down with the saving for a mortgage, the odds are already stacked against me with the lending rules, 3.5 times my wage as a single woman isn’t going to buy much so a hefty deposit of at least 70/80k is going to be needed.
Reading this thread is depressing but I do hope to own my own home one day.

Do you Intend to stay single.
I’ve a few friends who were in the sane situation as you. Some bought the coupled up then were left with a property that did t suit their needs. Some blew every cent they had , meet a guy or girl and pooled their resources. Don’t feel obliged to follow the herd

jimbobaloobob

Have to agree fair play to those savers. Had a good savings that went into investments and property prior to the last recession. Lost the lot

Live day to day now in a small cottage rented very rurally to make it affordable. Working but not now with pandemic.
Don’t regret the choices I made but c’est la vie. Good on ye with the bulging bank accounts.