How does your average single women save?

iguana2005

Am sick of not having money and constantly worrying about it.

I make 500euro a week - rent(live alone as no BF and too old to share), ESB, phone/internet/food, social(every second week), travel are budgeted for...and I would never come near raising money for a deposit for a new house....cant afford health insurance as too costly...dont have a pension...I save but there is always something I need to pay for(paying for parents new gate!)...

How do single women cope? What happens when we are in or 50's..dnt have our own house and still renting...no savings...hard to find work because of age...

Its very depressing...my mates are all married however in good jos(HSE/hospitals) and have 2 incomes...good penions...

Would be good to hear feedback - future does not look rosy for me.

jesus_thats_gre

Why are you asking this in the context of just women? Does the average man earing 500 per week not have the same problems?

i hope i'm allowed to give the link but try

http://www.askaboutmoney.com

brilliant "money makeover" section that i've used for advice before

AARRRGH

You either need to get more income, or spend less.

I'd start by sharing with someone. You clearly cannot afford to live alone.

Do you do al the usual things like not buy coffees every day, bring your own lunch to work, shop in lidl, etc.?

Tech3

It think the first problem living on your own would make a huge dent in your savings. If you shared a house with other people that will also have lower costs for the bills that you pay. 500 a week is good enough money and savings can be made from it. I think the renting would be your main downfall in my own opinion

Dolbert

It might be worth trying to get on the Affordable Housing list of your local authority, look into it.

Kidchameleon

Hi OP,

Do a nightcourse, youll end up with a qualification/cert ect that you can use to get a higher paid job. You never know who you might meet there too, your life could change totally!

Good luck.

iguana2005

well i rented all in my 20's - am 36 this year and have looked around for flat mates but were very young. I find this really frustrating. I would not expect to be sharing just because I cant afford my own house at my age.

Sorry..men or woman earning 500 a week....

Dont purchse coffee, eat pot noodles for lunch or always make my own

Thinks its just bad luck being single in this country...

FX Meister

I'd love to live alone myself but just could not justify the cost. So I share with two other guys. Might sound strange but it seems like you see yourself being single forever.
Dolorous' suggestion sounds good as regards getting your own place but then you might have to rent out part of the place you buy. I know a few people who have bought using this scheme and all of them have had to rent a room.

iguana2005

Deleted User wrote: »

i hope i'm allowed to give the link but try

http://www.askaboutmoney.com

brilliant "money makeover" section that i've used for advice before

thanks fr that - could not find earlier

AARRRGH

iguana2005 wrote: »

well i rented all in my 20's - am 36 this year and have looked around for flat mates but were very young. I find this really frustrating. I would not expect to be sharing just because I cant afford my own house at my age.

Sorry..men or woman earning 500 a week....

Dont purchse coffee, eat pot noodles for lunch or always make my own

Thinks its just bad luck being single in this country...

Well, there are defo "older" people who share. I am 30 and I share and intend to continue sharing as the property market continues to explode.

There's nothing worse than worrying about money, so just do the sharing thing. You'll find an older person to share with.

994

iguana2005 wrote: »

cant afford health insurance as too costly

Seriously, what? This could be more important than food...

ZYX

994 wrote: »

Seriously, what? This could be more important than food...

How could private health insurance possibly be more important than food?

Fantasy_Suicide

Have you tried gumtree to look for a house share?

I know I'm only 21, but I tried the living alone thing and lasted three months. It's just not possible. It's way too expensive.

LegacyUser

I'm a single girl, I earn €320 a week, my rent is €370 a month as I share a house with two other girls, but our ESB bills are pretty high (due to stupid heating in our house and washer dryer on the go by one of them constantly), €40 a week on petrol (I live a good bit away from work), after that and food, socialising, clothes, etc I have €1,200 saved since I started working in December after a year travelling, I think that's pretty good going, considering I went to Amsterdam a few weeks ago too.

I find what helps me is having online banking, you can see exactly how much you have and if you know you have spare money you can fire it into the savings account with a few clicks of the mouse. Only one of my 3 accounts is accessible by ATM so I can't get at my savings easily.

ParkRunner

A suggestion I would make is to move back in with the parents for a few months if possible, seeing as you are paying for their gates! I know it would be a very difficult thing to do but if you cut out rent altogether for a few months and put it all towards a deposit then you could have a deposit saved up faster than you may think. Short term pain for long term gain!

I was renting (sharing) myself too for a while and wasn't able to save as much as I think is needed these days for a deposit so am back in with the parents. It is tough but living with the parents you could easily save at least 50% of your income and have a decent standard of living outside the house.

FX Meister

ZYX wrote: »

How could private health insurance possibly be more important than food?

A little exageration but it's true enough. I know some one who got a public appointment in September 07 for a cancer scan in May 08, went private and had the scan in October 07, started chemo straight away and only lived until June 08. So if she went public she would have been dead long before she had even been diagnosed. Public healthcare in Ireland is a joke.

iguana2005

have had loads of house shares - sharing for bloody nearly 10 years!! Been there and done that - thanks for all your replies. might do a second job on the side for saving money. went for that house ownership scheme in 2005 but they still look for deposit - 7000 euro back then which i didnt have. And whu by your own house when you have to share the bloody thing anyway as you cant afford the rent on your own!?
renting in ireland is a pain - lived abroad for a few years and Ireland is te only place that puts pressue on you to own a house. And renting is a no no especially(god forbid) when your in your 40's!

Thanks guys,,,

Stheno

Have you tried keeping a spending diary ?

Basically it's a list of what you spend money on every day and allows you to track your spending habits, you may find it helpful in identifying where you could make cutbacks?

As a start, you've phone and internet, have you shopped around for better deals?

And as Aaaargh said, have you looked at where you are shopping?

Salome

Have you looked into the Rent-To-Buy schemes? You pay a sum every month, a portion of that is your rent and the remainder is towards your deposit to buy the property after 3 years.

I think it's a bit expensive every month but it's better saving towards your deposit - I resent paying someone else's mortgage when I pay my rent.

As for myself, me and my OH are living with our respective parents while we save like crazy. It's tricky but it's worth it.

holdmyhand?

being single has nothing to do with your money issues......... when your in a reltionship ya still have problems with saving etc

FX Meister

iguana2005 wrote: »

have had loads of house shares - sharing for bloody nearly 10 years!! Been there and done that - thanks for all your replies.

Well then you can't really moan about having no money if you choose to spend it on living alone. A bit like me moaning because I spent €40K on a BMW cause I'm 35. I've owned Fords and VW's in my 20s but I'm so over that.

Walls

Okay, first thing to do;
Note all your expenditure for one month. This includes everything, from your food and drink, coffee at work, transport, clothes, esb, rent, and nights out. All of it, even the ten cent extra for this and that. Sit down at the end of the month and sort it out. Then figure out where you can make savings. You probably know most of them already, make your own tea and lunches, cycle to work rather than car, shop around for car insurance, etc. You mention that you are always paying for something, so if there are any further incursions on your spending power from, say, your parents, ask for a month to a year's grace to help you get your savings up and going.

Now, decide what it is you need. You've mentioned being alone several times, so I'm assuming from that you have concerns about your own security. Get yourself a health insurance plan. Get yourself a savings account. Even if you put in a max of €50 a month that is at least a start. There are now several options regarding rates of interest offered for savings account, such as Rabo Direct. Go get them, sharpish. Finally get yourself a pension plan. Ask about it at work, some large companies provide recommendations for these.

Remember that there are firstly always ways to economise, and secondly that you are planning for your own security. Plan, save, and prepare, and you will be fine.

Walls

In terms of Affordable Housing in Dublin, one person paid a deposit of €1,300 for their apartment.

littlesurfer

ask your landlord to drop the rent. A lot of landlords are doing that now,..no one wants to loose a tennant....if he drops it then straight away set up a direct debit and theres your savings started.

I used a dd to clear out my acc just after pay day...i'd leave myself with very little but knowing you didnt have it made me hold back a lot. Saving is hard at the best of times...i'm in my late 20s and have been known to resort to babysitting for an extra few quid...its an easy way to make an extra few quid to get you through the week...also gave piano lessons last year.

I'm afraid the living alone thing is a really cash zapper....but thats a no brainer hey!!!???!

Stheno

littlesurfer wrote: »

ask your landlord to drop the rent. A lot of landlords are doing that now,..no one wants to loose a tennant....if he drops it then straight away set up a direct debit and theres your savings started.

Just to give proof to this example, I've recently moved house and moved into a house which was renting for €800 a month and I got it for €650 per month.

Landlords are willing to be reasonable atm.

AnonoBoy

If you afford yourself the luxury of living by yourself then you can't really complain that you can't save.

If you really want to save money then go into a house share. Simple as. You'll save yourself hundreds every month straight off the block.

After that it's easy to save money. Look at your food bills. Stop buying more expensive things and shop in Lidl, Aldi etc where necessary. Be smart about what you buy. Don't waste. Make your lunch at home and bring it to work. That'll save you money.

Is public transport an option for going to work? That'll save you money on petrol.

If you afford yourself the luxury of living by yourself then you can't really complain that you can't save.

To be fair, expecting to be able to live on your own at the age of 36 is far from a 'luxury', IMO. House shares are so grating after a few years, it's not normal to live with strangers. I'm sick of sharing already - I'm only 23 and have been sharing for 5 years. Couldn't imagine still doing this at 36. I guess your point is valid, the OP hasn't much choice, but it's sad that someone in their mid 30's is still forced to share a place with randomers.

watna

Can you move flats to somewhere that might be cheaper? Or as people have suggested try and get your rent reduced. I know you should be able to live by yourself at 36 and you're right - it is easier if you're not single because you have someone to half the rent with you but it's someone that you actually like living with (most of the time!)

The best way I find to save money is that when I get paid - the money gets sent to various account to cover bills, rent, food savings and most importantly pocket money. I give myself x amount of money per week. I take it out from the ATM and dont use my debit card at all. If the money runs out before the end of the week then no starbucks or lunches out for me until the next week where I take the money out again (I usually give myself my pocket money from a Friday to a Friday because the weekend is when you need it most). Also with the saving, even if it's only a tiny bit I put a little bit away. tbh, like yourself I usually end up spending some of it on unexpected expenses but I think as my budgeting gets better that'll get easier.

Have you done up a budget? I have one that stretches months in advance and it makes things easier to see how my little bit of savings every pay day adds up. Makes it all feel less futile.

Monkey61

Hi OP,

I think the main problem here come down to budgeting. 500 a week can be quite a lot of money and I'm quite confused as to how you can't save. Basically what you need to do is tailor your lifestyle to suit your income. When I was earning 500 a week and saving, I bascally pretended that I was still earning 200 a week and behaved accordingly. I never went into shops - ever, except for the supermarket. I didn't buy clothes, magazines, I stopped going out for coffee or dinner because that eats money and majorly toned down the drinking. It also helps to ave a strict budget on what you spend on food fr the week.

Fair enough if you think you are too old to share, you are entitled to live on your own - but you have to see that it is impractical if you want to save. You jst have to decide which is more important to you - maintaining your lifestyle now, or putting it on hold for 3 or 4 years to save for a house.

Is there going to be opportunities for promotion in work? Is your wage ever going to increase? If not, would you consider changing careers? It shouldn't take more than a couple of years in even the most basic job to rise to that wage anyway, with opportuinities for further promotion.

Also, not to be morbid, but will you be getting inheritance from your parents one day? Because if so, then that can ease the pressure of future worries somewhat.

cantdecide

You don't mention a car.

If there's none, great for your pocket. If there is one, please give details....

EDIT:

btw, I'm male 27, earn around the same as you, live alone, run 2 cars and a bike but have some spare cash. The difference is that I don't drink or smoke I think. I'm not being preachy on any level about it but what I would say to you is if you're serious about saving money, to not underestimate the significance of your fortnightly tipple. There are more ways to socialize than going out on the beer.

missmatty

I'm 31 and would love to live on my own, have shared for 14 years, but I can't afford it. Even though i earn more money than the op. To be honest I consider having a pension, health insurance and savings more important.

neuro-praxis

Just poking my head into this thread to say that there are some great saving tips here that I'm going to take up - thanks folks! And good luck OP - things will work out...because they have to.

lisajane

I find it hard to save myself. I intend on saving once i have my credit card cleared though. Im clearing that bit by bit each week. One good tip another poster said, is the online banking. I keep track on things easily and decide how much im going to live on for the week. And i pay of the credit card the day i get paid so im already limiting myself to how much i live on and i have to stick to it.

iguana2005

great to see so many replies..and am not the only one to find in difficult....just seems no end to money problems...lots of issues with over 35's still renting...i could not imagine living now with a stranger...lots of you seem very young still and hopefully you will all be settled when you get to my age!...will keep an eye on the purse strings...and i wont feel guilty about living on my own...would you expect me to still be renting with strangers in my 40's??!!!by the by my rent isnt too bad compred to some younger mates who pay near to what i pay and share with 2/3 others!..dont have car use the monthly bus pass which has gone up(thanks CIE) to now 77euro a month...i pay for my dads fuel too as he is retired and sraapped for cash...

CDfm

but you pay for stuff for family it seems alot

iguana2005

yeah i know im a softie...parents having a hard time of it too...could not but help...hope someday my kids would do the same..

LegacyUser

Perhaps the parents could also benefit from money saving ideas, e.g. changing electricity to take advantage of the Bord Gais offer, cheaper phone deals etc. And if they are OAPs check that they are getting any benefits they are entitled to. Check out regular savings accounts, these still pay 5%+ although inflation is negative and they encourage you to put something away.

Stheno

iguana2005 wrote: »

dont have car use the monthly bus pass which has gone up(thanks CIE) to now 77euro a month...

Does your work do the scheme where if your employer buys the tickets and you buy them from your employer, then you don't pay tax?

It's 20% relief so it would bring down that cost from €77 to approx. €60 per month. It's called the Easi Travel Plan and your employer also saves as they do not have to pay the 12% Employers PRSI on them.

If they do do it, it might be worth looking into it, and even considering buying a yearly ticket, as they work out at approx. 12 months travel for the price of ten, so you'd save even more.

sunnyside

iguana2005 wrote: »

And whu by your own house when you have to share the bloody thing anyway as you cant afford the rent on your own!?
renting in ireland is a pain - lived abroad for a few years and Ireland is te only place that puts pressue on you to own a house. And renting is a no no especially(god forbid) when your in your 40's!

Interesting topic.

Sometimes I reget buying my house, the financial pressure is immense. In the "current economic climate":rolleyes: you honestly are better off not owning a house. I think people in their 40's and older are renting again because of marriage break-ups.

holdmyhand? wrote: »

being single has nothing to do with your money issues......... when your in a reltionship ya still have problems with saving etc

Relationships bring extra expense (meals out, christmas, birthday, valentines presents, brazilian bikini waxing) Not meaning to sound negative, relationships are great but not usually free.

iguana2005 wrote: »

yeah i know im a softie...parents having a hard time of it too...could not but help...hope someday my kids would do the same..

You sound like a lovely person for helping your parents out.

I'd be interested in knowing what people would suggest as a reasonable food budget and pocket money.

I was thinking €40 for food but last week I bought 2 packs of half price strawberries, grapes and 2 packets of half price chocolate bars and the bill was around €10. Seems like good value for what I got but not exactly going to feed me for very long and 1/4 of the proposed food budget gone. I think one takeaway a week is reasonable so another €10 for that (would barely cover it--cheapest thing on menu probably). Bread, butter, milk another €5... and then €40 doesn't seem like anywhere near enough:mad:

Pocket money another €40 maybe and I don't smoke and generally don't drink.

Beauty expenses like hairdresser and waxing cost a lot. I'll include my contact lenses here too. I would say this adds up to another €40 a week.

Petrol, car tax and insurance.

I'm living from payday to payday too, I'm always wondering how people manage money because I never have enough and I only have myself to support.

It's not just you OP, living is expensive.

CDfm

a couple can live cheaper than a single person.

Also, guys will do rotten jobs that pay more while women are to proud to get their hasnds dirty.

OP what do you do for a living and is there a job you may not like which pays more?

watna

sunnyside wrote: »

I'd be interested in knowing what people would suggest as a reasonable food budget and pocket money.

I'd give my food, pocket money etc budget because I think it's a great idea to share that info but it's in NZ dollars so wouldn't really translate.

I have less disposable income in NZ so my budget is a lot tighter here (although, strangely, my standard of living is higher) If I find a copy of my budget in euros I used when living at home somewhere on my laptop I'll def post it up!

Some people don't like talking about money - that it's rude or private but I think it's great to see what other people's expenses are and how much they manage to live on. It will always put things in perspective angive you hints.

Walls

I'd say forty for food is about right.

Joey the lips

Hi OP, i was making 555 euro a week and I managed great. I am only getting 230 euro now and I am getting by. The trick is to cut everything you can. You will be amazed,

Travel: Uses busses instead of taxies

Food: Cut out ready meals buy fresh day by day especially as you live alone

Have a look you will be amazed at what youy cut back.

Consider getting you house to change electricity providers Lucy Kennedy is all over the TV at the moment on this one.

CDfm

Walls wrote: »

I'd say forty for food is about right.

G/f and me go to dinner twice a week -55 is the average bill -60 with a tip.

If you look at work as something that pays bills to do what you and not a vocation it is easier to see why some people can do certain jobs etc

So work out your priorities

missbaker

Im 29 , single and house sharing too. Earn a little more than the OP. I would love to live alone but I think its more important for me to save the money I could be spending on a place of my own. I want to but a house so putting my money towards that. I work in a restaurant so mostly evenings and weekends so that really cuts out my socialising as when everyone is out im at work! I go out about once a month and that is plenty for me. I dont go into rounds either. Drink at my pace . .not going to be keeing up to other ppls pace. I save alot of money on food too as i eat at work 5 days a week.

Walls

CDfm wrote: »

G/f and me go to dinner twice a week -55 is the average bill -60 with a tip.

If you look at work as something that pays bills to do what you and not a vocation it is easier to see why some people can do certain jobs etc

So work out your priorities

I do like eating out but sometimes, as you say, a person has to sort out their priorities and think of things in the long term. I actually make an extremely good salary, but I intend to have certain things in my life. Also, even if I treat myself lavishly in my food shopping (well, lavishly in my eyes), my food budget comes in around that mark.

Though no doubt your sacrifice of any work/vocation conflict is a better option.

iguana2005

I cant believe the ammount of people who are saving to purchase their own house under the age of 30! That is scary....being in debt over €250,000 on your own - no such thing anymore as a long term job...your only a number at the end of the day and if things get tougher economically we will all be working partime hours..many friends of mine in NZ(+ me who lived there for 4 years)think the IRish are crazy and very parohial - going into debt at that age is crazy or waiting for your parents to hand over a lump sum...I have friends who have never left the country only for Spain for 2 weeks holiday - scary scary..I think you need to travel to open your eyes and not get cought up in the whole 'buy a house, job for life, retire happily etc...

CDfm

OP -it just shows they are switched on enough to buy cheap houses during the recession

iguana2005

your're still looking at €200,000...would not call that cheap?And to be paying that till your 70 at least...good luck in this uncertain climate! Have friends(couples) in dire straits trying to pay off mortgage even below that figure..will happily rent for a while till I decide what to do...aint no one gonna put pressure on me to buy a house!

missbaker

Iguana. . good for you not letting anyone pressure you into buying a house. But some people actually want to own their own place and not waste money renting and paying someone elses mortgage. House prices have never been cheaper and are still dropping. There was a 3 bed fully furnished sold where I live for 160k. New development too.!!
I have travelled around the world too. Arrived home 1 yr ago so wont be missing out on that either!!