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take home pay

  • 03-07-2011 11:57pm
    #1
    tricia2011
    Closed Accounts Posts: 6 ✭


    just wondering what is the average take home pay?

    Also how much of that ideally should go into a savings account?


Comments

  • #2
    jackiebaron
    Closed Accounts Posts: 3,038 ✭✭✭jackiebaron


    tricia2011 wrote: »
    just wondering what is the average take home pay?

    Also how much of that ideally should go into a savings account?

    Take home pay for who??

    Doctors? Lawyers? Teachers? Street-sweepers?


  • #3
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    tricia2011 wrote: »
    Also how much of that ideally should go into a savings account?

    That question is something only the person working can answer.


  • #4
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,295 ✭✭✭✭Mrs OBumble


    IMHO you should be aiming to build up an emergency fund (ie savings account) with enough cash to live on for 3 months. (I used to say 6 weeks overseas, but the welfare system is slower here.)

    Do that as quickly as you can without totally killing your lifestyle.

    After that, think about your goals, and how much you need to save to meet them. Do you want to travel, buy a house, etc? Also think about a pension scheme - talk to a financial advisor about how much you need to put in to get whatever levels out.


  • #5
    amen
    Registered Users, Registered Users 2 Posts: 2,781 ✭✭✭amen


    Also how much of that ideally should go into a savings account

    minimum of 10% of your salary but 20-30% is better. Yes I know that means no little treats etc


  • #6
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    tricia2011 wrote: »
    just wondering what is the average take home pay?

    Also how much of that ideally should go into a savings account?

    I don't think it's possible to answer your question. The "average industrial wage" figure used to be bandied around a lot by unions and other people who felt agrieved that they earned less than €37,000 but the fact is there are people out there doing WPPs for €196 a week and relying on the money!

    As for savings.. you don't need to build up a large amount of savings. A lot of people did this and a lot of people had their life savings wiped out by inflation.

    A sensible guideline could be something like enough savings to pay the interest on your mortgage for a year, or three month's wages, or €10,000... it depends on personal circumstances really.


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  • #7
    tricia2011
    Closed Accounts Posts: 6 ✭tricia2011


    thanks for that

    I guess really what I was trying to find out is what people are saving and pay a mortage etc

    how they organise themselves just to learn some hints

    I am just trying to get myself sorted and dont really have anyone to turn to for advice

    thanks a million


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