Have you savings?

chases0102

I'm always constantly paranoid that I have so little money compared to other people.

People talk about 'their savings' and it makes me feel inadequate sometimes.

Does anyone else experience this?

snaphook

A part of all you earn is yours to keep.

From "the richest man in bablyon."

Save 10% of whatever you earn, don't spend it and you'll always have money.

Spend the remaining 90%. If you can't live off 90% then you're living beyond your means.

Even at €188 a week dole money, you'd have almost a grand in savings in one year.

Mr. CooL ICE

Yep, I do. After college, I had loans to pay off for 5 years. They ended a year ago and I simply haven't changed my spending habits since then. Not a huge amount, but enough to cover any type of emergency I may have.

mawk

I did until I paid the deposit on my house last week..

:-(

Frisbee

Yep, my monthly wage would be broken down roughly like so:

35% Bills (Rent, Petrol, Electricity, UPC etc.)
45% Savings
20% Spending money for the month

Calibos

Yep, my monthly wage would be broken down roughly like so:

100% Bills (Rent, Petrol, Electricity, UPC etc.)
0.05% Savings
0.00% Spending money for the month

Legs.Eleven

2 un 6 punce.

mad muffin

chases0102 wrote: »

I'm always constantly paranoid that I have so little money compared to other people.

People talk about 'their savings' and it makes me feel inadequate sometimes.

Does anyone else experience this?

No. I have savings.

trollface.jpg

Tar.Aldarion

No, can't afford to and if I could I'd get health insurance first I guess and pension , then savings.

cactuspaw

I did, till I became unemployed and had so much debt to pay off, no majority of the money I get is spent on rent and food and public transport and there's not much to save after that.

mixery

only debts.

alfa beta

naw - i've a loan, a credit card, an overdraft and a mortgage

shur someone has to make use of all that money other people are saving

Green Mile

Frisbee wrote: »

Yep, my monthly wage would be broken down roughly like so:

35% Bills (Rent, Petrol, Electricity, UPC etc.)
45% Savings
20% Spending money for the month

I do the same, 45% on savings. Its hard but I would live on the same amount as one would get from the Dole. It's very do-able.

fits

Yep but think I'm being over ambitious lately and trying to save too much. Having that safety cushion there is nice.

mickydoomsux

I save roughly half what I make, give or take.

Then I use it to knock chunks off my mortgage which reduces my repayments allowing me to save more and knock another chunk off sooner

The One Doctor

Yes, I save about 45% of my income. Lucky me, because I was handed my notice half an hour ago.

Alf. A. Male

The One Doctor wrote: »

Yes, I save about 45% of my income. Lucky me, because I was handed my notice half an hour ago.

Bastards.

Hard luck, hope you get something else quickly.

Sleepy

Nope, I was way too foolish with my income before I had a family and my wife was no better so for the past few years we've been paying off our debts. At the current rate of repayment we have about another 18 months before we'll be debt free and from then on, will be attempting to save approximately 20 - 30% of our net income to finally get a deposit together.

caustic 1

What, you mean money left over? PPPPPPPPPPPPPPFFFFFFFFFFFFFFTTTTTTTTTTTTTT hahahahahahahahahaha.









NO.:rolleyes:

I Heart Internet

Yeah, a little over 100% of my gross income for the year.

A spell unemployed could seriously eat into that, but hopefully that won't be an issue.

While I have no plans for it at the moment, I guess I'm saving for a deposit on a house....or a coffin made entirely of two euro coins.

old_aussie

When I was younger I spent most of my money on cars, girls, booze and the rest I just wasted

Managed to get a good super scheme and retire at 55 with a nice nest egg.

Satriale

Saving little bits of colouredy paper. Hmmm...

dixiefly

The One Doctor wrote: »

Yes, I save about 45% of my income. Lucky me, because I was handed my notice half an hour ago.

Sorry to hear that, it has happened to many of us here.

Best of luck in the future.

dixiefly

old_aussie wrote: »

When I was younger I spent most of my money on cars, girls, booze and the rest I just wasted

Managed to get a good super scheme and retire at 55 with a nice nest egg.

It must have been some scheme to allow you to retire at 55. Or were you earning so much that you were able to boost it significantly.

Myself, I generally followed the direction some others mentioned. Any spare money I had over the years I put against the mortgage or house improvements. Not far off paying the mortgage but dont have much more so hope to boost the savings in the coming years but with 1 now and 2 in the future at college I wont be doing anything too spectacular.

Ping Chow Chi

12 % (4 from me 8 from my employers) goes into my pension

I have managed to save a bit, I could pay off a fair chunk of my morgage, but I don't know if I should or if I should keep my savings incase I hit a rocky patch.

Whispered

No, but I do have a few pockets of fat here and there so if it ever comes to it I can stop buying food and live like a camel.

ytpe2r5bxkn0c1

old_aussie wrote: »

When I was younger I spent most of my money on cars, girls, booze and the rest I just wasted

Managed to get a good super scheme and retire at 55 with a nice nest egg.

I am similar. I was always a saver, even if only small amounts. Paid off the mortgage in 17 years instead of the planned 25. Saved even when building the house and putting the kids through college. Built up a very nice nest egg and was fortunate with decent interest rates for many years. Finally retired at 54 and 16 years later I can still save and have not really dug in to the nest egg. Interest rates are rubbish at the moment though.

I would always remind people to never underestimate the power of compound interest and that saving is a long term activity.

dixiefly

Ping Chow Chi wrote: »

12 % (4 from me 8 from my employers) goes into my pension

I have managed to save a bit, I could pay off a fair chunk of my morgage, but I don't know if I should or if I should keep my savings incase I hit a rocky patch.

Just remember that for every €20k on your mortgage you are paying circa €100 permonth interest. If you are not getting good interest rates I cannot see the logic in continuing to pay this interest when sitting on a lump of money.

If you have plans for the money, of course thats another issue and the mortgage is a relatively cheap way of borrowing money.

Fran1985

i try save, but then as soon as i get a bit of a nest egg together it's usually spent on something like tax/insurance/nct/household stuff.

No pension either and cant afford to do either any time soon

Daveysil15

I have decent savings yes, but then I lived with the folks for most of my 20's. What I gained in savings I lost in suitable shagging locations. And that other thing, what's it called...? as yes, independence. I didn't give a shyte about the independence though.

Sugar Free

I have some savings now and made a monthly savings budget for the next few years.

I could have started sooner but I made a conscious decision to enjoy more of my twenties and try to see some of the world, however small a fraction of it, while continuing to build my career. I'm very glad I made that choice personally but everyone is different.

Vito Corleone

A little over a grand... Communion, Confirmation and Birthday money... :rolleyes: