Do you save much of your income?

beach_walker

Looking at this recent article ( "I lived the high-life and I didn't save a penny but now I've no pension" and the other thread on Ireland rating high on the rich list got me thinking about savings. I read recently about Irish people having something like E94 billion in savings, which seems like a huge number but totally out of whack with what it seems people my age (early 30s) actually have. I have friends who openly joke about the pitiful state of their finances (yes this could be the beal bocht but given their lifestyles I have no reason to dispute there's a large degree of truth to it).

I was a decent saver throughout my twenties but most of that got used for one thing or another (proper incidents, I didn't blow it all lol). Right now I manage to put away 50% of my monthly net. I have direct debits set up so I don't even notice it going. Admittedly I'm in a decent position (no kids or dependents) so it's a fairly high figure. How much do you save? If anything. Do you skimp to save, or is it just a regular thing?

honreal

Standing Order for 1200 / Month into an account where I have to give notice. Handy cause I don't see it leave and I can't access it easily.

suicide_circus

I save some of my income but then spend it as my bastard friends insist on having weddings every second week.

gifted

Save about 1600 a month in a savings scheme by the government. ..TAX account....guaranteed every month, don't tell anyone though

Saipanne

I save 30% of my net. I could save more, but I like living.

Zombienosh

Most of my 20's were spent just getting by, never really had anything to save.

Sugar Free

Probably 50% or so is technically saved each month but I put it into other options than a savings account (pension AVCs, share purchases etc.).

Dr Crayfish

Just started paying a mortgage recently, but I should still be able to save a few 100 a month. In theory.

the groutch

I save bout tree fiddy.


(sorry, but someone had to say it)

Dr Crayfish

This question seems to come up on a weekly basis on after hours, what's that all about?

kfallon

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

Savings, you know, putting money aside for a rainy day!

RedXIV

Saipanne wrote: »

I save 30% of my net. I could save more, but I like living.

I was about to say this was a ridiculous figure and then realised I'm saving 28% of my net also

SarahS2013

I save 20% of my net, could save another 20% but as another poster said, I like living.
I'm not saving for anything in particular at the moment and have about the equivalent of a years salary in my savings. Once I decide to save for a mortgage I'll ramp it up.

livedadream

turns out i save 27% of my net salary,

seems like nothing though, saving is hard...

xabi

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

I think its for saps to tell us about how much they save to feel good about themselves.

I save 5K every month, 20% of my salary..

The savings bit might not be true.

Dr Crayfish

xabi wrote: »

I think its for saps to tell us about how much they save to feel good about themselves.

I save 5K every month, 20% of my salary..

I think you're right. I prefer to hear from the people who blow it all on alcohol and drugs every month.

0ph0rce0

Dr Crayfish wrote: »

I think you're right. I prefer to hear from the people who blow it all on alcohol and drugs every month.

Savings account here for important stuff in case of emergency's about 20-30% of monthly salary then a small amount each month in another for the weekends where i want to get drunk and snort myself to a heart attack.

It's all about balance

irishguy1983

You folks must be on big salaries!!

I don't save at all - have a mortgage, certainly don't live the high and can't quite save! Don't have a pension either - I am doomed

Birneybau

the groutch wrote: »

I save bout tree fiddy.


(sorry, but someone had to say it)

They really didn't.

About 20% myself, could probably go 25%.

Cleared credit card so no debt.

ash23

4% into a pension. I was putting 15% into a savings account but needed a car so got a loan and now save 5% and pay back 10%.
I'm on a low income so savings are tiny.

I have a dependent and pay rent alone.

livedadream

irishguy1983 wrote: »

You folks must be on big salaries!!

I don't save at all - have a mortgage, certainly don't live the high and can't quite save! Don't have a pension either - I am doomed

im not tbh

but i do save what i can.

i just dont want to end up like those old folks on the news during the crash crying at the AIB AGM coz theyd lost everything.

i do worry about money, im 29 so apparently need to set up a pension soon
but im certainly not out every weekend.

Kai123

I save around 50%, but I don't earn much.

I only started working about a year and a half ago and have been able to save properly a year ago. If I wasn't saving for a place I'd be alot more happier. I've a year to go though!

bear1

I save about 50% of my salary every month.
Once the mortgage is paid, the family fed and bills paid plus cars etc I'm left with roughly 50%. Very hard to do though but it is very nice to have a buffer zone in your account in case the **** hits the fan.

Dr Crayfish

I'd say a lot of people saving 50% etc must be living at home still

OldNotWIse

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

So that people can tell us how much they save and also indirectly how much they earn :rolleyes:

I haven't saved anything for four years but I have been investing in my education which should see me better off going forward, so I don't feel bad about directing the funds that way for a while!

Kai123

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Or a shared house/apartment.

Sam Kade

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Eithefr that or they aren't married with families.

Sky King

Lot of fishermen here in AH.

More than I would have thought.

kfallon

No point being the richest person in the graveyard!

beach_walker

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Tbh I'd expect a higher saving rate for those living at home

kfallon wrote:

No point being the richest person in the graveyard!

Well that's true but I see it more as a form of security/freedom. I'm not just saving for the sake of it. If I lost my job today, I have enough stashed to keep me going and not have to start panicking. And it's nice to be able to randomly decide to head off for the weekend with the girlfriend or have a splurge now and then.

livedadream

kfallon wrote: »

No point being the richest person in the graveyard!

no point being homeless at 80 either.

xabi

Enjoy your money while your still young is my motto, sure, save some but no point having a big nest egg when your too old to enjoy it and possibly deprived yourself of a fun filled youth.

valoren

kfallon wrote: »

No point being the richest person in the graveyard!

It would be nice to leave the family with some financial security (property, cash, shares, dividends etc).

I would rest easy when I pop my clogs.

OldNotWIse

valoren wrote: »

It would be nice to leave the family with some financial security (property, cash, shares, dividends etc).

I would rest easy when I pop my clogs.

You'll rest easy when you pop the clogs anyway

bear1

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Nope, I've a house and married with a child.

valoren

A part of all you earn is yours to keep.
10% of your gross income saved would be a good starting place and a good habit to have.

cowboyBuilder

I see the boomtimes are back !!!

Saving €1600 a month !

wow !

fair play

RedXIV

cowboyBuilder wrote: »

I see the boomtimes are back !!!

Saving €1600 a month !

wow !

fair play

Surely boomtimes would be:

Borrowed 10K this month for a new TV!

Might borrow 20K for the grocery shopping in NYC next month!

jimgoose

I don't save as much as I should, to be perfectly honest with you. Having said that, I'm not short the price of a pound of rashers and I have around €700 a month going into a defined-benefit pension which is part-funded by my goodly employer and quite tax-efficient. I also have a fair-ish chunk of change tied up in one or two things that'll be worth a bit of twine in due course, barring an earthquake. My plan is to be one of those incredibly annoying oul' fellas with four pensions, a couple of Mercs, and a badly pickled liver from the gin'n'ton-tons.

livedadream

jimgoose wrote: »

My plan is to be one of those incredibly annoying oul' fellas with four pensions, a couple of Mercs, and a badly pickled liver from the gin'n'ton-tons.

any chance youre single?

im looking for one of those

jimgoose

livedadream wrote: »

any chance youre single?

im looking for one of those

Aren't we all, dearie. No, sorry!

livedadream

jimgoose wrote: »

Aren't we all, dearie. No, sorry!

#gutted

back to POF i go...

A little over 25% of my net salary goes into savings every month, could probably do 40% easily enough if I wanted but as others have said I like to live too and have had a lot of weddings to attend over the last two years also (I like weddings but they are expensive).

BrokenArrows

beach_walker wrote: »

Looking at this recent article ( "I lived the high-life and I didn't save a penny but now I've no pension" and the other thread on Ireland rating high on the rich list got me thinking about savings. I read recently about Irish people having something like E94 billion in savings, which seems like a huge number but totally out of whack with what it seems people my age (early 30s) actually have. I have friends who openly joke about the pitiful state of their finances (yes this could be the beal bocht but given their lifestyles I have no reason to dispute there's a large degree of truth to it).

I was a decent saver throughout my twenties but most of that got used for one thing or another (proper incidents, I didn't blow it all lol). Right now I manage to put away 50% of my monthly net. I have direct debits set up so I don't even notice it going. Admittedly I'm in a decent position (no kids or dependents) so it's a fairly high figure. How much do you save? If anything. Do you skimp to save, or is it just a regular thing?

The woman in that article can **** right off. She owns a house and is successfully paying off the mortgage with her husband. Shes in a better financial situation then most in their 30's

qo2cj1dsne8y4k

1/3 of my income goes into savings.

jimgoose

BrokenArrows wrote: »

The woman in that article can **** right off. She owns a house and is successfully paying off the mortgage with her husband. Shes in a better financial situation then most in their 30's

That's as may be and well and fine, but like most self-employed people in Ireland I suspect she has never paid PRSI and has no pension. This means that unless she gets her crap into gear, when she's too old and knackered to earn and your man is dead, she'll be out in the backyard trying to dry her own excrement so she can burn it to keep from freezing to death in January.

BrokenArrows

jimgoose wrote: »

That's as may be and well and fine, but like most self-employed people in Ireland I suspect she has never paid PRSI and has no pension. This means that unless she gets her crap into gear, when she's too old and knackered to earn and your man is dead, she'll be out in the backyard trying to dry her own excrement so she can burn it to keep from freezing to death in January.

She says in the article that she is paying PRSI and when she is retired she can sell that property and it will be worth a fortune.

By the time she retires that property will probably be worth close to 1 million. She if she takes that million and gives herself 85k a year tax free (85k in 30 years is the equilevent of a 50k salary now before tax assuming 3% inflation average ).

Thats enough for her to live for 10+ years while the lumpsum will be earning interest and they will be receiving a pension too.

She will be fine.

Anyone that owns a property is setup for a comfortable retired life.

irishguy1983

Anyone going to throw out their salary? Like I presume you must all be on 45,000 K plus at least and not paying too much in rent or mortgage.......

jimgoose

BrokenArrows wrote: »

She says in the article that she is paying PRSI and when she is retired she can sell that property and it will be worth a fortune.

By the time she retires that property will probably be worth close to 1 million. She if she takes that million and gives herself 85k a year tax free (85k in 30 years is the equilevent of a 50k salary now before tax assuming 3% inflation average ).

Thats enough for her to live for 10+ years while the lumpsum will be earning interest and they will be receiving a pension too.

She will be fine.

Anyone that owns a property is setup for a comfortable retired life.

She's going to have to live somewhere. If whatever bohán she has is worth a million in 30 years, a broom-cupboard in Ranelagh will be renting for eleventy billion per square meter. As my father used to say, you can't ate the mortar off the walls, youngfella. Fair enough on the PRSI, but I humbly suggest a pension would also be useful.

Antar Bolaeisk

Currently saving about 75% of my salary. It's not quite accurate though as it doesn't all go in to savings accounts but into long-term investments.

BrokenArrows

jimgoose wrote: »

She's going to have to live somewhere. If whatever bohán she has is worth a million in 30 years, a broom-cupboard in Ranelagh will be renting for eleventy billion per square meter. As my father used to say, you can't ate the mortar off the walls, youngfella. Fair enough on the PRSI, but I humbly suggest a pension would also be useful.

If she gives herself the 85k a year salary she will be able to rent somewhere without any issues. The rent will be inline with the value of the property she sells. If the rent is higher than the property value will be higher.