So who has actually saved money during the lockdown?

GazzaL

Hairdressers and barbers are cleaning up at the moment. €350 a week from the Government and they could potentially get at least that again cash into the hand.

Harry Palmr

crossman47 wrote: »

I'm over 70 and on a pension so I've saved a fortune. No meals out, no visit to pub, no petrol in the car, etc.

I did think about those on a pension a while back (mainly cos I have a good customer who is one!) and how they must be saving big time right now.

I've not made any money obviously but I've hardly spent any either other than food really. The next electric bill won't be any bigger than usual at this time of year as it's been so mild.

StupidLikeAFox

fits wrote: »

Our grocery/food bill is gone way up! We signed up to Dropchef in February so thats been great for a bit of variety 2 days/week but we still have massive grocery bills. Im not sure whats going on there except for the few bits for my mother. I suppose the lunches and snacks at home are adding up. (ITs not alcohol either!).

Just looked that up there - around €140 a month for 8 dinners you have to cook yourself? I'd say with a bit of planning you could cut that down a good bit (unless I'm missing something)

WhiteMemento9

GazzaL wrote: »

Hairdressers and barbers are cleaning up at the moment. €350 a week from the Government and they could potentially get at least that again cash into the hand.

I am sure they have some people coming to them privately but I doubt the footfall is that high to make it overly lucrative. I think most people have enough cop on to see the dangers associated with visting someone who has seen multiple strangers throughout the day.

Fann Linn

Same here. Still at work fortunately and saving an extra €100 pw.

PsychoPete

I still getting paid full wages but still paying the same bills,the odd few bits and pieces,food shopping and all that carry on but just not spending any money on diesel or petrol so only saving €30 a week more than I normally save

pinkyeye

I'm working from home so saving on petrol and toll bridge but on the other side I used to get free food in work so groceries costing a lot more. I don't seem to have any leftover money to be honest but then I wouldn't have been one for going to pubs and restaurants beforehand anyway.

I have filled the tank with oil at a very cheap price so that will definitely be a saving for the winter.

Then again I'm using more electricity etc. by working from home. You can claim tax back on that so that'll be something in January next year.

There are other savings I suppose like haircuts but I'm foolish really with money at the best of times. I've been spending it on my grandson and daughter, buying him a trampoline and her a log burner.

Feck it, could be dead this time next year. If I catch this I'm goosed.

GazzaL

WhiteMemento9 wrote: »

I am sure they have some people coming to them privately but I doubt the footfall is that high to make it overly lucrative. I think most people have enough cop on to see the dangers associated with visting someone who has seen multiple strangers throughout the day.

Hairdressers and barbers are open all over Europe. "Stranger danger" warnings won't keep people away.

Seve OB

na cut to 30% of my salary. sure not spending as much on diesel etc but im making up for that in booze!!!

jill_valentine

Not much. Still working and still have more or less the same work expenses, it turns out I wasn't really living that extravagantly beforehand anyway. Pay remains unchanged, agreed pay rise on hold indefinitely. Flatmates aren't working, so the shared bills are higher, and I do find myself buying more snacks, treats and quick meals because I'm so tired all the time.

TL:DR little difference if any.

2Mad2BeMad

Still working full time (wage subsidy) plus employer top up and still traveling to and from work everyday with a toll.

Saving about 600e extra a month on top of my regular savings. Thats only because everywhere is closed. Kind of mad how much money was spent just going out for a meal/pup every month or even buying silly things that I think I might need. Now if only I could get rid of that toll xD

If anything this whole thing has thought me how much money im blowing away every month on stupid things. Definitly will be cutting back my spending when things open up.

FVP3

JayZeus wrote: »

Why? Anyone who thinks that they're under some moral obligation to spend what they earn on stupid crap is really not thinking straight. This was the shot across the boughs. The next one will sink a lot of the clowns who think money saved now is some sort of windfall to be blown at the next opportunity.

People need to take away from this that you need money set aside for a rainy day and that you shouldn't count on the taxpayer subsidising your income next time something like this happens, which it certainly will. Once is enough. Get your crap in order because the state can't afford to give it out with one hand without taking it in with the other. Some of the dumbest stuff I've seen posted on boards to be fair.

So yeah, pay off some consumer debt and avoid taking it on in future. Save enough to cover yourself if you have no income for 3-6 months. Then start paying into your poxy retirement plans or investments. And for the love of whatever you believe in, stop shopping day to day or week to week for basic foodstuffs and essentials. Keep a supply on hand so you don't end up looking like a flake next time the crap hits the fan.

I can cover myself for years, but the original poster is right about how economies work. Spending money is what causes economic growth. Saving it, doesn't. Google "the paradox of thrift"

( Also lay off the personal attacks on people who are making general economic arguments).

Newbie20

Yes we have been very lucky that way. We both still have our jobs thankfully and are working from home. First child on the way in the autumn so it’s great being able to put away some extra money for all we will have to buy before the baby arrives.

Saving a lot of petrol/diesel for both cars and nights out. I reckon we saved about €700 more last month than we would have normally. And with no summer holiday to come and 2 weddings looking likely to be cancelled, expenditure for the summer months is looking like it will be very low comparing to what it would have been.

JDD

JayZeus wrote: »

Why? Anyone who thinks that they're under some moral obligation to spend what they earn on stupid crap is really not thinking straight. This was the shot across the boughs. The next one will sink a lot of the clowns who think money saved now is some sort of windfall to be blown at the next opportunity.

People need to take away from this that you need money set aside for a rainy day and that you shouldn't count on the taxpayer subsidising your income next time something like this happens, which it certainly will. Once is enough. Get your crap in order because the state can't afford to give it out with one hand without taking it in with the other. Some of the dumbest stuff I've seen posted on boards to be fair.

So yeah, pay off some consumer debt and avoid taking it on in future. Save enough to cover yourself if you have no income for 3-6 months. Then start paying into your poxy retirement plans or investments. And for the love of whatever you believe in, stop shopping day to day or week to week for basic foodstuffs and essentials. Keep a supply on hand so you don't end up looking like a flake next time the crap hits the fan.

Look, I get what you're saying. But the people who are saving money at the moment are not people getting the COVID 19 payment or the furlough payments, its the people that are in secure long term positions.

I'm not saying people shouldn't pay off their credit cards. That makes sense no matter what the economic situation. On a macro-economic level though it will not be good for our economy, as a whole, if people are hanging on to their savings in fear of what might happen over the next year. Now, again, I totally understand if you work in a job that looks like it's going to pack up in the next 6 months. If that's the case, save away. And if you're saving for a house deposit, again, you'll be spending it on a deposit in the next 1-5 years (hopefully) so that is good for the economy.

I work in public service job that is deemed essential - though I can work from home. My husband works in an industry that has (extremely luckily) done very well out of this pandemic. Neither of us are staring down the barrel of a gun workwise, nor do we have expensive personal loans that we should be paying off. We have savings for a rainy day. We also have a mortgage, and pension plans that we could pay into. While that might save us money in the long run, on a macro-economic level if everyone decided to do this it would be disastrous. The unpatriotic comment was a little tongue-in-cheek, apologies if it came across as offensive.

The way I see it, the money I have saved and will save over the next four months is money that would otherwise have been spent keeping bookshops open and cafes open and pubs open and shops open. So if I spend this money between September and Christmas, I am no better and no worse off - yet the economy is immeasurably better off.

There is obviously people out there who live beyond their means and hike up their debts unnecessarily. I believe the vast majority who have been laid off or furloughed are in the lower paid industries - retail staff, pub staff, café staff etc. While it is very well and good telling them to save 6 months worth of wages, for most of them it is incredibly difficult given the cost of rent and living in Ireland. Yes, if you are in a situation now where you are getting the COVID 19 payment and you can save some of it, absolutely do so. And if you're new found frugality means that when you eventually go back to work you can save some more, great. I'm not talking down the potential of severe recession - we all lived through 2007 and are too smart for that - I'm saying that if you are in a position to spend your savings, then don't feel guilty for doing it - you'll be keeping people in a job.

ChikiChiki

Saving a lot more than I usually would and working full time. Been awful over the years for big holidays, weekends and eating out for breakfast lunch and dinner. Even cooking at home now a lot more in order to reduce the risk of catching Covid 19. Might get one take away a week.

Was going to buy a car in the summer with the help of some finance. Do not think I will need the finance bit now.

I've always been terrible with my spending as just myself most of the time to spend for.

sallysue2

I'm out on sick leave since before Christmas, I'm on 75% of my salary between illness benefit, employer paying me 50% and income protection topping it up to 75%. Husband is working from home. We have one child who was in crèche full time and although my wages are down we are a lot better off. We aren't saving much but we are spending on home improvements. Baby on the way so have done up his room, a lot of painting done too. Still have to pay obstetrician fees but once that's done it will be straight into savings mode, I'm hoping to take unpaid maternity leave too so will need money for that. Main savings for us right now are crèche fees (although I am on bedrest and trying to mind a 4 year old), commuting for me and my husband (120 a week). Food bill has increased by €30-40 a week but overall we have more disposal income than we ever did!

TheValeyard

Ive saved a huge amount actually. No car running costs, no coffee, no lunches out, no childcare costs, no night outs,.


All adds up, currently put into savings, but I think the whole family deserves a splurge or treat when this is all over. Partially to celebrate the ending of the crises but also to celebrate no one killed another family member.

LuasSimon

Think of those whove lost their jobs rather than pat yourselves on the back about how much money ye have!!

Maybe the government will impose a tax on those who benefited from the lockdown with savings like some here are gloating about, would help pick up the cost of covid payments??

Haven't saved a penny, but have been very aggressively paying every penny off bills/debt.

I don't really think the 'end of the world recession' doom and gloom outlook is entirely accurate, but at the same time, you never know.. haha.

TomTree

TheValeyard wrote: »

Ive saved a huge amount actually. No car running costs, no coffee, no lunches out, no childcare costs, no night outs,.


All adds up, currently put into savings, but I think the whole family deserves a splurge or treat when this is all over. Partially to celebrate the ending of the crises but also to celebrate no one killed another family member.

could you define a huge amount?

Truckermal

I ended up working much longer hours but very well paid for it, no pints plus I stopped calling to shops during work breaks so saved a fortune there.

Wife was working from home since late February so both cars are idle so more money saved!

I'm off now on paternity leave for a month so only leave the house every 8 days for shopping and I'm loving every minute of it...:)

Fann Linn

LuasSimon wrote: »

Think of those whove lost their jobs rather than pat yourselves on the back about how much money ye have!!

Maybe the government will impose a tax on those who benefited from the lockdown with savings like some here are gloating about, would help pick up the cost of covid payments??

I don't think anyone is gloating. Most people just making the point that due to low fuel costs, nowhere open and lucky enough to be still employed are now able to save some more.

na1

JDD wrote: »

I will be the first to say that I am in a very lucky situation, and I fully understand that there is a huge chunk of the working population either on COVID-19 €350 a week benefits or the Government subsidized wages. This is not meant as a brag or anything. I just know there must be other people in our situation, who will have more resources at the end of this crises, which will assist in boosting the economy.

Two parents working, three kids, usually over €2k a month spent on creches and afterschools. Both of us work in offices, so have been able to work from home taking the childminding in shifts during the day. Our employers have been very understanding about flexible work hours and expected work output.

If the creches/afterschools/camps don't open until August (or later), we will have saved €8k in childcare fees.

Our health insurance is giving us €100 a month rebate on our family health insurance plan, so that will be another €400 saved.

Virgin Media have said they will give some sort of rebate for not having sky sports available. I don't know how much that will be - maybe €20-30 a month. We should get some sort of rebate on our car insurance. I may get something back on my annual taxsaver commute ticket. We're certainly spending virtually nothing on petrol.

Despite spending too much on Amazon and takeaways, I have definitely been spending less on a day to day basis. Lunches at home, no browsing at the shops, no impulse buys, no forking out €150 to get my hair coloured, no social nights out.

We are going to spend to the money once the restrictions fully lift. We're going to buy a new car. We are going to get some stuff done to the house that we have been planning for ages. There must be other people in our situation, with some pent up demand and no discernable change in the financial circumstances. This is why I believe that the recession following this won't be as crushing as people are making out.

How far off the mark am I?

Creche owners hate you!

Foweva Awone

My income hasn't changed, I work two jobs and am currently working both from home. I'm spending less on food and petrol I guess, but spending an absolute fortune on online shopping. Then again it's all stuff I'll use. I'm saving 60e a month on nails and about the same (maybe more) by not getting my hair done. I reckon if I were to tot it all up, I'm probably a bit better off overall.

JDD

LuasSimon wrote: »

Think of those whove lost their jobs rather than pat yourselves on the back about how much money ye have!!

Maybe the government will impose a tax on those who benefited from the lockdown with savings like some here are gloating about, would help pick up the cost of covid payments??

I think if you read the original post I have been very careful to state I am not bragging and I very much appreciate the position I am in.

I am also pointing out that I will not be putting aside my windfall savings and will be attempting to spend it, at home, locally if possible, to ensure that those who have currently lost their jobs are not out of work for long. And I am encouraging others to do the same.

JDD

na1 wrote: »

Creche owners hate you!

I emailed all three childcare providers we have at the start of the crisis and said that I was very happy to keep paying them as long as this situation continued, as long as they continued to fully pay their staff. Quite soon after that the special payment came in for creche owners, so I didn't have to pay them anymore.

mikemac2

Did 50 hours of overtime in the last two months which was utterly ridiculous and not sustainable. I need a break

So that is money earned but I would admit I did a lot of purchases on Amazon.

Some are useful like a cool 1 metre tower fan for my bedroom to keep me cool. I love it and it will last years and years

Others were a bit ridiculous like 60 euro on an electric keyboard and I promised myself I would learn and study piano. I used it once in two weeks ha!

Sunrise_Sunset

Reduced costs in petrol, leap card, kids after school activities, family days out.
Increased costs in food, household, take aways.
It just about balances out for us.

HalloweenJack

Where I've saved money: No nights out, eating out or ordering in (€200-300 a month), gym membership on hold until it opens again (€35 a month), no 7-a-side fees (about €20 a month), spending less on junk food as I'm not doing the same amount of exercise to burn it off. Price of electricity per unit seems to have gone down as our bill for mid-March to mid-April (both of us here all day long) was the same as the one for mid-Feb to mid-March when it was only me here in the afternoons. Rent still the same. Cleaner who comes every week hasn't been around so that's another €50-60 a month.

Spending more: A bit more on shopping but nothing else. I haven't been buying anything or signing up for new subscriptions.

I've had my hours cut but my wages are being topped up by the State so my wages are roughly the same.

All in all, I'm probably spending between €300 and €400 less a month and, tbh, I don't feel like my life is any less fulfilling because of it.

road_high

GazzaL wrote: »

Hairdressers and barbers are cleaning up at the moment. €350 a week from the Government and they could potentially get at least that again cash into the hand.

Any idea where one might find such a barber ???