How much savings do you have and what age are you?

User9thousand

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

CWF

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

That's sounds v impressive to me.

iQuestion

I have €33,300 saved, and I am 24 years old.

Saving between €1,000 and €1,600 per month.

Planning to take out a mortgage for two bed apartment, this will be cheaper then my current rent of €950 per month.

De Danann

I'm 29 and have 15,000 saved.

I didn't land a well paid job until my mid 20s, and travelled a lot with the money I did make so I'm content with what I have so far

It mostly tends to come down: Do you have kids, a mortgage/rent, a car, etc.

Friend of mine, 33 years old, has 12k saved, and was on the Dole his whole life. But he lives at home, has no girlfriend, no kids, no car, and plays xbox games all day.

A different friend is 39 and has about €1,000 saved. But he has (with his wife) 2 kids, 2 cars, mortgage, etc.

Now, there's nothing wrong with playing Xbox all day, to each their own, but it has a big impact on what you want to do and what kind of person you are. Friend of a friend (in his late 30s) works long shifts in a factory, and gets paid reasonably well for it. But hasn't a penny and drives the car equivalent of AIDS. But he's forever around the world taking trips, and exploring different places. It's all he enjoys doing, and he's always, always going somewhere.

Personally, I have €10k and I'm 31. I could have a good bit more but I've sunk about 80k into a house loan and renovations (so far, still paying the mortgage). I also keep a car on the road, throw a few euro to my pensioner dad and would be generous, as a general rule of thumb, where possible with my family (at least the family members that I actually like). I don't have any kids, though, and my life can be very much week-to-week living. I aim to finish paying for this house in the next 4-5 years and save for another cheap, battered DIY'er house in a rural area.

At 28, having 50k sounds a lot, but it depends what you want to do with it, and what you're currently doing. No point saying you'd love to see New York, but never doing it because you want to save a grand a month instead. Then locking yourself up into a massive mortgage and pondering your life away wondering why you never got to go skiing. Although instead, you might be the type of person who has no interest in any of that stuff and just loves to go hiking or gardening or other cheap and cheerful activities and you have a plan to get a house or a car or whatever and you're gearing your savings towards that.

Everyone's different. Most people don't seem great at saving money, though, in my experience (I've been one of them for the last 30 years).

Sunrise_Sunset

Different people have different priorities in life and these include financial priorities too. If you are thinking about your own wealth it's better to do a net worth calculation than base it purely only on savings. House, car, savings, pension, investments, debt are all considered in a net worth calculation and it's a much better indicator of wealth than savings alone.

By all accounts I would say that 50k savings for a 28 year old is pretty good going though.

Make It Real

I work a fair bit on money stuff with people, so have some insight into savings.

I'd consider 50k saved by late 20s to be quite a lot (assuming it was earned, not inherited etc).

Very simply put, its all down to what kind of salary people are on and what kind of lifestyle they live, of course. Some of the major outgoings mentioned above.

One thing which is much more common than I'd imagined before is that lack of savings some people in their 30s / 40s / 50s onwards have. People with serious commitments, like kids, mortgage etc and maybe only 10k in savings. Which is sailing just far to close to the wind in my eyes...

Anyway, well done on saving that much, but be clear what you're living for and what you're saving for!

AcidLollyPop

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

50k is great! As long as you realise the following:

- Youre having fun/doing things you want in your life now. Make sure youre saving (not hoarding). I just get this impression (am open to that am wrong) from your need to afirm/get validation that its hoarding, not saving.

- In the next few years, I imagine you might want to buy a house. Possibly get married/kids. That will be your 50k gone. Be willing to use it/loose it in that case!

Muscles Schultz

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

Big mistake if you’re not maxing out AVCs

I know a person that lived at home until they were 35 and paid no rent, never in a serious relationship, didn't drive, no kids. Saving money is really not hard when you have so few expenses.

But a person that is married, drives, homeowner, has kid(s), probably won't have anything like 50K saved. Well, at least in the earlier years.

So it all depends on your circumstances really. Just remember though, you cant take it with you.

Dante

29, with €150k saved so far. I was fortunate to land some well paid IT contractor roles quite early in my career.

Grueller

39 and absolutely none. I have got very liquid assets though that can be cashed in within a week at any time and also some that would take months to liquidate and achieve their full value. Also I have no mortgage anymore, no car loans or any personal debt. Reasonable levels of business debt though.

I have had savings at different times in the past but always empty them into some venture every few years. I will continue on this trend for another 10-15 years hopefully and then focus on putting something together for retirement.

Unearthly

About 100k in property, and 50k in savings.

34

Most of it was saved during my 20's living at home, then life and responsibilities hit me

FHFM50

F**king hell these kind of threads depress me so much.

Kamu

I am 27, I have a Civil Service Job on 30k per year and I have 30K saved so far.
I save about 1000 per month.

I am currently self-learning to code and possibly looking to return to do a Masters in Software Development as I want to move into a more (hopefully) fulfilling career.

I holiday 1-2 times per year, (before this year) and if I want something, I will buy it a month later. Living a decently good life I would like to think.

charlietheminxx

I had really good savings until we bought a house last year. Now I have around €2,500 in personal savings and we have another small amount in a joint savings account. It's been a big year on spending (I'm 32).

PowerToWait

FHFM50 wrote: »

F**king hell these kind of threads depress me so much.

It’s not at all representative. Most of my mates have feck all, all with good jobs, businesses, houses, family. Most would struggle to fund a 10 grand emergency in late 30s early 40s.

These threads are almost uniquely fir flexers. Why you would feel the need to anonymously state your bank balance is beyond me.

I’ve 450 grand invested with 85k cash just in case. 36.

LessOutragePlz

32 with about €3k in savings not too worried about it tbh.

No point being the richest person in the graveyard after all.

PhilOssophy

43 and not much savings, clearing a mortgage ASAP and will be mortgage free by 50. Better off overpaying a mortgage than having savings

chops018

Go on, I'll set out my story....

I'm 31. I have €16,000.00 saved. I am a Solicitor.

I did a degree and a masters over 5 years and partially worked during them as I had a lot of support from my family and college fees back then were a lot smaller. I didn't really ever save during those times or if I did I had to use it eventually and it would be gone.

I finished up in college fully in 2011. I did law. There was barely a job going in a petrol station, never mind in the legal field. So off I went on the dole for a while.

I then said I would do the FE1s and look for a solicitor traineeship (entrance exams to be able to qualify as a Solicitor. They are notoriously hard). I worked in a cinema while doing them and got them done over 2 years. Actually saved €3,000.00 while working in the cinema but again it was dipped into for various things and went down. I was ambitious to break into law and did an unpaid internship and even a jobbridge. Didn't really save during these times. It was all week to week and having fun during your 20's.

I eventually got a decent paying job in a legal department of a bank. Worked there for a year and saved around €10,000.00. However, I then got offered a solicitor traineeship, which is what I always wanted, in a mid-sized firm with a good reputation. This was 2015, and traineeships were still hard come by even though the country was picking up a bit. The terms were awful - had to pay my own law society fees and it was minimum wage salary while working with them. But, I always wanted to qualify as a Solicitor and I was still reasonable young so I said I'd get it done and knew I'd have to dip into savings and have 2 years on a small wage.

I then qualified with the firm I trained in on €45,000.00 a year. After a year I moved to work as in-house Legal Counsel for a financial institution on €60,000.00 a year for a few months and loved it but it was in a bad location and took too long to commute to so I moved to a firm closer to home now on €55,000.00 per year.

I didn't save much when I qualified at the beginning as after 2 years on minimum wage I wanted to enjoy a bit of the money again. I try to save €1,000.00 per month now. I could be saving a lot more and plan to increase it now as I want to get a mortgage in the next year.

I know that despite being on low salary most of my 20's that I could still have been saving a bit as I lived at home, but that's not realistic if you want to enjoy your 20's and go out with your friends and meet people etc., overall I enjoyed my 20's. A few regrets but overall happy enough.

I do always wonder, if I didn't go back and do the traineeship, I'd have kept saving and probably went up in salary. I might have had around €50,000.00 now if so.

krissovo

I didn't have a penny in the bank until I was 38, lived in my overdraft and paycheck to paycheck. I had a blast!

48 now and have 10k in a rainy day fund and about 7k in my current account. I have spent the last 10 years overpaying the mortgage (mortgage free next month), max my AVC contributions and have money tied up in investments like shares, crpto, a farm business and 1 property in spain. No loans which helps a lot.

Geuze

Age 40+

Gross wealth = 475-500k

Net wealth, after liabilities = 325k approx

Wealth = value of house plus financial assets

newbie18892

I'm 25. Just finished college at the end of last year. Currently looking for work and I have €2,000 saved so far. Trying to put away as much of my dole payment as possible into savings while I still live at home

TheBoyConor

I am 33 and have 50k in savings. FFs, thought I was doing OK but now I feel like a failure. everyone sitting on hundeds of thousands of property, cash and investments. I don't even have a house. that 50k whatever it ends up as is supposed to form my house deposit.

Kilboor

If you look at other people's savings and feel bad about your own don't worry. Everyone goes at a different pace and has different circumstances. We're all gonna make it.

https://www.youtube.com/watch?v=oKsxPW6i3pM

snoopboggybog

29

23K in savings. The amount of money I blew on partying and travelling the last 7 years is crazy. Would probably have 60K saved at least.

Copped onto myself this year and going to be an adult and get a mortgage next January.

Cobalt17

20k in savings. I’m 27, and save 2k per month. My partner has about 5k in savings. The hope is to buy an apartment within a year, hopefully with a 40-50k deposit.

TheBoyConor

What do you work at Colbalt?

Cobalt17

TheBoyConor wrote: »

What do you work at Colbalt?

Software Engineer for an American tech company, so the salary is quite good.

TheBoyConor

Ah yes. Fair play to you. I'd say it is mega hours n all though at the MNC.

sportsfan90

I'm 29 and have €82k in savings. I stupidly have not a cent put into a pension yet though so I'm going to do that this year.