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

Padre_Pio

Tigerpants wrote: »

I'm 30 and have 177k saved.
I was badly hit in the recession and lost some ground but making up for it as best I can

The last recession was 10-12 years ago, you were 18-20.
How badly hit could you have been?

Tigerpants

Padre_Pio wrote: »

The last recession was 10-12 years ago, you were 18-20.
How badly hit could you have been?

Suffered alot of unemployment and poorly paid employment. Could have made more money during those years.
2010 and 2011 were very bleak years.

rob316

Tigerpants wrote: »

I'm 30 and have 177k saved.
I was badly hit in the recession and lost some ground but making up for it as best I can

Making up for it? How much would you have had otherwise :eek:

177k is huge savings for someone 30 years old.

Lyra Fangs

rob316 wrote: »

Making up for it? How much would you have had otherwise :eek:

177k is huge savings for someone 30 years old.

If I saved every penny of my wages from the time I started working I still wouldn't have this amount :eek:

antimatterx

rob316 wrote: »

Making up for it? How much would you have had otherwise :eek:

177k is huge savings for someone 30 years old.

My question is, have you bought a property yet?

This is impressive, if this is on top of buying a property it's even more impressive.

rob316

I see people listing equity they have in their principal residence as wealth. I never get that as unless you sell it and have a free house to move to you are going to spend the market rate on a new home which wipes out any equity.

I suppose it is an asset but not a liquid asset.

antimatterx

rob316 wrote: »

I see people listing equity they have in their principal residence as wealth. I never get that as unless you sell it and have a free house to move to you are going to spend the market rate on a new home which wipes out any equity.

I suppose it is an asset but not a liquid asset.

Doesn't have to be liquid for it to be included in your net worth.

Tigerpants

antimatterx wrote: »

My question is, have you bought a property yet?

This is impressive, if this is on top of buying a property it's even more impressive.

Thanks. I have but it needs alot of work. So the cash will come in handy.
Check back in 6 months, I'll probably have 7k left haha

Zascar

Tigerpants wrote: »

I'm 30 and have 177k saved.
I was badly hit in the recession and lost some ground but making up for it as best I can

I'd like to know how much you've been saving vs how much you'#ve been living on and for how long to save this amount.

PHG

Tigerpants wrote: »

Suffered alot of unemployment and poorly paid employment. Could have made more money during those years.
2010 and 2011 were very bleak years.

Poorly paid employment? What pays that much just out of secondary school or in Uni.

Smelling if BS this

Irish_rat

167k all in. 34 years old

Jim2007

antimatterx wrote: »

Doesn't have to be liquid for it to be included in your net worth.

But you do need to live somewhere so you cannot just sell it and if you were to consider it as purely an investment, then buying property is the last thing you would do.

I know two former work colleagues in Ireland who maintained their house was their pension. Pension time came in the middle of the recession and having sold out, they then had to purchase new homes so the nest eggs were rather disappointing in the end.

So think you’ll be disappointed if you include the whole of the net value of a property as disposable net worth, especially as there are limited opportunities to rent as an alternative.

DellyBelly

Irish_rat wrote: »

167k all in. 34 years old

Well done... I'd like to get to that by the time I'm that age.. Or hopefully a bit more. 25 and have 65000 in savings but was lucky enough to have a house that I inherited on top of that. No mortgage and have 2 housemates so get a nice bit every month there. Earn 65000 a year as well as decent binus so I'm hoping to keep putting into my savings as well as my pension

Tigerpants

PHG wrote: »

Poorly paid employment? What pays that much just out of secondary school or in Uni.

Smelling if BS this

Celtic Tiger, there was plenty to be made on sites. At that time, young lads were leaving school, either labouring or driving tractor and dump trailer. But I missed all that. Might not have been megabucks but at 18 it would seem that way.

Rimmy

Tigerpants wrote: »

Celtic Tiger, there was plenty to be made on sites. At that time, young lads were leaving school, either labouring or driving tractor and dump trailer. But I missed all that. Might not have been megabucks but at 18 it would seem that way.

Where did the money come from if you weren't working.

Tigerpants wrote: »

I was mostly in college during the Tiger. I was itching to leave and go work in construction. All I wanted was money and the boy racer car!

Stuck it out with college in the end thinking I can have any job I want once I get finished. Graduated into the recession. Had periods of unemployment and underemployment. Terribly depressing. Held back in life because of it. Felt completely disillusioned with everything.

Things have been on the up for me since 2016 with decent wages and job security but it looks like the fallout from Covid has stalled my life again.

rainbowtrout

Tigerpants wrote: »

Celtic Tiger, there was plenty to be made on sites. At that time, young lads were leaving school, either labouring or driving tractor and dump trailer. But I missed all that. Might not have been megabucks but at 18 it would seem that way.

But you didn't have it and lose it, you never had it to begin with.

Tigerpants

Zascar wrote: »

I'd like to know how much you've been saving vs how much you'#ve been living on and for how long to save this amount.

I have been saving since the age of 19.
Roughly living on about one third of my wages versus two thirds saved averaged over a year i.em some weeks I spend more, some weeks I spend less

Tigerpants

rainbowtrout wrote: »

But you didn't have it and lose it, you never had it to begin with.

That's a fair point and probably a much more positive way to look at things. Thanks!

Rimmy

Tigerpants wrote: »

That's a fair point and probably a much more positive way to look at things. Thanks!

Hard to save a lot of money no if you weren't working too much?

Tigerpants wrote: »

I was mostly in college during the Tiger. I was itching to leave and go work in construction. All I wanted was money and the boy racer car!

Stuck it out with college in the end thinking I can have any job I want once I get finished. Graduated into the recession. Had periods of unemployment and underemployment. Terribly depressing. Held back in life because of it. Felt completely disillusioned with everything.

Things have been on the up for me since 2016 with decent wages and job security but it looks like the fallout from Covid has stalled my life again.

Tigerpants

Rimmy wrote: »

Where did the money come from if you weren't working.

I didn't save anything when unemployed. Dole just covered living

Tigerpants

Irish_rat wrote: »

167k all in. 34 years old

Well done. Fair play to you

lbplhs79

39 - mortgage free house (280K), 100K cash savings and 65k in a pension fund.

sparksfly

58yr old. mortgage free. 50k left in savings after spending 75k on kids college and associated rent, spending and transport costs.

Rimmy

Age 29 - 23K in savings.

Moved back home with parents there last month and saving 1.8K a month into a mortgage saver account for a deposit. Only expenditure now is food, and split bills with parents, drive a car worth a grand and a few pints/cans with the lads on the weekend.

Only on 38K and houses in my area where I grew up are going for 150K so not too bad. Plan on doing this for a year so should have around 50K at the end of the year and with a deposit of 17K should have a nice bit of leftover money.

purpleshoe

Age 33

40K in savings and approximately 60k in pension.

Own my own home, market value approximately 250k, 130k owing on mortgage.

CertifiedSimp

- I am 29 and I have 102k in my account.
- I have 4k invested in stocks (just started)
- I have about 6k in a pension (company match)
- I rent so no equity
- I earn approx 45k


It is a lot of money but I don't spend a lot of money and have been working about 7 years. I have a 13 year old car, don't buy expensive phones like Samsung or Apple, don't buy lunches at work, go out all that much etc.

But the thing is I am not even trying to save, it's just values I place on things. No one gives me easy money, so I'm not going to turn money I earned into easy money for someone else. I don't buy Heinz ketchup when Lidl ketchup tastes the same. I still buy Barry's tea because I prefer it to cheaper brand.

I grew up with not much money so maybe that's something to do with it.

I wish I invested years ago. I guess my money over the years has lost a bit of of value just sitting there. I don't know what to do because maybe I will buy a house in the next year or so or buy something else with it.

Tar.Aldarion

CertifiedSimp wrote: »

- I am 29 and I have 102k in my account.
- I have 4k invested in stocks (just started)
- I have about 6k in a pension (company match)
- I rent so no equity
- I earn approx 45k


It is a lot of money but I don't spend a lot of money and have been working about 7 years. I have a 13 year old car, don't buy expensive phones like Samsung or Apple, don't buy lunches at work, go out all that much etc.

But the thing is I am not even trying to save, it's just values I place on things. No one gives me easy money, so I'm not going to turn money I earned into easy money for someone else. I don't buy Heinz ketchup when Lidl ketchup tastes the same. I still buy Barry's tea because I prefer it to cheaper brand.

I grew up with not much money so maybe that's something to do with it.

I wish I invested years ago. I guess my money over the years has lost a bit of of value just sitting there. I don't know what to do because maybe I will buy a house in the next year or so or buy something else with it.

This is an easy limbo to get stuck in, I'm the same. I feel like I want to buy somewhere but I don't know when / where so I leave the money as cash in case, but would it be better off slowly adding it to investments and so on.

lawrencesummers

sparksfly wrote: »

58yr old. mortgage free. 50k left in savings after spending 75k on kids college and associated rent, spending and transport costs.

75k on college!!! Falk me sideways, Please tell me you have a rugby team amount of children.

LawBoy2018

lawrencesummers wrote: »

75k on college!!! Falk me sideways, Please tell me you have a rugby team amount of children.

3K fees and 8-10K accommodation for 4 years soon adds up.

carzony

28
Currently no rent or bills (Living at home) - nearly 40,000 in savings
I always loved saving money, most of my money get saved every payday.
I'm very lucky to be in this position. My only expense is the car, insurance and tax