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

Wanderer78

CertifiedSimp wrote: »

I am thinking of buying an apartment. I can rent out a room weekdays to a student and cover a chunk of the mortgage. So that means I'll be paying the same on mortgage basically as I do now on rent so savings rate will stay mostly the same. Maybe except some higher bills due to sharing with less people.

If I ever get a woman and get married, I don't plan on having an expensive wedding. Maybe just go abroad or just have a small number of family in Ireland. No expensive ring either.

i wish you the best of luck with your plans, but be aware, life has a tendency to turn you upside down and inside out, and all your plans and ideas can go with it, and never underestimate how powerful falling in love is, you could throw caution to the wind when that occurs

Padre_Pio

CertifiedSimp wrote: »

I am thinking of buying an apartment. I can rent out a room weekdays to a student and cover a chunk of the mortgage. So that means I'll be paying the same on mortgage basically as I do now on rent so savings rate will stay mostly the same. Maybe except some higher bills due to sharing with less people.

If I ever get a woman and get married, I don't plan on having an expensive wedding. Maybe just go abroad or just have a small number of family in Ireland. No expensive ring either.

True, but now you're 30 and living with an 18-21 year old, who's coming in at all hours, and probably hasn't lived out of home before. Not everyone's cup of tea.

To you point about weddings and rings, unfortunately, that's not your decision to make:D:D

I'm not criticising anything you're doing, I think you're doing it right, saving money while you can, but just be aware, the cheap part of your life is your 20's, the expensive part is your 30's and 40's.

Smee_Again

Not much, I was a little late to the party and spent much of my 20s travelling and having a ball.

I only really knuckled down at 30 at which point I had about €2K to my name and started getting serious about earning and saving. I'm 37 now.

Pension: €30K, going to increase my contributions from January if not before.
Personal Savings: €8K
Joint Savings: €10K
Equity: €50K (at least that was the deposit I paid 22 months ago)

Wanderer78

Smee_Again wrote: »

Not much, I was a little late to the party and spent much of my 20s travelling and having a ball.

I only really knuckled down at 30 at which point I had about €2K to my name and started getting serious about earning and saving.

Pension: €30K, going to increase my contributions from January if not before.
Personal Savings: €8K
Joint Savings: €10K
Equity: €50K (at least that was the deposit I paid 22 months ago)

id see that as a positive, there can sometimes be more to life than saving, life is for living

Smee_Again

Wanderer78 wrote: »

id see that as a positive, there can sometimes be more to life than saving, life is for living

Oh absolutely, and there's not much I'd change expect pay into a pension earlier.

I took a job 5 years ago with the intention of moving on quite quickly so didn't join the pension, 5 years later I'm still here but only paying in for the last 2 years.

Wanderer78

Smee_Again wrote: »

Oh absolutely, and there's not much I'd change expect pay into a pension earlier.

I took a job 5 years ago with the intention of moving on quite quickly so didn't join the pension, 5 years later I'm still here but only paying in for the last 2 years.

oh i hear you with the pension, im currently experiencing the same regrets, i was in a perfect situation on my twenties to be building a nice pension egg, but shur growing old was never gonna happen at that age!

Sterling Archer

I don't think I've ever been more at unease about my financial situation than I have been reading this thread

Padre_Pio

regulators wrote: »

I need to start paying into pension though as employer matches up to 6% but I'll get the house sorted first.

Free money you're throwing away there.

Wanderer78

Padre_Pio wrote: »

Free money you're throwing away there.

well i wouldnt go that far, id say unaccepted pay thats more then likely hard earned

regulators

Padre_Pio wrote: »

Free money you're throwing away there.

Yep but the fact I can't access it till I'm 60 is a bit of a turn off.

crisco10

Wanderer78 wrote: »

well i wouldnt go that far, id say unaccepted pay thats more then likely hard earned

Certainly the easiest 6% pay rise they'll ever get. And that's before the tax efficiencies.

Wanderer78

regulators wrote: »

Yep but the fact I can't access it till I'm 60 is a bit of a turn off.

you could be extremely thankful of it at 60, i know i would be

MarkY91

I'm 29 and have €15,000 in the bank. I travel around the globe any time I can manage and I'm splitting the monthly price of a condo in Manila, Philippines with the girlfriend as of last month which will cost €250 per month for a few years. But that's an investment so that's handy.

No plans of a mortgage or expensive rent until another couple of years. So I'm lucky to have cheap rent at home unlike others who unfortunately have to spend so much money on the pathetic rental prices.

antimatterx

regulators wrote: »

Yep but the fact I can't access it till I'm 60 is a bit of a turn off.

You're costing yourself money every month you delay it.

antimatterx

antimatterx wrote: »

You're costing yourself money every month you delay it.

It's not so simple really depending on a persons situation. As I mentioned previously paying a pension would mean I would be able to save far less (if anything) towards building a house and having the money for building is more important than a pension at this time. I need the savings record also for going for a mortgage its not just to having the savings themselves.

My employer has no pension plan though and if I were paying one I would not be getting any extra employer contribution so I would have to be putting a lot of money in to make it worth while. I plan to start a pension when I have my house started and can reduce savings.

Wanderer78

Padre_Pio wrote: »

I left at 17 for college, but my parents paid my rent. I worked part time for living costs, but I would never have moved out without them. I was 21 before I paid my own rent.

I don't know anyone, or heard of anyone moving out and supporting themselves at 18.

i actually have, but its very rare

Noah G

Looking at these savings I find myself very lucky,
Just turned 29
Was left money just over a year ago which has giving me the opportunity to do an apprenticeship and not worry about the salary

I used some of the money to build a granny flat beside parents home have it rented out now and will eventually pay my mortgage when myself and partner go for one in around 3 years,

Have saved 30k over the last year with the help from rent,

In around 3 years myself and partner will be building our house on land her family owns , lucky to have the opportunity to build our dream house.

Prominent_Dawg

€4200 I'm 27, I guess you could say I'm a spender!

Bradley Wide Snotty

Bradley Wide Snotty wrote: »

...........

I couldn’t image a thing worse than living in a crap house share at 18, no money, having to pay for everything, no comforts etc etc. Hell really.

There's middle ground.
Loads of folk once they leave 3rd level live in very decent houseshares and they quite often earn decent cash too.

Regarding having to pay for everything, that's adult life. Who wants to be a drain on their parents resources when they are in their 20s, by choice?

LawBoy2018

For anyone feeling bad about their savings, I'm 24 and I currently have €115 in my bank account, €0 in savings and a €5000 student loan to repay! Lol. Pray for me.


I'm going to report back to this thread every month and review how the next 12 months play out. I'm definitely the most financially unstable person I know atm.

gourcuff

gourcuff wrote: »

who wants to spend their college years living with their parents honestly?...

thats the most fun time in your life, meeting new people, developing, cooking your own meals, living with new people...

instead you are still living the exact same life as your teenage secondary school days... sounds pretty sad...

I had an absolute ball in college, far better than those living on beans and toast in crap student house shares in my opinion. I had a car to drive to college so could come and go as I please, lovely house to live in, dinner ready and a full fridge etc, no being kept awake when a house mate had a party or a sink full of mould - I could write an essay on the crap I saw in student houses that I was very very happy to be avoiding.

Still was out 2 or 3 nights a week on the beer and did everything anyone living away did.

Padre_Pio

Padre_Pio wrote: »

The post you quoted referred to 18 year olds.
No 18 year olds are out of 3rd level education.

It's extremely rare for anyone to fully support themselves at 18 in this country.

~Indeed, but folk are sh1tting on about living at home into their 30s etc etc.

Wanderer78

Augeo wrote: »

~Indeed, but folk are sh1tting on about living at home into their 30s etc etc.

some people have no choice but to, some are even returning to the family home in their 30's, because they also have no choice

gourcuff

of course if people are out of work or on such low wages that they cant afford to rent a room in a house nobody would begrudge them staying with their parents while they progress or move up in their career, but for most people they can afford a room in a house and choose to sponge off their parents deep into adulthood, just don't understand the mentality of not wanting independence or a bit of freedom (again not talking about people who cant afford to rent a room)...

cant help getting much play with the ladies when you have to tell them you still live at home with mom and pops...

Wanderer78 wrote: »

some people have no choice but to, some are even returning to the family home in their 30's, because they also have no choice

Wanderer78

Wanderer78 wrote: »

some people have no choice but to, some are even returning to the family home in their 30's, because they also have no choice

Yes, indeed no doubt. Some are also just reluctant to leave go of mammies tit so to speak.

Wanderer78

gourcuff wrote: »

of course if people are out of work or on such low wages that they cant afford to rent a room in a house nobody would begrudge them staying with their parents while they progress or move up in their career, but for most people they can afford a room in a house and choose to sponge off their parents deep into adulthood, just don't understand the mentality of not wanting independence or a bit of freedom (again not talking about people who cant afford to rent a room)...

cant help getting much play with the ladies when you have to tell them you still live at home with mom and pops...

tis becoming more common, that younger people simply cant, theres something fundamentally failing, in regards housing and accommodation, and rates of pay etc

Augeo wrote: »

Yes, indeed no doubt. Some are also just reluctant to leave go of mammies tit so to speak.

our educational system is failing badly at preparing children for adulthood

Mr_Muffin wrote: »

18 is the age you may legally become an adult, but lets be honest, your still young and clueless at that age. You should be having fun, not worrying about how much of a pension pot you're going to have when you're nearly 70. Also, I'm not sure what type of parents would expect an 18 year to old to be able to fend for themselves in the real world, especially when many 30+ year old's can barely keep their head about water.

pensions should be automatic sign up

rainbowtrout

Wanderer78 wrote: »

our educational system is failing badly at preparing children for adulthood

I would say the education system is fine, I'd say a large part of the problem is parents who mollycoddle their children throughout their teenage years and well into adulthood. You know the ones in school, they expect everything to be done for them - but usually because they don't know any better because everything is done for them at home.

Last year at an information night for a school tour I was asked by a parent if I would be minding all the passports and money for 50 kids for the few days we were away. I'm not exactly subtle in my reactions, but this guy wanted me to carry over 10k and the group's passports around. A serious risk if I was mugged or bag was lost/stolen. God forbid his own son could mind his own stuff.

Wanderer78

rainbowtrout wrote: »

I would say the education system is fine, I'd say a large part of the problem is parents who mollycoddle their children throughout their teenage years and well into adulthood. You know the ones in school, they expect everything to be done for them - but usually because they don't know any better because everything is done for them at home.

Last year at an information night for a school tour I was asked by a parent if I would be minding all the passports and money for 50 kids for the few days we were away. I'm not exactly subtle in my reactions, but this guy wanted me to carry over 10k and the group's passports around. A serious risk if I was mugged or bag was lost/stolen. God forbid his own son could mind his own stuff.

many respected commentators agree with me, including educational commentators. our educational system is academically biased, a large proportion of the information and knowledge gained in our system, particularly at secondary level, is of little benefit to people as they enter adulthood and the workforce, its out of date. this is not a criticism of the teachers of the system, but of the design of the system itself. drop out rates, particularly at the early stages of third level is relatively high, across many sectors, this shows more serious flaws in our system as a whole, many are simply not prepared for life at third level, particularly in critical life skills needed to survive living away from home, this can overwhelm many at this early stage, ending in them quitting very early. these critical life skills would have been traditionally thought at home, but home life has dramatically changed over the last couple of decades, whereby it is now common for both parents to need to work full time, in order to run the family home, our educational system has largely not changed to facilitate this major societal change, hence our current outcomes

Wanderer78

Wanderer78 wrote: »

yup, thats a very good start!

i have spoken to those working in the third sector for many years, and not just the educators, those that have to pick up the pieces when the sh1t hits the fan, mental health professionals etc, they have assured me, drop out rates are very high, within the first couple of months of term, living away from home cited as being too overwhelming for many, as they lack the knowledge to do so, this can become internalized, leading to serious mental health and addiction issues

Ah ffs cooking instructions are on the box for all frozen sh1t .......... even the most useless domestically can make a sandwich and google how to boil an egg, fry sausages etc etc.

I doubt many heroin addicts are there because they dropped out of first year computer science due to not being able to cook for themselves.

Wanderer78

Augeo wrote: »

Decades ago plenty folk stayed living at home into their 20s and 30s. I know lads in their 60s and 70s who never married and are now in the home they were brought up in.

There's no one to blame......... what are you on about regarding scapegoats are, the foreigners, the welfare class, and those that fail to engage in 'personal responsibilities'..... ?

Nowadays we have folk who need to remain at home and folk who chose to remain at home......... you are sh1tting on about the education system being at "fault".
In your head there is never personal fault, it's always the systems or the government........ standard lefty horsesh1t

...and i must say your responses are standard conservative horsesh!t, oh yea, its okay to not agree with different opinions

many remaining at home later in life very likely have complex disorders such as autism etc