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

Wanderer78

Yyhhuuu wrote: »

Stop Quatatitive Easing

why?

Augeo wrote: »

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.

frozen food is generally not good quality food, all kids should be shown how to cook good quality meals, which can be done cheaply, all critical life skills, yes all this info is indeed on the internets, but its nice when this is shown to you in person, reduce the academic bias in our system, introduce other more critical life skills, and other critical societal needs, such as the trades, into our system

oh yea, increase awareness, knowledge and acceptance of mental health issues into our system as well

Wanderer78

Heres Johnny wrote: »

The drop out rate from my course was very high, Finance degree in Maynooth. It was approx a 400 point course from leaving cert but it only required ordinary level maths C3 which isnt a difficult thing to achieve.

The course co-ordinator told us on first day that a huge number of the people in the course would struggle with the maths requirements of the course. Which, of course, turned out to be true. Between that and a load of young lads running wild from small country towns, I'd say about a third dropped out of course by Christmas. Dont know if they re-enrolled in other courses or what they did but that was a huge waste of taxpayers money at the time.

unfortunately, some peoples minds simply isnt wired for maths, thankfully mine is, i always enjoyed it, and done reasonably well in it

Jim2007

**** Back on topic please ****

There are so many off topic posts I could not even being to go through them all.

JDD

I think there's a certain age where there is a crossover between "living at home to save money for a better future", moves to "I've gotten too used to my lifestyle and keep putting off moving out as a chunk of my take home cash will have to be used on rent".

20 years ago that was around the age of 25. Younger if you went to work straight from school. A four year degree, and a couple of years to save up some money for a deposit/savings cushion. Any longer than that and you were taking the p*ss, unless you were getting a doctorate. The only exception was moving home after a period of being out from home to save up your deposit - but that was only acceptable if it was an agreed length of time, like 10/12 months.

Nowadays I expect that age is a bit older - maybe 27/28, as you need the extra years to save up the large deposit you need to buy a house. If you were still living at home at 30 then I'd see that as definitely a situation where there was a lag in maturity. No matter how happy your parents are to have you at home, you should be in a place where you are financially independent and you should WANT to move out and be independent of your parents.

And on topic - 44 years old, married. Savings of 12k in the bank. Of course, owe the bank the remainder of the mortgage on our house, but probably have about €100k equity.

Noah G

I moved out around 2 years ago, in a job I didnt like and paying someones eles mortgage. Job salary was decent for the job but not much room for improvement couldn't do it for next 30 years , my partner went back to college part time this year so I decided to do what I wanted .
Just turned 29 back living at home now.

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.

lainey_d_123

Padre_Pio wrote: »

You have 102k in the bank, probably saving the guts of 15k a year based on your earnings.
In fairness, while the savings figure is high, once you go down the marriage/house/kids route, that figure will disappear in an instant.

Want to get married? Average wedding costs about 30k. You'll get gifts etc, but you will be out of pocket.
Want to buy a house in Dublin? That's 50k in deposit, fees, insurance etc.
Want to do ANYTHING with that house, new bathroom, kitchen? Another 10k easy.
Want a child? Anywhere from 5-10k per child per year.

I'm in your position, lots of savings, stocks, pension, but I'm looking down the barrel of all the above and I'm getting scared :o

All this 'Life Script' talk really bothers me.

There's no need whatsoever to spend 30K or more on a wedding just because that's what other people do. You can have a perfectly nice wedding for well under 5K, with catering and all the rest. I would never dream of throwing away that kind of money on one day having worked so hard to save it up. Pure insanity. You also don't need to be spending 5k-10k a year on each kid, especially when they're young.

rainbowtrout

lainey_d_123 wrote: »

All this 'Life Script' talk really bothers me.

There's no need whatsoever to spend 30K or more on a wedding just because that's what other people do. You can have a perfectly nice wedding for well under 5K, with catering and all the rest. I would never dream of throwing away that kind of money on one day having worked so hard to save it up. Pure insanity. You also don't need to be spending 5k-10k a year on each kid, especially when they're young.

No you don’t but lots of people spend a large sum of money. Those doing the wedding for under 5k are in the minority. This year is obviously different but I’ve never been to a wedding in Ireland with under 200 guests.


As for kids spending. You’re probably looking at it in terms of discretionary spending only. No you don’t have to buy them designer gear but you do have to feed and clothe them. There will probably be some medical bills. If they are under 5 it is likely there will be crèche/ childminding fees which are often the same cost as a mortgage. If they are older than 5 there are ongoing school costs as well as hobbies such as football, dancing, swimming lessons etc.

If you’re going on a family holiday you are paying for extra seats on flights, family accommodation instead of that to suit a single person or a couple, entry costs for a family into the local attractions. This is all on the same salary.

If you were to spend €25-30 a week for a year on food for a child that’s €1500 just to keep them alive. €5k is quite a conservative estimate.

lainey_d_123

lainey_d_123 wrote: »

All this 'Life Script' talk really bothers me.

There's no need whatsoever to spend 30K or more on a wedding just because that's what other people do. You can have a perfectly nice wedding for well under 5K, with catering and all the rest. I would never dream of throwing away that kind of money on one day having worked so hard to save it up. Pure insanity. You also don't need to be spending 5k-10k a year on each kid, especially when they're young.

The headline cost of weddings is just sensationalist, a 30k wedding will cost you less than 5k when all is added up at the end.

GooglePlus

What are these AVCs and how do I get in on them, I've decent money in the bank but conscious it's devaluing day by day.

LawBoy2018

GooglePlus wrote: »

What are these AVCs and how do I get in on them, I've decent money in the bank but conscious it's devaluing day by day.

Have a chat with a financial advisor.

Padre_Pio

lainey_d_123 wrote: »

All this 'Life Script' talk really bothers me.

There's no need whatsoever to spend 30K or more on a wedding just because that's what other people do. You can have a perfectly nice wedding for well under 5K, with catering and all the rest. I would never dream of throwing away that kind of money on one day having worked so hard to save it up. Pure insanity. You also don't need to be spending 5k-10k a year on each kid, especially when they're young.

You don't have to do anything.

I just pulled average Irish figures for weddings and childcare. That's what people spend.

Under 5k for a wedding? Not a chance, even with 50 people unless you're wearing your own clothes, at home, with Spotify for music. You'd spend 5k on the dresses, the suits and the rings no bother. That's before the venue, dinners, band, priest, transport, makeup, etc etc etc.

Kids easily cost 5k a year. Food, clothes, bottles prams, cots, mattresses. How much does the average family spend on Christmas presents alone? Few hundred at least.

PoisonIvyBelle

Wanderer78 wrote: »

i actually have, but its very rare

I'm not sure how rare it is. I moved out and supported myself from 17 and I'd know a fair few who did the same from 18 upwards.

PoisonIvyBelle

PoisonIvyBelle wrote: »

I'm not sure how rare it is. I moved out and supported myself from 17 and I'd know a fair few who did the same from 18 upwards.

Exceptionally rare I would say, I wouldn’t know a single person who supported themselves at 18. Some might have moved out for the college year but rent was paid by parents etc though most lived at home until working, some until getting married etc.

I would hate to be put into a position to have to worry about supporting myself at 18, would mess up a very enjoyable time of life. Not saying I didn’t work, always had summer jobs etc but the money was for petrol for the car, nights on the beer and lunches etc not trying to pay the full cost of living.

PoisonIvyBelle

Bradley Wide Snotty wrote: »

Exceptionally rare I would say, I wouldn’t know a single person who supported themselves at 18. Some might have moved out for the college year but rent was paid by parents etc though most lived at home until working, some until getting married etc.

I would hate to be put into a position to have to worry about supporting myself at 18, would mess up a very enjoyable time of life. Not saying I didn’t work, always had summer jobs etc but the money was for petrol for the car, nights on the beer and lunches etc not trying to pay the full cost of living.

I guess it depends the circles you're in. It wouldn't be very rare with people I know.

I would consider it quite privileged for someone to have their college years paid for them by their parents. I don't know how I feel about students being 100% supported through college though, I don't think you'd learn much about standing on your own two feet.

silent_spark

PoisonIvyBelle wrote: »

I'm not sure how rare it is. I moved out and supported myself from 17 and I'd know a fair few who did the same from 18 upwards.

Agree. My experience was that I moved out (and stayed out) at 18 and my parents paid for my digs and travel in the first year and my rent in my final year. Otherwise I supported myself through work and a college grant.

Lots of people didn't have that level of parental support, and some had much, much more. It's very naive to assume that your life experience is the average life experience.

CertifiedSimp

Just some motivation for anyone who might get some from my situation.

5 years ago to the day I had 10k in my account.

Today I have 102k in my account.

If you earn anything from 30k+ and you're saving damn all then you need to look at your expenses. Look at every expense and it's very likely you can get equally satisfactory product/service for less.

I don't buy Samsung/Apple products. I have a GoMo mobile plan. I buy chinos/jumpers/shirts in Dunnes. I don't pay Sky/Virgin media tv subscription (I get IPTV for 10 euro a month, illegal yes)

sally cinnamon89

CertifiedSimp wrote: »

Just some motivation for anyone who might get some from my situation.

5 years ago to the day I had 10k in my account.

Today I have 102k in my account.

If you earn anything from 30k+ and you're saving damn all then you need to look at your expenses. Look at every expense and it's very likely you can get equally satisfactory product/service for less.

I don't buy Samsung/Apple products. I have a GoMo mobile plan. I buy chinos/jumpers/shirts in Dunnes. I don't pay Sky/Virgin media tv subscription (I get IPTV for 10 euro a month, illegal yes)

Out of curiosity - how age are you and what are your living arrangements ie. are you renting/paying mortgage

CertifiedSimp

sally cinnamon89 wrote: »

Out of curiosity - how age are you and what are your living arrangements ie. are you renting/paying mortgage

I'm late 20's, house sharing.

sally cinnamon89

CertifiedSimp wrote: »

I'm late 20's, house sharing.

Good job man - 1,500 a month is no messing

Geuze

CertifiedSimp wrote: »

Just some motivation for anyone who might get some from my situation.

5 years ago to the day I had 10k in my account.

Today I have 102k in my account.

92k saved in 60 months.

That's 1,533 per month, good going.

Yyhhuuu

Geuze wrote: »

92k saved in 60 months.

That's 1,533 per month, good going.

Well done with the saving.

I was saving 1,600 per month but that's increased since covid as no longer buy coffee due to covid and enclosed places. That's a high percentage of my income. I expect to increase this when my income increases.

I do get a new samsung phone each year. I trade my old one in CEX and buy a new one with samsung offer of usually €50 off, I think it was €100 off for switching ( using a free sim from tesco) then unlocking phone. I look for value in everything I buy. Dont drink or smoke. Rarely eat out as love home cooking and inviting friends over. I buy all my food reduced to clear. I just realized that €100 can now last me about a month on day to day expenses and food. I dont have expenses like netflix as I'm not into that but treated myself to a new smart tv. My expenses are just go mo for phone, house insurance (which I saved €80 on renewal quite) go mo 9.99.,LPT, about €80 esb every 2 months and that's about it unless some issue arises and do the work myself. I heart my home (back boiler) using large amount of timber from a rather large 100 year old felled elm tree on my house's grounds which died due dieback disease. I was out most if time but with covid this will change. I used to travel abroad regularly with Ryanair usually staying in budget hotels costing no more than €20 each per night or hostels. Because holidays were so cheap I treated myself to a few per year as love travelling meeting new people and new places. These were city breaks in Europe.

radiotrickster

radiotrickster wrote: »

I'm 26. I've €3k in rainy day savings and €3.7k in savings for a holiday (near the end of the year) and a couple of planned weekends away.

Next goals are

- €2.5k by the end of the year so I can quit my job and find something else/freelance
- pay off a loan worth €800
- potentially save for a car (but I don't have my license yet and I'm happy to use my rainy day savings on it if worse comes to worst)

Update
- Still got my holiday savings in the bank.
- 2.5k in the rainy day savings. This will hopefully, eventually, turn into the start of a house deposit.
- 1k saved towards a safety net to quit my job and freelance

Loan is paid off now too!

Next goals
- reach 2k/2.5k saved towards my freelance fund
- start saving for Christmas + lots of upcoming birthdays (E700 total)
- save 600 for upcoming GP/opticians/dentist appointments: already have 300 to cover my next dentist trip

Cody montana

Cody montana wrote: »

37 and about 24 grand.

I’ve expensive tastes.

Up to 29 grand in 4 months.
That money would have otherwise been spent on travelling, music or the pub.

vikings2012

radiotrickster wrote: »

Update

Next goals
- reach 2k/2.5k saved towards my freelance fund
- start saving for Christmas + lots of upcoming birthdays (E700 total)
- save 600 for upcoming GP/opticians/dentist appointments: already have 300 to cover my next dentist trip

Have you considered purchasing health insurance(Laya/vhi/aviva).

Im with Laya and I get 45 euro back on GP visits, dental up to €250 per year and free eye/hearing tests.

Most importantly it is a huge safety net.

I had to go for an operation last year. Laya paid for everything. The final bill ended up to be €3150 Went private and got to pick my operation date.

Having the health insurance also encourages me to attend the doctor or get check ups etc.

squeekyduck

Mid 30's, I have one house with 60K left on the mortgage and the value has gone up considerably. I have multiple bank accounts with all the money spread out in it including a shares/investing account. I have approx 100k but I am one for using it for something instead of leaving it there so the money is working towards something. I am looking at getting a bigger place and I will use most of the money as a deposit, the latest climate has made me pause as I am seeing if values decrease.

I have considered paying off the mortgage fully, there is an early repayment fee but the interest is low enough that it's not an issue. I overpay each month anyway. I am not too sure what to do yet.

sally cinnamon89

Yyhhuuu wrote: »

Well done with the saving.

I was saving 1,600 per month but that's increased since covid as no longer buy coffee due to covid and enclosed places. That's a high percentage of my income. I expect to increase this when my income increases.

I do get a new samsung phone each year. I trade my old one in CEX and buy a new one with samsung offer of usually €50 off, I think it was €100 off for switching ( using a free sim from tesco) then unlocking phone. I look for value in everything I buy. Dont drink or smoke. Rarely eat out as love home cooking and inviting friends over. I buy all my food reduced to clear. I just realized that €100 can now last me about a month on day to day expenses and food. I dont have expenses like netflix as I'm not into that but treated myself to a new smart tv. My expenses are just go mo for phone, house insurance (which I saved €80 on renewal quite) go mo 9.99.,LPT, about €80 esb every 2 months and that's about it unless some issue arises and do the work myself. I heart my home (back boiler) using large amount of timber from a rather large 100 year old felled elm tree on my house's grounds which died due dieback disease. I was out most if time but with covid this will change. I used to travel abroad regularly with Ryanair usually staying in budget hotels costing no more than €20 each per night or hostels. Because holidays were so cheap I treated myself to a few per year as love travelling meeting new people and new places. These were city breaks in Europe.

You've mentioned all of this before in previous posts

Irish_rat

CertifiedSimp wrote: »

Just some motivation for anyone who might get some from my situation.

5 years ago to the day I had 10k in my account.

Today I have 102k in my account.

If you earn anything from 30k+ and you're saving damn all then you need to look at your expenses. Look at every expense and it's very likely you can get equally satisfactory product/service for less.

I don't buy Samsung/Apple products. I have a GoMo mobile plan. I buy chinos/jumpers/shirts in Dunnes. I don't pay Sky/Virgin media tv subscription (I get IPTV for 10 euro a month, illegal yes)

True but are you investing? Otherwise it will only depreciate in a few years due to inflation. Don't buy apple products but get their stock!!

antimatterx

antimatterx wrote: »

I'm 24 and I have 20K in savings a few hundred in shares.

I'm looking to buy a house in a few years, so I need to up that rapidly.

I have 27K in savings now. Currently saving around 2K a month.

Yyhhuuu

antimatterx wrote: »

I have 27K in savings now. Currently saving around 2K a month.

Well done!Can I ask what you income is in order to save €2k per month. I can save ~€20 k per annum. My gross income is ~€32k about €25k net of tax. I'm single and mortgage- free. I want for nothing and enjoy foreign holidays. My day to day expenses are minimal.

rob316

Yyhhuuu wrote: »

Well done!Can I ask what you income is in order to save €2k per month. I can save ~€20 k per annum. My gross income is ~€32k about €25k net of tax. I'm single and mortgage- free. I want for nothing and enjoy foreign holidays. My day to day expenses are minimal.

How in the name of god do you survive on €100 per week if you save 20k out of 25k?