am i doing alright financially?

MuchZeus

not sure if this is the appropriate forum, but i couldn’t find any ‘personal finances’ forum on boards.

i’m 23. living at home with family. i work at a hospital on a zero hours contract. it was my job on the side while in uni. it was handy because it was zero hours. since graduating i’ve been finding my feet but now i know what i want to do.

i’ve gotten a decent amount of work during covid, had a few weeks with not many hours but it’s starting to pick up again. since around march i’ve gotten into a good habit of saving, and now i’ve around €7k saved up. i’m just wondering, for a person my age, in the current climate, is that good? i’ve no idea how other people my age are doing, it’s a bit difficult to find out how others are doing.

punisher5112

Of course it's good, obviously long way away from what's needed for a mortgage but it will be a great help.
You will need a full time permanent job though so I'd be working on that end.

KaneToad

MuchZeus wrote: »

not sure if this is the appropriate forum, but i couldn’t find any ‘personal finances’ forum on boards.

i’m 23. living at home with family. i work at a hospital on a zero hours contract. it was my job on the side while in uni. it was handy because it was zero hours. since graduating i’ve been finding my feet but now i know what i want to do.

i’ve gotten a decent amount of work during covid, had a few weeks with not many hours but it’s starting to pick up again. since around march i’ve gotten into a good habit of saving, and now i’ve around €7k saved up. i’m just wondering, for a person my age, in the current climate, is that good? i’ve no idea how other people my age are doing, it’s a bit difficult to find out how others are doing.

www.askaboutmoney.com

Better forum for that specific question...

MuchZeus

punisher5112 wrote: »

Of course it's good, obviously long way away from what's needed for a mortgage but it will be a great help.
You will need a full time permanent job though so I'd be working on that end.

yeah i’m on two panels, one for the civil service and the other for a clerical position in my hospital. it’s a long waiting game...

bobbyy gee

what did you go to university for
what job do you do in the hospital

after the next housing crash buy a house and get 2 roommates to help pay for it

i mean a house not a apartment
3 bedroom

when you retire you will be glad you did

MuchZeus

bobbyy gee wrote: »

what did you go to university for
what job do you do in the hospital

after the next housing crash buy a house and get 2 roommates to help pay for it

i mean a house not a apartment
3 bedroom

when you retire you will be glad you did

- got a degree in business
- work as a care assistant

- i was thinking of an apartment as a starter property then move to a house at some point down the line

Geuze

AFAIK, there is no such thing as zero-hours contracts in Ireland?

Geuze

7k saved at 23 is ok, if you've been in college for previous years, and hadn't much chance to save.

r439z5ifwt8soq

Geuze wrote: »

7k saved at 23 is ok, if you've been in college for previous years, and hadn't much chance to save.

Honestly, 7k saved at that age is brilliant. Very small percentage of the population in that age group would have that amount saved.

con747

Geuze wrote: »

AFAIK, there is no such thing as zero-hours contracts in Ireland?

https://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/contracts_of_employment/contracts_without_specific_working_hours_zero_hours_contracts.html I'm afraid there is.

One More Toy

You're doing OK, I had 12k saved at 19 and blew it all in college on accommodation and living expenses over 3 years.

Try and contribute to a pension too

con747

One More Toy wrote: »

You're doing OK, I had 12k saved at 19 and blew it all in college on accommodation and living expenses over 3 years.

Try and contribute to a pension too

+1 on the save in a company pension scheme. The tax benefits are well worth it alone. The more you can afford to put in the better.

dockysher

Spend da 7k on a trip around da world wen it's possible. 23 too young to be looking at future. Enjoy ur yourh

Yyhhuuu

dockysher wrote: »

Spend da 7k on a trip around da world wen it's possible. 23 too young to be looking at future. Enjoy ur yourh

I agree. Great savings btw. Also I think you're too young to think about pension. If I was in your shoes I think my priority should be saving for a deposit for a mortgage.

I personally can save approx 20K per annum.

dockysher

dockysher wrote: »

Spend da 7k on a trip around da world wen it's possible. 23 too young to be looking at future. Enjoy ur yourh

Waste of money.

dockysher

dockysher wrote: »

Spend da 7k on a trip around da world wen it's possible. 23 too young to be looking at future. Enjoy ur yourh

Or elocution lessons and language classes.

smellyoldboot

dockysher wrote: »

Spend da 7k on a trip around da world wen it's possible. 23 too young to be looking at future. Enjoy ur yourh

Have a look at how this ^^^ message is formed and structured.

Ok?

This is why you shouldn't take this advice.

StupidLikeAFox

I think you are doing great. A great piece of advice that I've heard is that the best investment (particularly at your age) is to invest in yourself, to do some further education in an on-demand skill or seek out some experience in your chosen career to boost your future earning potential. I would also start working towards a goal like getting a deposit for a mortgage or going travelling etc depending on what you are into. People will tell you to do one thing or the other but there is value in both and it's completely dependent on the person you are.

Might be an unpopular opinion here but I wouldn't get too hung up on a pension for now - I would wait a few years for that as the money you would put into it now would likely be negligible by the time the pension is drawn down and the money you put into it is arguably more valuable in your hand now I'm terms of the education/travel/experience you could gain in the short term. Although you should get the pension sorted before you hit 30 (at the latest) in my opinion

hmmm

You're doing great, and if you can mentally build a savings (live beneath your means) habit it will give you great comfort throughout your life.

vikings2012

OP, I wouldn’t dismiss travel and living abroad for 1/2years as a personal goal.

I’m around your age. I’ve spent a significant amount of cash in recent years traveling and experiencing new and exciting things/cultures.

I hope to do more travel in the next year or so depending on how Covid 19 plays out.

Personally, at our age, I would not want to purchase a house or have a mortgage. For me it would be too much of a commitment and would most likely restrict certain aspects in my life e.g. traveling/living abroad, changing career and giving up a good salary, going back to college etc.

While a mortgage is not on the cards for me in the near future, I do put away a certain amount each month to ensure I am in a good position for when I actually want to buy/build.

Each to their own I suppose.