Is having €5200 in savings at 27 bad?

AdamC2025 · 07-06-2025 11:46AM #1

Is it?

cute geoge · 07-06-2025 11:57AM

My nephew 18 years living at home had more then 5200 spared after 4 months working in a factory ,My sister who is working 20 years probably has about that amount in savings!!

Genghis · 07-06-2025 12:21PM

It really depends on where you are at.

At 27 I was technically in debt by €125k (mortgaged, plus a car loan of about 5k amount), with no rainy day or any other savings, other than a small pension pot, and a small rotating credit card balance keeping us going.

But arguably that was a better position to be in at 27 in the late 90s, than having €5k in savings today, i.e. if you haven't yet got a home, you would need a lot more saved; if you have your home sorted and have €5k saved, then you are in a good spot.

AMKC · 07-06-2025 01:30PM

Its not bad. At 26 had 30k but I was lucky because my generation had the S.S.I.A. it was the best thing I ever done with money.

Could do with a new one lol.

Greyfox · 07-06-2025 01:51PM

No its not bad, many people your age and older have 0 savings.

Geuze · 07-06-2025 01:58PM

https://www.boards.ie/discussion/2058415325/is-having-5200-in-savings-at-27-bad

It's not great, but it depends on other factors.

If a person has been working since age 22, then it is bad, yes.

For comparison, I started my third job after college at age 23. Soon after that, I was saving 700 euro per month, and that was 20+ years ago.

However, if somebofy is paying Dublin rents in 2025, then it's much harder for them.

SCOOP 64 · 07-06-2025 03:40PM

My son teaches English in Dublin rents a single room in Dublin for last 2 years , not a hope of saving anything.

cute geoge · 07-06-2025 03:45PM

https://www.boards.ie/discussion/comment/123523180#Comment_123523180

What sort of rent are we talking about .Is it a studio apartment or shared accomadation

elperello · 07-06-2025 03:48PM

https://www.boards.ie/discussion/2058415325/is-having-5200-in-savings-at-27-bad

It's a real "how long is a piece of string" question.

If saving for a holiday it's great money, if saving for a house it's only a start.

the_amazing_raisin · 07-06-2025 03:54PM

It's not great, you'd want at least 3 months expenses in savings and this probably just barely covers that

As others have said it depends on the situation. If you have €5200 in savings but also recently bought a house then it's certainly not too bad

I assume you are renting, in which case you probably need to be looking long term at buying a house

I'm aware buying a house isn't what everyone wants at 27 but it's a good goal to aspire to. Also it's better to have the means and not the desire rather than the opposite way around

In that case you'll want to look at income versus expenditure and how much you have leftover to put into savings

If your objective is to buy a house then you could need anywhere from €30k to €50k

If you're saving €100 per month that'll take at least 25 years.

Saving €1000 per month will have you there in 2.5 to 4 years

If you're starting from a low point but are able to save quickly then that's okay. You're vulnerable to short term expenses but should be fine long term

If you can't save quickly then you need to look at ways to increase your income and minimise your expenses

A few generic but effective ways are

Pay off debt as quickly as possible and don't take on new debt
Maximise your income, if you're hourly take on more hours. If you're salaried start laying out a path to further your career. Look at opportunities for training or education to land a better paying job
Save regularly every month
Set aside money every month to cover monthly and annual expenses
Minimise your expenses, everything you buy that isn't an essential is an opportunity cost for later (and no, a night out or brand new iPhone isn't an essential)
Buy cheaper brands as much as possible
Repair, reuse or buy second hand to save the expense of buying new
If you get an increase or bonus then immediately put it into savings. Can't spend what you never had
Ditch the subscriptions, get your parents to sign up for Netflix or Spotify and steal their password. Swap the gym for running and outdoor exercise
Move home if you can do it without going insane, or move somewhere cheaper if you can

1123heavy · 07-06-2025 04:00PM

It is neither good nor bad - it is your journey

Some had hundreds of thousands in their 20s and bankrupted by their late 30s .. others had a pittance in their 20s but became quite affluent by their 40s.

It's your journey and it does not tie into anyone else's, nor can anyone else's journey be an indicator of how yours is going.

AdamC2025 · 07-06-2025 04:05PM

https://www.boards.ie/discussion/comment/123523219#Comment_123523219

My house is fully paid off.

AMKC · 07-06-2025 04:52PM

https://www.boards.ie/discussion/comment/123523262#Comment_123523262

Its not bad so but no harm in having more if can save more then save more.

SCOOP 64 · 07-06-2025 05:38PM

.i

SCOOP 64 · 07-06-2025 05:41PM

https://www.boards.ie/discussion/comment/123523520#Comment_123523520

https://www.boards.ie/discussion/comment/123523194#Comment_123523194

Share accommodation

the_amazing_raisin · 07-06-2025 05:53PM

https://www.boards.ie/discussion/comment/123523262#Comment_123523262

Ah okay, the picture is a lot better then

Not much to be concerned about if you're 27 and have secure accommodation

It's a temporary situation, your savings will bounce back very quickly if you're able to save more by not paying a mortgage

Probably worth planning out your next financial goal and speaking to an advisor

baxterooneydoody · 07-06-2025 05:53PM

https://www.boards.ie/discussion/2058415325/is-having-5200-in-savings-at-27-bad

Its about the same as what I have saved at 50 but it's all relative, I've a mortgage and a young family, I also have a lot of machinery, tools and property bought in the last decade which would be worth a lot if I'd to sell up. So you could be cash poor and asset rich which is fine in good times buy may become a burden if a recession came

Nigel Fairservice · 07-06-2025 07:23PM

When I was 27 I barely had a few hundred euro to my name so doing a lot better than I was at that age.

beachhead · 07-06-2025 10:08PM

Is this a repeat thread?

Win the lottery at 18 and you could have 250,000 to start with.

Or bank of mammy and daddy could start off your savings with 1,000

Sgt Hartman · 07-06-2025 10:46PM

I’m 45 and you’re doing a lot better than me in your savings 😆

thereiver · 08-06-2025 12:22AM

Probably depends on how much rent you pay did you go to college what's your monthly expenses .

pgj2015 · 08-06-2025 10:16AM

I had 700 in my bank at age 30. Things are very different now though. I set up my own business and I think that is the key to making money to be honest, you just need a good work ethic and positive attitude. anyone can do it.

EmergencyExit · 08-06-2025 10:44AM

This will sound a bit wishy washy OP but honestly you just need to ask yourself if you are happy as a person not how much money you have. I know people who are pretty much broke and they are genuinely always positive and a joy to be around and others who are loaded and they are always moaning and complaining about life.

littlefeet · 08-06-2025 10:51AM

The OP should look up the fabel of the miser and his hold.

billyhead · 08-06-2025 10:55AM

That amount at 27 is poor. I was on the property ladder at that age with multiple times that savings amount however I was working full time since I was 20.