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How are people not good with money?

antimatterx

I was watching the show on RTE "How to be good with money" and it struck me for the first time that some people are absolutely stupid with money.

How can people enjoy just throwing their money away? You spend a lot of time working hard to earn it, and you waste it.

I don't exactly make a lot of money (24, making 32K), but the first thing I do when I get paid is save as much as possible.

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Zebra3

CrankyHaus wrote: »

Outside of Boards I have never met any Irish people who are holier-than-thou about saving. Quite the opposite in fact, among many there seems to be a belief that looking after your money is a sin on a par with kiddy-fiddling and any sign of common sense will be shouted down and criticised. I've had people boast to me about how their monthly pay goes directly into servicing their overdraft.

Not everyone is truthful about their finances.

Mad_maxx

antimatterx wrote: »

I was watching the show on RTE "How to be good with money" and it struck me for the first time that some people are absolutely stupid with money.

How can people enjoy just throwing their money away? You spend a lot of time working hard to earn it, and you waste it.

I don't exactly make a lot of money (24, making 32K), but the first thing I do when I get paid is save as much as possible.

All to do with how you were brought up

My fiancé is terrible with money,wasteful in general, leaves lights on around the house all day etc, her parents are not much better, the kind who believe if you have no money, it's all down to someone not paying you enough, lovely people otherwise

Been together six years, two children but our finances are Seperate, i would not trust with access to my money

[Deleted User]

It a mixture of how you were raised and personality traits the same as most things in life.

There might also be an element of mental health issues and or personality disorders in it as well.

lainey_d_123

Some people spend frivolously and are always broke because they spend without thinking. I'd say far more people simply don't earn enough to cover their basic expenses and then even a small setback can result in getting into debt or having no disposable income/savings.

I wouldn't go too far with congratulating yourself. Based on previous posts, you're still living at home and on a decent salary, enabling you to save a chunk of money without even compromising on quality of life. When I was your age, I was earning 22K and had been renting for over six years. Most of my money went on rent, bills, groceries and other living costs. I managed to do some social stuff and hobbies, but had to be frugal about it, and then there was nothing left over.

Living at home while working is like living life on easy mode. Easy to be 'good with money' when you don't have to pay for anything substantial.

antimatterx

lainey_d_123 wrote: »

Some people spend frivolously and are always broke because they spend without thinking. I'd say far more people simply don't earn enough to cover their basic expenses and then even a small setback can result in getting into debt or having no disposable income/savings.

I wouldn't go too far with congratulating yourself. Based on previous posts, you're still living at home and on a decent salary, enabling you to save a chunk of money without even compromising on quality of life. When I was your age, I was earning 22K and had been renting for over six years. Most of my money went on rent, bills, groceries and other living costs. I managed to do some social stuff and hobbies, but had to be frugal about it, and then there was nothing left over.

Living at home while working is like living life on easy mode. Easy to be 'good with money' when you don't have to pay for anything substantial.

On the other hand It would be easy to spend all my money treating myself with all the extra money I have.i don't, I save it. I rarely treat myself because I don't feel like I deserve just because I work.

The J Stands for Jay

[Deleted User] wrote: »

....and not having one's sails three sheets to the wind like many many millenials these days

Rates of alcohol consumption are lower among millennials. It's you aul wans that are steamboats all the time.

The J Stands for Jay

JustAThought wrote: »

top tip - don’t tap and pay cash! If you budget and plan to only spend X amount every week and take it out on Monday you will be amazed how you readjust your behaviours when you physically see the money winding down in your wallet!

Nope. Do the opposite. You'll be able to see you balance dropping as you spend it along with a record of where and when you spent it, rather than having found and notes evaporate with no idea where it went.

ArnoldJRimmer

McGaggs wrote: »

Nope. Do the opposite. You'll be able to see you balance dropping as you spend it along with a record of where and when you spent it, rather than having found and notes evaporate with no idea where it went.

Again, really depends how you look at it. Had this conversation with a mate of mine many times before. He never had any cash on him as he found that he spent less when he used his card. Cash would disappear pretty quickly for him.

Whereas I found it easier to budget when I took out a certain amount at the start of the week and made sure I stuck as close as possible to that amount. If I was just using my card, I'd lose track and make stupid purchases

[Deleted User]

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

lainey_d_123

Kaylie Future Jazz wrote: »

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

I find I spend less using a card because I go back and look over every transaction. Doesn't take long to see where you might be overspending or wasting money. I used to do it out of pure necessity when I was broke but carried on out of habit.

The J Stands for Jay

Kaylie Future Jazz wrote: »

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

It's the psychology of it. If you have cash in your pocket, it's there, it's not part of your balance so it doesn't hurt to spend it, it's already spent, in a way, by not being in your bank account.

If you buy something with your card, you see it leaving your account, and you immediately see your lower balance, and it hurts more.

lulu1

There was a couple on a few weeks ago they had 2 good paying jobs he worked for Dublin bus and she was an accountant i cant remember now what their wages were but I remember my partner saying to me at the time that they should be ashamed of themselves going on the show.

There is an old saying Live within your means

[Deleted User]

lainey_d_123 wrote: »

I find I spend less using a card because I go back and look over every transaction. Doesn't take long to see where you might be overspending or wasting money. I used to do it out of pure necessity when I was broke but carried on out of habit.

McGaggs wrote: »

It's the psychology of it. If you have cash in your pocket, it's there, it's not part of your balance so it doesn't hurt to spend it, it's already spent, in a way, by not being in your bank account.

If you buy something with your card, you see it leaving your account, and you immediately see your lower balance, and it hurts more.

Makes no difference to me. Cash or card I spend the same amount. If I’ve cash in my pocket I would be adding it to my bank balance in my head anyway so still would be aware of my overall balance incl the cash.

I still can’t see how it impacts spending. If I’m in a shop to get something I’ll either buy with card or have cash for it. If I see something I want I’ll buy it, if that means going to the atm to get more cash or tapping a card.

Looking back over transactions doesn’t really “hurt”. I remember my transactions in my head anyway. I’d only flick back if I was checking something specific (or trying to figure out how many pints I drink when I can’t remember the end of them night ). :pac:

Homelander

I work with a person who is constantly complaining about being broke. Sole earner, few kids, partner at home. Smokes 20 cigarettes a day, constantly getting big take aways delivered to work. They would borrow €50, talking about how broke they are, next thing a Deliveroo arrives 30 minutes later or they're back from the shop with a big bottle of coke, big deli sandwich with wedges/crisps, etc. I think it's actually a form of disorder like gambling or alcoholism.

steves2

lulu1 wrote: »

There was a couple on a few weeks ago they had 2 good paying jobs he worked for Dublin bus and she was an accountant i cant remember now what their wages were but I remember my partner saying to me at the time that they should be ashamed of themselves going on the show.

There is an old saying Live within your means

They had 25k saved up while renting a house and spent it all on a wedding, then were told it could take 5-8 years to have enough for a deposit again...I remember thinking would you not get the house first?!

Feisar

Oranage2 wrote: »

Lunches and coffee, I know people who would be on the lower income side spending 10+euro a day on lunch as well as 2-3 coffees
at 3 euro each.

Of course their money and their life but if they brought lunch in and made their own coffee they could save around 90 odd euro a week.

Funny, when I was in my early twenties it was lunches and coffee out everyday. Now at thirty-five I make my lunches and have all but given up on take away coffee.

Arghus

Fair play guys.

I'd say you are all amazing craic on a night out.

dubrov

90% of people think they spend their money more wisely than the average person.

dubrov

90% of people think they spend their money more wisely than the average person.

Feisar

Arghus wrote: »

Fair play guys.

I'd say you are all amazing craic on a night out.

Out!?! Are ya mad, do you know how much a pint costs these days?!!

Raconteuse

McGaggs wrote: »

It's the psychology of it. If you have cash in your pocket, it's there, it's not part of your balance so it doesn't hurt to spend it, it's already spent, in a way, by not being in your bank account.

If you buy something with your card, you see it leaving your account, and you immediately see your lower balance, and it hurts more.

But the money leaving the ATM is on your statement too.

Timistry

Its all perspective and discipline.

You could be living at home earning 40k but out all weekend and buying things you do not need or in every weekend saving a packet. Its all about balance.

I used to live with a guy who was paid monthly on a Friday. By 9pm one Friday he had $60 left for food and daily expenses.... last I heard he was on the run he was in so much debt.

As for me, I try and strike a balance. Some months I could save 70% of what I earn, sometimes 0%, it depends on the month (i.e xmas or when I book a holiday or go on a booze). Almost never touch savings. Been doing this since I was 12 or so id say.

Fireball81

Did anyone see the money programme on RTE1 last night, can't remember it's exact name.

Not begrudging the young couple (early/mid 30s) but having a combined income of €135k is far from normal or average so buying a €500k house, with the mortgage that goes with that and being able to max out your pension and still save €1k again is not the norm.

Fair play to the couple though for limiting their 'socialising spend' to €800 PER YEAR between the two of them...

Shefwedfan

Fireball81 wrote: »

Did anyone see the money programme on RTE1 last night, can't remember it's exact name.

Not begrudging the young couple (early/mid 30s) but having a combined income of €135k is far from normal or average so buying a €500k house, with the mortgage that goes with that and being able to max out your pension and still save €1k again is not the norm.

Fair play to the couple though for limiting their 'socialising spend' to €800 PER YEAR between the two of them...

Why would it be far from normal? I didn’t see but a couple with two decent jobs I would expect they could earn that

If no kids come along then 1k per month is achievable.....the 800 per year I would struggle with...I could spend 200 in a night out easily

Atlantic Dawn

That's not even €10 a week each to socialise, I'm sure they could feature in a few posts in the stinge thread.

Fireball81

Shefwedfan wrote: »

Why would it be far from normal? I didn’t see but a couple with two decent jobs I would expect they could earn that

If no kids come along then 1k per month is achievable.....the 800 per year I would struggle with...I could spend 200 in a night out easily

Given the average or mean is way off that for 2 people and not forgetting they were only in the early 30s (unless they have reached the peak of their earning power already) I can't see how that's the norm.

Agreed if you don't have kids then 1k saving is possible but after maxing your pension too, it's a budget literally a lot of people wish they had I'm sure.

Shefwedfan

Atlantic Dawn wrote: »

That's not even €10 a week each to socialise, I'm sure they could feature in a few posts in the stinge thread.

Can’t even get a decent bottle of wine for dinner a week....at some stage you have to think is it worth it

Shefwedfan

Fireball81 wrote: »

Given the average or mean is way off that for 2 people and not forgetting they were only in the early 30s (unless they have reached the peak of their earning power already) I can't see how that's the norm.

Agreed if you don't have kids then 1k saving is possible but after maxing your pension too, it's a budget literally a lot of people wish they had I'm sure.

They could be on 70k each and boom they are at that number, very easily achievable and not even close to peak earning power

Go to college and depending on degree 70k or close could be starting....if sales role your basic is 40k with bonus you up to 70k....that’s starting as a junior seller

That’s not even close to peak earning power

Dodge

Shefwedfan wrote: »

They could be on 70k each and boom they are at that number, very easily achievable and not even close to peak earning power

Go to college and depending on degree 70k or close could be starting....if sales role your basic is 40k with bonus you up to 70k....that’s starting as a junior seller

That’s not even close to peak earning power

No one suggested it wasn’t achievable. They said it was not the norm

Which it isn’t.

It isn’t close to being the norm.

‘Go to college and start on 70k’. LOL

Shefwedfan

Dodge wrote: »

No one suggested it wasn’t achievable. They said it was not the norm

Which it isn’t.

It isn’t close to being the norm.

‘Go to college and start on 70k’. LOL

Don’t know what the LOL is about.....

Junior sales person will walk in door in my office on 40k+ basic with a 55/45 sales plan so 72k if they hit target and they are right out of college

Do software development and your pushing close to 100k starting.....