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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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Mad_maxx

Kaylie Future Jazz wrote: »

Are you suggesting it would be eaisy to only spend 800 per year between two people socialising? What definition of socialising are they using?

I would easily spend a few hundred per month on myself socialising, including my wife I reckon we wouldn't be far off the 800 euro per month on socialising and that's not even counting things like weekends away etc. That just sounds like hardship limiting to 800 per year for two when on a good income.

fair play to you , 800 per month socialising is an enormous spend in my view but it depends entirely on income

Banana Republic.

AlmightyCushion wrote: »

I thought the same as well. Made no sense.

There was another couple on the first season of the show. Both had good jobs on good money. Were renting a house off a family member for a couple of hundred a month and had no childcare expenses. They weren't able to save a penny and had loads of old debt including student loans and they were out of college nearly a decade at that stage. It was madness, they easily could have afforded to save and pay down that debt.

The show is pretty much the same every week. He looks at their finances and basically tells them to stop spending all their money on shíte and pay down debt or save a few quid.

It does help with tips and tricks, to pay that extra few quid outside a loan drops interest rate you pay and bit by bit it makes a difference. I was crap with money for years and ended up clearing any debt and being debt free. Still managed to get another loan to have a car that lasts instead of wasting money on cheaper cars and keeping them on the road. The things with loans is the workout how best they work for you and shop around like you would for shopping groceries.

[Deleted User]

Fireball81 wrote: »

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

Are you suggesting it would be eaisy to only spend 800 per year between two people socialising? What definition of socialising are they using?

I would easily spend a few hundred per month on myself socialising, including my wife I reckon we wouldn't be far off the 800 euro per month on socialising and that's not even counting things like weekends away etc. That just sounds like hardship limiting to 800 per year for two when on a good income.

AlmightyCushion

steves2 wrote: »

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?!

I thought the same as well. Made no sense.

There was another couple on the first season of the show. Both had good jobs on good money. Were renting a house off a family member for a couple of hundred a month and had no childcare expenses. They weren't able to save a penny and had loads of old debt including student loans and they were out of college nearly a decade at that stage. It was madness, they easily could have afforded to save and pay down that debt.

The show is pretty much the same every week. He looks at their finances and basically tells them to stop spending all their money on shíte and pay down debt or save a few quid.

Mad_maxx

KaneToad wrote: »

I never understood why people dislike those who don't spend their money. Is it a jealousy thing, that they have more money available? I couldn't care less what others do/don't do with their money. Perhaps they derive enjoyment from counting the pennies. Good luck to them sez I.

its quite an irish attitude , generally speaking , we are not a people who see any virtue in financial prudence

Johnny Sausage

some people (not everyone) are great with money becase they scam the life out of the social welfare.

Dodge

ThreadWatcher wrote: »

That attitude is why so many people are happy to sit on their arse instead of going to college and earn a decent wage

What are you talking about? The average graduate wage is nowhere near 70k.

You can point out examples all you want, it simply isn’t the case for the majority of people and it’s ****ing ridiculous to think it’s ‘attitude’ that’s stopping people earning that in their first job out of college

whisky_galore

Shefwedfan wrote: »

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

It was far from wine at dinner you were reared.

ToxicPaddy

Ush1 wrote: »

Pull the other one it's got bells on.

I've worked in the tech sector for 20 years and never came across a developer who earns 100k a year straight out of college. Maybe in 5 - 7 years if they are very very good and in a niche market.

A lot of this whole save/spend mentality depends on your circumstances.

Saving can mean putting €20 a month away to cover a bill if you're stuck or can mean investing/saving €1k a month if you have a lot of disposable income. But some are lucky enough to not have to worry or care about the future. I'm not one of them unfortunately, it's always at the back of my mind, what if I lose my job etc.

My main aim is to have enough to pay my bills at the start of every month, buy enough food to last the month and if I have a decent amount left over, throw a few quid in the credit union for a rainy day and spend the rest.

Cheap credit is where people go wrong, borrowing for everything and then spending their income servicing debt. Yes mortgages are necessary for most but PCP on expensive cars, large personal loans and large credit card balances are not especially if youre going to spend your life under a mountain of debt with nothing to show for it, it's simply not worth it.

It's all a balancing act. I'm never gonna be rich and I've accepted that but at the same time I'm not going to spend my life being a miser and missing out on chances to enjoy myself by skimping on everything and saving for the next generation to spend it.

Life is short, I intend to enjoy it and not miss out on things for the sake of not spending a few euro while at the same time trying to balance having a few quid for the rainy days when or if they come.

Banana Republic.

Is this a thread of showing how great ppl are at saving, it's so presumptuous saying I can't believe ppl can't save.

If you actually watched that programme you see how easy it is to get the loans here and there it becomes habit, nobody enjoys nit having the money to do something. Some grow up with not much money so when they get out they enjoy it and try to do as much as possible. I'd started nothing my bills and purchases a few years back and Excel is great to keep track of weekly /monthly outgoings. Even look at your bills going out every few months and see where you can save, even if it's €5 off broadband or tv, like internet we don't need 100MB speed for the normal Joe Soap browsing the internet or using social media.

I was never a great saver but these little things give you a start and a fiver a week saving gives a great habit of saving no matter what it is.

Also a final point is don't judge ppl cause they can't save or if they can save. They still have much more about them then your money judgement. Humility goes a long way.

Ush1

Shefwedfan wrote: »

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.....

Pull the other one it's got bells on.

raze_them_all_

Some people enjoy having money and spending it to enjoy themselves, others enjoy having it there just in case.
My partner like to have a nest egg. So I save x amount a fortnight, take care of anything that needs doing money wise, the rest is mine to spend as I wish. Ie got an annual pass for the cinema. Expensive but saves me from soley going out to the pub for something to do after work

ThreadWatcher

Dodge wrote: »

‘Go to college and start on 70k’. LOL

That attitude is why so many people are happy to sit on their arse instead of going to college and earn a decent wage

sbsquarepants

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.

I'm no psychologist, but i'd imagine it works the exact opposite way. Actually having to physically hand over something tangible like money, feels much more like spending than just tapping a card.

It's the reason people end up up to their eyeballs in credit card debt - it's not real money, it's just a piece of plastic!

Shefwedfan

sugarman wrote: »

Not everyone goes out every week though and not everything has to cost money.

Theres a hell of a lot more to life than going down to the pub every weekend and getting pissed.

Cinema is more or less 20 quid for two

Ballet last week, 100 quid for two just for tickets

Concerts at Christmas was similar

Weekend away next week, 350 quid for one night

All on for saving but you need to enjoy the money you earn

KaneToad

NSAman wrote: »

there is nothing as annoying as a “mean” person who counts the pennies, while forgetting to spend to enjoy life. (If you can afford to do so)

I never understood why people dislike those who don't spend their money. Is it a jealousy thing, that they have more money available? I couldn't care less what others do/don't do with their money. Perhaps they derive enjoyment from counting the pennies. Good luck to them sez I.

sbsquarepants

antimatterx wrote: »

I

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.

Well done you.

You know money is only worth anything when you spend it though?

If you're saving for something, that's fine, if you're just saving so as to not spend your money - that's ridiculous in my opinion.

A million in the bank which you just won't spend, might as well be in your imagination.

One the most well off people i know, is as tight as a ducks arse - no life whatsoever, works all day, then works half the night, even works most weekends - all just to pile up money he's too miserable to spend.

Pointless waste of a life.

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.....

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

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

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

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.

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.

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

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...

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.

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.

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?!!

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.