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Well, is it true so many of us have saved a little fortune during the pandemic?

2

Comments

  • Registered Users, Registered Users 2 Posts: 12,099 ✭✭✭✭Jim_Hodge


    I don't get what you mean. Who was taking so much? And pay up in what way?



  • Registered Users, Registered Users 2 Posts: 14,276 ✭✭✭✭Geuze




  • Posts: 0 [Deleted User]


    Not for me, personally.

    Maybe €100 a month on petrol, and I always made my own breakfast before work, and brought my lunch in with me, so no savings there.

    A bit of that would have gone on extra heating and electricity but I really don't mind that.

    Don't drink or smoke and last trip abroad was more then 10 years ago.



  • Posts: 24,009 Jason Bumpy Ginseng


    Must say I have loved my travels myself (visited Antarctica once thanks to a generous gift from a terminally ill relative)… even though I will probably travel more short-hop in future. 😊



  • Registered Users, Registered Users 2 Posts: 27,105 ✭✭✭✭Dempo1


    It is nonsense , what was that Phrase of Leo's, the economy will take off like a Rocket 🤣 , I'm still waiting.....

    As I've said I'm not doubting some people have saved but I'm allowed to be somewhat skeptical of what the CSO says. It would appear those who have managed to save have done so on things like

    Holiday's (not much use to the Irish economy) and will likely be used next year to actually leave the country on Holiday's, so a temporary saving so to speak.

    Commuting, that's about to be absorbed over the foreseeable future (I presume you've notice fuel price increases)

    Childcare, absolutely, but again by all accounts that to is going to be increasingly more expensive.

    There are other things obviously but I believe, temporary savings so in essence most of what has been saved will be spent primarily on essential goods and services.

    This all before you factor in that inflation is rising along with general cost of living.

    To seriously suggest Billiions in savings are going to be spent on a free for all spending frenzy is ludicrous, I suspect its more likely people will be very cautious & Conservative when it comes to spending any savings they've managed to accrue. Just a Humble opinion mind you. I'm not doubting there have been savings, albeit I question the amounts being suggested by the CSO and others, I am saying what politicians are saying about how its going to be spent is ludicrous kite flying nonsense.

    Is maith an scáthán súil charad.




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  • Posts: 0 [Deleted User]


    @Dempo1 "Commuting, that's about to be absorbed over the foreseeable future (I presume you've notice fuel price increases)"

    The price of petrol is shocking. And I believe due to be increased in the budget. I'm glad I won't be going to back commuting every day.



  • Registered Users, Registered Users 2 Posts: 14,276 ✭✭✭✭Geuze


    Chart:

    Untitled Image




  • Registered Users, Registered Users 2 Posts: 870 ✭✭✭barney shamrock


    Saved a decent wedge so threw some of it at the mortgage.

    Our final mortgage payment will be on December 21 so it'll be a special Christmas for us this year.



  • Registered Users, Registered Users 2 Posts: 3,664 ✭✭✭KaneToad


    Saved a bit through not traveling. Doubled up on mortgage payments as it was the easiest way to get a modest return on the money.



  • Registered Users, Registered Users 2 Posts: 1,450 ✭✭✭Viscount Aggro


    Saved about 150K

    Since March 2020 lockdown.

    I checked the numbers, and this is accurate.



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  • Registered Users, Registered Users 2 Posts: 696 ✭✭✭Housefree


    Was able to get the PUP and work on the sites fulltime, frig all drinking/cocaine/holidays = €€€€€€€ saved



  • Registered Users, Registered Users 2 Posts: 6,090 ✭✭✭DoctorEdgeWild


    Jaysus, there's some people in here who make great money! (or have great imaginations :D)

    Makes me wish I'd stayed in school and got an office job.

    No real changes for me, work in a metal working workshop so still went to work every day, no furlough or WFH, no major changes to life other than missing out on theatre tickets which would be a fairly big expenditure for me.

    Savings still around the same as before (very, very little!)



  • Registered Users, Registered Users 2 Posts: 30,973 ✭✭✭✭Wanderer78


    ...so effectively theres been a drop in the private sector money supply, i.e. credit, available to the economy, and now the expectation is that we ll all rush to the banks, spend our deposits, and take out new loans, should be interesting to watch!



  • Registered Users, Registered Users 2 Posts: 14,717 ✭✭✭✭Earthhorse




  • Registered Users, Registered Users 2 Posts: 22,041 ✭✭✭✭Ash.J.Williams


    i went absolutely wild in the pandemic, i'll save more when we open up



  • Posts: 24,009 Jason Bumpy Ginseng


    I’d love one of those incredibly lucrative desk jobs, seeing the 10ks flying in as I sit in my underwear and hold a cup of coffee in one hand 😂



  • Registered Users, Registered Users 2 Posts: 30,973 ✭✭✭✭Wanderer78


    we do it bollock naked now, whats the point in dressing, fcuk it!



  • Registered Users, Registered Users 2 Posts: 1,787 ✭✭✭mohawk


    I would say my spending was altered. I changed the car, we did a few bits around our home and we now have a baby on the way. I was mostly WFH for last 18 months so saved money on commuting, lunches and childcare. I didn’t buy as much clothes as usual for myself but my son still needed new clothes and shoes etc. We didn’t go abroad last summer or this summer but we did staycation so no savings there. We save for anything we want so never have debt (house only exception).



  • Posts: 0 [Deleted User]


    Be more interesting to see what people were spending money on during the lockdown especially the very restrictive bit of the lockdown where you could not go more than 5km from your home unless it was to work, as far as I could see all we could spend money on was online shopping and takeaways and we wouldn't be much into either.



  • Registered Users, Registered Users 2 Posts: 30,973 ✭✭✭✭Wanderer78


    plenty of us breaking 5k restrictions, it was actually really nice, places were very quiet, but good points



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  • Registered Users, Registered Users 2 Posts: 1,630 ✭✭✭jrosen


    It was probably more a case of didnt spend than genuinely save. We save monthly anyway so the only additional money we saved was fuel money. We've always take our lunches to work.

    Our biggest saving was probably on travel and clothing. I only purchased clothing we really needed as we had nothing on.

    I think the people who saved the most were those who had long commutes, public transport costs/lunches/coffees/childcare and people who are social and would be out a couple of times per week.



  • Posts: 24,009 Jason Bumpy Ginseng


    I know, I’ve seen it, just being daycent for the forum, so to speak.



  • Posts: 24,009 Jason Bumpy Ginseng


    I think online shopping was a biggie, especially electronic stuff, going by the especially frequent packages arriving at the apartment building, although done of this could have been necessitated by WFH rather than leisure spending.



  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭DubDani


    It probably depends on everyone's individual situation. In our case (family of 4 with 2 very active children) we saved an absolute fortune during the pandemic. We were in the lucky position that our incomes weren't impacted, with me even getting a very good Bonus and 8% payrise last July. But where we saved was:


    • Hardly any fuel costs for 2 cars as no commuting or driving kids around, easily saving 150 a month
    • No major Holidays this in 2020 or 2021. We had 2 big trips planned (and budgeted for) that were swapped for 3 small staycations. Saved around 12K on those planned Holidays
    • No School dinners to be paid, which probably saved us around around 80-100 a month.
    • No Music lessons for the kids for a more then a year, saving us another 120 a month.
    • No Sports, saving us around 350 a month (both girls are very active and competitive in their sport with 3/4 training sessions a week and competitions etc.).
    • Far less shopping overall. While I can't put a figure on it we certainly spent a lot less money on clothing and other gadgets.


    And while I am happy for the savings I am as happy to return back to normal and to get the kids back into their music and sports etc.



  • Posts: 24,009 Jason Bumpy Ginseng


    What I have been wondering about was the sheer numbers of cars on the road throughout the day. I know people weren’t using public transport, which would account for some of it, but there was a fair little bit of mileage five nonetheless within Dublin city, Galway city and the various major towns I visited through the pandemic. It wasn’t just “rush hour” as is the case in normal times Ed.



  • Registered Users, Registered Users 2 Posts: 24,543 ✭✭✭✭Sleepy


    WFH would have saved me a fair bit in commuting costs and the couple of times a week I'd have bought lunch (The company I work for has always paid for a bean-to-cup coffee machine and did a weekly shop for the office that covered the basics to make lunches with: bread, ham, cheese, cereal etc.) but you'd occasionally just fancy a chicken fillet roll or a break away from the office with a few colleagues to go grab a meal out etc.)

    Obviously spent less on holidays / new clothing etc. too

    However, as Mrs Sleepy worked as a child-minder, her income dried up completely once the first lockdown hit so overall, we're far worse off than we were before the pandemic hit.



  • Registered Users, Registered Users 2 Posts: 6,339 ✭✭✭crisco10


    Saved here too.

    Main savings were on holidays, instead of 2 week "big" trips to long haul destination, we really just did long weekends in Ireland etc

    Other savings as poster mentioned was the activities for kids. Swimming costs about €15 a week for lessons etc. And before pandemic hit, I set myself a goal of buying no new clothes in 2020 (which I succeeded with).

    I WFH since before pandemic so no change in commuting habit.

    Hard to guess how much "extra" was saved as I'm a bit of a squirrel anyway, but maybe ~€10k? Flipside is that we have spent/invested in our house a bit in 2021, however that was always in the long term plan pre-COVID.



  • Registered Users, Registered Users 2 Posts: 1,420 ✭✭✭easygoing39


    I worked through it all as normal.Saved about E20,000 because I could'nt go to the local or go away on holidays.But then I spent E13,000 on a used car.The rest is still in the bank,where it'll stay.



  • Registered Users, Registered Users 2 Posts: 30,973 ✭✭✭✭Wanderer78


    leo wont be happy with your plans, he needs you to spend spend spend, borrow borrow borrow!



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  • Moderators, Society & Culture Moderators Posts: 8,157 Mod ✭✭✭✭HildaOgdenx


    No increase in savings, but I suppose, spent less on the everyday stuff.

    Low fuel costs because the car was sitting in the drive, no meals/ nights out, no flights/ holidays. Bought very little online.



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