The feeling of being broke!!

antimatterx · 13-01-2022 7:36pm

https://www.boards.ie/discussion/comment/118469406#Comment_118469406

The point in saving is literally to cover bills that pop up and not put yourself under further strain.

Aim to save 6 months expenses. Even if it takes years to do, it's great to have a safety net.

Could you save €20 p/w? That's 1K in a years time.

Viscount Aggro · 13-01-2022 7:55pm

Young Limerick guy, puts away 12K per month....

https://www.firepodcast.ie/

https://www.firepodcast.ie/december-2021-portfolio-update

mariaalice · 13-01-2022 8:18pm

https://www.boards.ie/discussion/comment/117623468#Comment_117623468

It is interesting to watch, I know a couple one comes from a family of 10 who would be well off but very sensible with money, so one of the clan married a man who comes from a family of spenders even though they have nothing always had to have the latest gadget, etc and she couldn't get her head around it and it did cause a few 'discussions' and even after years of marriage, she can't understand how her elderly mother in law has to be buying something every week even if it's only a tea towel, conclusion attitude to money come from family and the values they have.

wotzgoingon · 13-01-2022 8:23pm

I sleep in the GPO doorway every night. I'm on the housing list but that is not going well. The missis is up the pole and won't stay in a hostel as she found a needle in the bed once so we just sleep outside. It's not so bad as there is a few characters around like Badly.

bertiebomber · 13-01-2022 9:16pm

The best way to learn about money is to use cash its also good to keep it in circulation as the easy use of a card causes spending that is not necessary. You should aim to have 3/6 months salary in a saving account for a rainy day aim for that start small and work from there

screamer · 13-01-2022 9:26pm

It’s a horrible feeling and worse situation to be in. I put myself through college and got summer jobs to save enough money to make it through each year. I had no help from my parents so I’ve been financially independent since 18. TBH it made me. I hated the uncertainty and stress of it so much, it motivated me to work my ass off at college. I have a highly paid job a good savings account and I want for nothing, because I sure never want to be broke again

[Deleted User] · 13-01-2022 9:38pm

https://www.boards.ie/discussion/2058198332/the-feeling-of-being-broke

No harm in quoting the OP post again- and also, OP, hope you're doing better now :)

The last sentence- "known in my family as never being organised" - probably rings true for me- I'm not broke in any sense of the word but could be much better off financially if I applied myself more.

If you stroll over to the motors forum, you could be forgiven for thinking that paying 50K for a new small electric car is a "normal" thing to do and "everyone is doing it", based on the level of posts there, or if you hop across to the watch and timepieces forum-there's plenty of people willing to drop 1000's on a new or secondhand Rolex (actually possibly a better investment long term).

And no reflection at all on those posters- we need to buy new cars to keep the second hand market going, and indeed, many can afford a new car- just ensure that you can afford it.

And indeed, some watches, if you buy carefully, go up in value, not down.

My point being, you can get caught up on the thrill of the new, the spending, the fact that others are doing it. And it goes on for other things too- big holidays, gold plated ribs of beef for £750 - and if you're not tempted by such a head rush of spending, then think about your simple day to day and week to week spending- I think that's where I could improve things immensely myself- "watch the pennies and the pounds will look after themselves" saying is probably advice I need to take myself. I'd probably have saved 1000's over the last few years, if I took that advice.

What do others think?

Murt10 · 13-01-2022 9:52pm

In another thread someone was talking recently about saving money with the EBS.

That's what I do. I have an account that I cant withdraw from online. If I want to make a withdrawal, have to go into the branch. By the time I get to the branch, the "emergency" has usually passed. And the beauty of this account is that while I cant take money out online, I can make an online transfer from my current account into the EBS account. This helps because it means that I don't occasionally have a large amount sitting in my current account, burning a hole n my pocket.

Another thing I don't get is people paying over the odds for their mobile phone package. I was with Vodafone E35pm and they were milking me. Totally overcharging me for a package that was far inferior to what 48 or Gomo were offering.

I also do an involuntary grimace every time I hear a person say that they're due a phone upgrade. Why do you need a new phone? Do you realise that the new phone is going to tie you to an overpriced package for the next 2 years or more? Is your current phone incapable of doing what the new phone they're "giving" you is capable of. Or maybe you're just tired of your current phone? If you really want to change your phone, head down to somewhere like Moore St. and buy a brand new sim free mobile phone down there. And for Gods sake, if you're with one of the big suppliers, don't pay any insurance on your mobile phone. You don't need it. (I picked up on some other forum - Martin Lewis, I think, that you should never insure anything that you can buy with a week or twos wages. So therefore house and car insurance are excluded)

On a roll now. Who have you got your TV and wifi package with? Vodafone have a current offer of E35pm with speeds of 100NBPS. I know its like trying to wrestle treacle getting away from Virgin, but financially it's well worth it. That's why they make it so hard to leave. What Virgin are offering is not superior to what the other cheaper providers are offering, despite all the yada yada that you'll get when they try to leave.

Another Money Saving Expert (Alvin Hall, I think) came up with another money saving tip. Never buy anything on impulse. It has happened that I have come across something on sale, 25%off. Perfect. Just what I wanted, really fits well, great color and look how much I'm saving by buying now in the sale. His advice in a case like this was to walk away. Come back tomorrow and have another look at it. If it still is everything you want then go ahead and buy it. You would be surprised how often, when you return the next day, the color isn't what you remembered, it doesn't fit as well as you thought. And often you realise that you just don't need it, or there are more pressing things to spend your money on.

Finally, never buy anything on sale with your credit card unless you are going to be in a position to clear it. For example, say you see a coat on sale with a genuine 25% off. You come back the next day and decide you still need and want it, and you buy it with your CC. If you haven't cleared your CC fully in 12 months then you have paid around 22% in interest. This means that you have saved absolutely nothing by buying it on sale with 25% off.

Rant over,

beggars_bush · 13-01-2022 10:14pm

https://www.boards.ie/discussion/comment/118467538#Comment_118467538

Never, ever waste money on that farce

[Deleted User] · 13-01-2022 10:21pm

https://www.boards.ie/discussion/comment/118470446#Comment_118470446

Bet you'll buy one for this saturday though :D

AckwelFoley · 13-01-2022 10:33pm

Broke is relative

If you only have a euro left and all bills are covered you're not broke really.

If you have a 350 in the bank and you 800 euros of bills due, on top If other unpaid debts, your are broke broke.

If you are down to your last million and you owe 500 million to the state owned banks. Don't worry about it. They'll strike a deal

beggars_bush · 13-01-2022 10:52pm

https://www.boards.ie/discussion/comment/118470505#Comment_118470505

Never have, never will

Slick666 · 13-01-2022 11:37pm

https://www.boards.ie/discussion/comment/118470769#Comment_118470769

Why don’t you buy one? Ya people claim it’s a scam etc but some lucky people do win.

Murt10 · 14-01-2022 2:21am

https://www.boards.ie/discussion/comment/118470446#Comment_118470446

I sometimes buy one. Just the two lines. No plus, No extras, No nothing. Costs E4

I don't expect to win. I'm buying the dream. What I might do if I won.

My own thoughts on winning are that I have as much chance of clicking with those 2 lines as I would have with 100 lines. If God or my lucky fairy or Lady luck or whoever, wanted me to win, well I'll meet them 1/2 way by buying a ticket.

Now imagine all the problems you'd have if you did win.

That greed b*****d. He's after winning over E19m and he's only after insulting me with E100,000, and I also had to pay a whole rake of Capital Gains Tax on that. Why didn't he give me something decent like say E250,000.

And then there would be other people who wouldn't want to come near you, because they would hate anyone to think they were being friendly towards you, just for what they'd get,

And the words gets out and maybe some of the local criminals think it would be a good idea to kidnap you or one of your family. So now you're going to have to worry about security as well as everything else.

So then you decide you're going to donate to some charity. Well as we have seen over the past number of years, the charity industry is choc-a- block with people in it for what they can get out of it themselves.

Maybe I won't buy a ticket after all. I'll just hope some member of my family does and wins.

c.p.w.g.w · 14-01-2022 2:28am

Only happened me once, was in Oz and it wasn't going well and my flights home were in 2 days and I had $20 to my name...was able to get a spin to the airport off a house mate...

It was anxious enough feeling...

But that was the only time I was in that situation...I knew I had savings still at home in my Irish Account

I grew up in a house where money was tight(not that you'd know as we were always fed and Xmas presents were what we wanted, but all my parents fights were money related)...

JupiterKid · 14-01-2022 3:26am

Very apt thread for threadbare, austere January. 😑😐

From my own experience, the worst aspect of being broke is the very limited things you can do without any money. Money offers choices.

As my OH’s sister used to say “no mon, no fun.”

riclad · 14-01-2022 6:19am

Here's my advice to anyone who is under 30, save 10 per cent of your salary every month into a long term bank account, you may need it for a deposit, a mortgage, whatever, even if you are living at home. One day you, ll wake up your parents will be old, your parents will pass away, one person may get the family home in a will, I don't understand people who work hard and don't save anything. in 10 years time no one will care about your cool phone, console or the clothes you have in the closet. Also if you ever need a loan the first thing the bank will do is look at x, eg how much do you Save every Month. Put it into a Irish bank or local credit union

Still stihl waters 3 · 14-01-2022 9:20am

You don't know broke until you're 6 grand into an overdraft to help pay for the mortgage and still had to ask my brother for 20 euro to pay it, i was short 15 euro I think, better days are coming op

pgj2015 · 14-01-2022 10:24am

https://www.boards.ie/discussion/comment/118471794#Comment_118471794

lol 2 days and money in the bank at home.

[Deleted User] · 14-01-2022 10:52am

https://www.boards.ie/discussion/comment/117596018#Comment_117596018

Here's a simple trick. Set up a Notice Deposit account in the bank. 30 day or 90 day. Try to hive off 10% of your income into this account with a Standing Order. That way it requires no self-discipline on your part. You save for a rainy day without consciously trying to. It's all automatic.

Northernlily · 14-01-2022 1:27pm

Crossed into 32 broke and penniless. Used to be terrible with money from a constant stream of nights out, new car loans, and general indiscipline via monthly pay. Lockdown sorted that out and I'm much more aware.

Instead of buying newer bought a 2008 car I always wanted for 2.5k in cash that has not missed a beat. I've learned the novelty goes off new cars after a couple of months.

Renting and have a demand deposit account set up to the side depositing 1.5k a month into it and targeting 50k in the account at end of next year all going well at 36.

Still do not know whether I'll buy a house, that was the initial goal when I set up the account but the market is so insanely overpriced at the minute and can't see it being any better at the end of 2023.

I value life experiences over assets so might just try make the 50k work for me via investments and spend a bit. Head down and I'll cross that bridge when I get to it. One thing I'm not getting caught up in is the inflated Dublin property market which all my friends seem to be in a panic too.

JupiterKid · 14-01-2022 4:06pm

I grew up in a home where we wanted for nothing, but learned to appreciate the value of money and how to budget properly. Worked summer jobs from the age of 15 to earn money to buy things I wanted. Money management and proper budgeting should be taught as part of the core curriculum in schools IMO. It’s an essential life skill.

Been very broke at times over the years - but managed to scrape through by being resourceful and not living beyond my means. I hate shopping (except for books) so that’s never really been a problem for me and I rarely impulse buy.

I’ve long been of the opinion that as a people, us Irish have never been great with managing money. As a nation we seem to have a mindset of ”spend, spend, spend now and worry about paying later.” We tend to spend money on stupid, frivolous things and then moan when the bills mount up. Living on credit is a stupid thing to do as the money will have to be paid back with interest. I have a credit card but only use it for big purchases - and make sure to cover the amount paid by paying off my bill in full as soon as possible.

Its pretty liberating to be largely free of the materialistic, consumerist, spendthrift mindset. 👍👍 Cut your cloth according to its measure is something my dear late dad used to say.

FlubberJones · 14-01-2022 4:14pm

Was broke many times when living back in the UK, for many different reasons.

Son was born and we decided to travel to where the soon to be wife was from, Dublin. Got on our feet then, house car etc and a decent job, but getting it all quickly got us into a nice deep hole of debt. Then paying that off got broke again... it was depressing to see the month go by waiting to get paid again only for it to disappear into the bills / finance... trying to stay afloat was crazy stressful.

mrcheez · 14-01-2022 4:19pm

Did a RTW trip over 18 months and spent all my savings. Had around €200 left when I arrived into west coast US and had to make my way to NYC before flight back.

Was scary.. but thrilling.

Slick666 · 14-01-2022 4:54pm

https://www.boards.ie/discussion/comment/118471918#Comment_118471918

Well I’m getting my parents house, my brother the family business and my sister a lump sum. So I’ll never be homeless but I do need to save my;money.

Slick666 · 14-01-2022 4:55pm

https://www.boards.ie/discussion/comment/118475296#Comment_118475296

God I sound terrible 😞

Slick666 · 14-01-2022 4:57pm

https://www.boards.ie/discussion/comment/118471784#Comment_118471784

See there’s the prooblem. You don’t expect to win so you never will. You might as well throw your €4 down the drain. You need to say/you already have won in your mind.

The feeling of being broke!!

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