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Child Item

Have I saved enough?!

Dex2024

I am 24 years old. I am an electrician, fully qualified now after four and a half years, and have to my name around €16,500. Is this an ideal amount for someone of my age/job to have saved? I am not a huge spender, typically. I spend most of my money on the weekends when I am out with my partner or friends on nights out. Otherwise, I am fairly frugal. I feel like I should have more saved though. Any advice on how to save more is most welcome.

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endacl

Enough for…… what?

ledwithhedwith

I’d have at least 165.000 at that age. Time to stop eating.

Donald Trump

Coke and hookers? ……….. Depends on the hooker quality.

It's all relative to your situation. You could be paying rent or for a kid or for a van you need to get to work etc. You should be quids in though now that you are qualified. You should be able to multiply what you have fairly quickly if you keep your previous habits.

Dex2024

https://www.boards.ie/discussion/comment/122430545#Comment_122430545

I currently still live with parents but pay them 400 a month in rent. I spend around 75 on petrol a week and spend around 100 euro on lunch/dinners etc.

On the weekend I spend a bit more, relatively speaking. Drinks, go to a nice place for food with the missus and usually I pay for both of us food and drinks. Despite what I may be wanting to save for in particular, I am just wondering if what I have saved for at my age is typical or lower than most or higher than most I suppose

Prospectors

Would that amount of savings cover your expenditure for 12months?

If so, maybe start building a separate savings pit for a home deposit if it's something that you would be aiming for in coming years.

And also try to throw 100-200 a month into a pension (time is your friend when it comes to growing a pension fund!)

whomitconcerns

Well when I was 24 I was paying 1000/month in rent plus bills and had saved a lot less... So not easy to make comparisons

Leg End Reject

https://www.boards.ie/discussion/comment/122430663#Comment_122430663

On the weekend I spend a bit more, relatively speaking. Drinks, go to a nice place for food with the missus and usually I pay for both of us food and drinks.

Why are you paying for everything? If you want to save more there's very quick and obvious solution.

Jim2007

https://www.boards.ie/discussion/2058361580/have-i-saved-enough

There is no generic typical…. Unfortunately it seems that no first world country teaches young people the financial life skills they need for life, so you should concentrate on learning these skills now.

Learn about and define your financial objectives - home ownership, pension, long term adventures, rainy day fund, early retirement and so on. This exercise will tell you how much you need to be saving on a regular basis to achieve those objectives.
Learn how to budget and make a budget for the current year. This will help you identify how much you can potential save monthly etc…
Learn to invest. There are many different investment styles and products, so this will take some time for you to get a good handle on what style and products suit you. These skills will help you grow your savings in order to meet your objectives.

During this process one of the objectives you will learn about is a "Rainy Day Fund". This is an amount of money you put aside to cover any financial emergencies that by befall you. This is normally expressed as a multiple of your average monthly expenses and it should be your first financial objective. So make a budget, track your spending and figure out the size of the rainy day fund you need, move it to a seperate savings account and count the remainder of your 16.5k as your actual savings.

The rainy day fund is a very important objective because it gives you breathing space in times of emergency. From experience I know young people are skeptical about this until it happens… for example:

Something major happens to your car, it's a total write off and you get very little from the insurance compay
You loose your job, there are admin issues relating to you social security benefits and you need to wait longer than normal before you receive your benefits
Something happens at work and you want to walk away immediately without having found a new job and have a wait period before getting social benefits
Something goes wrong on holidays and you need additional funds to cover you
And so on.

Dex2024

https://www.boards.ie/discussion/comment/122432194#Comment_122432194

This is helpful, thank you

herbalplants

https://www.boards.ie/discussion/2058361580/have-i-saved-enough

I think that is great for a 24 years old. I

My eldest is 24 and has no bean to his name.

You are doing well for sure.

Buddy Bubs

Youve a good start to a house deposit anyway. You'll go through phases of life flush with cash and then broke....I've done it myself

Had a big chunk of money in late 20s and put it all to a house deposit, then was broke for a few years, saved again , built up a few quid, bought a nice car, broke again......saved, got married....

Just only now really having comfortable funds, due to a one off change in work circumstances and having a 2 income house.....everyone is different

baxterooneydoody

I haven't that and I'm mid 40s lol

Galwayguy35

Its a good amount to have saved at 24, assuming you want to have your own house at some point in the future keep putting a bit aside when you can.

Geuze

https://www.boards.ie/discussion/2058361580/have-i-saved-enough

4.5 years = 54 months fully qualified.

If you have been fully qualified for 4.5 years, earnings, say 40k+, the net wages will be about 33k / 2,770 per month.

Presuming you live at home, (big assumption), I suggest a worker in that situation should be saving 600 - 700 per month?

So 16.5k savings isn't great in that situation.

BUT

If a worker is paying huge rent, like 700/800 per month, then that changes the expectations.

Rocket_GD

https://www.boards.ie/discussion/comment/122452159#Comment_122452159

He stated he lives at home (why don't people read threads fully when responding to them) pays €400 p/m in rent.

Anyway OP don't mind the above poster having 16.5k saved at 24 is a fantastic amount when you've got a trade behind you and the ability to still live with family.

When I was 24, I was living paycheck to paycheck with feck all saved but having a great time enjoying my 20's. Into early 30's now and with my partner we've out mortgage deposit sorted and awaiting planning permission.

You're doing grand, enjoy your life and the savings will come with time.

Geuze

Ok, I see post 5, 400 pm in rent.

Earn 2,770, based on 40k gross, pay 400 in rent.

I suggest a worker should be saving 500-600 per month in this case.

Madd002

He says he's fully qualified now after 4.5yrs, which means he was an apprentice beforehand and to have that saved at that age is amazing while still enjoying himself and responsibly paying his parents rent.

Fair play to him he'll do well going forward to have a level head at such a young age

kerryjack

A good trade, paying a bit at home, looking after the missus with food and drinks and saving away, probably would let her buy a few drinks if she has a job wouldn't spoil them completely,but know harm in looking after a good one, enjoy yourself, you are living the Dream.

Rita57

I think this is a great amount saved at this age , plus paying 400 rent