Can you afford savings each week/month?

TeletextPear · 17-09-2012 01:11PM

desertcircus wrote: »

Spent most of my twenties spending everything I got, but decided a couple of years ago to change habits and clear my debts.

QFT. It kills me to think how much I spent in my first few years of work after years of being broke in college. Finally copped on about two years ago and opened a savings account.

Zebra3 · 17-09-2012 01:17PM

I don't save money as such, just tend to have money left over at the end of each month.

Unless I've been away.

Sleepy · 17-09-2012 01:25PM

desertcircus wrote: »

Spent most of my twenties spending everything I got, but decided a couple of years ago to change habits and clear my debts.

Exact same, but I managed to run up a fairly spectacular level of personal debt during my early twenties and it took a couple of years longer than it should have to adjust to living on my salary when I was supporting my fiancée and our kids.

I'm at the "paying back the debt" phase of getting my finances sorted. Managing to throw about €550 a month against my debts and hope to increase that next year...

BrianD3 · 17-09-2012 02:27PM

I save a fair amount every month and have done so for over 10 years. While not exactly rich (not a millionaire etc.) I do have enough now to fit the description of A Man With Savings. This means that I have a certain amount of financial independence and don't have to lick the arse of my bank manager, boss etc.

I am in my thirties so probably older than most here. I don't have any children. I realise that it would be much harder to save if I had children and/or a big mortgage or if I was a student or just starting off in my career on low pay.

However I also don't drink or smoke - these are big factors in many people's inability to save. It's not much of an exaggeration to say that drinking makes people both stupid and poor. I notice a lot of immature posts on here about being drunk, getting drunk, being hungover etc.. Some will grow out of this when they reach 30, 35, 40, some never really grow out of it and will continue to hand their money over to wealthy publicans and niteclub owners.

GEasy · 17-09-2012 02:56PM

Not sure exactly how much but a bit!

17-09-2012 04:09PM

Quorum wrote: »

Oh yes, this poster brings up his two girlfriends A LOT.

nozzferrahhtoo wrote: »

Well you would wouldn't you? I know I would anyway

But actually doing a quick look over his post history it is not AS often as you might think. And even then it is often just a side mention in an other wise good point or good post.

Maybe you just notice it a lot :P

Back on topic however I was saving quite well until recently. Now I am noticing that despite having a good saving built up... for the last 8 months I have ended each month with exactly the same amount as the month before. So for whatever reason I am now not saving at all in other words. I have not yet worked out why this might be.

Yeah i used to be the same, it's really just "you notice it a lot" since it's not so run of the mill

120_Minutes · 17-09-2012 05:00PM

Deleted User wrote: »

I was covering their expenses for awhile while they were at college and maternity. The former is a law student and has just this year started into a thesis and all that. Thankfully now that includes also lecturing which pays some so she is finally making some decent dosh. Better than working behind the counter at Esso anyway.

The latter is freelance but worked died off when we started to work on being parents and had our daughter. Now that she is old enough to be minded by grand parents and creches and the like mommy has been doing more and more projects and taking in the money.

Three incomes are better than one and I certainly have felt a bit of pressure lift now they are earning their own again.

I think we're looking more for details on why you have two girlfriends rather than the details on their income.

Quorum · 17-09-2012 05:02PM

120_Minutes wrote: »

I think we're looking more for details on why you have two girlfriends rather than the details on their income.

Mormon? Charlie Sheen?

Pyr0 · 17-09-2012 05:16PM

Put away 300 euro a month which goes towards holidays, big purchases and what not.

another question · 17-09-2012 05:21PM

I started saving €15 a week with the CU over a year ago and add €25 a month to that when I get paid, I work in retail, 8 hours a week, its the first thing I do when I get paid, just pretend you haven't got it. If I hadn't started savings I definitely wouldn't have the amount I have now, it just goes! No matter how small the amount, it all adds up over time, you will wonder why you didn't this time next year! and the cu is great, go in with a fiver and they wouldn't bat an eyelid, go to a bank with less than €250 a month and you might as well not bother at all.

Ted_YNWA · 17-09-2012 05:45PM

loadsamoney2.jpg lots of Loadsamoneys on here

3ndahalfof6 · 17-09-2012 05:55PM

While I do save, I am not sure where I am saving it is the best place.

dave1982 · 17-09-2012 05:58PM

I usually save my dole and live off my wages.

entropi · 17-09-2012 07:12PM

You ask me this, while standing on my crystal paved driveway? Get the hell off my property before I get my gun :pac:

Karona · 17-09-2012 08:19PM

I save €20 a week. I know it's gonna be blown on a hen party next month and it's killing me, I really needed it for other more important things.

plumbball · 17-09-2012 08:28PM

150 a week. Not a lot really, I would like to be in a position to be able to save 250 a week.

Alessandra · 17-09-2012 08:28PM

Zilch!!! I'm a PS worker in London. Rent, council tax, uni loans and travel to work etc mean there ain't much left to spend each month.

18-09-2012 08:02AM

120_Minutes wrote: »

I think we're looking more for details on why you have two girlfriends rather than the details on their income.

There is no particular reason why. It just sort of evolved that way and has been that way for 7 or so years now in all.

120_Minutes · 18-09-2012 09:06AM

Deleted User wrote: »

There is no particular reason why. It just sort of evolved that way and has been that way for 7 or so years now in all.

fair play, double the pleasure, and 5 days in every month, double the hell. (i'm sure they've synced up by now)

18-09-2012 09:17AM

120_Minutes wrote: »

fair play, double the pleasure, and 5 days in every month, double the hell. (i'm sure they've synced up by now)

It has never seemed to be an issue. Guess some people find it worse than others. Odd topic for a thread on finances though

Caveman1 · 18-09-2012 10:39AM

plumbball wrote: »

150 a week. Not a lot really, I would like to be in a position to be able to save 250 a week.

Wouldn't we all

danny8 · 18-09-2012 10:46AM

I get Paid monthly & all my bills come out around the same time i try & save €300-500 a month but some months it doesn't happen.

Anyone that has a direct debt with a charity needs their head checked. If you have a few euros left after all bills etc then by all means put some money in the poor box.

The Cool · 18-09-2012 10:58AM

Savings? I'm living on beans as it is! My parents were great for making us save money when we were kids; half the confirmation money, birthday money etc always went to the bank, and my dad would do a clear out of the piggy banks every few months. So I somehow ended up with 3,000 saved by the time I left school. It got used up on my year studying abroad and my Masters though, I doubt I've even 200 left in that account, but hey it helped me through my education, what more could you want?
I get bursts of savings from the short periods that I've worked that get me through the following costs - during summers that I worked through college I usually managed to save a bit, but that'd go to college costs then in the September. Currently doing an unpaid internship and surviving on what little comes and goes through my account. Hope to have some kind of money coming in from January however. I plan to save about 20% of my income when I get to that point.

Ilyana · 18-09-2012 11:03AM

another question wrote: »

I started saving €15 a week with the CU over a year ago and add €25 a month to that when I get paid, I work in retail, 8 hours a week, its the first thing I do when I get paid, just pretend you haven't got it. If I hadn't started savings I definitely wouldn't have the amount I have now, it just goes! No matter how small the amount, it all adds up over time, you will wonder why you didn't this time next year!

I do the same, my work lets us put aside x amount from our wages each week before it hits our account. It's not earning interest ofc, but if you never had it to begin with, you don't miss it. Then when we need it, we can take it all in one go, and it's already been taxed so we don't lose a big chunk of it to PRSI.

I'm a student so I can only work weekends (work is at home, college is in Dublin so I can't do weekdays). I make around 120 a week, 25 of which goes straight into savings. This time next year I'll be paying my college fees with those savings, supplemented with what I earn next summer. My parents help me with rent though, there's no chance I'd be able to afford it myself.

KTRIC · 18-09-2012 11:08AM

I try and save at least €500 a month. Used to be twice that but since the downturn I've had to take a pay cut.

18-09-2012 11:56AM

Yes - I have a decent salary, don't have children, don't have a car and don't have a mortgage.

I am facing redundancy with a statutory only payout though so I will eat into some of that at some point and mightn't be able to sustain the rate I save at.

shalalala · 18-09-2012 08:18PM

I try so hard to save. I am actually good with money. But I work anywhere from 2 days up so it is hard to know what I will be earning. Also I have rent and a loan to pay back.

Slowly I am saving though. Mainly because my OH gets paid monthly so I loan him money every month. I treat that as my savings when I finally get it back.

Sleepy · 18-09-2012 09:35PM

Those of you who save quite large amounts per month, do you dip into them during the year for planned things e.g. holidays / Christmas shopping / birthdays? are you saving for something specific like a new car or house deposit or is it simply saving for a rainy day / the financial freedom of having savings in the bank?

Mr Benevolent · 18-09-2012 09:38PM

shalalala wrote: »

Slowly I am saving though. Mainly because my OH gets paid monthly so I loan him money every month. I treat that as my savings when I finally get it back.

Your OH needs to control his spending better. Being paid monthly isn't exactly a huge challenge.

Can you afford savings each week/month?

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