What's a good level of savings?

needhelpguy · 02-06-2015 07:50PM #1

What's a good level of savings? I'm a 29 year old guy, 30 this year - single no commitments and I've €20k saved. Is this good/bad? Manage to save 1k a month at the mo but think I should have more saved.

What level are other people at? State your age and commitments, for perspective.

Tony Beetroot · 02-06-2015 07:51PM

<100k in the hole is grand.

silverfeather · 02-06-2015 07:51PM

Mind yo business. *side note* you're rich!

silverfeather · 02-06-2015 07:52PM

Tony Beetroot wrote: »

<100k in the hole is grand.

That sounds uncomfortable.

stimpson · 02-06-2015 07:53PM

20k? I wipe my ass with 20k.

And yes, it can still be used as legal tender.

Chucken · 02-06-2015 07:54PM

stimpson wrote: »

20k? I wipe my ass with 20k.

And yes, it can still be used as legal tender.

Your ass?

stimpson · 02-06-2015 07:55PM

Chucken wrote: »

Your ass?

I used it to make a sizeable deposit just this morning.

silverfeather · 02-06-2015 07:56PM

stimpson wrote: »

I used it to make a sizeable deposit just this morning.

Poetry.

mikom · 02-06-2015 07:58PM

https://www.youtube.com/watch?v=SiMHTK15Pik

kfallon · 02-06-2015 07:59PM

No point being the richest person in the cemetery OP

Slippin Jimmy · 02-06-2015 08:00PM

Ooooohhhhhh look at me, i've 20 grand

Tony Beetroot · 02-06-2015 08:01PM

silverfeather wrote: »

That sounds uncomfortable.

Once the bank manager is not riding you its grand.

Stheno · 02-06-2015 08:03PM

General advice is to have three months net salary saved

kfallon · 02-06-2015 08:03PM

Slippin Jimmy wrote: »

Ooooohhhhhh look at me, i've 20 grand

Jaysus what a coincidence, so does OP!!!

needhelpguy · 02-06-2015 08:03PM

Haha, I've no frame of reference that's why I'm asking! Good/bad I dunno.

retalivity · 02-06-2015 08:05PM

I am older than you and have less savings.

Rents a bitch.

SCOOP 64 · 02-06-2015 08:08PM

needhelpguy wrote: »

What's a good level of savings? I'm a 29 year old guy, 30 this year - single no commitments and I've €20k saved. Is this good/bad? Manage to save 1k a month at the mo but think I should have more saved.

What level are other people at? State your age and commitments, for perspective.

Single at 30, no commitments ,Very Bad!

dxhound2005 · 02-06-2015 08:08PM

stimpson wrote: »

20k? I wipe my ass with 20k.

And yes, it can still be used as legal tender.

The concept of legal tender is widely misunderstood. I am one of very few people in the country who fully understands it. Ask me anything.

Also any banknotes you have used in lieu (see what I did there) of toilet paper would be subject to the Banknote Recycling Framework (BRF).

silverfeather · 02-06-2015 08:09PM

SCOOP 64 wrote: »

Single at 30, no commitments ,Very Bad!

Then I am poor.:pac:

strobe · 02-06-2015 08:10PM

It all depends surely? If you're saving to put down a 40k deposit on a house when you turn 30, it's not very good. If you just want to have a bit of back-up cash to fall back on if your job goes tits up, then it's great.

My own metric is an amount of money I would need if I had to flee the country on a moments notice and hit the ground running when my plane landed on the other side (I know that's a bit weird, but there you go.) So I always try to have that much minimum put aside.

The Backwards Man · 02-06-2015 08:11PM

I had more money in the bank when I was 25 than I do now.

I'm enjoying life a hell of a lot more now than I was then.

Saving money (over and above rainy day funds) is stupid unless you are buying something. Invest it, stick it in a pension, or blow it.

Tony Beetroot · 02-06-2015 08:13PM

The Backwards Man wrote: »

Saving money (over and above rainy day funds) is stupid unless you are buying something. Invest it, stick it in a pension, or blow it.

Vegas?

Eugene Norman · 02-06-2015 08:16PM

The Backwards Man wrote: »

I had more money in the bank when I was 25 than I do now.

I'm enjoying life a hell of a lot more now than I was then.

Saving money (over and above rainy day funds) is stupid unless you are buying something. Invest it, stick it in a pension, or blow it.

Well i doubt the OP has a pension.

The Backwards Man · 02-06-2015 08:16PM

Tony Beetroot wrote: »

Vegas?

In 152 days, 5 hours and 44 minutes.

Not that I'm counting.:pac:

needhelpguy · 02-06-2015 08:16PM

To be honest saving does give me a sense of security but it never ends, there's always more that could be saved. I don't see the point in spending on frivolous stuff I don't need, like a new phone every year, or expensive holidays. I do however, have an awful habit of spending huge amounts in one go, like with a new car

Edit: I'm not seeing anyone else owning up :pac:

02-06-2015 08:23PM

needhelpguy wrote: »

What's a good level of savings? I'm a 29 year old guy, 30 this year - single no commitments and I've €20k saved. Is this good/bad? Manage to save 1k a month at the mo but think I should have more saved.

It is all relative, that amount will buy you a great holiday but if you want to buy a house in Dublin €20k won't get you very far.

What level are other people at? State your age and commitments, for perspective.

I won't give specifics.
However I use my extra cash to pay extra off my mortgage and make additional contributions to my pension (tax free). This makes far more sense to me than building up savings with interest rates so low.

silverfeather · 02-06-2015 08:24PM

needhelpguy wrote: »

To be honest saving does give me a sense of security but it never ends, there's always more that could be saved. I don't see the point in spending on frivolous stuff I don't need, like a new phone every year, or expensive holidays. I do however, have an awful habit of spending huge amounts in one go, like with a new car

Edit: I'm not seeing anyone else owning up :pac:

To be honest. You announcing you have x amount of money is not smart. Anyone can see.

TeaBagMania · 02-06-2015 08:24PM

OP, do you own a home? Better to have your $$$ invested in something that appreciates, sitting in the bank it only depreciates

Mr_Muffin · 02-06-2015 08:24PM

Anything under 100k is poverty level savings.

silverfeather · 02-06-2015 08:28PM

Mr_Muffin wrote: »

Anything under 100k is poverty level savings.

I am so so poor.

Chucken · 02-06-2015 08:33PM

Mr_Muffin wrote: »

Anything under 100k is poverty level savings.

I'm going to admit to having about 700 euro in savings.

I don't owe anyone anything and as my granny used to say....I haven't died a wet day yet.

What's a good level of savings?

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