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How do you do it?

wally1990

I'm in a job where I earn €25,000 basic salary and €6,000 a year in bonus(sales) so €31,000 and get between €1,800- €1,900 a month depending .

I only have to pay €200 on rent and try to save between €200-500 if I can a month and pay bills and food and car insurance and fuel and bla bla bla but basically I find myself tight for money about 2.5-3 weeks after my monthly pay

And then I hear people who earned €19,500-€25,000 etc saving for weddings, paying between €800-1400 on rent , have kids and save for a home etc and I honestly don't have a clue how they do it?

I check back my statements and everything is food or bills etc don't eat out much . (Drink can be expensive and I could drop €70-100 a night and might do that twice a month (sometimes)

But I honestly don't know people have health insurance and emergency car bills , clothes spending etc

So how do you do it? Everyone just seems so comfortable ?!? Do you have a strict strict budget? Does it cause fights in a relationship? Or are you tight?

I just don't know how someone earning €25,000 or less can have a family and pay rent and everything else

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VonLuck

I try to keep to a strict budget. I loosely follow the 50/30/20 rule. That's where you spend 50% of your take home pay on needs, 30% on wants and 20% for savings.

Needs are actual necessities in life i.e. essential food (not restaurants), essential transport (car expenses is a want if you are in walking or public transport distance to work/shops) and so on. Essentially anything that you can survive without is a want.

I normally classify savings as long-term savings for retirement or house purchases and treat holiday savings as a want.

You should try it for yourself and see where your money is really going. You'd be surprised!

Stheno

mod: moved from work and jobs.

AH Charter now applies.

Cathy.C

I make crystal meth in the downstairs toilet.

Alf Stewart.

Cathy.C wrote: »

I make crystal meth in the downstairs toilet.

Good choice.

They say there's less germs in your dunny, than your kitchen work top surface y'know?

the evasion_kid

Learn the art of minimalist living...

Tombi!

It's not really hard - you just learn to budget properly.
I'll give you an example now.
Every day at work I'd get my own lunch. It costs me six quid daily.
If I made it at home every morning (night before, whatever), it'd cost six quid for the whole week, at best.
They have cups I can use - so I don't need to buy a drink. Just go to the canteen and wash a cup, have a cup of water if I get thirsty. I could get bread/butter/cheese that'll last me for at least a week to make a sandwhich daily on six euro or less.

Drink and nights out are often a big one. The way I did it when I was saving for something was (I'm making numbers here but the point is still there): 200 euro for rent/food/whatever. 100 euro for savings and that's it. Anything left over out of the 200 euro would go into a new pile that was my "whatever I fancy" pile. If I wanted a curry, I'd look into the third pile and I'd get it if I had enough. If not, I don't get it.

Zillah

I make about as much as you and I am consistently blown away by how little money people in similar circumstances have. I don't have a car, I cycle everywhere when possible, so I imagine that's part of the reason. I don't have a strict budget at all, I splurge now and then on fancy new technology, but I never go to pub any more (what an insane cost:fun ratio), and I make lunches at home for work.

200 quid rent...every week? Surely not monthly?

monkeysnapper

I had a very interesting conversation with a lad I work with on this subject.
Me.... Married 40 year old , 3 kids , 1.5yrs , 4yrs, 6yrs . mortgage ,

Him .dating 25 , rent , no kids.

He said how do you afford working here on same wage with 3 kids, house .

OK, for a start it worked out my mortgage was slightly less than his rent .

Cars. He and girlfriend had loans on both cars.2014/2015 We have no loans on cars, 2009/2006.

He goes out every weekend and gets Chinese twice a week .

I have 3 kids, so I have all the entertainment I'll ever need and more on tap. Oh and 2 dogs.

We live a very comfortable life and don't over do it, plan food shopping and cook sensilbly. Plus I cook good vegetable stews and freeze and I use this for lunch at work .
You'll be really surprised what you can do without if you enjoy what you already have and make best of it .

I suppose it helps to my hobbies are cycling and hill walking . the government haven't worked out how to skrew me out of my money on them hobbies yet .

Adyx

wally1990 wrote: »

I'm in a job where I earn €25,000 basic salary and €6,000 a year in bonus(sales) so €31,000 and get between €1,800- €1,900 a month depending .

I only have to pay €200 on rent and try to save between €200-500 if I can a month and pay bills and food and car insurance and fuel and bla bla bla but basically I find myself tight for money about 2.5-3 weeks after my monthly pay

And then I hear people who earned €19,500-€25,000 etc saving for weddings, paying between €800-1400 on rent , have kids and save for a home etc and I honestly don't have a clue how they do it?

I check back my statements and everything is food or bills etc don't eat out much . (Drink can be expensive and I could drop €70-100 a night and might do that twice a month (sometimes)

But I honestly don't know people have health insurance and emergency car bills , clothes spending etc

So how do you do it? Everyone just seems so comfortable ?!? Do you have a strict strict budget? Does it cause fights in a relationship? Or are you tight?

I just don't know how someone earning €25,000 or less can have a family and pay rent and everything else

It's easy if you skip the part I bolded. I just worked it out and if I got paid what you do, with my current level of spending, I could save €300 a week. €400 if I actually tried.

everlast75

Sometimes, when a man and woman really love each other, they have a special type of hug....

Whispered

monkeysnapper wrote: »

You'll be really surprised what you can do without if you enjoy what you already have and make best of it .

This is it. If you had to you could manage. Our joint income dropped a while back but our lifestyle hasn't changed a whole lot. We're still in the same house, only one car now and we shop a bit smarter. Not as many nights out. But otherwise it's not a big deal.

the evasion_kid

monkeysnapper wrote: »

I had a very interesting conversation with a lad I work with on this subject.
Me.... Married 40 year old , 3 kids , 1.5yrs , 4yrs, 6yrs . mortgage ,

Him .dating 25 , rent , no kids.

He said how do you afford working here on same wage with 3 kids, house .

OK, for a start it worked out my mortgage was slightly less than his rent .

Cars. He and girlfriend had loans on both cars.2014/2015 We have no loans on cars, 2009/2006.

He goes out every weekend and gets Chinese twice a week .

I have 3 kids, so I have all the entertainment I'll ever need and more on tap. Oh and 2 dogs.

We live a very comfortable life and don't over do it, plan food shopping and cook sensilbly. Plus I cook good vegetable stews and freeze and I use this for lunch at work .
You'll be really surprised what you can do without if you enjoy what you already have and make best of it .

I suppose it helps to my hobbies are cycling and hill walking . the government haven't worked out how to skrew me out of my money on them hobbies yet .

Give it time,they'll dream up some sort of licence or course...

Keane2baMused

I think in these situations most are not truly honest with what they are spending.

Even going to the shops and coming back with a little more than you had planned (and don't need) adds up over time. Or those extra coffees etc.

I have a friend who complains all the time about having no money. She has no family or ties, no loans and no car. Literally just her rent to pay and bus fares (bills included and room rent is cheap) She complains about being broke all the time and then sends me pictures of her daily breakfasts and lunches out and tells me about her new makeup buys. She maintains she could never possibly save because she has no money. I have pointed out to her a few times if she cut back on her eating out she may have some money in her pocket which she brushes over!

I think those who have to make do will, and can do so quite easily, and those who don't 'can't'.

somefeen

The real question is how do people go into the same place at the same time everyday to get told what to do for 8 or 9 hours.

Its crazy!

The Sidewards Man

One foot on the carpet.

poa

I won't say how much I earned before I retired at 38; as many on here wouldn't believe me. Or I would be accused of bragging etc.
But I saved enough after 20 years of hard work to buy my apartment with my savings.
I don't have any kids, so I blew around 30% of my wages on; fast cars, drugs, drink, holidays, and my watch collection.
Now I am on the dole and have fk all to be honest with you. OK I own my apartment and am retired at 39. I drive an 11 year old car; and gave up the drink and drugs binges. I still have my watches as that is the one vice I cannot give up.
But I learned this; and I say it as a man on the dole. It's not what you earn, but what you spend.
This may amaze you, but I actually have more disposable income now on the dole than when I worked. Reason being, I am not spending like I used to.
For example, I don't have a TV. So no TV licence, no 56" TV purchase, no Netflix/Sky subscription; and no electric bill for running said 56" TV. In total that is over 2K per year of disposable income straight away. Think of it as a 2K pay rise. And that is just the saving one makes by not having a TV.
I won't give the same example with my car, as its obvious running an A4 is cheaper than running a 911 etc. You get the point, less pay out means more pay in.
Another thing I realised is one is never rich no matter how much one earns; 25K, 50K, 75K, etc.
Reason being is this, one always spends more.
I have a collection of 20 watches for example. When I landed my first career job, I treated myself to my first Rolex Submariner.
But it's never enough, you go from one Rolex to 5 Rolex's. More money, more spend. Now I have 20 I had to stop myself, as I can only wear one per day anyway.
The thing is, had I not collected the 20 watches I could have bought a second apartment. More sensible.
So you may not think it possible to save on a basic of 25K but it is possible if you cut back on something simple like a TV and Sky etc.
At 39 don't end up like me; I sniffed a house, and drank a house, in my 20 years of work hard play harder.
My advice to you is, save as much as you can. Spend as little as you can.
And I say all this as someone who sniffed cocaine, drove 911's, and bought Rolex's. None of that matters in the end, savings matter.
What I do now may sound simple or stupid to some, but every week I buy 25 Euro (the minimum 4) Prize Bonds in the post office every week.
Its a good way of saving, and you can get the money back within 7 days (if they are 3 months old). Its a steady way of saving one can't be tempted to blow that 25 Euro in pub or bookies etc.
It works for me anyway, as the interest rates in savings accounts are poor now.
Think about it, 25 per week means 1300 per year saved. That is 1.3K you could have p.issed up the wall on 13 nights out at 100 per night easy.
So you see its easy to save say 1.3K of your 25K basic with some self control like that.

Dughorm

monkeysnapper wrote: »

I had a very interesting conversation with a lad I work with on this subject.
Me.... Married 40 year old , 3 kids , 1.5yrs , 4yrs, 6yrs . mortgage ,

Him .dating 25 , rent , no kids.

He said how do you afford working here on same wage with 3 kids, house .

OK, for a start it worked out my mortgage was slightly less than his rent .

Cars. He and girlfriend had loans on both cars.2014/2015 We have no loans on cars, 2009/2006.

He goes out every weekend and gets Chinese twice a week .

I have 3 kids, so I have all the entertainment I'll ever need and more on tap. Oh and 2 dogs.

We live a very comfortable life and don't over do it, plan food shopping and cook sensilbly. Plus I cook good vegetable stews and freeze and I use this for lunch at work .
You'll be really surprised what you can do without if you enjoy what you already have and make best of it .

I suppose it helps to my hobbies are cycling and hill walking . the government haven't worked out how to skrew me out of my money on them hobbies yet .

Do you smoke or drink?

Do you go on foreign holidays?

Do you have a satellite/netflix subscription?

Do the kids have XBox etc... ?

Do you have a monthly bill pay subscription for smart phone contract?

These are non-negotiables for many people and very expensive if you add them all up.

esforum

wally1990 wrote: »

(Drink can be expensive and I could drop €70-100 a night and might do that twice a month (sometimes)

I could not afford to drop a 100 once a month between both of us. A cinema and maybe a meal out would be our thing and thats using relatives for babysitters. A movie and a chinese would be more normal.

wally1990 wrote: »

And then I hear people who earned €19,500-€25,000 etc saving for weddings, paying between €800-1400 on rent , have kids and save for a home etc and I honestly don't have a clue how they do it?

I find that one hard to grasp as well. If they are saving for a home or wedding though a Chinese and a movie might be the monthly treat.

I remember my parents telling me that a Chinese in front of the TV while my granny took us was their monthly treat starting out. As time went by things got better.

the celtic tiger kinda turned that on its head, we started running, big mortgages, used to having cash in the pocket for nice things and now, 14 years into a mortgage, Im worse off than I was when I first bought.

Also, the cost of feeding two adults is not double that of a single person. 3 kids are not triple the cost of 1. We have 48month sims, tenner a month each and thats it. No paid TV, freesat and saorview combi box using an old Sky dish. Do have home phone and broadband though

The Sidewards Man

Dughorm wrote: »

Do you smoke or drink?

Do you go on foreign holidays?

Do you have a satellite/netflix subscription?

Do the kids have XBox etc... ?

Do you have a monthly bill pay subscription for smart phone contract?

These are non-negotiables for many people and very expensive if you add them all up.

Ask the poster when last they took a crap or urinate altogether.

Dughorm

The Sidewards Man wrote: »

Ask the poster when last they took a crap or urinate altogether.

The point is that these are examples of everyday spending for most of us!

If a family of 5 doesn't have those costs no wonder they can live on the same salary as a single 20 something!

poa

And here is some more advice for the OP.
Never by your weed from a dealer.
Grow a plant for personal use.
That is an easy 1.3K per year saved just on getting stoned.
Old habits die hard.

poa

Actually, this thread is making me think more about my own spending habits.
I think I will sell my car and have done with it. Insurance, tax, petrol, NCT, servicing; I reckon I would save say 2K per year easy. A nice holiday for 2 weeks, or more Prize Bonds. Either way, that 2K would be put to better use. A man could get a lot of buses and taxi's for 2K per year. My car is my biggest spend/waste of money at the moment. I think not owning a car is probably the single fastest way to save money these days.

esforum

poa wrote: »

Now I am on the dole

poa wrote: »

retired at 39

poa wrote: »

A nice holiday for 2 weeks, or more Prize Bonds. Either way, that 2K would be put to better use.

How about looking for a job? You are NOT retired and you are not claiming a pension, its welfare!

Arghus

To be honest I don't know I do it either.

My brain usually assumes that by rent day my future brain will have figured something out.

It's worked so far.

darkpagandeath

Don't you get a free house on the dole ?

Stheno

darkpagandeath wrote: »

Don't you get a free house on the dole ?

NO. No you don't.

poa

esforum wrote: »

How about looking for a job? You are NOT retired and you are not claiming a pension, its welfare!

Dole/pension its all the same.
I worked and paid taxes for 20 years.
Some go on the dole at 18 for life.
Some take their pension at 65 when they retire.
I retired at 38, and take my dole.
Look for a job? I am done with all that to be honest.
I like having my freedom and health now, not later at 65.

Arghus

poa wrote: »

Dole/pension its all the same.
I worked and paid taxes for 20 years.
Some go on the dole at 18 for life.
Some take their pension at 65 when they retire.
I retired at 38, and take my dole.
Look for a job? I am done with all that to be honest.
I like having my freedom and health now, not later at 65.

Well you'll have your work cut out here over the next few pages.

charcoal blue

Have a look at this guy for some inspiration..."if you can save 50% of your take-home pay starting at age 20, you’ll be wealthy enough to retire by age 37"

mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/

esforum

poa wrote: »

Dole/pension its all the same.
I worked and paid taxes for 20 years.
Some go on the dole at 18 for life.
Some take their pension at 65 when they retire.
I retired at 38, and take my dole.
Look for a job? I am done with all that to be honest.
I like having my freedom and health now, not later at 65.

you didnt retire, you have chosen to not work and claim welfare. Call it what it is and its insulting considering the nature of this thread where people are talking about struggling to pay their own way