Do you save much of your income?

beach_walker · 18-05-2016 12:04PM #1

Looking at this recent article ( "I lived the high-life and I didn't save a penny but now I've no pension" and the other thread on Ireland rating high on the rich list got me thinking about savings. I read recently about Irish people having something like E94 billion in savings, which seems like a huge number but totally out of whack with what it seems people my age (early 30s) actually have. I have friends who openly joke about the pitiful state of their finances (yes this could be the beal bocht but given their lifestyles I have no reason to dispute there's a large degree of truth to it).

I was a decent saver throughout my twenties but most of that got used for one thing or another (proper incidents, I didn't blow it all lol). Right now I manage to put away 50% of my monthly net. I have direct debits set up so I don't even notice it going. Admittedly I'm in a decent position (no kids or dependents) so it's a fairly high figure. How much do you save? If anything. Do you skimp to save, or is it just a regular thing?

honreal · 18-05-2016 12:08PM

Standing Order for 1200 / Month into an account where I have to give notice. Handy cause I don't see it leave and I can't access it easily.

suicide_circus · 18-05-2016 12:11PM

I save some of my income but then spend it as my bastard friends insist on having weddings every second week.

gifted · 18-05-2016 12:11PM

Save about 1600 a month in a savings scheme by the government. ..TAX account....guaranteed every month, don't tell anyone though

Saipanne · 18-05-2016 12:15PM

I save 30% of my net. I could save more, but I like living.

Zombienosh · 18-05-2016 12:16PM

Most of my 20's were spent just getting by, never really had anything to save.

Sugar Free · 18-05-2016 12:30PM

Probably 50% or so is technically saved each month but I put it into other options than a savings account (pension AVCs, share purchases etc.).

Dr Crayfish · 18-05-2016 12:31PM

Just started paying a mortgage recently, but I should still be able to save a few 100 a month. In theory.

the groutch · 18-05-2016 12:34PM

I save bout tree fiddy.

(sorry, but someone had to say it)

Dr Crayfish · 18-05-2016 12:35PM

This question seems to come up on a weekly basis on after hours, what's that all about?

kfallon · 18-05-2016 12:40PM

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

Savings, you know, putting money aside for a rainy day!

RedXIV · 18-05-2016 12:43PM

Saipanne wrote: »

I save 30% of my net. I could save more, but I like living.

I was about to say this was a ridiculous figure and then realised I'm saving 28% of my net also

SarahS2013 · 18-05-2016 12:44PM

I save 20% of my net, could save another 20% but as another poster said, I like living.
I'm not saving for anything in particular at the moment and have about the equivalent of a years salary in my savings. Once I decide to save for a mortgage I'll ramp it up.

livedadream · 18-05-2016 12:48PM

turns out i save 27% of my net salary,

seems like nothing though, saving is hard...

xabi · 18-05-2016 12:49PM

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

I think its for saps to tell us about how much they save to feel good about themselves.

I save 5K every month, 20% of my salary..

The savings bit might not be true.

Dr Crayfish · 18-05-2016 12:51PM

xabi wrote: »

I think its for saps to tell us about how much they save to feel good about themselves.

I save 5K every month, 20% of my salary..

I think you're right. I prefer to hear from the people who blow it all on alcohol and drugs every month.

0ph0rce0 · 18-05-2016 12:55PM

Dr Crayfish wrote: »

I think you're right. I prefer to hear from the people who blow it all on alcohol and drugs every month.

Savings account here for important stuff in case of emergency's about 20-30% of monthly salary then a small amount each month in another for the weekends where i want to get drunk and snort myself to a heart attack.

It's all about balance

irishguy1983 · 18-05-2016 12:58PM

You folks must be on big salaries!!

I don't save at all - have a mortgage, certainly don't live the high and can't quite save! Don't have a pension either - I am doomed

Birneybau · 18-05-2016 12:58PM

the groutch wrote: »

I save bout tree fiddy.

(sorry, but someone had to say it)

They really didn't.

About 20% myself, could probably go 25%.

Cleared credit card so no debt.

ash23 · 18-05-2016 01:00PM

4% into a pension. I was putting 15% into a savings account but needed a car so got a loan and now save 5% and pay back 10%.
I'm on a low income so savings are tiny.

I have a dependent and pay rent alone.

livedadream · 18-05-2016 01:03PM

irishguy1983 wrote: »

You folks must be on big salaries!!

I don't save at all - have a mortgage, certainly don't live the high and can't quite save! Don't have a pension either - I am doomed

im not tbh

but i do save what i can.

i just dont want to end up like those old folks on the news during the crash crying at the AIB AGM coz theyd lost everything.

i do worry about money, im 29 so apparently need to set up a pension soon
but im certainly not out every weekend.

Kai123 · 18-05-2016 01:03PM

I save around 50%, but I don't earn much.

I only started working about a year and a half ago and have been able to save properly a year ago. If I wasn't saving for a place I'd be alot more happier. I've a year to go though!

bear1 · 18-05-2016 01:05PM

I save about 50% of my salary every month.
Once the mortgage is paid, the family fed and bills paid plus cars etc I'm left with roughly 50%. Very hard to do though but it is very nice to have a buffer zone in your account in case the **** hits the fan.

Dr Crayfish · 18-05-2016 01:05PM

I'd say a lot of people saving 50% etc must be living at home still

OldNotWIse · 18-05-2016 01:07PM

Dr Crayfish wrote: »

This question seems to come up on a weekly basis on after hours, what's that all about?

So that people can tell us how much they save and also indirectly how much they earn :rolleyes:

I haven't saved anything for four years but I have been investing in my education which should see me better off going forward, so I don't feel bad about directing the funds that way for a while!

Kai123 · 18-05-2016 01:07PM

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Or a shared house/apartment.

Sam Kade · 18-05-2016 01:09PM

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Eithefr that or they aren't married with families.

Sky King · 18-05-2016 01:13PM

Lot of fishermen here in AH.

More than I would have thought.

kfallon · 18-05-2016 01:14PM

No point being the richest person in the graveyard!

beach_walker · 18-05-2016 01:20PM

Dr Crayfish wrote: »

I'd say a lot of people saving 50% etc must be living at home still

Tbh I'd expect a higher saving rate for those living at home

kfallon wrote:

No point being the richest person in the graveyard!

Well that's true but I see it more as a form of security/freedom. I'm not just saving for the sake of it. If I lost my job today, I have enough stashed to keep me going and not have to start panicking. And it's nice to be able to randomly decide to head off for the weekend with the girlfriend or have a splurge now and then.

livedadream · 18-05-2016 01:22PM

kfallon wrote: »

No point being the richest person in the graveyard!

no point being homeless at 80 either.

Do you save much of your income?

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