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How much savings do you have and what age are you?

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Comments

  • #572
    Geuze
    Registered Users Posts: 13,046 ✭✭✭✭Geuze


    [HTML][/HTML]
    lawrencesummers wrote: »
    75k on college!!! Falk me sideways, Please tell me you have a rugby team amount of children.

    A friend has spent 41-42k in one year on college, for three kids.

    9k fees

    Dublin rents, e.g. 700 pm.

    Dublin student accomm, e.g. 6-8k.

    Plus 100 cash to each child per week


  • #573
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    €54,000 and I’m 29
    Salary €36k and rent €800. I don’t have a car

    Been through a lot of health issues since 2014 which left me out of work for periods adding up to 2 years in total so that could be higher. But aside from my rent I do t spend that much


  • #574
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    What I find interesting about some of the replies is the wide descrepencies between savings, mortgage, pension, debt etc . People with huge savings and tiny pension for example. If you really want financial security later in life, putting money into your pension now will reap huge rewards in 30 years. Some have huge savings but have not yet bought a house? Others have a tiny mortgage payment but a huge car payment - would it not make sense to up the mortgage payment to pay it off quicker and save tens of thousands on interest?

    I'm no expert but that's just what stands out as a little strange to me. Thoughts?


  • #575
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    Zascar wrote: »
    What I find interesting about some of the replies is the wide descrepencies between savings, mortgage, pension, debt etc . People with huge savings and tiny pension for example. If you really want financial security later in life, putting money into your pension now will reap huge rewards in 30 years. Some have huge savings but have not yet bought a house? Others have a tiny mortgage payment but a huge car payment - would it not make sense to up the mortgage payment to pay it off quicker and save tens of thousands on interest?

    I'm no expert but that's just what stands out as a little strange to me. Thoughts?




    Depends on the circumstnces..late 20's/early 30's - they can have hugs saving but this could be for house purchase.


  • #576
    CertifiedSimp
    Site Banned Posts: 280 ✭✭CertifiedSimp


    Zascar wrote: »
    What I find interesting about some of the replies is the wide descrepencies between savings, mortgage, pension, debt etc . People with huge savings and tiny pension for example. If you really want financial security later in life, putting money into your pension now will reap huge rewards in 30 years. Some have huge savings but have not yet bought a house? Others have a tiny mortgage payment but a huge car payment - would it not make sense to up the mortgage payment to pay it off quicker and save tens of thousands on interest?

    I'm no expert but that's just what stands out as a little strange to me. Thoughts?

    In my case I don't know about buying a house. I don't live where I plan to live long term. When will I move there? I don't know. Could be a year, could be 4 or 5. I don't necessarily want to buy and then move right away but at the same time I don't want to rent for long periods either. I could rent it out if I moved but what if house prices collapse and I lose the equity and I am stuck.


    If I was living where I was from I'd have bought a long time ago.

    As for people having savings but not paying off the mortgage, maybe they're kinda like me in the sense they think they may or may not need the money for another purchase of some kind and it ends up just in your account. Once it's paid on the mortgage you can't take it back.


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  • #577
    Tig98
    Registered Users Posts: 363 ✭✭Tig98


    Geuze wrote: »
    [HTML][/HTML]

    A friend has spent 41-42k in one year on college, for three kids.

    9k fees

    Dublin rents, e.g. 700 pm.

    Dublin student accomm, e.g. 6-8k.

    Plus 100 cash to each child per week

    I have friends doing extremely intense courses who still hold down part time jobs. If a child of mine had the absolute cheek to look for spending money while being patrolled for education then they wouldn't be long being told where to go.


  • #578
    Tig98
    Registered Users Posts: 363 ✭✭Tig98


    22, 8k in savings.

    As the approaching academic year is worth the majority of my degree Ive decided to quit my job and focus on studies. I've never not had a weekly income so its my first time having to budget and its a bit intimidating. I figure by next May I should have less than 1k left, after everything is paid and done.


  • #579
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    Tig98 wrote: »
    22, 8k in savings.

    As the approaching academic year is worth the majority of my degree Ive decided to quit my job and focus on studies. I've never not had a weekly income so its my first time having to budget and its a bit intimidating. I figure by next May I should have less than 1k left, after everything is paid and done.

    Being optimistic if you think a year of college and living expenses will only cost 7k.


  • #580
    Kerry25x
    Registered Users Posts: 554 ✭✭✭Kerry25x


    Bubbaclaus wrote: »
    Being optimistic if you think a year of college and living expenses will only cost 7k.

    Might be living at home or not have college fees to pay.


  • #581
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    38 on between 85 and 90k. Wife at home with the kids.

    8k savings
    Child allowance aside - going direct to other savings account for them.

    Bought the house in December and will be paid for by say March 2021.
    Got a 30k loan (well 3 x 10k loans)

    Pension could be better but employer matching 10% now. I'll put more in once the house done.


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  • #582
    Tig98
    Registered Users Posts: 363 ✭✭Tig98


    Bubbaclaus wrote: »
    Being optimistic if you think a year of college and living expenses will only cost 7k.

    Other years have come in around 9k, and that was including a serious amount of partying and some minor holidays with friends. So Im hoping cutting all that out will shave off 2k, worst comes to worst Ill get a loan


  • #583
    LawBoy2018
    Registered Users Posts: 1,162 ✭✭✭LawBoy2018


    Tig98 wrote: »
    I have friends doing extremely intense courses who still hold down part time jobs. If a child of mine had the absolute cheek to look for spending money while being patrolled for education then they wouldn't be long being told where to go.

    What do you mean 'patrolled for education'? €100 wouldn't get a student through a week in college, especially not in first year imo. (unless they're pioneers) They most likely have part-time jobs also. I worked while I was a student but my parents gave me money every week and would kick up a fuss if I refused to take it.


  • #584
    Mr_Muffin
    Registered Users Posts: 917 ✭✭✭Mr_Muffin


    Makes me question what I've been doing with my life when I see people mortgage free before they're even 40. That's impressive.


  • #585
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    Mr_Muffin wrote: »
    Makes me question what I've been doing with my life when I see people mortgage free before they're even 40. That's impressive.

    In our situation a combination of luck, hard work, privilege, frugality and location.

    I never planned it or even aimed toward it.

    That my wife also had a similarly good job for maybe 4 or 5 years.
    That I didn't buy in 2006 or 2007 when I literally procrastinated up to the bust. No foresight just a fluke.

    I do hate working in Dublin and London. Prefer quieter towns/cities or even better the countryside This has stood to me. Meant I never paid mad rent and probably lower cost of living.

    Managed to get a reasonable job in mid Munster in 2014 and buy a very cheap house for cash. This meant no rent since and a tidy profit on that sale.

    Privelged to both come from stable "middle class" houses. Both went to college. 25k Interest free loan to buy that first house. 20k this time
    (My dad's a teacher so we were deffo not middle class growing up but probably near it by college??)

    Lucky to have had no ties in 2010 and both able to do a few years in uk


  • #586
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    Also
    I still question how wise it is.
    I'll have been working say 17 years and will have the house paid for.
    That's nearly a 20 year mortgage anyway.
    I've no savings. It's a risk.
    Be better off with a 10 or 15 year mortgage and savings?
    Be better off with a 35 year mortgage 5 years ago and see if inflation would leave the last 10 or 15 years as very cheap money?

    Hard to know......


  • #587
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    Zascar wrote: »
    What I find interesting about some of the replies is the wide descrepencies between savings, mortgage, pension, debt etc . People with huge savings and tiny pension for example. If you really want financial security later in life, putting money into your pension now will reap huge rewards in 30 years. Some have huge savings but have not yet bought a house? Others have a tiny mortgage payment but a huge car payment - would it not make sense to up the mortgage payment to pay it off quicker and save tens of thousands on interest?

    I'm no expert but that's just what stands out as a little strange to me. Thoughts?

    Depends on time of life and priorities. I moved jobs about 2 years ago, my previous job had a mandatory pension my current job has no pension plan at all so I would have to setup my own. I decided to pay no pension for a few years so I could save more towards a house deposit without having to live overall frugally. Paying a pension would severely limit my ability to save. I’m also self building and planning to start work prior to getting a mortgage so I will need good amounts of savings to get going.


  • #588
    Saudades
    Registered Users Posts: 378 ✭✭Saudades


    Zascar wrote: »
    Some have huge savings but have not yet bought a house?

    I'm no expert but that's just what stands out as a little strange to me. Thoughts?

    Huge savings doesn't tell the whole tale of buying a house these days. Even with a comfortable 10% or 15% mortgage deposit in savings, the 3.5 loan-to-income ratio would be a stumbling block for a lot of people.


  • #589
    Limpy
    Users Awaiting Email Confirmation Posts: 1,105 ✭✭✭Limpy


    Haven't saved to much but i have a massive cock, ive a few Hens aswell so I get fresh eggs every morning. Makes a saving on that atleast.


  • #590
    august12
    Registered Users Posts: 1,275 ✭✭✭august12


    Limpy wrote: »
    Haven't saved to much but i have a massive cock, ive a few Hens aswell so I get fresh eggs every morning. Makes a saving on that atleast.
    You shouldn't put all your eggs in one basket!!!


  • #591
    Cirrus Incus
    Registered Users Posts: 64 ✭✭Cirrus Incus


    It's scary how many people have almost no savings. People waste so much much money on ****e that doesn't improve their lives in any meaningful way. The best things in life are free.


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  • #592
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    Cirrus Incus wrote: »
    It's scary how many people have almost no savings. People waste so much much money on ****e that doesn't improve their lives in any meaningful way. The best things in life are free.

    If you're to go by this thread the average person has 50K in savings :)


  • #593
    CertifiedSimp
    Site Banned Posts: 280 ✭✭CertifiedSimp


    Cirrus Incus wrote: »
    It's scary how many people have almost no savings. People waste so much much money on ****e that doesn't improve their lives in any meaningful way. The best things in life are free.

    Yes I find it mad how some people throw their money away and don't value it.


  • #594
    Padre_Pio
    Registered Users Posts: 4,885 ✭✭✭Padre_Pio


    Cirrus Incus wrote: »
    It's scary how many people have almost no savings. People waste so much much money on ****e that doesn't improve their lives in any meaningful way. The best things in life are free.

    Many people save for a mortgage. It's easy to see where the money goes with the house, kids, wedding and pension.


  • #595
    kieran.
    Registered Users Posts: 1,174 ✭✭✭kieran.


    Cirrus Incus wrote: »
    It's scary how many people have almost no savings. People waste so much much money on ****e that doesn't improve their lives in any meaningful way. The best things in life are free.


    And how do savings enrich your life. Life is for living


  • #596
    Irish_rat
    Registered Users Posts: 2,554 ✭✭✭Irish_rat


    Tigerpants wrote: »
    Well done. Fair play to you

    I'm counting my house as an asset in the price. Otherwise I only have 70k in investments.

    Aim to downgrade on property in coming years to be mortgage free.
    Also want to have some kitty saved up to reduce my life in the rat race.


  • #597
    Irish_rat
    Registered Users Posts: 2,554 ✭✭✭Irish_rat


    kieran. wrote: »
    And how do savings enrich your life. Life is for living

    It's a safety net and also a possible option for early retirement or a reduced working week.

    As some have said, the best things in life are free. I enjoy the outdoors which doesn't cost a dime, you are either a consumer or a producer.


  • #598
    Irish_rat
    Registered Users Posts: 2,554 ✭✭✭Irish_rat


    lbplhs79 wrote: »
    39 - mortgage free house (280K), 100K cash savings and 65k in a pension fund.

    That's impressive, hope you're investing some of the cash! Hope to roughly around the same at that age.


  • #599
    FingerChips
    Registered Users Posts: 5 ✭FingerChips


    Age 28, single

    Saved 3k so far.

    Living in Dublin. Immigrant. Came here as a student 4 years ago. Got a job 2 years ago.

    Salary 48K
    Rent 945 (bills included. Shared accommodation)
    Send money home c.350 a month to pay off my student loan.
    I don't spend unnecessarily but I tend to splurge on travel.
    I don't own a car.

    Amazed by the 20 something year olds and their savings/investments


  • #600
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    FingerChips wrote: »
    Age 28, single

    Saved 3k so far.

    Living in Dublin. Immigrant. Came here as a student 4 years ago. Got a job 2 years ago.

    Salary 48K
    Rent 945 (bills included. Shared accommodation)
    Send money home c.350 a month to pay off my student loan.
    I don't spend unnecessarily but I tend to splurge on travel.
    I don't own a car.

    Amazed by the 20 something year olds and their savings/investments

    Speaking as somebody who moved abroad from Ireland for a few years in their 20s, I understand how much it can set you back financially. I only got sporadic jobs and struggled for money, ended up borrowing to live and get home, came home to a recession aftermath. Trying to catch up financially in that environment swallowed the rest of my 20s. A jobbridge position was part of that too.

    Mid 30s now. Not sure I'll ever get ahead. Paying a modest mortgage, have about 30K in a PRSA and about 5K in savings, which are dwindling as wife on unpaid maternity leave at the moment. I'm doing well to keep up, but getting ahead feels a big ask.


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  • #601
    FingerChips
    Registered Users Posts: 5 ✭FingerChips


    The Mighty Quinn wrote: »
    Speaking as somebody who moved abroad from Ireland for a few years in their 20s, I understand how much it can set you back financially. I only got sporadic jobs and struggled for money, ended up borrowing to live and get home, came home to a recession aftermath. Trying to catch up financially in that environment swallowed the rest of my 20s. A jobbridge position was part of that too.

    Mid 30s now. Not sure I'll ever get ahead. Paying a modest mortgage, have about 30K in a PRSA and about 5K in savings, which are dwindling as wife on unpaid maternity leave at the moment. I'm doing well to keep up, but getting ahead feels a big ask.

    I think we ought to remember that not everyone's timelines and circumstances are the same. What might feel stressful now could make you stress free years later.


This discussion has been closed.
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