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

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12357…24

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    #122
    Kamu
    Registered Users Posts: 503 ✭✭✭Kamu


    raze_them_all_ wrote: »
    That's 572 a week.=2307 - 1000+ 1307 before any bills, food is paid for. I'll assume no kids, no rent/mortgage and no car? Cos otherwise that's lies

    You assume correct; no kids, I live in Dublin city Centre so I walk everywhere and my rent is 300 a month.

    I've also been working from 17 and would have saved about 200 a month from that age.


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    #123
    Johnny0232
    Registered Users Posts: 4 ✭Johnny0232


    42,

    Bought my first house aged 34. Sold 4 years later and made a good profit.(€70k) Pooled together a 85k redundancy to buy a bigger property with a lot of rental potential.
    House worth roughly 295k is now paid off.
    Utilising the 14k per annum tax free room rental.
    Current rental income 18k. decided to just work part time for now.
    17k in savings.


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    #124
    facehugger99
    Registered Users Posts: 7,235 ✭✭✭facehugger99


    Having too much money in cash savings is not advisable IMO, especially with inflation looking like it may become an issue as money is printed to combat the Covid-19 recession.

    In general, I'd only hold about 6 months worth of cash in easily accessible cash savings - that's about €24k for a family of 4 I calculate.

    After that I've diversified as much as possible. Some savings in Gold, some in Crypto, some in stocks, some in property and some in long term bonds and tracker funds. Obviously a decent pension fund is a must too.

    I'm mid-40's


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    #125
    [Deleted User]
    Posts: 8,647 ✭ [Deleted User]


    30 - 75000 euro saved. Will probably be sunk into a mortgage in the next year.


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    #126
    krissovo
    Registered Users Posts: 2,645 ✭✭✭krissovo


    facehugger99 wrote: »
    Having too much money in cash savings is not advisable IMO, especially with inflation looking like it may become an issue as money is printed to combat the Covid-19 recession.

    100% agree, its dead money as they say losing a few % value each year and probably a big drop in the coming months. Even state savings can pay interest above inflation.


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    #127
    An Ri rua
    Registered Users Posts: 4,475 ✭✭✭An Ri rua


    endacl wrote: »
    I'm 5 years old and have a millionbajillion saved. Is this too much or not enough at this stage?

    Welcome to Ireland. Unfortunately Zimbabwe currency is not recognised here. You will need to exchange it. Ask your Mammy to help.


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    #128
    antimatterx
    Registered Users Posts: 2,681 ✭✭✭antimatterx


    I'm 24 and I have 20K in savings a few hundred in shares.

    I'm looking to buy a house in a few years, so I need to up that rapidly.


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    #129
    yabadabado
    Registered Users Posts: 16,523 ✭✭✭✭yabadabado


    Geuze wrote: »
    Check your P60 and/or P21.

    I don't know exactly, but I suspect I pay about 28-30%??

    Neither of those forms exist anymore.
    Its not that I don't know where to get the figures, its just I've probably looked once at them and wouldn't know what they are now.

    I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.


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    #130
    An Ri rua
    Registered Users Posts: 4,475 ✭✭✭An Ri rua


    yabadabado wrote: »
    Neither of those forms exist anymore.
    Its not that I don't know where to get the figures, its just I've probably looked once at them and wouldn't know what they are now.

    I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.

    Some employers are now issuing payslips. Marvellous innovation. Hope it catches on.


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    #131
    stoneill
    Registered Users Posts: 3,610 ✭✭✭stoneill


    54, feck all saved, spent it all!


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    #132
    yabadabado
    Registered Users Posts: 16,523 ✭✭✭✭yabadabado


    An Ri rua wrote: »
    Some employers are now issuing payslips. Marvellous innovation. Hope it catches on.

    I hope you aren't relaying on your comedic skills to make money or have savings.

    You probably should have read what was posted before making a silly comment.


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    #133
    user.name
    Registered Users Posts: 283 ✭✭user.name


    I'm 25 and have about 22K saved. I live at home, pay up about 400 to the parents every month. I spend as I need and save a portion of my wages into a savings account when I get paid each month. No plans to buy in the near future as while I can save more to have a half decent deposit over the next while, the lending rates are too low for me to buy an apartment in an area I'd like


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    #134
    patmac2004
    Registered Users Posts: 2 ✭patmac2004


    User9thousand wrote: »
    I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

    Sounds like you are very much on track with your saving programme


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    #135
    RandomViewer
    Registered Users Posts: 6,191 ✭✭✭RandomViewer


    Geuze wrote: »
    You are 51, and "reasonably well paid", that sounds like slightly above average FT earnings of 47-48k.

    Let's say 50-60k.

    As you have no savings, this implies you spend all your after tax wages.

    If you are single, that's a nice bit of spending each month...............

    Not single, wife, child,pets


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    #136
    Kevhog1988
    Registered Users Posts: 3,968 ✭✭✭Kevhog1988


    ShareShare wrote: »
    Software Developer (14 years exp) - Age 35. - Never having kids.

    Ireland salary was 74k
    Finnish salary is 66k (current).

    Save about 1000-1200 a month in each place.

    About 85k paid off 130k mortgage. (600 monthly paid by tenant which covers it)
    15k cash floating around in various accounts.

    I took a 2.5 year sabbatical in my late twenties that really consumed alot of wealth. Was a great time though.

    It took about 10k expenses to move country (furniture, rent deposits, spending).

    So total net value is currently 100k. Its fine. Nothing great but more than comfortable.

    Do you have a salary in both countries or am i reading that completely wrong? Whats the cost of living like in finland out of interest?.


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    #137
    krissovo
    Registered Users Posts: 2,645 ✭✭✭krissovo


    yabadabado wrote: »

    I was responding to someone saying if you didn't know what tax you paid etc you were probably bluffing about your income.

    I had no idea how much tax I paid last year until I just checked as I normally bundle in USC & PRSI with it, add the complexities of capital gains tax and hobby business write offs etc its gets complex very quickly.


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    #138
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,639 Mod ✭✭✭✭Henry Ford III


    yabadabado wrote: »
    I hope you aren't relaying on your comedic skills to make money or have savings.

    You probably should have read what was posted before making a silly comment.

    Please be civil to each other. Thanks.


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    #139
    radiotrickster
    Registered Users Posts: 866 ✭✭✭radiotrickster


    I'm 26. I've €3k in rainy day savings and €3.7k in savings for a holiday (near the end of the year) and a couple of planned weekends away.

    Next goals are

    - €2.5k by the end of the year so I can quit my job and find something else/freelance
    - pay off a loan worth €800
    - potentially save for a car (but I don't have my license yet and I'm happy to use my rainy day savings on it if worse comes to worst)


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    #140
    vmb
    Registered Users Posts: 140 ✭✭vmb


    I'm 35 and have about 350k in different bank accounts. I don't own any property tho, I did sold my Dublin home two months ago and am currently renting.

    Having so much money under this economic scenario is stressful, I only want to buy a house but my local market is not offering me anything I like so I have to wait.

    At least I'm able to save a few thousands per month so is possible I wont need a mortgage, but at the same time I'm worried about a market recovery or even some type of high inflation.


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    #141
    cgcsb
    Registered Users Posts: 9,277 ✭✭✭cgcsb


    Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.


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    #142
    NSAman
    Registered Users Posts: 3,394 ✭✭✭NSAman


    cgcsb wrote: »
    Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

    Let me get my crystal ball out.

    Some people are risk averse. not everyone wants stocks and shares.

    That happened before in the 1920s ,,,,,


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    #143
    Wompa1
    Registered Users Posts: 8,167 ✭✭✭Wompa1


    Jeepers! When I was 27, I only had about 7k saved. That's good going.


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    #144
    cgcsb
    Registered Users Posts: 9,277 ✭✭✭cgcsb


    NSAman wrote: »
    Let me get my crystal ball out.

    Some people are risk averse. not everyone wants stocks and shares.

    That happened before in the 1920s ,,,,,

    There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.


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    #145
    krissovo
    Registered Users Posts: 2,645 ✭✭✭krissovo


    cgcsb wrote: »
    There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

    Dangerous as a single strategy and first time investor but true, just like the 1920's the market will recover. You just need to pick companies who survive, lots of people I know have strategies in place and ready to invest big time.


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    #146
    vmb
    Registered Users Posts: 140 ✭✭vmb


    cgcsb wrote: »
    There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

    It depends. If I know I'm gonna need the money in a few months I would not risk it that way. Imagine a huge second wave, I could lost tens of thousands almost immediately.

    To me is more important to keep all my money safe than been able to earn 100k additional euros.

    By the way, my savings account have 0.01% interest :confused: :mad:


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    #147
    antimatterx
    Registered Users Posts: 2,681 ✭✭✭antimatterx


    cgcsb wrote: »
    Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

    Ryanair shares were also that low last week. They have been fluctuating between €8 - €10.50 for the last 2 months.


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    #148
    coolperson05
    Registered Users Posts: 280 ✭✭coolperson05


    Oh god this thread is so depressing! I really should have stayed at home with my parents - I moved to Dublin at 20, renting ever since...I dream of savings sometimes...and a mortgage!:pac:


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    #149
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,041 Mod ✭✭✭✭Jim2007


    cgcsb wrote: »
    There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

    That is an opinion, not a fact.


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    #150
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,041 Mod ✭✭✭✭Jim2007


    cgcsb wrote: »
    Mad the amount of people who just have massive sums of money in their current accounts or standard Irish deposit accounts(earning nothing). The corona virus knocked billions off stock markets, even if you were lazy and bought a **** ton of oil, you'd double your money by the time things return to normal and there's a demand for oil, at the speed the aviation industry is talking it'll take only a few months for values to return to normal. There's a ton of other opportunities created thanks to corona. Shares in Ryanair went as low as €8 in April.

    You are right about opportunities, but it requires lots of homework, not speculation on oil prices going up and may be tourism to take off again...


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    #151
    johnfás
    Registered Users Posts: 1,340 ✭✭✭johnfás


    cgcsb wrote: »
    There might never be a better time to buy things, and you can't really argue with certain economic facts, e.g. the price of oil must go up given the growing demand as global lockdowns are lifted.

    But it doesn’t mean the value of oil companies will necessarily go up so what are you going to buy in order to capture the perceived market opportunity.


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