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

PommieBast · 23-05-2020 11:03pm

lainey_d_123 wrote: »

Seems like a different world now to how it was when I graduated. I have only been able to save 500-1000 a month since I was 33, and then only because I flatshared, with all the lifestyle sacrifice and strain that comes with sharing with randomers in your thirties.

In more recent years I felt there were only two times I really saved a lot of money: The first was during a secondment to China when I was on expenses, and the second was due to a severance payout.

GoldenSlumbers · 23-05-2020 11:14pm

Deleted User wrote: »

At 26 I was doing well to have anything saved.

Below is my situation, based on real-life, written out twice. Both these describe me at the moment:

1) I'm 32 in two weeks. I have my house nearly paid off (less than 40k to go to clear the mortgage) have about 10k in savings and work a relatively well paid job.

2) I'm 32 in two weeks. I have nearly paid off my house, but it's in a siht-hole area, so I'm hoping to clear the mortgage as soon as possible so i can try and save aggressively to buy a derelict rural house that I can do up and move to. I bought my house off the council so got a discount on the market rate. I've about 10k saved, but I can't access it as it's held as security against the mortgage along with the house (credit union). I have no formal education and contract for a company who pay me well, but the job could disappear overnight.

In 1) i sound like I'm on top of the world. In 2) I sounds like I'm about 15 years behind where I 'could' be, and it acknowledges the luck I've had with getting a cheaper house, and how ultimately it's not a great area so i want to move away, making it an expensive, but not entirely beneficial, purchase.

It's easy to make your situation sound a lot better than it is. I imagine there's lots of that going on in this thread.

I so appreciate this post. It made me chuckle.

GoldenSlumbers · 23-05-2020 11:15pm

Regardsgreen wrote: »

24 years old. Have €23,000 saved but still have to pay back some of the loan for my Engineering masters. Saving 1400 per month at the moment. Working from home and living with parents. I give them 400 a month and also do some shopping for them quite a bit.

Fair play!! Good on you

GoldenSlumbers · 23-05-2020 11:38pm

SusieBlue wrote: »

Ideally I’d prefer to meet someone & buy a property together, even if he wasn’t a high earner it would be a lot lot more doable and less pressure on two incomes.
But I suppose I can’t wait for that to happen and I need to start putting a dent in it now just in case it doesn’t come to be.

I’m stuck in the middle really, while my wage is low enough to qualify for social housing, I’d be extremely low on the list of priority because I don’t have kids yet.
But then on the other hand, the 3.5 lending rule means it’s going to be very difficult for me to buy alone.
So my options are to stay at home, save, and pray I meet someone to jointly apply with or spend the rest of my life blowing the majority of my income on rent.

I wish there was a middle option for people like me. If long term renting for a reasonable price was available I’d do it in a heartbeat.

I so agree with you. I've been looking at ways in which I can ever own my own place to escape the rental market. Tired of sharing the house with so many housemates in exchange for semi-cheap rent (550). Have even been looking at mobile homes as an option, but there's no real mobile home sites to buy/rent at near Dublin. Pff.

GoldenSlumbers · 23-05-2020 11:39pm

Better Than Christ wrote: »

A modest amount - combination of inheritance and general savings. I recently made a major sacrifice with regard to my living arrangements, which means I'm now spending 20% of my income on rent and bills (it was more than 60% before). I don't drink or smoke, I live quite frugally and I do a lot of overtime, so I'm currently able to put away at least 60% of my income every month. Ideally, I'd like to be in a position to buy a home without requiring much of a mortgage in maybe four or five years, or whenever the next major crash happens.

Oh, and I'm 38¼

Are you single! Give me your number? :P haha

vikings2012 · 24-05-2020 4:02pm

Unfortunately this is the reality for some.

vmb · 24-05-2020 8:36pm

vikings2012 wrote: »

Unfortunately this is the reality for some.

That's the very reason I chose to finish the mortgage before turning 40. No fancy cars, limited holidays etc

Now I've sold the house and will have to buy another, but once that is done all my income will be available for whatever I wish. I will save some (I have not started a pension fund yet at 35), but apart of that... freedom!

Josuke · 24-05-2020 8:50pm

[Deleted User] wrote: »

At 26 I was doing well to have anything saved.

Below is my situation, based on real-life, written out twice. Both these describe me at the moment:

1) I'm 32 in two weeks. I have my house nearly paid off (less than 40k to go to clear the mortgage) have about 10k in savings and work a relatively well paid job.

2) I'm 32 in two weeks. I have nearly paid off my house, but it's in a siht-hole area, so I'm hoping to clear the mortgage as soon as possible so i can try and save aggressively to buy a derelict rural house that I can do up and move to. I bought my house off the council so got a discount on the market rate. I've about 10k saved, but I can't access it as it's held as security against the mortgage along with the house (credit union). I have no formal education and contract for a company who pay me well, but the job could disappear overnight.

In 1) i sound like I'm on top of the world. In 2) I sounds like I'm about 15 years behind where I 'could' be, and it acknowledges the luck I've had with getting a cheaper house, and how ultimately it's not a great area so i want to move away, making it an expensive, but not entirely beneficial, purchase.

It's easy to make your situation sound a lot better than it is. I imagine there's lots of that going on in this thread.

Thanks very much for this, you raise a very good point. Making comparisons with people on here, friends and relatives often leaves me feeling down but I never really thought of it like that

steve_irl · 27-05-2020 2:23pm

37 / wife is 39

currently have 49k in demand deposit account

30k of that is for rainy day (year of mortgage payments & 1000 p/m cash if needed)

around 200k in pensions between us (we were late starters)

20k in shares

starting a investment savings account with zurich and going to stick children's allowance we have accumulated since kids came along (approx 6k) & top up (560 p/m) - aim will be to leave this running for next 10ish years

trying to save 2500 per month (aim is to pay around 30k per year off the mortgage balance (still owe just over 300k)

creche fees hit us for over 2k per month so were saving a good bit extra at the moment juggling work and 2 kids at home

we consider ourselves very lucky to be in the position we are in would probably be a bit further ahead if we didn't blow our first house deposit getting married

Kerry25x · 27-05-2020 3:35pm

31. Have about 18k in savings between me and my husband. We have a small mortgage (about 8% of our combined net income monthly) and no kids. To me that's a lot of money, more than we've had in the savings account since we were saving for our mortgage deposit.

We love to socialise, love eating out and going for nice cocktails. We're always out doing something (in the pre-covid days). We spend a lot on travelling too - probably 10-15k a year at least.

I don't stress about how much is in the bank once we're not spending more than we earn but we do normally save close to 2.5k a month, more like 4k a month at the moment. Mostly gets fittered away on holidays to far flung tropical destinations then though, you're only young once right?

c.p.w.g.w · 27-05-2020 3:52pm

Kerry25x wrote: »

31. Have about 18k in savings between me and my husband. We have a small mortgage (about 8% of our combined net income) and no kids. To me that's a lot of money, more than we've had in the savings account since we were saving for our mortgage deposit.

We love to socialise, love eating out and going for nice cocktails. We're always out doing something (in the pre-covid days). We spend a lot on travelling too - probably 10-15k a year at least.

I don't stress about how much is in the bank once we're not spending more than we earn but we do normally save close to 2.5k a month, more like 4k a month at the moment. Mostly gets fittered away on holidays to far flung tropical destinations then though, you're only young once right?

May I ask, when you were going up did you or your husband every witness money stresses from your parents? Obviously tell me to fcuk off if your not comfortable answering...

I only ask because I witnessed my parents struggle monumentally with bills & money. They tried to hind it, but I'm someone if I over hear something I remember it. But my parents provided everything without question, it got to the stage were I said I wasn't interested in X and Y because I knew they were expensive, I even paid for part my own pres from money I made on the side...my parents didn't know.

I think this has made be very aware of having a safety net financially, and why I will typically analysis any big purchase I intend to make

Kerry25x · 27-05-2020 4:04pm

c.p.w.g.w wrote: »

May I ask, when you were going up did you or your husband every witness money stresses from your parents? Obviously tell me to fcuk off if your not comfortable answering...

My parents have always been very frugal, I wouldn't say I was ever aware of them really struggling or stressing but we were never well off and they are very careful with money, they buy almost everything secondhand and never eat out. They've both managed to retire early now, sold our family home and downsized.

I think we do have a safety net though, although we like to go out and travel a lot we do still save. We bought an small older city house when house prices were low and we're paying about €1000 a month less on housing than most of our friends (they have much nicer houses but that's not important to me) so I think that gives us a bit more leeway to spend on things we enjoy.

Frank12 · 27-05-2020 4:21pm

I’m 24 with 22k in savings. I was lucky to inherit a house worth circa 220 k when I was 22, mortgage free and i am currently renting it out for 780 a month. Currently employed on a salary of 45 k. I have approx 6k paid into a pension. 2 years ago I bought a car for 43k and currently have 14k left to pay off , my only bill , I loved it at the time I was young but now I realised it’s a good way to burn money... Still live at home and emigrating to Oz for a year when the borders reopen.

Sheep_shear · 28-05-2020 2:22pm

I live in the UK, have gotten married and bought our first house in the past two years so it's been a financial rollercoster!

I'm 34. Right now we have enough cash in a ready access saver to cover a year of mortgage and bills. We have the equivalent of a month of both of our salaries in Premium bonds, I have a small standing order over the years which satisifies my gambling dreams! There's another account which we tip a bit inot each month to cover annual known expenses (car insurance etc.). Aside from that every penny we get goes into pensions, and stocks and shares ISA (a tax free scheme to encourage investments/savings). We're planning on having kids in the near future so a lot of this will be completely turned upside down!

Pman1000 · 15-06-2020 7:29pm

31. Cash saving £150k. Pensions £100k. Shares and funds £50k. Only really saving the last 3 years though given graduate studies.

Patd6 · 15-06-2020 7:35pm

35. Partner and 2 young kids. We have a home with mortgage (300k market value with 195k yet to pay). No savings. No pension. I have a shared inheritance with 2 family members of a country house and a large portion of land. Expected net value to me there would be 50k-100k

0gac3yjefb5sv7 · 15-06-2020 7:39pm

Pman1000 wrote: »

31. Cash saving £150k. Pensions £100k. Shares and funds £50k. Only really saving the last 3 years though given graduate studies.

3 years savings and that much saved! Woah. How did you manage that!? Very impressive.

Pman1000 · 15-06-2020 7:43pm

MattS1 wrote: »

3 years savings and that much saved! Woah. How did you manage that!? Very impressive.

Two good job moves and a good bonus. To be fair the pensions savings were a result of good Sponsor contributions on D.C. pension - that has had to stop this year as no longer tax efficient so get cash equivalent. Then the shares and Funds are deferred Compensation. Get a job with a bonus - only way to save!!!

c.p.w.g.w · 15-06-2020 7:43pm

timple23 wrote: »

A small bit off-topic, but as someone who always saved for something before buying it, will I be at a disadvantage when going for a mortgage as I would have no credit history?

A certain Bank told my misses that the it is essential to have evidence of a loan with a bank, NOT a Credit Union...

So she got her car loan with them(ended up costing her €900 more with the Bank)...

This was before we met

When we went for a joint mortgage we ask in numerous banks about the above, and all said it was a load of rubbish...and all took a guess at the Bank in question are got in 1...This was only 7 years ago, so maybe things have changed in that bank

0gac3yjefb5sv7 · 15-06-2020 7:52pm

Pman1000 wrote: »

Two good job moves and a good bonus. To be fair the pensions savings were a result of good Sponsor contributions on D.C. pension - that has had to stop this year as no longer tax efficient so get cash equivalent. Then the shares and Funds are deferred Compensation. Get a job with a bonus - only way to save!!!

Fair play! Do you work in sales/finance?

Pman1000 · 15-06-2020 7:53pm

MattS1 wrote: »

Fair play! Do you work in sales/finance?

Investment Management in London. So all that saving is going towards a large mortgage around my neck for the next 20 years!

Figel Narage · 15-06-2020 7:54pm

27, 60K Euro saved. Don't have a really well paying job just very good at saving

0gac3yjefb5sv7 · 15-06-2020 8:03pm

Figel Narage wrote: »

27, 60K Euro saved. Don't have a really well paying job just very good at saving

That's very good too in fairness. Are you living at home? That's still a lot to save at that age!

unhappys10 · 15-06-2020 8:06pm

37 and 15k, sounds crap but I took a roundabout route to where I am now between travelling, being a mature student etc and I only started properly working in my chosen profession 2 years ago.
Ps got married and had a baby also in the last 2 years.

Figel Narage · 15-06-2020 8:13pm

Joel Yellow Infantry wrote: »

That's very good too in fairness. Are you living at home? That's still a lot to save at that age!

Thank you. I do live at home. It could be higher as I paid off my parents mortgage and went back to do a masters which set me back a little but it would be over 100K if I didn't do those things. Have to emphasize, I don't have a really high paying job or anything but I save whenever and wherever I can, don't drink, smoke, or do drugs, nothing that would cause a big drain on the pocket, Still have a social life but with no money spent. I occasionally let people know if they ask regarding savings but I always say how much you would need to sacrifice to get there (i.e. cut down alot on drinking/eating out) then they don't want to know anymore haha. Thankfully I don't really enjoy drinking or blowing money eating out so it's not a sacrifice to me. It is just sitting there at the moment though and the plan was to buy a house but with the Dublin prices, that's not happening any time soon...........

Squozen · 20-06-2020 9:48am

46, €96k, but no mortgage yet so I'd expect most of it to go on a deposit once we find a place. I'd have a mortgage already but I just got retrenched (ah well, more money for the deposit!).

Figel Narage · 20-06-2020 10:11am

Squozen wrote: »

46, €96k, but no mortgage yet so I'd expect most of it to go on a deposit once we find a place. I'd have a mortgage already but I just got retrenched (ah well, more money for the deposit!).

Very nice, good job. A large deposit like that could get you a box in Dublin haha. No but good job, my plan is to get a really large deposit and buy something in Dublin. Have you actively saved heavily or saved a little bit over the years and its ballooned into what it is now?

20-06-2020 10:41am

Almost 28, about 24k and all of that came in the last 2.5 years of starting a decent paid job. But still spent a lot travelling and seeing parts of the world while I still can.

Had saved about 8k while living at home until 23 but moved to London and the realities of living autonomously and paging for food, rent and bills hit me and that was blown out of the water within a year to supplement a low salary and lack of planning. No regrets here though, best thing I've ever done in hindsight.

I've no doubt that once I get a mortgage the current figure will be depleted again for some time.

GoldenSlumbers · 27-06-2020 8:09pm

Figel Narage wrote: »

Thank you. I do live at home. It could be higher as I paid off my parents mortgage and went back to do a masters which set me back a little but it would be over 100K if I didn't do those things. Have to emphasize, I don't have a really high paying job or anything but I save whenever and wherever I can, don't drink, smoke, or do drugs, nothing that would cause a big drain on the pocket, Still have a social life but with no money spent. I occasionally let people know if they ask regarding savings but I always say how much you would need to sacrifice to get there (i.e. cut down alot on drinking/eating out) then they don't want to know anymore haha. Thankfully I don't really enjoy drinking or blowing money eating out so it's not a sacrifice to me. It is just sitting there at the moment though and the plan was to buy a house but with the Dublin prices, that's not happening any time soon...........

that's admirable you helped pay of your parents mortgage. fair play

frankyboy1986 · 27-06-2020 8:12pm

33 yo, have 10k saved up the last 6 months, 178k left on mortgage, I generally fix mortgage for a year and when year is up go on variable for a very short time 1 or 2 weeks, pay whatever I have saved up off it and fix again

tscul32 · 27-06-2020 11:53pm

You can only compare like with like.
We're mid 40s and don't have a huge amount saved. But apart from our mortgage we have no loans. 2 cars, 151 and 171 are owned outright and should be trouble free for a few years. Doesn't sound like much but we do have 350-400k equity in our house. We could sell that and come on here saying we've 400k in savings. We also have 3 kids, 2 of whom cost a LOT in therapies and interventions that we were delighted to be able to manage cos relying on the state to help them was pointless and they have worked incredibly well so completely worth it - but probably sucked in the region of 20k from us over the years. My career also disappeared on the middle of that cos it just wasn't practical for both of us to be gone from 7.30am to 7.00pm mon - fri. But the other half has done very well and I'm back working part time for now so the savings are getting boosted. However college is also just around the corner and fees (sorry, registration fees) for 3 (at least 2 at a time) will probably eat that. We've also had to survive on very little when our income was half what it is now while our outgoings were pretty hefty for the kids, so all the little extras now feel like real luxurious treats. So we'll never be massive spenders and hopefully the savings will go up and up. Although there is that extension we're thinking about.....

Ups and downs, I got married at 26 and first kid at 29 so not much time living at home saving a fortune. But when all the 20 somethings in this thread are still paying their mortgages at 60, I'll be living it up debt free ðŸ˜

Figel Narage · 28-06-2020 1:33am

GoldenSlumbers wrote: »

that's admirable you helped pay of your parents mortgage. fair play

Thanks buddy. I guess it was the least I could do as they brought me into the world and worked hard for me and my siblings.

somewhere45 · 05-07-2020 3:30am

(wall of text incoming)

Mid to late 40s

One kid in her mid 20s, one on the rise.
Most peps don't seem to mention just how expensive it is to raise kids, education etc. Then again covid might change all that.
(No need for paying for accommodation etc)

- Liquid assets around 25k (emergency fund, some in cash savings, some in saving plans),

- Mortgage. Around 1/3 left. 150k.

- Savings for 2nd child child level education €250 per month (12k saved so far). Another 5 years or so go before that comes into play
Firm believer that she/him has to learn to value "work to play" and earn their own way and will help to add to this. However

1. If studies take up a lot of time, I would prefer time is spent on education rather than that working in spare time.
or
2. Very introvert but hey will probably change in time. Very smart money wise ( spent a lot of time teaching budgets etc ) so there HAS to be time for fun as well.

- Sadly got stuck with getting involved in a buy-to-let which sucked €400 per month since 2007. (mortgage vs rental income, NOT in Dublin so rent nowhere covered mortgage and running cost). Rent Pressure Zones killed it for us. So much for being mr nice guy and keeping rent at reasonable level. See advice at end of this post.

- Wife in public sector and raising fast through the rank so pension sorted for her.

- Daytime job (IT). Been working from home for the last 14 years, decent wage but could have been making a lot more has I jumped jobs in between.
80k per year, could be on 130k+ but would have wasted 2-3 hour commuting every day). Tax system in Ireland = just not worth it.
However stock option = own 5% of the company and we are currently positioning company for a takeover. ( Due to the nature of the business covid meant nothing to us )

- Side gigs. serial entrepreneur. 3 companies so far. One bust during 2001 bubble, 2nd on kept it going for 13 years, sold 2 years ago (see more below). Decent profit, paid off chunk of mortgage.
Last one, intend to offload 1/3 ownership within the next 5-6 months, covid messed up plans.

- Pension. 60k. Could have a lot more but buy-to-let mistake messed that up by around 200k.

Advice after 25 years of working.

1. Switch jobs as often as possible. Each switch = higher salary+benefits. Vital.

2. Up-skill all the time when time permits. Vital.

3. Start pension as soon as possible and I mean as soon as possible. Compound interest really adds up. Vital

4. Save up for an emergency fund. Vital

5. Learn to budget and budget hardcore. Use apps for shopping. Only buy what you have on the shopping list. Vital
( If you dont have a clue, go read something like "The total Money Makeover", very US focused but the base principals are the same)

6. Don't start your own company unless it brings in a ton of money. (IF you do make sure to it it early in life and learn from it.)
By the time you get responsibilities (Mortgage, kids etc) stress levels go sky high and to be honest you will never get the years back that you should be spending with your kids. They grow up way too fast.
The Irish tax system does NOT reward entrepreneurship. (Only way is to plow a ton into pension.). Honestly consider moving to another country and run it from there. Have an Exit plan( when to exit, and have everything agreed beforehand, legal it up)

7. Do NOT take on anything you can not exit from fast. (Buy-to-let was the downfall of me)

8. Never start a business with Family and/or friends.

9. Surround yourself with smart people, you will learn a lot.

10. Get cheap car/s, total waste of money.

10. Have fun along the way, money is not everything. Do it before settling down. Travel the world! (well when possible again)

onrail · 05-07-2020 8:48am

somewhere45 wrote: »

(wall of text incoming)

Mid to late 40s

One kid in her mid 20s, one on the rise.
Most peps don't seem to mention just how expensive it is to raise kids, education etc. Then again covid might change all that.
(No need for paying for accommodation etc)

- Liquid assets around 25k (emergency fund, some in cash savings, some in saving plans),

- Mortgage. Around 1/3 left. 150k.

- Savings for 2nd child child level education €250 per month (12k saved so far). Another 5 years or so go before that comes into play
Firm believer that she/him has to learn to value "work to play" and earn their own way and will help to add to this. However

1. If studies take up a lot of time, I would prefer time is spent on education rather than that working in spare time.
or
2. Very introvert but hey will probably change in time. Very smart money wise ( spent a lot of time teaching budgets etc ) so there HAS to be time for fun as well.

- Sadly got stuck with getting involved in a buy-to-let which sucked €400 per month since 2007. (mortgage vs rental income, NOT in Dublin so rent nowhere covered mortgage and running cost). Rent Pressure Zones killed it for us. So much for being mr nice guy and keeping rent at reasonable level. See advice at end of this post.

- Wife in public sector and raising fast through the rank so pension sorted for her.

- Daytime job (IT). Been working from home for the last 14 years, decent wage but could have been making a lot more has I jumped jobs in between.
80k per year, could be on 130k+ but would have wasted 2-3 hour commuting every day). Tax system in Ireland = just not worth it.
However stock option = own 5% of the company and we are currently positioning company for a takeover. ( Due to the nature of the business covid meant nothing to us )

- Side gigs. serial entrepreneur. 3 companies so far. One bust during 2001 bubble, 2nd on kept it going for 13 years, sold 2 years ago (see more below). Decent profit, paid off chunk of mortgage.
Last one, intend to offload 1/3 ownership within the next 5-6 months, covid messed up plans.

- Pension. 60k. Could have a lot more but buy-to-let mistake messed that up by around 200k.
Advice after 25 years of working.

1. Switch jobs as often as possible. Each switch = higher salary+benefits. Vital.

2. Up-skill all the time when time permits. Vital.

3. Start pension as soon as possible and I mean as soon as possible. Compound interest really adds up. Vital

4. Save up for an emergency fund. Vital

5. Learn to budget and budget hardcore. Use apps for shopping. Only buy what you have on the shopping list. Vital
( If you dont have a clue, go read something like "The total Money Makeover", very US focused but the base principals are the same)

6. Don't start your own company unless it brings in a ton of money. (IF you do make sure to it it early in life and learn from it.)
By the time you get responsibilities (Mortgage, kids etc) stress levels go sky high and to be honest you will never get the years back that you should be spending with your kids. They grow up way too fast.
The Irish tax system does NOT reward entrepreneurship. (Only way is to plow a ton into pension.). Honestly consider moving to another country and run it from there. Have an Exit plan( when to exit, and have everything agreed beforehand, legal it up)

7. Do NOT take on anything you can not exit from fast. (Buy-to-let was the downfall of me)

8. Never start a business with Family and/or friends.

9. Surround yourself with smart people, you will learn a lot.

10. Get cheap car/s, total waste of money.

10. Have fun along the way, money is not everything. Do it before settling down. Travel the world! (well when possible again)

Great post, thanks for sharing. A ‘lessons you’ve learned from life’ thread would be incredible if it ever got going.

Top chief · 08-07-2020 4:18pm

Some of these savings are amazing , I understand saving is good but you have to enjoy life aswell and not just save save save , when I have kids there inheritance will be my house which will be plenty .Iv lost people in my life that never got to enjoy there retirement and spend money on what they wanted or wanted to do as died to young. And after going through a life saving operation at a young age I decided to not let life past me by and save everything at end of the day you might not get a chance to enjoy it when you retire from work . So go travel now go on short breaks away buy the car you want. Life is way to short as nobody knows what might happen in the future

I'm in my late 20s have 20 acres of land that was left to me in kildare will be be building a house on it in the near future and 30k saved in my savings account which I cant touch will be used towards the mortgage.

would be alot more but I spent alot travelling and buying cars iv wanted over the years , when ever we can travel again hoping to go away for around 3 months that would be my last big hoilday before I go for a mortgage.

Kevhog1988 · 08-07-2020 5:37pm

Top chief wrote: »

Some of these savings are amazing , I understand saving is good but you have to enjoy life aswell and not just save save save , when I have kids there inheritance will be my house which will be plenty .Iv lost people in my life that never got to enjoy there retirement and spend money on what they wanted or wanted to do as died to young. And after going through a life saving operation at a young age I decided to not let life past me by and save everything at end of the day you might not get a chance to enjoy it when you retire from work . So go travel now go on short breaks away buy the car you want. Life is way to short as nobody knows what might happen in the future

I'm in my late 20s have 20 acres of land that was left to me in kildare will be be building a house on it in the near future and 30k saved in my savings account which I cant touch will be used towards the mortgage.

would be alot more but I spent alot travelling and buying cars iv wanted over the years , when ever we can travel again hoping to go away for around 3 months that would be my last big hoilday before I go for a mortgage.

Are you doing anything with the land at the moment?. Its in demand around kildare for grazing etc

Figel Narage · 08-07-2020 8:10pm

Top chief wrote: »

Some of these savings are amazing , I understand saving is good but you have to enjoy life aswell and not just save save save , when I have kids there inheritance will be my house which will be plenty .Iv lost people in my life that never got to enjoy there retirement and spend money on what they wanted or wanted to do as died to young. And after going through a life saving operation at a young age I decided to not let life past me by and save everything at end of the day you might not get a chance to enjoy it when you retire from work . So go travel now go on short breaks away buy the car you want. Life is way to short as nobody knows what might happen in the future

I'm in my late 20s have 20 acres of land that was left to me in kildare will be be building a house on it in the near future and 30k saved in my savings account which I cant touch will be used towards the mortgage.

would be alot more but I spent alot travelling and buying cars iv wanted over the years , when ever we can travel again hoping to go away for around 3 months that would be my last big hoilday before I go for a mortgage.

I get what you're saying but there is a balance to enjoying yourself and also saving. It is a hard thing to do, I know people who don't save and live totally in the present, spending alot of money on Friday and Saturday nights and to be honest I don't envy them. I'm quite a frugal person by nature so while I have savings and I do make a big effort with it, it's not like I'm not enjoying things, the things I enjoy are free or not too expensive and I dislike vapid consumerism and buying things I don't really need but I totally understand what you're saying nonetheless but the biggest advantage of having savings is if anything goes wrong I know it's there

Cobretti · 08-07-2020 8:14pm

Early 30s, on the island for about 6y. One year into mortgage, bought current car with cash. Saved up about 50k.
I say f... American dream

dennyk · 11-07-2020 10:08am

In my early 40s here. Currently I have about:

- ~€48k cash, about half in my emergency fund and half just sitting in my current account (since I can't spend it traveling like I usually do...

)

- ~€94k in taxable investments.

- ~€256k in tax-advantaged retirement funds; about €60k here in a pension fund and the equivalent of a couple hundred grand in my US IRAs.

No mortgage or other loans or debts. Don't currently own any property though; only moved here about five years ago and still renting at the moment, as I really like the place I'm living in. (Hoping to buy a unit in the same block one of these days...) Normally when I have this much spare cash I'd be putting some into my investment accounts, but as I am thinking of buying sometime in the next year or two (while I can still get a mortgage!), I want to minimise the amount of investments that I have to sell to come up with the deposit.

Been very lucky to be in a fairly lucrative industry (IT) both when I lived in the US and since I moved here. Also live alone and don't have any kids or anything, so it's easy to live reasonably frugally and save a fair bit while still spending on fun stuff like traveling (which I'd usually spend several grand a year on, before the COVID-19 mess). Don't go out and blow money on fancy cars or anything (currently driving a 15-year-old Golf, which works just fine for me, even if it does need a bit of work from time to time), and I'm lucky enough to live outside of Dublin, so my rent is really quite cheap for the size of the place I'm living in. Just took a new job as well, which comes with a substantial pay rise, so I'm looking forward to being able to save even more in the coming years. Might even be able to retire a bit early, eventually.

somewhere45's advice is spot-on for the most part. Being smart with your finances from an early age will pay dividends later. Having fun is important as well, though; always save and invest first, but once you've put that aside and paid all your bills, don't be afraid to spend a bit on something that's important to you (and that will be different for everyone). Just don't go overboard and spend money you don't have or sacrifice your savings in the process.

The Mighty Quinn · 11-07-2020 10:39am

It feels impossible to accumulate savings at the moment. I'm in my mid 30s, less than 10K in savings. I've a modest mortgage and a few loans. I think the roadblock is my wife's salary being very low, combined with a loan her end, and we've a baby. Loans dropping each month I suppose, and we're meeting repayments, but it all seems a struggle all the time. Covid-19 paycut didn't help matters either.

I think - startlingly - a pattern is here of people who tend to have more money are single and childless. Or partnered up and had children later in life.

Geuze · 12-07-2020 12:27am

The Mighty Quinn wrote: »

It feels impossible to accumulate savings at the moment. I'm in my mid 30s, less than 10K in savings. I've a modest mortgage and a few loans. I think the roadblock is my wife's salary being very low, combined with a loan her end, and we've a baby. Loans dropping each month I suppose, and we're meeting repayments, but it all seems a struggle all the time. Covid-19 paycut didn't help matters either.

I think - startlingly - a pattern is here of people who tend to have more money are single and childless. Or partnered up and had children later in life.

Repaying mortgage debt = saving.

Padre_Pio · 12-07-2020 1:47am

Geuze wrote: »

Repaying debt = saving.

Maybe on a mortgage, provided the property is at least appreciating with inflating.

Paying off a holiday loan is not saving.

Jim2007 · 12-07-2020 2:16am

The Mighty Quinn wrote: »

I think - startlingly - a pattern is here of people who tend to have more money are single and childless. Or partnered up and had children later in life.

How do you manage your money? Do you have a budget and do you stick to it? In my experience people tend to do better when they work with a budget. They know where their money is going and what is coming up in the next week or two.

laserlad2010 · 21-07-2020 1:52pm

31
Almost finished my medical training
€70,000 p.a. = 4000 p.m.

Mortgage (overpaying) 1700pm (100k equity in the house)
Home Loan 300 pm (paid off in 6 months time)
Investments, AVC and Savings 1000pm

My partner pays the Car Loan (500 p.m.) and contributes 500p.m. to the household running costs
Baby on the way

Never feel like I've much money to be honest. Years gone by I'd have blown money on anything going but now its budgeted out and even still feels like I'm on less than I am.

Total savings 7k (everything went into the mortgage March 2019)
Fair play to ye all on much more...

21-07-2020 2:58pm

I would have a much lower expectation on how much savings a person should have if they own their home compared to not owning though. I don't see much wrong at all with someone only have 10 or 15k saved and owning a home as the reason most have a large amount of savings in the first place is to put it towards a house.

Blush_01 · 21-07-2020 3:04pm

If you didn't laugh, you'd cry.

Allinall · 21-07-2020 3:37pm

Don't forget- savings are worthless until you spend them.

You may as well have a bunch of old newspapers lodged with the bank.

The Mighty Quinn · 21-07-2020 3:42pm

laserlad2010 wrote: »

Never feel like I've much money to be honest

Ahhhh piss off :P:D

Many could only dream to be as well set up as you are.

douglashyde · 21-07-2020 4:57pm

I'll go, in an odd/intense situation and cross road of my life and considering how to proceed next. I'm in a extremely fortunate position and have done well at an early stage. This is not relatable to most I understand but would encourage all to 'have a go' at an idea if they have one.

Both myself (31) and my fiancee (32) have well paid jobs - combined salary of about 200K with annual bonus. No kids yet.
I've for many years built bootstrapped businesses - sold some. These online businesses (about 4) generate net profits in the six figures now. This has all been done in evenings / weekends over the past 8 years, with major success coming in the last 1-2 years. I could easily and really should leave my PAYE job now however I'm very risk adverse when it comes to employment, ironically, this financially is a bad decision as my time is better spent else where - however I do enjoy my job.

I've also had good runs w/ investment choices (bitcoin, gold, equity (early investments in Shopify/Tesla/FB and more recently catching the COVID bull market - it's a dangerous game)).

Both of us come from modest background with no inheritance.

Equity: 280K (gold, bitcoin = 45%, personal stock = 40%, corporate stock = 15%)
Cash: 98K cash (rainy day)
Business Account: 185K cash
House Equity - 300K (600K left of mortgage)
Combined Pension: 100K (bad considering salary and will be looking at bulk contributions this year/next to rectify)
Mortgage repayment 2.6K mth (big) with 30 years left but no other loans.

My portfolio is seriously out of whack, need to invest businesses funds out of cash / spread equity risk into bonds/funds. Main thing, need to focus going full time on my own venture.

What I've learnt:
- Invest early, Invest often. Compound interest is key.
- Take lots of small risks. Google 'Asymmetrical risk'
- If you fail, fail small and try again and again and again.
- If in doubt, 'learn more' - podcasts, audible, books.
- Change jobs often, and aim for big jumps.
- What I'm learning personally overtime is, I enjoy making business work more than I enjoy the money. 'Money doesn't buy happiness however it's a good way of keeping score!'
- Friends have asked me how I make time, my answer is always get up earlier and go to bed later.
- I'd advice against equity investment unless you've significant cash. If you've 10K free, invest in an idea or education before even considering getting into the stock market. Retail investment over the past few years has become huge.
- We have expensive cars, bought straight out , while these were bad financial decisions, it's disposable income. I would discourage everyone taking on debt to purchase deprecating assets with the exception maybe being 0% APR. Each to their own however.

o1s1n · 21-07-2020 5:01pm

Allinall wrote: »

Don't forget- savings are worthless until you spend them.

You may as well have a bunch of old newspapers lodged with the bank.

They offer you a safety net, both financially and mentally with the knowledge you can support yourself if everything goes tits up.

Old newspapers probably won't do that...

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

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