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How are people not good with money?

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    #92
    sbsquarepants
    Registered Users Posts: 11,812 ✭✭✭✭sbsquarepants


    antimatterx wrote: »
    I

    I don't exactly make a lot of money (24, making 32K), but the first thing I do when I get paid is save as much as possible.

    Well done you.

    You know money is only worth anything when you spend it though?

    If you're saving for something, that's fine, if you're just saving so as to not spend your money - that's ridiculous in my opinion.

    A million in the bank which you just won't spend, might as well be in your imagination.

    One the most well off people i know, is as tight as a ducks arse - no life whatsoever, works all day, then works half the night, even works most weekends - all just to pile up money he's too miserable to spend.

    Pointless waste of a life.


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    #93
    KaneToad
    Registered Users Posts: 3,163 ✭✭✭KaneToad


    NSAman wrote: »

    there is nothing as annoying as a “mean” person who counts the pennies, while forgetting to spend to enjoy life. (If you can afford to do so)

    I never understood why people dislike those who don't spend their money. Is it a jealousy thing, that they have more money available? I couldn't care less what others do/don't do with their money. Perhaps they derive enjoyment from counting the pennies. Good luck to them sez I.


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    #94
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    sugarman wrote: »
    Not everyone goes out every week though and not everything has to cost money.

    Theres a hell of a lot more to life than going down to the pub every weekend and getting pissed.

    Cinema is more or less 20 quid for two

    Ballet last week, 100 quid for two just for tickets

    Concerts at Christmas was similar

    Weekend away next week, 350 quid for one night

    All on for saving but you need to enjoy the money you earn


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    #95
    sbsquarepants
    Registered Users Posts: 11,812 ✭✭✭✭sbsquarepants


    McGaggs wrote: »
    It's the psychology of it. If you have cash in your pocket, it's there, it's not part of your balance so it doesn't hurt to spend it, it's already spent, in a way, by not being in your bank account.

    If you buy something with your card, you see it leaving your account, and you immediately see your lower balance, and it hurts more.

    I'm no psychologist, but i'd imagine it works the exact opposite way. Actually having to physically hand over something tangible like money, feels much more like spending than just tapping a card.

    It's the reason people end up up to their eyeballs in credit card debt - it's not real money, it's just a piece of plastic!


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    #96
    ThreadWatcher
    Registered Users Posts: 3 ✭ThreadWatcher


    Dodge wrote: »

    ‘Go to college and start on 70k’. LOL

    That attitude is why so many people are happy to sit on their arse instead of going to college and earn a decent wage


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    #97
    raze_them_all_
    Registered Users Posts: 6,744 ✭✭✭raze_them_all_


    Some people enjoy having money and spending it to enjoy themselves, others enjoy having it there just in case.
    My partner like to have a nest egg. So I save x amount a fortnight, take care of anything that needs doing money wise, the rest is mine to spend as I wish. Ie got an annual pass for the cinema. Expensive but saves me from soley going out to the pub for something to do after work


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    #98
    Ush1
    Registered Users Posts: 11,461 ✭✭✭✭Ush1


    Shefwedfan wrote: »
    Don’t know what the LOL is about.....

    Junior sales person will walk in door in my office on 40k+ basic with a 55/45 sales plan so 72k if they hit target and they are right out of college

    Do software development and your pushing close to 100k starting.....

    Pull the other one it's got bells on.


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    #99
    Banana Republic.
    Registered Users Posts: 1,906 ✭✭✭Banana Republic.


    Is this a thread of showing how great ppl are at saving, it's so presumptuous saying I can't believe ppl can't save.

    If you actually watched that programme you see how easy it is to get the loans here and there it becomes habit, nobody enjoys nit having the money to do something. Some grow up with not much money so when they get out they enjoy it and try to do as much as possible. I'd started nothing my bills and purchases a few years back and Excel is great to keep track of weekly /monthly outgoings. Even look at your bills going out every few months and see where you can save, even if it's €5 off broadband or tv, like internet we don't need 100MB speed for the normal Joe Soap browsing the internet or using social media.

    I was never a great saver but these little things give you a start and a fiver a week saving gives a great habit of saving no matter what it is.

    Also a final point is don't judge ppl cause they can't save or if they can save. They still have much more about them then your money judgement. Humility goes a long way.


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    #100
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ToxicPaddy


    Ush1 wrote: »
    Pull the other one it's got bells on.

    I've worked in the tech sector for 20 years and never came across a developer who earns 100k a year straight out of college. Maybe in 5 - 7 years if they are very very good and in a niche market.

    A lot of this whole save/spend mentality depends on your circumstances.

    Saving can mean putting €20 a month away to cover a bill if you're stuck or can mean investing/saving €1k a month if you have a lot of disposable income. But some are lucky enough to not have to worry or care about the future. I'm not one of them unfortunately, it's always at the back of my mind, what if I lose my job etc.

    My main aim is to have enough to pay my bills at the start of every month, buy enough food to last the month and if I have a decent amount left over, throw a few quid in the credit union for a rainy day and spend the rest.

    Cheap credit is where people go wrong, borrowing for everything and then spending their income servicing debt. Yes mortgages are necessary for most but PCP on expensive cars, large personal loans and large credit card balances are not especially if youre going to spend your life under a mountain of debt with nothing to show for it, it's simply not worth it.

    It's all a balancing act. I'm never gonna be rich and I've accepted that but at the same time I'm not going to spend my life being a miser and missing out on chances to enjoy myself by skimping on everything and saving for the next generation to spend it.

    Life is short, I intend to enjoy it and not miss out on things for the sake of not spending a few euro while at the same time trying to balance having a few quid for the rainy days when or if they come.


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    #101
    whisky_galore
    Registered Users Posts: 15,787 ✭✭✭✭whisky_galore


    Shefwedfan wrote: »
    Can’t even get a decent bottle of wine for dinner a week....at some stage you have to think is it worth it

    It was far from wine at dinner you were reared.


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    #102
    Dodge
    Registered Users Posts: 10,167 ✭✭✭✭Dodge


    ThreadWatcher wrote: »
    That attitude is why so many people are happy to sit on their arse instead of going to college and earn a decent wage

    What are you talking about? The average graduate wage is nowhere near 70k.

    You can point out examples all you want, it simply isn’t the case for the majority of people and it’s ****ing ridiculous to think it’s ‘attitude’ that’s stopping people earning that in their first job out of college


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    #103
    Johnny Sausage
    Closed Accounts Posts: 890 ✭✭✭Johnny Sausage


    some people (not everyone) are great with money becase they scam the life out of the social welfare.


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    #104
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    KaneToad wrote: »
    I never understood why people dislike those who don't spend their money. Is it a jealousy thing, that they have more money available? I couldn't care less what others do/don't do with their money. Perhaps they derive enjoyment from counting the pennies. Good luck to them sez I.

    its quite an irish attitude , generally speaking , we are not a people who see any virtue in financial prudence


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    #105
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,050 Mod ✭✭✭✭AlmightyCushion


    steves2 wrote: »
    They had 25k saved up while renting a house and spent it all on a wedding, then were told it could take 5-8 years to have enough for a deposit again...I remember thinking would you not get the house first?!

    I thought the same as well. Made no sense.

    There was another couple on the first season of the show. Both had good jobs on good money. Were renting a house off a family member for a couple of hundred a month and had no childcare expenses. They weren't able to save a penny and had loads of old debt including student loans and they were out of college nearly a decade at that stage. It was madness, they easily could have afforded to save and pay down that debt.

    The show is pretty much the same every week. He looks at their finances and basically tells them to stop spending all their money on shíte and pay down debt or save a few quid.


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    #106
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Fireball81 wrote: »

    Fair play to the couple though for limiting their 'socialising spend' to €800 PER YEAR between the two of them...

    Are you suggesting it would be eaisy to only spend 800 per year between two people socialising? What definition of socialising are they using?

    I would easily spend a few hundred per month on myself socialising, including my wife I reckon we wouldn't be far off the 800 euro per month on socialising and that's not even counting things like weekends away etc. That just sounds like hardship limiting to 800 per year for two when on a good income.


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    #107
    Banana Republic.
    Registered Users Posts: 1,906 ✭✭✭Banana Republic.


    AlmightyCushion wrote: »
    I thought the same as well. Made no sense.

    There was another couple on the first season of the show. Both had good jobs on good money. Were renting a house off a family member for a couple of hundred a month and had no childcare expenses. They weren't able to save a penny and had loads of old debt including student loans and they were out of college nearly a decade at that stage. It was madness, they easily could have afforded to save and pay down that debt.

    The show is pretty much the same every week. He looks at their finances and basically tells them to stop spending all their money on shíte and pay down debt or save a few quid.

    It does help with tips and tricks, to pay that extra few quid outside a loan drops interest rate you pay and bit by bit it makes a difference. I was crap with money for years and ended up clearing any debt and being debt free. Still managed to get another loan to have a car that lasts instead of wasting money on cheaper cars and keeping them on the road. The things with loans is the workout how best they work for you and shop around like you would for shopping groceries.


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    #108
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Kaylie Future Jazz wrote: »
    Are you suggesting it would be eaisy to only spend 800 per year between two people socialising? What definition of socialising are they using?

    I would easily spend a few hundred per month on myself socialising, including my wife I reckon we wouldn't be far off the 800 euro per month on socialising and that's not even counting things like weekends away etc. That just sounds like hardship limiting to 800 per year for two when on a good income.

    fair play to you , 800 per month socialising is an enormous spend in my view but it depends entirely on income


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    #109
    ChikiChiki
    Closed Accounts Posts: 4,950 ✭✭✭ChikiChiki


    I think Ireland is quite show off country. People like to imply and spend as if they are wealthy without actually saying it.

    In Ireland someone will put themselves under debt just to have the latest model car whereas on the continent no one would think twice at looking at someone drive a well maintained 20 year old car. even our registration plates system leads to these behaviors.


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    #110
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    I'm generally good with money, very organised, but having spent the last few years saving up for our mortgage, I have to admit we are splurging a bit at the moment. I think it's good to have balance!

    We spent over 2 years saving a grand a month on top of our rent. It was tough, all our shopping was done in Aldi, we didn't go on many holidays or nights out (only if it was someone's birthday) but we did host BBQ's at ours at lot during the summers to try and make up for missing the beer garden life. 1 takeaway a month. All packed lunches and only bought a fancy takeaway coffee on payday. I stopped clothes shopping completely except for replacing essentials. Any time it was my birthday or Christmas and people asked what I'd like, I'd ask for nice skincare or a voucher to get my nails or eyebrows done - they were the little luxuries I missed most. I ran three different spreadsheets to keep on top of money in and out and things to budget for.

    Now that we are in and all the big purchases are done, I do think I've gone a bit mad with the extra money. Booked a few nice trips, grocery shopping budget out the window, takeaways on demand etc. It's worth it though, we were so strict for a while that it's nice to just relax a bit. The plan is to give ourselves til Summer to just not stress about money and then start saving properly again. Not at the pre-mortgage levels, but just to keep a safety net in our savings - the account is looking a bit lean now!

    I know some people with multiple loans and other debts even though they're on good money. I don't think I'd be able to sleep at night with the anxiety if my finances were so out of control.


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    #111
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Mad_maxx wrote: »
    fair play to you , 800 per month socialising is an enormous spend in my view but it depends entirely on income

    What's the definition of socialising though? Does include a weekend away, attending wedding or other family events? Does it include takeaway or just eating out, beer at home or just in the pub, travel like taxi's etc or just actually money spent in the pub?

    Depending on what is included the amount will vary a lot. That being said I would not consider 400 euro per person as out of the ordinary for a monthly spend on socialising.


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    #112
    Banana Republic.
    Registered Users Posts: 1,906 ✭✭✭Banana Republic.


    charlietheminxx wrote: »
    I'm generally good with money, very organised, but having spent the last few years saving up for our mortgage, I have to admit we are splurging a bit at the moment. I think it's good to have balance!

    We spent over 2 years saving a grand a month on top of our rent. It was tough, all our shopping was done in Aldi, we didn't go on many holidays or nights out (only if it was someone's birthday) but we did host BBQ's at ours at lot during the summers to try and make up for missing the beer garden life. 1 takeaway a month. All packed lunches and only bought a fancy takeaway coffee on payday. I stopped clothes shopping completely except for replacing essentials. Any time it was my birthday or Christmas and people asked what I'd like, I'd ask for nice skincare or a voucher to get my nails or eyebrows done - they were the little luxuries I missed most. I ran three different spreadsheets to keep on top of money in and out and things to budget for.

    Now that we are in and all the big purchases are done, I do think I've gone a bit mad with the extra money. Booked a few nice trips, grocery shopping budget out the window, takeaways on demand etc. It's worth it though, we were so strict for a while that it's nice to just relax a bit. The plan is to give ourselves til Summer to just not stress about money and then start saving properly again. Not at the pre-mortgage levels, but just to keep a safety net in our savings - the account is looking a bit lean now!

    I know some people with multiple loans and other debts even though they're on good money. I don't think I'd be able to sleep at night with the anxiety if my finances were so out of control.

    Anyone else read that as the poster was a man until you hit the skincare, vouchers, nails & eyebrows came into play? :D


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    #113
    Banana Republic.
    Registered Users Posts: 1,906 ✭✭✭Banana Republic.


    Kaylie Future Jazz wrote: »
    What's the definition of socialising though? Does include a weekend away, attending wedding or other family events? Does it include takeaway or just eating out, beer at home or just in the pub, travel like taxi's etc or just actually money spent in the pub?

    Depending on what is included the amount will vary a lot. That being said I would not consider 400 euro per person as out of the ordinary for a monthly spend on socialising.
    When you actually look at the figures if it's only €400 on nights out that one week staying in and saving say €100 is €1200 for Christmas just say, that's some difference. I often stop and think about the money waste on drink it's crazy and most of our saving would be boosted by staggering drink nights out to one in every two.


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    #114
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Banana Republic. wrote: »
    Anyone else read that as the poster was a man until you hit the skincare, vouchers, nails & eyebrows came into play? :D

    I am generally one of the lads :D


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    #115
    realdanbreen
    Registered Users Posts: 8,139 ✭✭✭realdanbreen


    That guy in Galway who set his codes and passwords for €52 million in bitcoin while high on weed and wrote them on a piece of paper , stuffed it in a fishing case which has subsequently gone in a skip and on to an incinerator might be regarded as being a bit careless with his money.


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    #116
    Galwayguy35
    Registered Users Posts: 16,299 ✭✭✭✭Galwayguy35


    First thing I make sure is the bills get paid.

    That's what I don't understand about some of the idiots that appear on programmes like this, are they so stupid that they think bills will disappear of it's just ignored.

    Also maxing out credit cards and making no attempt to pay off what's owed on it.


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    #117
    Pamsteer
    Registered Users Posts: 29 ✭Pamsteer


    I have a single friend on a very high salary but he's always been in debt for as long as I've know him, he borrows money from banks and then from relatives and friends when the banks limit his credit. He's very intelligent and should be able to manage his money but can't. He does like some expensive things like high performance cars and the latest iphone but it's still very hard for me to see where all his money goes.


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    #118
    Fattybojangles
    Registered Users Posts: 1,128 ✭✭✭Fattybojangles


    antimatterx wrote: »
    I was watching the show on RTE "How to be good with money" and it struck me for the first time that some people are absolutely stupid with money.

    How can people enjoy just throwing their money away? You spend a lot of time working hard to earn it, and you waste it.

    I don't exactly make a lot of money (24, making 32K), but the first thing I do when I get paid is save as much as possible.

    Christ almighty 24 years of age and this boring already your 20s are for spending and living you've the rest of your life to be a boring **** with a mortgage savings and kids etc believe me


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    #119
    Fattybojangles
    Registered Users Posts: 1,128 ✭✭✭Fattybojangles


    Pamsteer wrote: »
    I have a single friend on a very high salary but he's always been in debt for as long as I've know him, he borrows money from banks and then from relatives and friends when the banks limit his credit. He's very intelligent and should be able to manage his money but can't. He does like some expensive things like high performance cars and the latest iphone but it's still very hard for me to see where all his money goes.

    Up his nose most probably


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    #120
    mrcheez
    Registered Users Posts: 13,630 ✭✭✭✭mrcheez


    Fattybojangles wrote: »
    Christ almighty 24 years of age and this boring already your 20s are for spending and living you've the rest of your life to be a boring **** with a mortgage savings and kids etc believe me

    Not exactly, maybe he's saving for a big spend like trips abroad?

    When I was in my early 20s I saved up for a few years, then went on an 18 month RTW trip and spent it all.

    It was money well invested as that trip changed my outlook on life forever (for the better)

    Also I was able to travel around Oz without having to spend months working on a fruit-picking farm to save up.


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    #121
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Banana Republic. wrote: »
    When you actually look at the figures if it's only €400 on nights out that one week staying in and saving say €100 is €1200 for Christmas just say, that's some difference. I often stop and think about the money waste on drink it's crazy and most of our saving would be boosted by staggering drink nights out to one in every two.

    I don’t consider money spent on drink as wasted as I get a lot of enjoyment out of it. I always save a decent amount I’d rather enjoy regular nights out than save more.


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