How are people not good with money?

antimatterx · 08-02-2020 1:45pm #1

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.

rapul · 08-02-2020 1:46pm

Well done

pipelaser · 08-02-2020 1:49pm

Have a thread for you

https://touch.boards.ie/thread/2057136862/436/#post112478359

antimatterx · 08-02-2020 1:57pm

pipelaser wrote: »

Have a thread for you

https://touch.boards.ie/thread/2057136862/436/#post112478359

Oh I'm well aware of that thread. It's legendary!

frag420 · 08-02-2020 1:58pm

Maybe some people like to live in the moment, you can’t spend your savings in hell!!

izzyflusky · 08-02-2020 2:08pm

I think it has a lot to do with what they've experienced at home growing up.

My parents would have been VERY frugal, however my in laws or my sister's wouldn't have given money a second thought. This caused tension initially in the relationships but both parties now acknowledge how important it is to budget, save, etc but it took time for the penny to drop.

People only see the 50 euro here or tenner there but not the bigger picture. Also loans! They don't think about how much they'd be paying in total by the end of it, "just" the 200 euro a month it will cost them so why wait and save?

tonycascarino · 08-02-2020 2:12pm

frag420 wrote: »

Maybe some people like to live in the moment, you can’t spend your savings in hell!!

Living in the moment and spending what you have is just temporary satisfaction and will catch up eventually. If one has nothing saved for a rainy day then more fool that person.

KiKi III · 08-02-2020 2:12pm

I save money, but I’m pretty profligate in how I spend. I’m single and I earn enough to live comfortably. I have no interest in saving every penny; I could get knocked down by a bus tomorrow.

More realistically, I’ll probably get a mortgage in the next few years and hopefully eventually go down the LTR/ kids road - when all that happens I won’t have the option to spend money freely, so I might as well enjoy it now.

Rubberchikken · 08-02-2020 2:19pm

I'm not frugal or spendy but I can budget every Euro I have.
There's a line between being sensible and mean and I hope id never cross to the mean side

But learning to deal with money and budgeting should be taught from the earliest age.

Graces7 · 08-02-2020 2:24pm

Because of disability and now a pensioner I have never had much money; we were raised to be very careful with what little we had and I am perfectly happy with what I have now and lack for nothing that matters.

It is training and habit; trimming your sails to match the wind

JohnnyFlash · 08-02-2020 2:30pm

Graces7 wrote: »

Because of disability and now a pensioner I have never had much money; we were raised to be very careful with what little we had and I am perfectly happy with what I have now and lack for nothing that matters.

It is training and habit; trimming your sails to match the wind

Do you not get the state pension?

Immortal Starlight · 08-02-2020 2:35pm

You should always have a rainy day fund. For me money represents freedom. Its good to have it and not need it than need it and not have it.

08-02-2020 2:37pm

Graces7 wrote: »

trimming your sails to match the wind

....and not having one's sails three sheets to the wind like many many millenials these days

Arrival · 08-02-2020 2:39pm

Mixture of fatalism, apathy and stupidity really. Anyone can access the internet these days and Google "how to save" and make positive improvements to their spending habits and learn how to save more. Literally all you have to do is keep track of every single purchase or expenditure and you automatically become more conscious of your spending and you feel naturally inclined to spend less then and that helps you start saving. Then bit by bit when your savings build up you see how nice it feels to have a bit of an emergency fund and it can snowball from there.

I've no issue with people blowing their money mindlessly, but the ones who do that and then moan about never having money lose all respect from me. I used to be great at saving, but these days I'm enjoying life much more without budgeting at all while still saving a bit by staying within my means usually. But when the time comes that I need to save aggressively again I know how to do it, everyone should know how to do it but you can bring the horse to the water and all that

Oranage2 · 08-02-2020 2:49pm

Lunches and coffee, I know people who would be on the lower income side spending 10+euro a day on lunch as well as 2-3 coffees
at 3 euro each.

Of course their money and their life but if they brought lunch in and made their own coffee they could save around 90 odd euro a week.

Greyfox · 08-02-2020 2:55pm

tonycascarino wrote: »

Living in the moment and spending what you have is just temporary satisfaction and will catch up eventually. If one has nothing saved for a rainy day then more fool that person.

You don't get it, some people can't afford to save money and also when your use to never saving money it's hard to save, I sadly grew up knowing I could always get a bank loan if I was stuck. life is there to be enjoyed and you need money to enjoy it. When your old your limited with the things you can do for fun.

I see sheep · 08-02-2020 2:58pm

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.

You should be blowing your money on partying at 24, youth is wasted on you!

Greyfox · 08-02-2020 3:03pm

Arrival wrote: »

Literally all you have to do is keep track of every single purchase or expenditure and you automatically become more conscious of your spending and you feel naturally inclined to spend less then and that helps you start saving.

I find this hard but hope to try it again, there's always unexpected things coming up.

Will I Am Not · 08-02-2020 3:03pm

What’s your situation? Married? Kids? Car? Mortgage? Renting? Dublin?
32k is fine for some people, not so fine for others...

NSAman · 08-02-2020 3:04pm

While money is important, it is only a means to an end. If you make it THE most important thing in life, you forget to enjoy life.

Luckily, I have always managed to create it and manage it.

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)

izzyflusky · 08-02-2020 3:18pm

Greyfox wrote: »

I find this hard but hope to try it again, there's always unexpected things coming up.

I'd consider myself good with money but apart from saving a set amount once I get paid and trying to be sensible I don't budget or anything.

I downloaded an app for tracking expenditure a couple of weeks ago and it is true that I think twice before I spend just so I don't have to document it. It's painful hahaha

Minime2.5 · 08-02-2020 3:26pm

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.

Out of interest , how much do you save a month and what are your out goings. I am asking because I am one of those people thats crap with money

Mwengwe · 08-02-2020 3:29pm

Hope the savings come in handy some day.

Airyfairy12 · 08-02-2020 4:00pm

Im terrible with money. I try to save as much as I can but I just love buying things, its like an impulse, ill see something I want and I just buy it. Im trying to stop myself now, like I dont bring my card with me everytime I leave the house, im trying to use up all the skincare and makeup that I have before buying more, when I do grocery shopping I dont buy things on impulse now like I used to.
At one stage I was spending from 300 up to 600 euro a week on clothes, food, makeup, skincare, shoes, facials, getting my hair and nails done, going for lunch with friends, it was ridiculous.
I think I was like that because I never had money growing up and my parents were extremely frugal, like we'd cut mold off bread, clothes were from second hand shops or my mother would ask her friends to give her their childrens old clothes that theyd grown out of and I used to get bullied for my clothes.
So when I started earning money I went crazy with it.

My friend is very bad with money, worse than me, but she had a totally diffierent upbringing, she was an only child, her dad owns a business and is a millionaire, he buys vintage cars like their toy dinkies so she had everything growing up. Now she's in her thirties and cant budget at all, she has no concept of money what so ever.

I thin upbringing effects how you deal with money.

ArnoldJRimmer · 08-02-2020 4:40pm

There's a happy medium that a lot of people can't seem to get to. Life is to be enjoyed, therefore go for that night out, buy that item of clothing, go on that holiday. But keep a limit on it. And where there are opportunities to spend less, do that too.And definitely try to contribute to a pension/ savings, no matter how little the amount

I'm far from perfect, but I tend to prepare most of my own meals, and ensure that I use food up before it goes off. But also go out for lunch with mates once a week and have a takeaway at the weekend. take public transport to the pub, but get a taxi home. Wear underwear for two days..... hold on, I've said too much

08-02-2020 5:44pm

tonycascarino wrote: »

Living in the moment and spending what you have is just temporary satisfaction and will catch up eventually. If one has nothing saved for a rainy day then more fool that person.

As opposed to saving, and losing the majority in the banking crash?

I swear many posters here really don't consider the recent past when making sweeping judgments.

I pay my mortgage. I also maintain a very diverse set of investments. Beyond that, I spend everything I make, on whatever I wish. Why? because I did save previously, and got fcked by the banks/government. I have zero faith in saving anymore. So... no, your sensible approach and judgement of others smacks of very limited experience in life.

Ubbquittious · 08-02-2020 6:55pm

Oranage2 wrote: »

Lunches and coffee, I know people who would be on the lower income side spending 10+euro a day on lunch as well as 2-3 coffees
at 3 euro each.

Of course their money and their life but if they brought lunch in and made their own coffee they could save around 90 odd euro a week.

It is crazy how much you could fritter away on that. Used to know someone who would get a take away coffee most days in the morning and carry it into work for 3 quid despite therbeing a machine in work that was quick and free to use.

Used to be a sinner for this kind of thing myself but saving loads now that I live on an island with one shop. When I was living in Dublin I was an absolute fiend for getting a dinner some place on the way home though after a while the novelty wore off and I was still doing it out of habit. Probably not a healthy habit either. Very easy to take the easy option and fritter away a few 100 quid a month on this and nights out.

imme · 08-02-2020 6:57pm

bread and circuses

or the modern equivalent, I-phones and deliveroo

some people are essentially stupid

sunnysoutheast · 08-02-2020 7:09pm

Pay yourself first.

Is a good rule to live by imo.

beggars_bush · 08-02-2020 7:58pm

Save for things you want to buy

Spend on stuff you need

Good advice given to me when I was younger

andekwarhola · 08-02-2020 11:05pm

Weather warning: intense front of trumpet blowing incoming.

Thelonious Monk · 08-02-2020 11:33pm

I was always kind of good with money but would have blow outs where I could spend a lot over a weekend on some mad bender or something and it could set me back ages. Now I've found a happy medium. I have a friend who reminds me of Silas Marner, it kills him to spend money even though he has so much now and I always tell him he'll be buried with it.

08-02-2020 11:37pm

Thread will be divided between "I live on dust and snot and have eleventy squillion saved" and "I spend my months salary within 3.7 minutes of it hitting my account, because I want to enjoy life and never think about the future!"

Save what you comfortably can while still enjoying life. If you're in a position to put away a large chunk of income, it might be worth doing just that because you may not always have the opportunity. Sometimes its worth reigning back the spending to save for something big. If you can't afford to save, don't worry about it until you're in a position to. Things usually have a way of working out in the end, so don't worry too much about things you can't change. It's always worth looking into unconscious spending, like takeaway coffees, things like that can really add up.

Thelonious Monk · 08-02-2020 11:40pm

I just try and be grateful that I have a roof over my head and food on the table. This isn't a certainty for a lot of the world right now and Ireland was poor until relatively recently.

Wesser · 08-02-2020 11:45pm

OP. You are quite judgmental of others and i remember you laughing at people working in dunnes or behind deli counters before. You should mind your own business.

antimatterx · 09-02-2020 12:08am

Wesser wrote: »

OP. You are quite judgmental of others and i remember you laughing at people working in dunnes or behind deli counters before. You should mind your own business.

I did never? Find me the post!

Wesser · 09-02-2020 12:09am

Under some other username

Purple Mountain · 09-02-2020 12:16am

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.

Good for you.

Potential-Monke · 09-02-2020 12:31am

I'm terrible with money. I've gotten better, but I'll spend before I'll save. Not that there's much to save, but like someone else said above, I like buying things. And it's not clothes, fancy food, jewellery, etc, it's games, figurines, random tech. I enjoy discovery, especially in tech and it's my motivation for staying alive, to see what tech we will have in 5/10/15/20+ years. I can't wait. VR is still relatively new, and I love it! If I could, I would splash out on a €3k PC and get the Steam Index (another €1k) to get the best immersive VR experience, but I also know that will become a lot more affordable in the coming years so that's my idea of saving, waiting until it's cheaper!

Fireball81 · 09-02-2020 12:36am

Sure if SF get in there will be no incentive to work hard and/or save, it will just be taken from you via tax and 'redistributed'

JustAThought · 09-02-2020 1:47am

top tip - don’t tap and pay cash! If you budget and plan to only spend X amount every week and take it out on Monday you will be amazed how you readjust your behaviours when you physically see the money winding down in your wallet!

Jenneke87 · 09-02-2020 1:59am

I try to find a balance but it's hard, as shopping and junk food are my vices for when I feel down, I spend considerably less when I'm feeling good as opposed to right now, when I'm struggling with feelings of depression.

I always put money away every month. Once I've paid my rent and outstanding bills, I save the rest. I usually leave about 500-600 euro's in my account and with that I shop for groceries and whatever else I want. Past experiences have taught me that saving is vital for when you fall on hard times unexpectedly, it would have saved me so much trouble in the past, and I can't honestly remember what I spend the money on or why, it seems like such a waste now.

Potential-Monke · 09-02-2020 2:15am

JustAThought wrote: »

top tip - don’t tap and pay cash! If you budget and plan to only spend X amount every week and take it out on Monday you will be amazed how you readjust your behaviours when you physically see the money winding down in your wallet!

I'm the opposite. If there's cash in my pocket it will be spent quicker than me using the card. The card helps me to spend less really, as I'm less likely to use it for something not required under €10 than having cash in the pocket and throwing some change at it.

Dr Bob · 09-02-2020 2:19am

Jesus..different people have different strengths and weaknesess and abilities.

Suckit · 09-02-2020 2:25am

antimatterx wrote: »

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

It depends on how you mean, 'throwing it away' - The cardboard gang are waiting..

https://www.bbc.com/news/world-europe-51420503

Graces7 · 09-02-2020 6:28am

Old saying.. "The best things in life are free" works for me. I enjoy many things that cost nothing and am doing so in old age.

Montage of Feck · 09-02-2020 11:06am

Fireball81 wrote: »

Sure if SF get in there will be no incentive to work hard and/or save, it will just be taken from you via tax and 'redistributed'

We'll be the next Venezuela, get your money out while ye can lads.

CalamariFritti · 09-02-2020 11:16am

Oranage2 wrote: »

Lunches and coffee, I know people who would be on the lower income side spending 10+euro a day on lunch as well as 2-3 coffees
at 3 euro each.

Of course their money and their life but if they brought lunch in and made their own coffee they could save around 90 odd euro a week.

And if they never got out of bed to begin with the could save even more. What good is money if you wont spend it? As they say - shrouds have no pockets.

Oranage2 · 10-02-2020 8:29am

CalamariFritti wrote: »

And if they never got out of bed to begin with the could save even more. What good is money if you wont spend it? As they say - shrouds have no pockets.

I'm not advocating that people be as frugal as possible. I was just highlighting there are easy places to save a bit of money. Bringing your own coffee to work is hardly stopping someone from 'living their life'.

Right now we have so many people living from pay check to pay check, I'd recommend that people just save a little so if something happened that they'd have a little rainy day money.

completedit · 10-02-2020 10:38am

Oranage2 wrote: »

I'm not advocating that people be as frugal as possible. I was just highlighting there are easy places to save a bit of money. Bringing your own coffee to work is hardly stopping someone from 'living their life'.

Right now we have so many people living from pay check to pay check, I'd recommend that people just save a little so if something happened that they'd have a little rainy day money.

Kind of get you. Coffee like that has become for me about a daytime social thing or if I want to go somewhere with a laptop/book and listen to some tunes to get out of the gaff. Spending even 2 euro for a Mickey D’s coffee nowdays just would be something I’d be bothered doing. Essentially coffee on the go, I just don’t bother with it, unless I’m doing a road trip or something.

Winning_Stroke · 10-02-2020 10:49am

CalamariFritti wrote: »

As they say - shrouds have no pockets.

My sister is great for coming out with guff like this. And "sure you can't take it with you". Met her in town at the weekend, she was just coming from picking up a new phone "because her contract is up". I asked why not just keep your old, functional phone and just switch to a sim only deal or whatever. That was roundly rejected. She's coming up on the age where she'll soon start wanting a property of her own. I fully expect a rant about how it's impossible to save money for a deposit...

How are people not good with money?

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