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

Kh1993 · 21-05-2020 12:32am

27 here. 45k in savings. Public sector job since 22. Majority of that money will be gone on a house deposit in the short to medium future.

The mad thing though, 35 of that 45k was saved before the last 2 years. Renting now and really feeling the squeeze to save big time. Extras like Health insurance, food shops, the Xmas electricity bills all seem to get you when you think you’ve done well and can save a good few quid.

In a way I think if you commuted to college, commuted cheaply to your first few jobs and lived with your folks, you were lucky in that you saved a fortune. At the time you feel like you were missing out by getting that bus home from college rather than going out. Then you realise your country mates in college were dropping at least 5 grand on accommodation a year plus 3-4 nights out a week.

Everything is circumstances really.

RandomViewer · 21-05-2020 12:36am

51, no savings,once I gather a few grand I buy something, no mortgage, no debt except a few grand on credit card which I clear every now and then. Know people who lived in freezing kips of houses, drove crap vehicles, didn't socialize, when they died they left small fortunes to people who used the money as it was designed for, spending

raze_them_all_ · 21-05-2020 12:36am

Kamu wrote: »

I am 27, I have a Civil Service Job on 30k per year and I have 30K saved so far.
I save about 1000 per month.

I am currently self-learning to code and possibly looking to return to do a Masters in Software Development as I want to move into a more (hopefully) fulfilling career.

I holiday 1-2 times per year, (before this year) and if I want something, I will buy it a month later. Living a decently good life I would like to think.

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

ongarboy · 21-05-2020 12:41am

RandomViewer wrote: »

51, no savings,once I gather a few grand I buy something, no mortgage, no debt except a few grand on credit card which I clear every now and then. Know people who lived in freezing kips of houses, drove crap vehicles, didn't socialize, when they died they left small fortunes to people who used the money as it was designed for, spending

Do you not worry about even having a small rainy day fund (e.g. 5k) for unforseen large expenses? Boiler breakdown or if you suddenly lost your job etc?

CBear1993 · 21-05-2020 12:42am

Cross that bridge when we come to it sure. Be grand

ted1 · 21-05-2020 12:43am

I’d say when you look into it people figures are different then they say.

Money in bank = not great.
1 income ,wife+ 3 kids

However I’ve been paying into pension and topping up with AVC’s which I could just put into savings I stead.

Then I’ve about LTV of 30% on my main PPR,

I’ve several properties which are rented out. And the mortgage is being paid off resulting in a good bit of equity built up but no point counting that as the Matket could collapse.

Having lots of saving will do you well but as soon as you buy property you’ll wipe it out , then having kids and perhaps one income will restrict your saving.
Food and clothes for 5, ballet, swimming , kickboxing lesson s etc are where saving go once you have responsibilities.

An Ri rua · 21-05-2020 12:44am

TallGlass2 wrote: »

If I was looking back at 22, I would put 20€ away a week, by the time your 27 and need to get stuff moving you'll have about 5k banked at that stage. I say that looking back now at 30, at a career I had for 7 years, part time (since I was 17!). I made around 120k over them 7 years. I hadn't anything banked from it at all, that annoyed me more than anything. I made changes after that realisation.

It's hard to have sense at that age. Tomorrow seems forever away. I had the chance to buy a cottage for 3k, on an acre about 2 miles from a large town, in 1995. Subsequently earned €20pw rent. It was basic! But that's a 3 year earn-out.
I bought my first motorbike instead. I couldn't wait. Even with training in derivatives, the rubber meeting the road was poor quality. You've got to have a real conversation with yourself when you embark on a financial plan/path. If you have an emotional need, a hankering for some physical product or experience, you may have to satiate it before you commence.

What I've learned is that old cars trump new cars, mobile BB and freesat trump's TV packages and exercise involves a doorway pullup bar, dip bars, Hindu pushups and squats, not gyms and (delightful) gym bunnies. Expensive eye candy. Conspicuous consumption!

There's no good time to not spend. Whether it's sessions, holidays, wedding seasons, stags, hens, further education etc etc. But you MUST spend, paying yourself first. Once you do that, it all clicks into place.

If you have not much money, but take 1000 and learn how to use something like Bullionvault or any market with miniscule brokerage fees, you could, by learning how to take profits, make another 1000 in a year on a commodity like gold silver or indeed oil. Buy you must get to know your subject well.

When I was penniless, I thought how could I put 1000 into anything? But put it into something illiquid and then that's that.
I don't recommend borrowing money to invest. Although I personally think it's a no-brainer in my scenario.
But offload some junk! Raise the cash. Then put that 1000 to work. That's all there is to it. Stop looking to your wage. It's one stream. Open your mind to more. Savings are for rainy days. They will never leave you well-off.

ongarboy · 21-05-2020 12:57am

TallGlass2 wrote: »

Very true, I always find it funny how flustered people get when they tell you there salary or earnings, yet they completely snooker themselves once you start asking how much tax they pay, always funny when people telling you there take home pay seemingly cannot remember what the tax bill was along with it/and or it doesn't add up.

Pinch of salt and move at your own pace

So if someone says they have more savings then you did at their age or are unable to instantly recite their monthly tax payments, they must be bluffing, even if their circumstances, outgoings and ability to save each month were/are completely different to yours? That's a very sweeping and flawed assumption to make that seems driven more by the green eyed monster than by logic!

RandomViewer · 21-05-2020 1:09am

ongarboy wrote: »

Do you not worry about even having a small rainy day fund (e.g. 5k) for unforseen large expenses? Boiler breakdown or if you suddenly lost your job etc?

Reasonably well paid, can fix most stuff myself, if I had 5k in the bank I'd buy something I didn't need,
Worrying about the future and dwelling in the past are stresses I don't care for.

Dwarf.Shortage · 21-05-2020 1:12am

Neil3030 wrote: »

You have far more sensible spending habits than I...

So if the night out starts in the local, that'd be maybe 2 drinks: ~€10
Last bus into town, or taxi if we missed it: €2-€7 (sharing the taxi if applicable)
Box of cigarettes: €5-€10
Nightclub entry: €5-€10
Drinks in the nightclub: Say 4 drinks at... maybe 5-8 each: ~€25
Kebab after: €10
Taxi home: €10-€20 depending on whether the group dispersed

So that's a fairly tame night out (no late bar crawl before nightclub, no trip to the casino afterward, total of 6 drinks, not getting stung on an unreturned round, etc):

€80

No bag of sniff off the rickshaw drivers etc

Geuze · 21-05-2020 1:31am

yabadabado wrote: »

I dont know how much tax I pay tbh.I know my tax credit and I'm in 40% bracket but that's about it.
I rarely look at it unless my wage is different than usual.

Do most people know exactly what tax they pay?
I wouldn't have a clue how much tax I paid last year .

Check your P60 and/or P21.

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

TallGlass2 · 21-05-2020 1:36am

ongarboy wrote: »

So if someone says they have more savings then you did at their age or are unable to instantly recite their monthly tax payments, they must be bluffing, even if their circumstances, outgoings and ability to save each month were/are completely different to yours? That's a very sweeping and flawed assumption to make that seems driven more by the green eyed monster than by logic!

Your right it is a flawed and sweeping statement. I suppose, what I mean is enquire a bit more about what they are saying, does it add up. Your taking me up as whip the calculator out on the spot, even if it does add up, who cares? People have different circumstances. People also talk ****é, don't feel bad if your not on 100k a year.

Geuze · 21-05-2020 1:38am

Arghus wrote: »

I wouldn't worry about it to much bro. Pretty confident 90% of what's written in these type of threads is bullshyte. Seen a few "how much do you get paid threads" and they're usually laughable, with all the clearly made-up salaries people claim to be on.

I don't agree with your 90% figure, 90% of posters aren't lying.

Here are the (true) gross incomes of some friends of mine.

Couple, aged 55, both work = 180k gross, 15k per month

Couple, aged 55, both work = 170k gross (I laugh to myself when this couple complain about costs)

I also know people on 13k pa.

Geuze · 21-05-2020 1:43am

RandomViewer wrote: »

Reasonably well paid, can fix most stuff myself, if I had 5k in the bank I'd buy something I didn't need,
Worrying about the future and dwelling in the past are stresses I don't care for.

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...............

dockysher · 21-05-2020 1:50am

I have no savings but do own 172 tigers and lions.

NSAman · 21-05-2020 1:54am

dockysher wrote: »

I have no savings but do own 172 tigers and lions.

thats a really impressive soft toy collection!

dockysher · 21-05-2020 1:55am

NSAman wrote: »

thats a really impressive soft toy collection!

Lol I know, just hope the value holds

endacl · 21-05-2020 1:57am

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?

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

NSAman · 21-05-2020 1:59am

dockysher wrote: »

Lol I know, just hope the value holds

If each one contains as many memories as my Teddy Bear does (I’m 50),,, that collection is priceless.

Make It Real · 21-05-2020 6:56am

PowerToWait wrote: »

It’s not at all representative. Most of my mates have feck all, all with good jobs, businesses, houses, family. Most would struggle to fund a 10 grand emergency in late 30s early 40s.

These threads are almost uniquely fir flexers. Why you would feel the need to anonymously state your bank balance is beyond me.

I’ve 450 grand invested with 85k cash just in case. 36.

+1.

Who's more likely to end up posting - someone who has loads or someone who has nothing.

As I mentioned in an earlier post many people I see fall into the category of not having an emergency 10k.

People shouldn't feel bad about how they are doing just because of what they read here.

onrail · 21-05-2020 7:27am

32, no property, 80k in savings, maybe another 35k in a meagre pension fund.

Travelled the world though which impacted things a little - but I don't regret a penny spent.

Earnings impacted heavily by working in Northern Ireland my whole career, but the cost of living here is great. You wouldn't believe how low salaries are, but you can pick up a decent house for pennies.

Problem is, I'm hoping to move back down south to settle down :rolleyes:

Mister Vain · 21-05-2020 8:00am

An Ri rua wrote: »

I got the gold bug about 11 years ago. Then bought antique Georgian and Victorian silver on eBay at scrap silver prices (or close enough). Never sold it (even when things were bleak). Started using Bullionvault in 2009 and made 400 on a 1300 investment around that time. Gave it away to Syria at the time.
Late February I took a punt on silver bullion and hoovered up about 3k of coins. That will do very well.
Since April, have put 20k into gold via Bullionvault and will take profits as they come and re-invest. I've been studying gold and silver for 12 years now so I'm happy to have converted 400 savings pm into 500 pm loan repayment and reduced savings.
To me, it's an educated punt in highly surreal times and it's a market I study and know.

I wouldn't be leaving too much money in cash right now. Savings will die on their feet. I'd convert it into assets as inflation will hit hard from early 2021.

Yeah a lot of people seem to be buying gold and silver right now. I've been searching online but its sold out everywhere. I bought some coins at the coin fair in Dublin back in January. I wish I bought more because they were going for a good price at the time.

Mister Vain · 21-05-2020 8:11am

TallGlass2 wrote: »

Folks, if you want real advise. YouTube/Watch 'Extreme Cheapskates', them lads know the deal.

Some good advice there alright. I never would have thought to take the skin off bananas before weighing them. Brilliant.

NIMAN · 21-05-2020 8:14am

Some folk are very open in telling strangers how much money they have saved.

onrail · 21-05-2020 8:35am

NIMAN wrote: »

Some folk are very open in telling strangers how much money they have saved.

It’s a semi anonymous chat room. Regardless, what does it matter really?

Mellor · 21-05-2020 8:50am

An Ri rua wrote: »

I got the gold bug about 11 years ago. Then bought antique Georgian and Victorian silver on eBay at scrap silver prices (or close enough). Never sold it (even when things were bleak). Started using Bullionvault in 2009 and made 400 on a 1300 investment around that time. Gave it away to Syria at the time.
Late February I took a punt on silver bullion and hoovered up about 3k of coins. That will do very well.
Since April, have put 20k into gold via Bullionvault and will take profits as they come and re-invest. I've been studying gold and silver for 12 years now so I'm happy to have converted 400 savings pm into 500 pm loan repayment and reduced savings.
To me, it's an educated punt in highly surreal times and it's a market I study and know.

I wouldn't be leaving too much money in cash right now. Savings will die on their feet. I'd convert it into assets as inflation will hit hard from early 2021.

Hasn't Silver been on a fairly steady decide for about a decade?

https://silverprice.org/silver-price-history.html

Ciamardo · 21-05-2020 8:55am

At 28 I had 72500 saved, that went into a buying a house at the start of this year. So now, at 29, im back down to about 2000. Trying to build back up savings at the moment. Luckily my job hasn't been negatively impacted with Covid 19

sally cinnamon89 · 21-05-2020 9:00am

24 with 18K at the moment. Been working for a year and half and living at home which made saving easy. Ready to slow the saving and moving into the city soon so my saving rate will slow.
Trying to get the balance of living vs saving. I wouldn’t be big on nights out but go to plenty of concerts.

ongarboy · 21-05-2020 9:01am

https://www.independent.ie/business/personal-finance/latest-news/half-of-irish-adults-have-32k-stashed-away-in-savings-34619062.html

This survey, while a couple of years old could give an idea of what savings that individuals typically had during good times when unemployment was low.

The challenge with posting anonymously on Boards is that while I don't feel people are bluffing, posters with good incomes and savings are more likely to share their information than those who haven't so you get a deceptive picture then that the majority of 30 year olds somehow have 100k stashed away which is simply not the case in reality.

ShareShare · 21-05-2020 9:38am

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.

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

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