How are people not good with money?

10-02-2020 11:18am

I would consider myself good with money, save a decent amount every month, have good saving that I won’t need to completely use up for my house deposit and have some investments also.

I also buy my lunch everyday, eat out or get take away quite a lot, spend plenty of money on drink, have one of the latest iPhones, buy lots of tech stuff regularly etc etc. The whole living frugally doesn’t really appeal to me to be honest, I prefer enjoying life. I can live quite comfortably and save a reasonable amount without having to forgo things like a new phone or buying a nice fresh lunch everyday.

Zebra3 · 10-02-2020 11:32am

Montage of Feck wrote: »

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

Really? You reckon the CIA will set out to destroy us?

Oranage2 · 10-02-2020 11:37am

completedit wrote: »

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.

It's important to enjoy life. What I was saying didn't really have anything to do with coffee even though I mentioned it in all my posts.

I think the thread is about people who just don't have a cent by the end of the week after spending it all. Of course some people's circumstances they've no choice etc but a lot of people Just don't live within your means. If you can afford the coffee, the lunches everyday, buy new clothes and can still save some money then that's great carry on.

But if you find you've no money by the end of the week/month, I suggest buying one less lunch or don't buy the new shoes or extra scratch card.

Winning_Stroke · 10-02-2020 11:38am

Kaylie Future Jazz wrote: »

I can live quite comfortably and save a reasonable amount without having to forgo things like a new phone or buying a nice fresh lunch everyday.

Re lunch, I used to be like you but it really is a waste and an easy way to save a lot of cash.

My sandwich today (chicken, peri-peri, tomato and spinach, YUM) took all of a few minutes to put together and is imo nicer than any of the stuff on offer in the canteen.

I don't do exact figures but I reckon I spend a bit less than a tenner per week on lunches compared with a fiver plus per day years ago.

10-02-2020 12:24pm

Winning_Stroke wrote: »

Re lunch, I used to be like you but it really is a waste and an easy way to save a lot of cash.

My sandwich today (chicken, peri-peri, tomato and spinach, YUM) took all of a few minutes to put together and is imo nicer than any of the stuff on offer in the canteen.

I don't do exact figures but I reckon I spend a bit less than a tenner per week on lunches compared with a fiver plus per day years ago.

I hate the whole idea of bringing lunch, reminds me of being in primary school. Been buying lunch everyday since secondary school and have no desire to change it. Much nicer, much handier, no having to predict what you feel like when lunch comes etc etc. Also an excuse to head off out to different places everyday (I rotate around to a few different places). It’s normally a takeaway sandwich so costs 5 to 8 euro a day depending on the place and I’m happy with that, if we stay out and I buy tea it’s a little more but that’s usually only once or twice a week.

Also If I brought lunch I’d spend a lot more than a 10er a week so the savings wouldn’t be massive compared to the advantages to me of buying it.

chrissb8 · 10-02-2020 1:11pm

Put it away somewhere safe and where you'll forget it until you really need it. What I do anyway, have a banking app that let's you put into a seperate "pot" as it's called. Then just budget the remaining amount in your account.

I was truly awful with money up until very recently. I'm annoyed at myself over what I was spending money on. It's easy to save when you just apply a bit of inspection to your life and realise how much you're needlessly spending.

I do not like holier than thou people going on about how much they've saved and bringing that mentality into nights out, events etc. Trying to veer people towards cheaper options on holidays as well with early flights, 5 different connecting transports from the airport when a taxi would be fine or suggesting eating dinner in the apartment/accomodation. Please, get a grip of yourself.

CrankyHaus · 10-02-2020 1:43pm

Outside of Boards I have never met any Irish people who are holier-than-thou about saving. Quite the opposite in fact, among many there seems to be a belief that looking after your money is a sin on a par with kiddy-fiddling and any sign of common sense will be shouted down and criticised. I've had people boast to me about how their monthly pay goes directly into servicing their overdraft.

CalamariFritti · 10-02-2020 4:04pm

Winning_Stroke wrote: »

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...

It’s guff and it isn’t.
Your sister is just using this line to justify her stupidly indulging. It’s guff then.
But I’ve also met people for whom keeping their money together became an obsession. And you know by looking at them.

As usual the truth is in the middle somewhere.

Only saying it’s ok to sometimes spend just because you want something.

whisky_galore · 10-02-2020 4:08pm

antimatterx wrote: »

I was watching the show on RTE "How to be good with money"

RTE couldn't think of anything better than that placeholder name for the show?

whisky_galore · 10-02-2020 4:11pm

imme wrote: »

bread and circuses

or the modern equivalent, I-phones and deliveroo

some people are essentially stupid

I can't understand how people are so lazy that they'd prefer a lukewarm meal delivered by legalised slavery on a push bike than going out or, god forbid, cooking.

Zebra3 · 10-02-2020 5:03pm

CrankyHaus wrote: »

Outside of Boards I have never met any Irish people who are holier-than-thou about saving. Quite the opposite in fact, among many there seems to be a belief that looking after your money is a sin on a par with kiddy-fiddling and any sign of common sense will be shouted down and criticised. I've had people boast to me about how their monthly pay goes directly into servicing their overdraft.

Not everyone is truthful about their finances.

Mad_maxx · 10-02-2020 5:35pm

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.

All to do with how you were brought up

My fiancé is terrible with money,wasteful in general, leaves lights on around the house all day etc, her parents are not much better, the kind who believe if you have no money, it's all down to someone not paying you enough, lovely people otherwise

Been together six years, two children but our finances are Seperate, i would not trust with access to my money

mariaalice · 10-02-2020 5:51pm

It a mixture of how you were raised and personality traits the same as most things in life.

There might also be an element of mental health issues and or personality disorders in it as well.

lainey_d_123 · 10-02-2020 6:26pm

Some people spend frivolously and are always broke because they spend without thinking. I'd say far more people simply don't earn enough to cover their basic expenses and then even a small setback can result in getting into debt or having no disposable income/savings.

I wouldn't go too far with congratulating yourself. Based on previous posts, you're still living at home and on a decent salary, enabling you to save a chunk of money without even compromising on quality of life. When I was your age, I was earning 22K and had been renting for over six years. Most of my money went on rent, bills, groceries and other living costs. I managed to do some social stuff and hobbies, but had to be frugal about it, and then there was nothing left over.

Living at home while working is like living life on easy mode. Easy to be 'good with money' when you don't have to pay for anything substantial.

antimatterx · 10-02-2020 8:10pm

lainey_d_123 wrote: »

Some people spend frivolously and are always broke because they spend without thinking. I'd say far more people simply don't earn enough to cover their basic expenses and then even a small setback can result in getting into debt or having no disposable income/savings.

I wouldn't go too far with congratulating yourself. Based on previous posts, you're still living at home and on a decent salary, enabling you to save a chunk of money without even compromising on quality of life. When I was your age, I was earning 22K and had been renting for over six years. Most of my money went on rent, bills, groceries and other living costs. I managed to do some social stuff and hobbies, but had to be frugal about it, and then there was nothing left over.

Living at home while working is like living life on easy mode. Easy to be 'good with money' when you don't have to pay for anything substantial.

On the other hand It would be easy to spend all my money treating myself with all the extra money I have.i don't, I save it. I rarely treat myself because I don't feel like I deserve just because I work.

The J Stands for Jay · 10-02-2020 8:35pm

[Deleted User] wrote: »

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

Rates of alcohol consumption are lower among millennials. It's you aul wans that are steamboats all the time.

The J Stands for Jay · 10-02-2020 8:52pm

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!

Nope. Do the opposite. You'll be able to see you balance dropping as you spend it along with a record of where and when you spent it, rather than having found and notes evaporate with no idea where it went.

ArnoldJRimmer · 10-02-2020 8:58pm

McGaggs wrote: »

Nope. Do the opposite. You'll be able to see you balance dropping as you spend it along with a record of where and when you spent it, rather than having found and notes evaporate with no idea where it went.

Again, really depends how you look at it. Had this conversation with a mate of mine many times before. He never had any cash on him as he found that he spent less when he used his card. Cash would disappear pretty quickly for him.

Whereas I found it easier to budget when I took out a certain amount at the start of the week and made sure I stuck as close as possible to that amount. If I was just using my card, I'd lose track and make stupid purchases

10-02-2020 10:42pm

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

lainey_d_123 · 10-02-2020 11:00pm

Kaylie Future Jazz wrote: »

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

I find I spend less using a card because I go back and look over every transaction. Doesn't take long to see where you might be overspending or wasting money. I used to do it out of pure necessity when I was broke but carried on out of habit.

The J Stands for Jay · 10-02-2020 11:14pm

Kaylie Future Jazz wrote: »

I don’t see how people can spend differently on a card or with cash. It makes absolutely no difference to me, I buy the same things and spend the same amount.

How does someone spend less with their card or cash or vice versus I don’t see the logic.

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.

lulu1 · 11-02-2020 1:04am

There was a couple on a few weeks ago they had 2 good paying jobs he worked for Dublin bus and she was an accountant i cant remember now what their wages were but I remember my partner saying to me at the time that they should be ashamed of themselves going on the show.

There is an old saying Live within your means

11-02-2020 1:06am

lainey_d_123 wrote: »

I find I spend less using a card because I go back and look over every transaction. Doesn't take long to see where you might be overspending or wasting money. I used to do it out of pure necessity when I was broke but carried on out of habit.

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.

Makes no difference to me. Cash or card I spend the same amount. If I’ve cash in my pocket I would be adding it to my bank balance in my head anyway so still would be aware of my overall balance incl the cash.

I still can’t see how it impacts spending. If I’m in a shop to get something I’ll either buy with card or have cash for it. If I see something I want I’ll buy it, if that means going to the atm to get more cash or tapping a card.

Looking back over transactions doesn’t really “hurt”. I remember my transactions in my head anyway. I’d only flick back if I was checking something specific (or trying to figure out how many pints I drink when I can’t remember the end of them night ). :pac:

Homelander · 11-02-2020 12:45pm

I work with a person who is constantly complaining about being broke. Sole earner, few kids, partner at home. Smokes 20 cigarettes a day, constantly getting big take aways delivered to work. They would borrow €50, talking about how broke they are, next thing a Deliveroo arrives 30 minutes later or they're back from the shop with a big bottle of coke, big deli sandwich with wedges/crisps, etc. I think it's actually a form of disorder like gambling or alcoholism.

steves2 · 11-02-2020 2:11pm

lulu1 wrote: »

There was a couple on a few weeks ago they had 2 good paying jobs he worked for Dublin bus and she was an accountant i cant remember now what their wages were but I remember my partner saying to me at the time that they should be ashamed of themselves going on the show.

There is an old saying Live within your means

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?!

Feisar · 11-02-2020 2:47pm

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.

Funny, when I was in my early twenties it was lunches and coffee out everyday. Now at thirty-five I make my lunches and have all but given up on take away coffee.

Arghus · 11-02-2020 2:54pm

Fair play guys.

I'd say you are all amazing craic on a night out.

dubrov · 11-02-2020 2:58pm

90% of people think they spend their money more wisely than the average person.

dubrov · 11-02-2020 2:58pm

90% of people think they spend their money more wisely than the average person.

Feisar · 11-02-2020 2:59pm

Arghus wrote: »

Fair play guys.

I'd say you are all amazing craic on a night out.

Out!?! Are ya mad, do you know how much a pint costs these days?!!

Raconteuse · 11-02-2020 3:03pm

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.

But the money leaving the ATM is on your statement too.

Timistry · 21-02-2020 12:54am

Its all perspective and discipline.

You could be living at home earning 40k but out all weekend and buying things you do not need or in every weekend saving a packet. Its all about balance.

I used to live with a guy who was paid monthly on a Friday. By 9pm one Friday he had $60 left for food and daily expenses.... last I heard he was on the run he was in so much debt.

As for me, I try and strike a balance. Some months I could save 70% of what I earn, sometimes 0%, it depends on the month (i.e xmas or when I book a holiday or go on a booze). Almost never touch savings. Been doing this since I was 12 or so id say.

Fireball81 · 21-02-2020 8:32am

Did anyone see the money programme on RTE1 last night, can't remember it's exact name.

Not begrudging the young couple (early/mid 30s) but having a combined income of €135k is far from normal or average so buying a €500k house, with the mortgage that goes with that and being able to max out your pension and still save €1k again is not the norm.

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

Shefwedfan · 21-02-2020 8:43am

Fireball81 wrote: »

Did anyone see the money programme on RTE1 last night, can't remember it's exact name.

Not begrudging the young couple (early/mid 30s) but having a combined income of €135k is far from normal or average so buying a €500k house, with the mortgage that goes with that and being able to max out your pension and still save €1k again is not the norm.

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

Why would it be far from normal? I didn’t see but a couple with two decent jobs I would expect they could earn that

If no kids come along then 1k per month is achievable.....the 800 per year I would struggle with...I could spend 200 in a night out easily

Atlantic Dawn · 21-02-2020 8:47am

That's not even €10 a week each to socialise, I'm sure they could feature in a few posts in the stinge thread.

Fireball81 · 21-02-2020 8:55am

Shefwedfan wrote: »

Why would it be far from normal? I didn’t see but a couple with two decent jobs I would expect they could earn that

If no kids come along then 1k per month is achievable.....the 800 per year I would struggle with...I could spend 200 in a night out easily

Given the average or mean is way off that for 2 people and not forgetting they were only in the early 30s (unless they have reached the peak of their earning power already) I can't see how that's the norm.

Agreed if you don't have kids then 1k saving is possible but after maxing your pension too, it's a budget literally a lot of people wish they had I'm sure.

Shefwedfan · 21-02-2020 8:55am

Atlantic Dawn wrote: »

That's not even €10 a week each to socialise, I'm sure they could feature in a few posts in the stinge thread.

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

Shefwedfan · 21-02-2020 8:58am

Fireball81 wrote: »

Given the average or mean is way off that for 2 people and not forgetting they were only in the early 30s (unless they have reached the peak of their earning power already) I can't see how that's the norm.

Agreed if you don't have kids then 1k saving is possible but after maxing your pension too, it's a budget literally a lot of people wish they had I'm sure.

They could be on 70k each and boom they are at that number, very easily achievable and not even close to peak earning power

Go to college and depending on degree 70k or close could be starting....if sales role your basic is 40k with bonus you up to 70k....that’s starting as a junior seller

That’s not even close to peak earning power

Dodge · 21-02-2020 9:03am

Shefwedfan wrote: »

They could be on 70k each and boom they are at that number, very easily achievable and not even close to peak earning power

Go to college and depending on degree 70k or close could be starting....if sales role your basic is 40k with bonus you up to 70k....that’s starting as a junior seller

That’s not even close to peak earning power

No one suggested it wasn’t achievable. They said it was not the norm

Which it isn’t.

It isn’t close to being the norm.

‘Go to college and start on 70k’. LOL

Shefwedfan · 21-02-2020 9:08am

Dodge wrote: »

No one suggested it wasn’t achievable. They said it was not the norm

Which it isn’t.

It isn’t close to being the norm.

‘Go to college and start on 70k’. LOL

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.....

sbsquarepants · 21-02-2020 9:09am

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.

KaneToad · 21-02-2020 9:10am

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.

Shefwedfan · 21-02-2020 9:10am

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

sbsquarepants · 21-02-2020 9:14am

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!

ThreadWatcher · 21-02-2020 9:31am

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

raze_them_all_ · 21-02-2020 9:36am

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

Ush1 · 21-02-2020 9:53am

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.

Banana Republic. · 21-02-2020 10:06am

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.

ToxicPaddy · 21-02-2020 10:17am

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.

whisky_galore · 21-02-2020 10:21am

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.

How are people not good with money?

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