How much of you wages do you save?

c6ysaphjvqw41k · 21-05-2018 3:48pm

This post has been deleted.

LirW · 21-05-2018 3:51pm

_Puma_ wrote: »

One thing that has helped wiping out any disposable income I have is Car insurance. It has jumped over 100% in the past 3 years (€600 - €1300, no claims and NCB increasing every year) . I drive a well maintained car and keep it serviced every year (doing small jobs like oil myself) but am being crucified as it is now over 15 years old. So much for being rewarded for looking after you car. No need or desire to change it other than high insurance cost which is nuts.

It is absolutely ridiculous, Insurance is a huge factor that eats money away. A month before renewal our car broke down, the money we saved for the renewal was now our car budget, got a quite reasonable banger, 11 years old.
I don't wanna be in debt for a car, I simply need something that brings me from A to B.

Anyway, we save a little bit every month, maybe 300 Euros, we're living incredibly frugal and our disposable income isn't high but we make by and are quite happy.

Creamy Goodness · 21-05-2018 3:53pm

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

you'll find a lot of people won't as Irish are a bit cagey about their wages.

a few tips I've used over the years:

* give up smokes/vapes if you smoke, possibly booze too if you find yourself regular sinking €50 on booze on a single night.

* find the amount you can save, not talking about what's left at the end of the month. what can you put away the second you get paid and not miss it. it doesn't matter how small it is, it's the act of doing it that's key.

* if you've a car, learn some simple car maintenance, do oil changes, filters etc. Simple DIY is another one, don't pay a handyman to stick up some shelves, clear ivy etc. Youtube has a wealth of knowledge

* Bring your own treats to the cinema, go to cinema on the weekdays (tuesday, wednesday or early saturdays) it's cheaper then.

* If you go out eating, share a starter/dessert, or get one or the other, never both, also I used to go out to a sit down meal at least once a week, I've cut it down to every second week and the savings are very noticeable.

* If you're buying something that's outside of the ordinary groceries, fuel etc. walk away for an hour, if you still want it, go back. 9 times out of 10 you'll find it was just an impulse.

* cut out the fancy flat whites and caps. Get an aeropress and some bagged coffee and make your own (just as good).

* If you've an overdraft, kill it. it's a vicious circle, same for credit cards, if you have ever paid a cent in interest on these, cut it up and cancel it.

taheen · 21-05-2018 3:56pm

Half my wages are mortgage, 2 cars insurance+tax, phones, broadband, health insurance, bins.
If u start adding petrol and food - thats over the half :-D

SEPT 23 1989 · 21-05-2018 3:58pm

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

No kids and living with the mammy?

sarcasticus magnificus · 21-05-2018 4:02pm

The sad truth nowadays is that most people can only save by giving up on other things.
Young people give up on the option to leave their parents house and find their own place just to save for a few years.
If you want to save, you need to put yourself into a frugal regime, give up on many things that make life bearable (I know people who don't have a TV or an internet connection because they are trying to save, people give up leisure activities, etc) and in general your life becomes miserable.
It wasn't like this in the past as far as I can remember.

2smiggy · 21-05-2018 4:04pm

Devin Tangy Typhoid wrote: »

This post has been deleted.

sounds depressing !!

ytpe2r5bxkn0c1 · 21-05-2018 4:05pm

sarcasticus magnificus wrote: »

The sad truth nowadays is that most people can only save by giving up on other things.
Young people give up on the option to leave their parents house and find their own place just to save for a few years.
If you want to save, you need to put yourself into a frugal regime, give up on many things that make life bearable (I know people who don't have a TV or an internet connection because they are trying to save, people give up leisure activities, etc) and in general your life becomes miserable.
It wasn't like this in the past as far as I can remember.

In fairness, except for a very few years of the Celtic Tiger that has always been how the average working person managed to save.

TerrorFirmer · 21-05-2018 4:16pm

About 30 percent every month. My biggest luxury is probably food.....eat out a fair bit. I can see where I could very easily make massive savings but, life's for living too and I'm alright with my rate of saving at the moment so not too concerned. Easily said as a single person though with no real commitments.

mark_jmc · 21-05-2018 4:23pm

€1,400 each month into pension & €750 each month into savings

21-05-2018 4:24pm

I spend 1c a month and save the rest

harry Bailey esq · 21-05-2018 4:27pm

Mtx wrote: »

I aim for at least 70% and that's after rent and bills paid for. I might as well save before getting a mortgage. I'm 25.

That's fairly ambitious, fair dues. Depends what the quality of your coke is like and the size of your customer base I suppose.

Working class heroes · 21-05-2018 4:52pm

I just make sure I’ve enough tucked away to pay for my funeral 🙂
After that the spare moola goes on treats for the family, holidays nights out a new bike for the young fella the latest face cream for the daughter that kind of thing. Ain’t seen a toe bar on a hearse yet.

frozenfrozen · 21-05-2018 4:53pm

I am saving all the money at the moment but I need to find a house to rent in / around galway soon so that'll do away with any spare money as my very handy galway gaff is now gone.

Mtx · 21-05-2018 5:12pm

harry Bailey esq wrote: »

Mtx wrote: »

I aim for at least 70% and that's after rent and bills paid for. I might as well save before getting a mortgage. I'm 25.

That's fairly ambitious, fair dues. Depends what the quality of your coke is like and the size of your customer base I suppose.

I earn £1600 a month, spend£275 on rent and about£ 200 a month for both fuel and food. Any other expenses aren't too much. Why not save when you have the opportunity? Just because I'm not splashing it around doesn't mean I'm a miser.

21-05-2018 5:30pm

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

€56k salary would give a net wage of €3000/month, 30% of that is €900. €2100 would be plenty.

..........also, one should count their pension contributions as savings.

notsoyoungwan · 21-05-2018 5:31pm

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

Without giving exact amounts,, I’ll give you a percentage breakdown:

Mortgage: 20%
Long term savings: 38%
Medium term savings: 15%
Bills: 9%
Spending (incl food, fuel, social life, clothes, treats, and a built-in provision for unexpected extras) 18%

Now, I’m lucky, I’ve a good salary and have no kids, so no commitments other than my mortgage. I fully appreciate that I’ve a very comfortable lifestyle.

Graces7 · 21-05-2018 6:25pm

sarcasticus magnificus wrote: »

The sad truth nowadays is that most people can only save by giving up on other things.
Young people give up on the option to leave their parents house and find their own place just to save for a few years.
If you want to save, you need to put yourself into a frugal regime, give up on many things that make life bearable (I know people who don't have a TV or an internet connection because they are trying to save, people give up leisure activities, etc) and in general your life becomes miserable.
It wasn't like this in the past as far as I can remember.

Your past and mine are very different but we tended to use leisure activities that cost little eg walking , cycling.

You need to decide what will make YOU miserable and what you can more easily cut out, So that you do not get miserable.

Making choices helps,

dazzeremo · 21-05-2018 6:33pm

after rent is taken out, roughly 25 - 30% though I fear this is not really anywhere near sufficient. I work abroad currently and plan to move home this summer. Feel that that percentage may drop massively.

GreeBo · 21-05-2018 6:34pm

thebull85 wrote: »

Same boat mate, l feel your pain, lucky to have 50 quid to go for a pint at the end of the week. Thank f**k i enjoyed my 20s

Maybe if you bought cheaper pints you'd have more cash?

/edit

Donald Trump wrote: »

Might want to find a different pub if it's costing you 50 quid for a pint

Doh.

Eggs For Dinner · 21-05-2018 6:36pm

Reasonable income, no mortgage, loans, dependant children or overdraft. I spend a fair bit each month but like to try and save around â‚¬500. Much prefer to buy treats for myself and my family than look at a healthy balance

dude_abided · 21-05-2018 6:42pm

thebull85 wrote: »

Same boat mate, l feel your pain, lucky to have 50 quid to go for a pint at the end of the week. Thank f**k i enjoyed my 20s

Reckon one decision fed into the other?

pickarooney · 21-05-2018 6:49pm

Nothing. Separation is an expensive business.

21-05-2018 7:01pm

Nothing. If I did I wouldn't be able to afford nice things and doing stuff. That's the choice I make but it's easy I suppose because I have a safety net in inheritance. Money is sometimes a worry but alleviated somewhat by that situation.

adox · 21-05-2018 7:04pm

Save around a third of my wages each month. Probably more as that’s a set amount I direct into a savings account but probably don’t spend all of the rest of my wage each month.

I’m probably older than most on here. 51 and lucky enough to have my mortgage paid off despite only taking it out 17 years ago.

No kids so that helps. Married but we both live off my wage currently.

Bubbaclaus · 21-05-2018 7:04pm

Saving 70% currently.

T-Maxx · 21-05-2018 7:23pm

About tree fiddy

Tell me how · 21-05-2018 7:26pm

Zilch.
Not currently working.
Before that? About 10% which I was OK with given I've mortgage and all bills out of my pocket.

Lia_lia · 21-05-2018 7:37pm

I save about 35% which seems like a very small amount compared to a lot of the percentages here. But it's more than a grand a month and much more than the amount many other people I know save.

Could probably save more but I like travelling too much :pac:

Oh, and I put 7% per month into my pension, which my employer matches.

Greyfox · 21-05-2018 7:46pm

[Deleted User] wrote: »

Nothing. If I did I wouldn't be able to afford nice things and doing stuff

Same here, life's too short and I also can't afford to save money

Arrival · 21-05-2018 7:47pm

Used to save almost 80% to take full advantage of living at home, moved out now though and haven't properly sat down to go through my budget yet but I'll still be aiming to save €150-200/week. Made some investments with the majority of those savings

FaganJr · 21-05-2018 8:12pm

About 15% at the moment, below industrial average wage.
But have kids, mortgage
But own car outright, no car loans for 15 years
About 30k in savings
And 35k in kids college fund
No pension
Mortgage about 50% paid
All the other expenses like health insurance etc
One family holiday a year
Just recovering from crash as was unemployed or doing zero hour contracts for alot of last ten years
It was a struggle

catrionanic · 21-05-2018 8:18pm

When we combine my husband’s full-time net wage with my part-time net wage, we save about 27% and put around 13% into our pensions.

We have a reasonable mortgage to pay and bills aren’t excessive. We have one child and another on the way. We own our car and insurance is low through my father-in-law’s multi-vehicle policy.

I feel like we live very frugally on 60% of our wages, so I can’t imagine how people are saving all those big percentages.

We are moving house in the new year, and will probably look to increase the amount we put into our pensions but only save around 10% of our income going forward, because living this frugally can be depressing and cause arguments.

21-05-2018 8:27pm

Ah. Pension. I'd forgotten about that.

Creamy Goodness · 21-05-2018 8:33pm

FaganJr wrote: »

About 15% at the moment, below industrial average wage.
But have kids, mortgage
But own car outright, no car loans for 15 years
About 30k in savings
And 35k in kids college fund
No pension
Mortgage about 50% paid
All the other expenses like health insurance etc
One family holiday a year
Just recovering from crash as was unemployed or doing zero hour contracts for alot of last ten years
It was a struggle

Fair ****s to you!

Bitches Be Trypsin · 21-05-2018 10:47pm

About 40%, I'm just finishing college though so I hope to start saving more soon.

carzony · 22-05-2018 8:06am

I have about 20,000 in savings after two years of working full time, Living at home, don't do much so i'm able to save a lot of money every pay day. I really get a buzz out of saving..

Asmooh · 22-05-2018 8:55am

i try to save 33% of my pay every month.
not living at home, own apartment, car hobby, gadgets etc

Appledreams15 · 22-05-2018 8:59am

D3V!L wrote: »

I save about a third of my salary every month. Its killing me at the moment but I need to get a mortgage within the next year.

Eby?

sbsquarepants · 22-05-2018 8:59am

Bought a new house recently - had been saving for donkeys years - every single cent and more gone into the house, at the moment saving anywhere between 0 and minus 10%

but my mortgage is small around 50% of the house price. My plan is get that paid ASAP basically at the expense of everything else - once I'm in a position to clear the mortgage, should push come to shove, i'll relax.
Having already gone through 1 major recession I realise how vulnerable you are when you're mortgaged to the hilt. I was lucky enough to keep my job but my wages were hammered and the mortgage took most of what was left - times were hard for a few years, not fun and not something I ever fancy repeating.
I want to get to a point where if the shít really hits the fan I can just wipe my mortgage and relax - any auld job, or even the scratcher, would happily keep you in food and clothes once you don't have a mortgage / rent to pay.

22-05-2018 9:25am

sbsquarepants wrote: »

.............any auld job, or even the scratcher, would happily keep you in food and clothes once you don't have a mortgage / rent to pay.

Indeed, but when you also have to pay for electricity/gas/coal/logs/whatever, some TV or internet/phone costs, property tax, bank fees (there'll be some), run a car, bin charges, house upkeep etc the dole might just about be enough if you don't have kids

heroics · 22-05-2018 9:28am

Generally we spend my salary and my wife saves

I put 10% into pension and wife puts 14%

Wife saves between 1000-1500 pm at the moment. I generally pay for groceries, nights out etc

mortgage, childcare, house bills ~3200 pm
Car related for 2 cars no loans ~ 600
Other expenses - 100

DavyD_83 · 22-05-2018 9:31am

I'm trying to save a tenner a month, but failing most months.
I do have a mortgage, bills n 2 kids though on a single salary at the moment, so I'm doing alright if I can get to the end of the month without being in the red.

Mint Sauce · 22-05-2018 9:40am

Averages 20-25%, but depends on monthly expences and time of year, ie, Christmas, Car/Home insurance renewals, etc. Some fortnights could be 0 or less and dipping into the reserve, sometimes right up to 40%.

Graces7 · 22-05-2018 10:37am

Deleted User wrote: »

Nothing. If I did I wouldn't be able to afford nice things and doing stuff. That's the choice I make but it's easy I suppose because I have a safety net in inheritance. Money is sometimes a worry but alleviated somewhat by that situation.

I lost most of my possessions when I moved to Ireland, as I could not afford to move them, and since then so many moves.... Things mean little now. And health issues limit what I do. And I am happy with all of that now; I live on a small UK pension and find it fine and what I do not spend goes to family working overseas with abandoned babies. Needs in old age are so simple .

Just buy what I need at economically as I can..

qo2cj1dsne8y4k · 22-05-2018 10:40am

1/3 of my money goes straight into savings
I still have enough to live on and enjoy myself with and if I want a treat every now and again I don’t mind dipping into savings

Hector Savage · 22-05-2018 11:14am

Probably lately only around 20% ... sometimes I can get up to 33% ... but other months not much, so perhaps the average is 20%.

But we have zero debt, have a lot saved and are about to get a mortgage.

Bananaben · 22-05-2018 11:28am

I saved 26 percent for years but now only about 5 percent. Childcare and car/ house deposit and kitting out house gas massively changed my desposible income.

I could save slightly more but happy with how we live.

Geuze · 22-05-2018 12:51pm

I save 20% of net wages after pension deductions, and also use approx 20% of net to reduce mortgage.

Capital repayments are saving.

So I suppose I save 40% of my net wage.

Geuze · 22-05-2018 12:54pm

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

2 adults, 2 kids, one income.

Pension conts = up to 16.5% of wages.

I define here my net as gross - (tax + PRSI + USC + pension conts).

20% of net saved.

20% of net = capital repayment on mortgage

So saving 40% of net.

How much of you wages do you save?

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