I am without doubt the latter. It seems no matter what salary I earn my account is always at the overdraft limit by the 25th of the month (I get paid on the last working day of each month). As of today my account balance is -€750 and I have €80.32 in cash to get me through to midnight Monday. (Additionally I manage the rent account for our house and I owe that €108, sorry Hen, sorry Ledge).
I started working a few years ago in a training contract and as is usual for this type of work my pay was pretty low, however, as you progress through your training contract the pay increases and by the time you qualify you are earning a reasonable salary for a young person whose only skill is the ability to produce spreadsheets that agree to other spreadsheets provided by the client.
Anyway, my take home pay has increased by about 220% since I started my contract and I still never have money at the end of the month. I always thought it was just that my pay was crap and that it would be fine once I had qualified and I’d clear the loan and the credit card and be able to start saving but nothing has changed. This is despite that fact that I earn a reasonable salary and I don’t have a kid, mortgage or bird at the moment. I’m beginning to worry now that I might be the problem rather than my earning power.
Every time I get even remotely clear to having my credit card under control I go on a massive splurge. Take last January for example, I had my outstanding balance down to €100 and felt great, this didn’t last long as I then felt I could afford four trips to the Emirates over the space of a month and here I am saddled with a big credit card debt.
The reason I write this is that I think I had a turning point today, I made €415 on my online spreadbetting account on a bet I placed a few days ago and instead frittering the winnings away on another bet I hit the withdraw button. I think today might be the day I turned things around.
Anyone out there got any advice for me? Do you save any portion of your salary? Am I normal or abnormal? It’s getting a bit worrying now, I’m in my mid to late twenties and presumably will have to buy a house and get a mortgage etc. and I can’t see my earnings increasing in the near future.
Tinnion - I never saw much of your spending capabilities.
Seriously though - I don’t deliberately save any money but thankfully I have never had a major cashflow problem except for the days when I was in college. My outgoings are rent, food, drink, car and general living expenses but I have a decent salary and get a good bit of expenses in my line of work as well which I must say can really make a difference.
Spender too, I’m afraid. Was having similar thoughts as regards savings, Tinnion, and wondering how I’m ever going to afford a gaff and the rest. I’m always overdrawn and I generally have a few grand on my credit card too. I never used to care as I always assumed there’d be annual wage increases and bonuses and all that stuff would follow naturally. Now, I’m met with a price freeze and no bonus and it’s focused my mind a bit. That said, I haven’t actually changed my spending habits since then. Just moaned about it and continued pissing cash away, as usual.
Same here - always overdrawn, credit cards etc etc. Won a small fortune on Cheltenham and betting in general over the past couple of months, and have just spent it, or am in the process of doing so. Fuck it lads, all we can take to the grave are the memories. 8)
I never get into debt and barely use my credit card, but as soon as I have any money I spend it. Mostly on gadgets. When i moved house there a few weeks ago it was silly. Just way too many cables.
Would be a saver now, but would definitely have spent a shed load of cash over the years.
The key I found was just put the savings straight from your wages into an account you couldn’t access too handy (like the credit union). I also opened two current accounts, got my wages paid into one and had any direct debits out of this, transfer most of the rest into the second account which had a laser and banklink card, thats the spending money.
complete spender dunno if ill ever learn… made sure before leaving the states last year to clear out my us and irish bank accounts since i came home i manage to just about pay out my insurance and loan every week… attempted at paying back credit card but then went to berlin… currently tryin to pay money off it again so i can go on another trip … if i could give up booze for a little while i probably would manage to save a few pound but still in student mood and once i get a decent job hopefully ill learn prob not though
[quote=“dancarter”]Would be a saver now, but would definitely have spent a shed load of cash over the years.
The key I found was just put the savings straight from your wages into an account you couldn’t access too handy (like the credit union). I also opened two current accounts, got my wages paid into one and had any direct debits out of this, transfer most of the rest into the second account which had a laser and banklink card, thats the spending money.
Pity I learned this a good few years too late.[/quote]
Sounds like a good idea.
I get paid straight into my current account and a nice bit has built up over the last five years. Of course the bad point of that is that it is earning little or no interest and I have readily available cash all the time so I generally take out large amounts. Of course when you are on the sauce you pretty much spend whatever you have in your wallet. I say I have probably squandered a nice bit cash over the years - all in the name of fun I suppose.
I need to get money out of my current account and save it somewhere though given the precarious nature of my profession at the moment. Does anyone have any suggestions of somewhere that it will do well? Preferably a straightforward deposit account where I can get my hands on it quickly if needed.
I’m turning into a saver, very slowly, was a desperate spender. Thankfully i only owe anyone (the credit union) a few grand, and chip away at that.
What i don’t understand is this attitude some of ye have about “having” to buy a house. Who says so? Your parents, fuck them, your peers, double fuck them. Its about time we realised that getting yourself into huge debt is ridiculous, and thats what it is, huge debt 250,000 plus is the average, its madness. I decided two years ago when ui saw the way my friends were heading that i wouldn’t buy a house until i had half of it. If that means i have to save 125-150 K then so be it, i can handle having a mortgage for about 3-400 a month. I don’t accept this “dead money” argument either, your getting a house for your rent. I just to want to have some cash available at all times, even if i get married or have kids, which i hope to do.
Opened my first Savings account last November there. Just said feck it and do it.
When I moved up to dublin first 4 or 5 years ago, for the first couple of years I was on desperately shit money. So bad at the end of the month that I’d just live on bread for lunch and dinner for a week or two. Rent and bills used to kill me and drinking of course.
Not as bad now, the odd spending splurge (420 on 2 All-Ireland hurling final tickets the latest one!! ), not drinking as much as I used to do helps also. Should have a car soon enough I hope and all that goes with it, so that’ll pinch a bit.
I get paid straight into my current account and a nice bit has built up over the last five years. Of course the bad point of that is that it is earning little or no interest and I have readily available cash all the time so I generally take out large amounts. Of course when you are on the sauce you pretty much spend whatever you have in your wallet. I say I have probably squandered a nice bit cash over the years - all in the name of fun I suppose.
I need to get money out of my current account and save it somewhere though given the precarious nature of my profession at the moment. Does anyone have any suggestions of somewhere that it will do well? Preferably a straightforward deposit account where I can get my hands on it quickly if needed.[/quote]
Rabodirect is good, great service. Interest rate isnt great, about 3.5% or something, but its out of the way. Can get your money pretty much overnight out of i if your stuck though.
Big time saver. Dan is right just set up a direct debit straight into a savings account, doesn’t take long in adding up and you dont real miss what you never had. I’d have fair bit squirelled away which is good because my job is anything but secure at te moment.
A car Pikeman is a woeful waste of money when you are living in Dublin with buses, Luas dart etc.
You are paying for it, tax, insurance wear and tear, petrol, parking, a never ending drain on valuable drinking money.
Farmer said somewhere earlier that he knocks a few quid out of his by way of expenses which breaks the back in it a bit, but sit down and add up the costs of keeping a car on the road, when it’s not life or death with regard to getting to work, pub, match and you will find that you will be shelling out over €150 a week.
I’ll sell you a 2006 vectra with 22k miles at the right price.
[quote=“Boxtyeater”]A car Pikeman is a woeful waste of money when you are living in Dublin with buses, Luas dart etc.
You are paying for it, tax, insurance wear and tear, petrol, parking, a never ending drain on valuable drinking money.
Farmer said somewhere earlier that he knocks a few quid out of his by way of expenses which breaks the back in it a bit, but sit down and add up the costs of keeping a car on the road, when it’s not life or death with regard to getting to work, pub, match and you will find that you will be shelling out over 150 a week.
I’ll sell you a 2006 vectra with 22k miles at the right price.:D[/quote]
I know its a waste of money alright-never had one before as never needed it living in Dublin. I’m home every weekend to Wexford these days, mainly to play soccer and soon to start GAA with the club again. The father passed away late last year and he used to bring me to all the matches and training but now I’ve no real way of getting around. The club at home is about 12 or 13 miles from where I live too.
And Bus Eireann home and back kills me…it really kills me.
[quote=“Boxtyeater”]A car Pikeman is a woeful waste of money when you are living in Dublin with buses, Luas dart etc.
You are paying for it, tax, insurance wear and tear, petrol, parking, a never ending drain on valuable drinking money.
Farmer said somewhere earlier that he knocks a few quid out of his by way of expenses which breaks the back in it a bit, but sit down and add up the costs of keeping a car on the road, when it’s not life or death with regard to getting to work, pub, match and you will find that you will be shelling out over 150 a week.
I’ll sell you a 2006 vectra with 22k miles at the right price.:D[/quote]
diesel boxty ?
[quote=“Pikeman”]I know its a waste of money alright-never had one before as never needed it living in Dublin. I’m home every weekend to Wexford these days, mainly to play soccer and soon to start GAA with the club again. The father passed away late last year and he used to bring me to all the matches and training but now I’ve no real way of getting around. The club at home is about 12 or 13 miles from where I live too.
And Bus Eireann home and back kills me…it really kills me.
I’ll leave the vectra, thanks boxty.[/quote]
ardcavan service from dublin to wexford at bout 6 or 6.30 every evening from dublin is a savage service… but i couldnt live without my wheels… put 50 quid petrol in it last friday and light on this evening… have to head to limerick and back friday and then cork on saturday easily another 50-70 gone on petrol… insurance for myself and little sister which i end up paying is 140 a month and tax 90 every 3 months… expensive maybe but a worthy resource
), not drinking as much as I used to do helps also. Should have a car soon enough I hope and all that goes with it, so that’ll pinch a bit.