How much savings do you have?

[raskolnikov]

Usually only keep a couple of thousand in the bank. Everything else goes into my mortgage. I am quite a bit ahead in my repayments so have that up my sleeve if needed.

 

[Run n Spread]

Cut out alcohol and partying and you'll save plenty.

Buuullllllllshiiiiiiiiiittttttt. $40 covers me for a week of booze. And I'm practically an alco. Just got to Dan Murphys.

 

[Run n Spread]

Both.

If you can save $1,000 a week that's great but it's not worth living like a depression era Catholic family to do so.

Once you have savings to your name you should make your money work for you.

If you'd saved $10,000 a year for the last 15 years and put it all in the bank then you'd probably have about $200k after compound interest and tax.

Alternatively you could've put $50k into shares, $50k into real estate and kept the rest in the bank and you'd have a lot more than $200k.

$1000 a week to save? What are you drug dealers?

 

[Scotland]

$1000 a week to save? What are you drug dealers?

I was a Chemistry teacher...

 

[Run n Spread]

I was a Chemistry teacher...

When did you start teaching. Must be at least > 5 years

 

[Scotland]

20+ years, then I got really sick.

 

[JoseMourinho]

Buuullllllllshiiiiiiiiiittttttt. $40 covers me for a week of booze. And I'm practically an alco. Just got to Dan Murphys.

$20 for me, see

 

[Mootsy]

$80k, but have worked since 18 (now 23) and live at home.

That's an insane amount of saving at your age..

 

[Old M8]

That's an insane amount of saving at your age..

Thanks mate.

It hasn't felt like hard work or anything though. I only make about $3,000p/m but save a minimum $2,000p/m. I don't skimp on anything, I've been on holidays, buy games and clothes and lost $10,000 on some terrible shares.

I'm probably different because I've worked full time since I was 19 and didn't go to uni.

 

[Run n Spread]

2 months salary is a good benchmark.

Depends how much you make. That is literally 2 months for some.

 

[Run n Spread]

There is such a thing is saving too much. You need to enjoy life, and long term money in the bank loses value unless it's attracting very healthy interest.

If you're in a position with $50-100k or more in the bank then you'd be mad not to invest in other things.

What?

 

[Duritz]

What?

Like stocks rather than bank interest. Even just an inexpensive index tracker will be better than the bank interest long term.

 

[Run n Spread]

Like stocks rather than bank interest. Even just an inexpensive index tracker will be better than the bank interest long term.

True. Stock market is a gamble thou. Unless you mean investing in a stock broking licence. Need the personality to sell thou.

 

[Cruyff14]

30k between me and the better half. An additional $24k of that has gone to a deposit for a mortgage.

By the time move in time comes we will have around $50k.

We save around $4500 a month between us.

 

[Andy Barrett]

So how's it goin kanga? You banking your $50 a week? Me? I bank $200 a fortnight of my DSP into an ING account but looking into shittybank payong 3.4%.

It's all a grind. I don't go out in Melbourne. The place sucks as do the women. Can't stand em. Rather save up and go to asia once a year for my fix.

I'm into 5 figures now so will look at some vanguard or indexed fund to consolidate my assets.

 

[BIRDBRAIN]

Me? I bank $200 a fortnight of my DSP into an ING account but looking into shittybank payong 3.4%.

It's all a grind. I don't go out in Melbourne. The place sucks as do the women. Can't stand em. Rather save up and go to asia once a year for my fix.

I'm into 5 figures now so will look at some vanguard or indexed fund to consolidate my assets.

You've made it bro.

 

[Andy Barrett]

You've made it bro.

Only regret is that I didn't start saving earlier. Still, I got more than a lot of working Australians.

 

[Long Live HFC]

So how's it goin kanga? You banking your $50 a week? Me? I bank $200 a fortnight of my DSP into an ING account but looking into shittybank payong 3.4%.

It's all a grind. I don't go out in Melbourne. The place sucks as do the women. Can't stand em. Rather save up and go to asia once a year for my fix.

I'm into 5 figures now so will look at some vanguard or indexed fund to consolidate my assets.

if this is true you're either living in squalor or being supported by someone else (other than the taxpayer i mean). maybe a combo of the 2.

 

[Old M8]

if this is true you're either living in squalor or being supported by someone else (other than the taxpayer i mean). maybe a combo of the 2.

Or just not living in the city? $200p/f is pretty reasonable off dsp.

 

[Long Live HFC]

Or just not living in the city? $200p/f is pretty reasonable off dsp.

DSP is about $600/fortnight (without dependants). then there's rent assistance of what, about $130 max? i agree that living in the middle of nowhere is cheaper, but you're still looking at $250-$300/week in median rural VIC (http://www.dhs.vic.gov.au/about-the...ch,-data-and-statistics/current-rental-report). if it's significantly cheaper than that it = squalor or being supported by somebody else.

then again, maybe he buys dog food on sale.

 

[Old M8]

DSP is about $600/fortnight (without dependants). then there's rent assistance of what, about $130 max? i agree that living in the middle of nowhere is cheaper, but you're still looking at $250-$300/week in median rural VIC (http://www.dhs.vic.gov.au/about-the...ch,-data-and-statistics/current-rental-report). if it's significantly cheaper than that it = squalor or being supported by somebody else.

then again, maybe he buys dog food on sale.

Max as a single is $737 + rent assistance $130 = $860p/f.

I live in rural and you could pay as little as $100 p/w (not nice area, but very liveable)

I know I'm really narrowing it down, but I'm almost certain I could lock down $200 p/f on dsp by moving about 15-20mins away.

 

[Long Live HFC]

Max as a single is $737 + rent assistance $130 = $860p/f.

I live in rural and you could pay as little as $100 p/w (not nice area, but very liveable)

I know I'm really narrowing it down, but I'm almost certain I could lock down $200 p/f on dsp by moving about 15-20mins away.

fair enough, maybe all those centrelink income statements i see at work aren't set at max value. though i will say i still think a $100/week property would be pretty ordinary

 

[Andy Barrett]

if this is true you're either living in squalor or being supported by someone else (other than the taxpayer i mean). maybe a combo of the 2.

Good old Mum

 

[Run n Spread]

30k between me and the better half. An additional $24k of that has gone to a deposit for a mortgage.

By the time move in time comes we will have around $50k.

We save around $4500 a month between us.

So $54K $27K in total not bad. $1125 a month= rough $275 a week or $136 each pretty good. Only problem is (and your savings given the economy is 1st rate) is that property prices are a joke. If that was fixed (and all the add on costs which are heaps/electricity/food/petrol etc) you would be pretty well off.

 

[Cruyff14]

So $54K $27K in total not bad. $1125 a month= rough $275 a week or $136 each pretty good. Only problem is (and your savings given the economy is 1st rate) is that property prices are a joke. If that was fixed (and all the add on costs which are heaps/electricity/food/petrol etc) you would be pretty well off.

We bank $1000 on my pay week's and $1100 on my gf's, and we get paid on alternating week so it works well.

Not sure what the other numbers you mentioned mean.