# 24 yr old, best saving option



## Mia24 (15 Feb 2009)

Age: 24
   Spouse’s/Partner's age: n/a

   Annual gross income from employment or profession: €24,500
   Annual gross income of spouse:n/a

   Type of employment: e.g. Civil Servant,  self-employed 
Private sector

In general are you: b)
(a) spending more than you earn, or
(b) saving?

   Rough estimate of value of home: n/a
   Amount outstanding on your mortgage: n/a
*What interest rate    are you paying? *n/a

   Other borrowings – car loans/personal loans etc: 

€5,000 loan from bank for car. Currently at €4,500 after 4 months. paying €160 a month plus interest of about €40.

Car insurance:                       €85 p/m (all per month)
Groceries:                            €50
Petrol:                                 €80
Rent:                                   €200 
Phone:                                 €20 
Eating out/going out/cinema:   €80 
Books:                                 €20 
Gym:                                   €40 



   Do you pay off your full credit card balance each month? I don't have one
   If not, what is the balance on your credit card? n/a

   Savings and investments:€900 in credit union

   Do you have a pension scheme? No

   Do you own any investment or other property? No

   Ages of children: n/a

   Life insurance: No


*What specific question do you have or what issues are of concern to you? 

*I'm a few months back from travelling and am living at home until the end of this year. I have very few outgoings due to this and I know I'm in a lucky position. I don't have a huge salary but would like to make the most of this time to save money - a nest egg for the future I guess. 

I have a bank appoinment next week to set up a savings account. At the moment the money is just sitting in my current account. The interest rate is 2.25%. One of my family members has bought shares recently and I find that interesting although I know nothing about the sharemarket.

Where do you think is the best place to put my savings?


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## Lightning (15 Feb 2009)

You should consider paying off your car loan first before saving. 

You should also remove your money from the Credit Union as the interest rate you are getting there is low or zero. 

After that It would seem that a regular saver product would suit you. The best buy is currently Anglo at 7.30% . The Best Buys thread is here: http://www.askaboutmoney.com/showthread.php?t=20747


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## BoscoTalking (16 Feb 2009)

go to the appointment - listen and make no decisions until you have gone home and chatted to your parents - mate whatever because its easy to sign up to something that is not suitable. 
I think you should aim for debt free and then think savings but i know its nice to have savings too just in case so if i were you i would save and when you had the 4k in the CU withdraw and clear the loan - you might incur penalities. then aim for saving like mad. 
Also i think you have been guestimating your outgoings - get a diary or record costs in your phone as you spend (not just when you take money out of the wall) that way you get a more true figure. It might seem nerdy but when you start you will notice a lot of people are doing this and noticing that what they thought they spent and what they actually did on food / groceries / in the petrol station. 
Good on you for getting in gear for the recession instead of thinking first thing Australia -


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## Mia24 (17 Feb 2009)

Thanks for the feedback guys, I appreciate it


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## jwestave (3 Mar 2009)

good post.


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