Living off savings - any advice ?

There are lots of people out there who would never consider negotiating a price reduction on anything. They won't shop around, look for bargains, discount codes or even be aware that there are considerable savings to be made on all sorts of products and services.
I have a sibling who is one of these. Pays each bill that is presented without question. Buys in the most expensive places, would put €10 in a parking meter when around the corner is free parking. Pays top price to every tradesman who offers a quote because he is a nice man. Purchases flights at the last minute and wouldn't even be aware to keep an eye out for lower mid week or special offer prices. Her husband is the same. Neither of them would be seen dead in an Aldi or Lidl. Neither of them would have a lot of money and seem totally unaware that other people make considerable savings on lots of things. My sister boasted of spending €11k to have a small portion of her front garden re-designed. This consisted of a circular section in her lawn with some gravel stones in the middle plus a small wooden garden arch placed in the middle. It was a total rip off. She never even realised that she was ripped off.
I would actually find it hard to spend €1000 per week or even half that amount.
 
48k includes 4k school fees and trips, health insurance 3k , car costs 2k ( ignoring depreciation which would add another 2/3 k), electricity /gas 2k, 3 cheapish holidays 4.5 k( probably estimate a bit low) tv/internet/phone/mobiles(3) 1.6k no debts /rent /mortgage.
2 dependents
I am very money wise imho. Eat well. no rubbish . no processed foods
 
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Some big variations in spending estimates. I am single with no children and no rent or mortgage. I don't have much interest in holidays and in general my interests and hobbies are not expensive. I am reasonably good when it comes to DIY car and home maintenance. I have a home gym with free weights which I make good use of and which will last me a lifetime. I don't drink or smoke. My target spending for retirement would be 10 to 15k per annum (in 2015 euros) and I think that is generous.

In my view, cutting back on spending if possible (easy for me to say with no mortgage or rent) is key to this game. If you don't spend much you don't need to earn much. If you are subject to progressive taxation, the less you earn, the greater a percentage of your gross that you are left with after tax. In terms of investing, the less income you need, the less capital you need to generate that income. You can also invest conservatively rather than having to chase returns with risky investments.

My career progression in the public service has hit a brick wall and I am increasingly frustrated with the chaos, unprofessionalism, bad customer service and incompetent management that I witness every day in my workplace. I am regularly thankful that I have savings and an ability to live relatively frugally as I have potential options to retire early, work part time, take a lower paid job and so on - options that the average wage slave doesn't have.
 
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I am regularly thankful that I have savings and an ability to live relatively frugally as I have potential options to retire early, work part time, take a lower paid job and so on - options that the average wage slave doesn't have.[/QUOTE]

Great place to be Ghoul, many would like to be where you are. Enjoy your life -)
 
Horny Squirrel said:
I got into an argument at the counter. She kept referring to schedule D as "unearned income". I corrected her, saying I earned the money in the first place, its tax-paid. I can do what I want with it, I am an adult. How can it be unearned, because I earned it.
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Unearned income is generally any income that is not from paid employment. This definition is fairly widely used -- you'll find it in Investopedia and Wikipedia as well as in Revenue documents. If you have income from investments, deposits, rentals etc. it is "unearned" in that sense -- even if the money you put into the investment is income from employment that was taxed, the proceeds are not. Getting into an argument with Revenue about it is probably futile.
 
If all your income was from "unearned income " as described above, does one pay a social welfare contribution on it and would this contribution count towards a contributory old age pension,
 
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