"Ditch the lattes if you want to save up the deposit on a house"

Discussion in 'The Central Bank's 2016 review of mortgage limits' started by username123, Oct 9, 2016.

  1. Brendan Burgess

    Brendan Burgess Founder

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    finny likes this.
  2. Delboy

    Delboy Frequent Poster

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    He's not your average young Australian though....he's a millionaire property developer who has skin in the game
     
  3. elcato

    elcato Moderator

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    This line suggests he wasn't always

    When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” he said. “We’re at a point now where the expectations of younger people are very, very high.”
     
    SirMille likes this.
  4. odyssey06

    odyssey06 Frequent Poster

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    There's a lot of people struggling to pay the rent and save a deposit that don't even know what a smashed avocado is... is there is a significant issue with smashed avocado addiction down under?
    I assume it's code for some sort of legal or illegal high as otherwise I can only conclude the chap is living on a different plant to this one.
     
  5. aprentice

    aprentice Registered User

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    First marmite , Fosters then Avocado toast
    Ozzys sure do have weird taste
     
  6. SBarrett

    SBarrett Frequent Poster

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    I was reading that report this morning and thinking I must try this crushed avocado on toast with crumbled feta cheese :p

    He's a bit simplistic in what he said anyway. Property prices are absolutely nuts in Australia and lots of young people are deciding to rent in areas they want to live in rather than buy somewhere miles away. A lot of Irish people do the same after seeing people just buy anywhere during the Celtic Tiger and get lumbered with long commutes from places they don't want to live.


    Steven
    www.bluewaterfp.ie
     
    finny and Delboy like this.
  7. John Sipos

    John Sipos Registered User

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    If you did give up the gym/clubs, you might save some money but what about health costs and loss of those happy endorphins you get from the gym? Benefit definitely outweighs the cost, plus there is cheap enough gym membership out there, just gotta shop around.

    The central banks report was unrealistic, like you said you could just save for a few years and pay in cash (which they wouldn't like one bit either, no interest for them).

    Article was clearly written by someone who does not need to count pennies but thinks he can lecture others on how to do so.

    I think the best way to save money is just downgrade, don't try and fail to give up coffee, just get used to making your own instant stuff, buy the same stuff in Aldi as you would in M&S. Here are some more places to get ideas from, that are actually realistic.
     
  8. Brendan Burgess

    Brendan Burgess Founder

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    That is clearly the message in the article. It's not that someone should stop drinking coffee. It's that they should stop paying €3.50 every day for a cup in a coffee shop.

    Brendan
     
  9. jdwex

    jdwex Frequent Poster

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    Good grief, no way. You can buy an ok espresso machine for 80 euro at the moment.
    http://www.did.ie/delonghi-pump-coffee-machine-ec156-b-prd
     
    odyssey06 likes this.
  10. newtothis

    newtothis Frequent Poster

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    Please do NOT follow this advice.

    Disclaimer: my (thankfully, successful) business depends on a steady stream of people who spend that and more with us every working day of the week……
     
  11. SBarrett

    SBarrett Frequent Poster

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    Had said crushed avocado and feta cheese on toast (vienna bread with poppy seeds) at the weekend. Very nice but missing something. Might have needed a bit more pepper. :p


    Steven
    www.bluewaterfp.ie
     
  12. Firefly

    Firefly Frequent Poster

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    I think it's a case of "mind the pennies and the pounds look after themselves" with this. Skipping a cup of coffee at €3.50 every day would yield 1,274 in a year, which is pretty immaterial in the grand scheme of things. However, it's the concept of prudence that's important. Keeping a low profile, forgoing the gym and any travel and ditching all take-aways would make a difference to savings in no time.

    I don't think it's a problem specifically for young people / millennials per se either. The era of low interest rates aka cheap credit has people of all walks of life buying shiny and new things on the never-never. It's leading to a "Because I'm worth it mentality". It seems the concept of saving for things has died a death for many.
     
    Ceist Beag likes this.