Discussion in 'Money makeover' started by Brendan Burgess, 5 Jan 2019.
I was underwhelmed by tonight's candidate. It just all seemed so obvious.
We saw her getting in to a taxi to go to the airport. There are plenty of buses, aircoach etc, that provide a service to the airport. It struck me that it would never have occurred to her to get a bus, even if the trip was for business.
Yeah, agree with you there, a bit boring if I'm totally honest she's just a young girl spending her money on a hedonistic lifestyle and she's slowly realising that it can't go on forever
Been there, done that as I would presume most people have done at some stage in their young lives
But what was refreshing even though she was borrowing off friends and presumably paying them back is that she has no CC or loan debts and that she would rather save then borrow for her car
Two things I noticed in the program was that she mentioned that she learnt her spending habits from her mother which is a point Steven touched on a few posts back
and that Eoin has acknowledged that it is now getting beyond the reaches of our twenty somethings to own and run a car or get a foot on the property ladder
This is in danger of becoming a self fulfilling prophecy.
The only thing stopping a large swatch of twenty somethings buying a car or a house is their own spending habits. In my opinion.
The hair extensions were no loss.
She can do better than eating the McDonald's apple pies.....
I wondered did she just pay the price the guy asked for when buying the car? A discount was hinted at but we got no details.
Most companies reimburse the travel expenses of their staff. Travel time is work time, so if a taxi saves them even 30 minutes over public transport, it's (usually) money well spent.
I think last night was a good episode - a lot of viewers know someone like this.
She did change her ways quite quickly, (including deciding to get rid of the expensive hair extensions). By the end of the programme she had achieved the goal of becoming a car owner. It'll be a constant reminder to her that her saving plan has worked so far, and will motivate her to continue
yes i didnt get this, any where i have worked cover taxis to and from the airport for travel, and so they should.
Or could it be the opposite? Houses prices are out of reach for many (especially in Dublin) so they just spend their money as they like rather than being a bean counter.
Or could it be that people no longer expect to have to save for 5 years before they are in a position to buy their first home? Are prices really that much higher now or is this just what we're being told by the media? A quick look on daft.ie shows that apartments in D15 are going for similar prices to what they were 17 years ago (maybe up to 5% more now). Granted the volume of available apartments may not be there right now and the lending criteria may be stricter but is it still beyond people to save a deposit for a starter home in 5 years now?
I've worked with graduates in IT who earn more than 60k in their late twenties. The only reason why they can't afford some sort of place in Dublin is due to their spending habits.
Yes - that is a good wage but there are many on similar.
Not sure about the girl in last night's episode as I haven't watched it yet.
D15 may not represent the relative average across Dublin.
When we bought our first house (3 bed semi) in the mid 90's I think we got a 90% mortgage over 20 years based on 3.5 x salary + other salary. It was a stretch and a bit of financial gymnastics but we had the prospect of inflation and related wage increases to get the mortgage of our backs relatively quickly. Now it seems houses (in Dublin and the commuter belt anyway) are more expensive relative to earnings, mortgages are then necessarily longer and with low inflation and wage increases the debt can weigh heavily.
There is probably a set who can't afford a house because of their spending and a set who spend because they can't afford a house. And some people who think they are in second set but are actually in the first.
Maybe people expect to finance a fancy wedding first and then move into to a fully kitted out house. When I think on it, my wedding cost <£2,000 Punts and I had a plastic garden table and chairs in my kitchen for over a year .
Yep, I've been at weddings like that too...
Stay out a little too late, and you wake up at home the next morning wondering where the picnic table came from!
If I go to the airport for a personal trip I take the bus (unless it's at a time when the buses aren't running but I've never had that problem). For work though, I get a taxi as I can expense it.
I was surprised at how quickly she changed her habits. Going from saving nothing or borrowing money from friends so she can go on a night out to saving €500 in month 1 and €700 a month after that is pretty damn good.
Probably more to do with the production company than reality. They can hire a taxi for the time they need to do all the filming, taking shots at different angles etc. A lot harder to do that with a bus full of people.
Don't believe everything you see on tv
I go to the airport about 2-3 times a year and usually have a fair bit of luggage. I'd have to take two buses, one to the city centre (taking me actually further from the airport) and then one out to the airport. Taxi makes more sense I think...
Since the marginal rate went to 52% a heck of a lot of people have become a heck of a lot smarter at saving the cents.
This has a lot of ramifications for the economy as this cohort will probably not make the same spending mistakes again. An end to flalhuileach-ness!
Not sure what to make of this weeks show, they seem like a normal family that just needs a small bit of financial housekeeping and they will continue to trudge along like any other family in their position
What isn't adding up for me is Eoin's financial independence assessment that they can reduce it in 14 years from 73 to 59 and be "Financial independent" with two kids under the age of 20
I know we are only getting a snap shot of the whole story but I would have like to see more of the calculations that allowed Eoin to make this claim because to me it just doesn't add up
Proper long term planning for retirement on there income by paying into a pension and having a life while working on there income level is the point he was getting across,
The point he is making is once you start working and pay into a pension straight away you have the option to retire early,
I do remember when Eoin said from 73 to 59 years the first thing the couple said do we want to retire at 59 nice to have a plan in place if they change there mind,
I was glad Eoin included pensions and pointed out if you start in time you can invest for long term higher returns ,
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