I have spent a lot of time thinking about this. How do I have enough money to put a good deposit down on a house or to put into a new business venture all by the time I’m 30?
At 18 & 19 aim for €2000 per annum. That’s about €40 per week. A part time job alongside your studies, paying €100 per week should allow you to save €40.
When you are 20 and 21 you should have gained a bit more experience working (for me I was in a bar and got to work two nights a week at this age). This will allow you to save more. €67 per week. Easy 💪. This is based on the fact that you have little to no living expenses at this age.
At 22 and 23, you should starting your new ‘career’. This job should be paying a little bit more than the part time role you were doing during college. Here you should be looking to save €5000 per year which is a little less than €100 per week.
At 24 we expect you to get your first small pay raise (or receive your first bonus depending on the type of role you undertake). This year aim to put away €7500.
For the ages of 25 & 26 aim for €10000 per annum. That’s nearly €200 per week. This is a lot of money so it is imperative that you work extremely hard in the early years of your career in order to work your way up the ladder.
At 27 aim for €13000 per year. This is €250 per week. At this stage you should be earning around €50000 which is around €700 per week after tax, depending on where you live. Keep your expenses low and this is achievable.
Finally when you are 28, 29 and 30 aim to save €15000 per year which is €288 a week. You should be on around €50-60k by then which will allow you to do this.
1. Don’t finance anything or sign up to many paying subscription based products.
2. Live with roommates / parents. Keep your life cheep. Short term pain for long term gain.
3. Work hard in your job so you become more valuable to your employer and therefore are paid more. Start a side hustle.