matheushorta
New member
Hey folks,
As the title says I’m looking for a bit of savings or investing advice as there seems to be a lot of conflicting stuff between what I hear from friends, TikTok, etc.
To give a bit of background I’m 25 living in Dublin and currently renting with my girlfriend. We’re splitting a room so thankfully rent is quite low. I’m currently on 35k but am hoping to go on to 45k in the coming months (no guarantees of course but I believe I’ve got a good chance for this promotion). Currently my take home pay of around 2,350 gets split between 800 for saving, 550 for rent + bills, and 1,000 for spending money over the month.
At the moment I’ve about 9 grand saved in a demand deposit account with my bank. However starting this year I’m hoping to be a bit more prudent with my savings but not quite sure where to start. At the moment I’m thinking of throwing 5 grand of the savings into a lump sum savings account and starting to put away 500 a month directly into another savings account so I can start earning interest on that money. On the investing side of things I was thinking of taking 2 grand from the demand deposit and putting that into a trading 212 account and putting an additional 200 into that monthly, mostly likely investing all of it into the S&P 500. The remaining 100 that I’d usually put into savings would then go either directly into bitcoin or other crypto. This would then leave me with 2 grand in my demand deposit account which could be used as an emergency fund.
So, any advice or recommendations? I’m not really saving up for anything in particular but am just conscious these days with inflation so high that my savings are losing real term value sitting in my demand deposit account. Also not really sure what the craic is with investing from the trading apps in Ireland as I know our tax code doesn’t really incentivise it so am I better off going with one of the institutional funds like Davy/ Zurich or putting my money to use another way.
Any help be appreciated, thanks lads!
As the title says I’m looking for a bit of savings or investing advice as there seems to be a lot of conflicting stuff between what I hear from friends, TikTok, etc.
To give a bit of background I’m 25 living in Dublin and currently renting with my girlfriend. We’re splitting a room so thankfully rent is quite low. I’m currently on 35k but am hoping to go on to 45k in the coming months (no guarantees of course but I believe I’ve got a good chance for this promotion). Currently my take home pay of around 2,350 gets split between 800 for saving, 550 for rent + bills, and 1,000 for spending money over the month.
At the moment I’ve about 9 grand saved in a demand deposit account with my bank. However starting this year I’m hoping to be a bit more prudent with my savings but not quite sure where to start. At the moment I’m thinking of throwing 5 grand of the savings into a lump sum savings account and starting to put away 500 a month directly into another savings account so I can start earning interest on that money. On the investing side of things I was thinking of taking 2 grand from the demand deposit and putting that into a trading 212 account and putting an additional 200 into that monthly, mostly likely investing all of it into the S&P 500. The remaining 100 that I’d usually put into savings would then go either directly into bitcoin or other crypto. This would then leave me with 2 grand in my demand deposit account which could be used as an emergency fund.
So, any advice or recommendations? I’m not really saving up for anything in particular but am just conscious these days with inflation so high that my savings are losing real term value sitting in my demand deposit account. Also not really sure what the craic is with investing from the trading apps in Ireland as I know our tax code doesn’t really incentivise it so am I better off going with one of the institutional funds like Davy/ Zurich or putting my money to use another way.
Any help be appreciated, thanks lads!