PhD student looking for advice

[alhale]

I’m 23, in my first year of a PhD. My stipend is €18,000 per year. I count myself very fortunate that my expenses are just less than half of my stipend.

I have ~€20,000 in a current account. About another €1,000 in stocks and crypto and that’s it.

Looking for advice about what I should be doing. I’m assuming you’ll tell me to start a pension. Is there anything else recommended?

I have no immediate plans or needs for large amounts of cash. But I feel I should still be stockpiling for a house deposit, whenever that may happen.

 

[devastatednate]

@alhale 18k a year isn't a massive amount so I'd be keeping that 20k in cash until you're finished the PhD really. If you can put some money aside every month for your pension then the best time to start is right now.

I don't mean to be disrespectful but you're not really earning enough and imo are too young to be thinking of a house deposit. You're probably a decade away from buying a house and your peak earnings are way in the future.

 

[alhale]

@devastatednate Fully agreed. You’re right, it will be at least 10 years before I’m really looking at houses.

 

[devastatednate]

@alhale You have to remember to live a little as well, go for a pint or get a takeaway or go on a trip or whatever. Don't make life miserable for yourself.

 

[alhale]

@devastatednate I often forget this! Thank you.