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WELCOME TO HOW I Spend My Money, a series on The Journal that looks at how people in Ireland really handle their finances.
We’re asking readers to keep a record of how much they earn, what they save if anything, and what they’re spending their money on over the course of one week.
Are you a spender, a saver or a splurger? We’re looking for readers who will keep a money diary for a week. If you’re interested send a mail to money@thejournal.ie. We would love to hear from you.
Each money diary is submitted by readers just like you. When reading and commenting, bear in mind that their situation will not be relatable for everyone, it is simply an account of a week in their shoes, so let’s be kind.
Last time around, we heard from a doctor on €83K living in the midlands. This week, a young person working in a warehouse for a brand who’s discovered the stock market.
I’m 27-years-old and live at home with my parents. This is deliberate. [Also, I am a parasite. That movie is incredible.] I am saving and investing aggressively. The primary goal is to purchase property.
I’ve had a mild obsession with property for as long as I can remember. No joke, when I was a kid I envisioned myself owning multiple properties and having a real estate portfolio that would essentially allow me to retire early and fund my life as an adult. This kid dreamed big. I think I was seven when I learned the power of compounding. I’ve been a saver ever since.
I have very recently got into the investing thing. It started in March 2020. With everything going on, I felt there would be an onslaught of disaster. I decided to do some research into the stock market, something I was finding hard to understand before. I was fearful of the risks. Anyway, five months down the rabbit hole later and with an extreme case of analysis paralysis, I finally opened an investing account with the encouragement of a friend. He is the reason I actioned this. We will both bask in riches many, many years from now. Patience pays dividends. Big thank you.
I work in a warehouse for a semi-luxurious brand. Premium brand businesses always seem to thrive from what I’ve seen. Luxury sells. Branding is everything. The biggest global brands are so successful because they’re recognisable. Simple, clean brands with coherence and continuity.
As of now, I do not spend much on anything outside of the essentials. I am extremely disciplined and ascetic. I have no desire for material possessions. I lead a very minimalistic lifestyle. I don’t find it hard to control my spending impulses. It’s completely easy for me to sacrifice now for my future self. I understand the importance of this.
Occupation: Warehouse worker
Age: 27
Location: Leinster
Salary: €38,729.6 (not on salary)
Monthly pay (net): €2,652.21 (variable)
Transport: Approx. €250 for fuel, tax, insurance, maintenance and servicing
Rent: €0 – my parents both retired early, have no mortgage and would like me to do the same, so we agree it’s better I save and invest as much as possible to get ahead
Household bills: Approx. €250 for electricity, heating, bins, tax, insurance
Phone bill: €23.97 (3 x €7.99)
Health insurance: €0 (no cover)
Groceries: €0 (In general I don’t buy groceries, I’ve spent €11.89 in the grocery store this year)
Subscriptions: No subscriptions for me. Only watch YouTube
***
7.00 am: My alarm would have gone off, but I always wake up before it’s due to cancel it. I can’t remember the last time I heard that sound. I can’t stand it. Get up. Shower, brush teeth, etc.
8.45 am: Time for breakfast – boiled eggs with hot water to drink.
9.00 am: Clock in, let’s go. Work, work, work. Communication is key.
2.30 pm: Lunch is provided by work – blessed. It’s soup and bread today. I like to take lunch at stock market opening times so I can watch the market open live streams and see what’s going on. It’s another red day for me. Still buying this dip. Place a limit order for 25 shares of a stock I’ve been buying. I’ll happily lower my cost basis on this one. It’s down over 60% from its all-time high this time last year.
6.00 pm: Clock out. so glad that’s done. Drive home.
6.30 pm: Arrive home. There are some potatoes I chipped yesterday which haven’t been used up. I’m surprised my parents didn’t eat them for lunch or dinner today, so I eat them with some coleslaw – lush.
7.00 pm: I lounge in front of the TV for the evening not really watching whatever is on. Scrolling through my phone. Reading news and checking the web to see the market sentiment. So productive.
9.00 pm: The limit order didn’t go through. I was too far out. I’ll try again tomorrow.
10.30 pm: Head to bed.
Today’s total: €0.00
7.00 am: Another day beating the alarm. Get up, you know the drill. I sleep too much, but I prefer to wake naturally rather than force wake myself after eight hours.
8.45 am: It’s a cereal for breakfast (name that song – if you know, you know) kind of day with water to drink.
9.20 am: I’m not working today. Go for a 10k walk. Need more serotonin. The cold is not my cup of tea. Tracking this on three apps – I like to see the different analyses across the different apps. I used to use a fourth but got logged out with an update once and when I got back into my account, the app wasn’t able to retrieve the backup from my phone so they’ve lost me as a customer. Cool story, I know. Yes, sad.
10.55 am: Home again, that was pretty good. I’m impressed. I’ve been getting shin splints way too frequently lately, though. Otherwise, I would have run 5k and walked back but it’s been putting me off running. Maybe next week. Need to do some strength training to reduce the shin splint occurrences.
11.00 am: Going to chill at home for the rest of the day. Feeling lacking in energy. Start watching a dystopian series and I’m hooked already. The future looks cool. I feel some of the social media giants are well-positioned to achieve something similar to what this series depicts the future to be like.
1.00 pm: Early lunch while I’m home. I make tuna toasties. Quick, easy, cheap, delicious – what’s not to love?
2.30 pm: Market open live streams are the one, it’s another red day. Place a limit order for 25 shares of the stock I’ve been buying during this dip.
5.40 pm: Time to make dinner. I make some for my parents as they’ve been out all day and I don’t know if they’ve eaten. Just cook some frozen fish – cheap, nutritious (kind of) and easy with some rice and green beans. Basic, healthy.
6.30 pm: Watch YouTube, scroll social media. I feel I always learn something from scrolling, so that’s how I justify my excessive screen time.
9.00 pm: Check to see if my order was filled. Glad I could pick up some shares today.
10.40 pm: Off to bed.
Today’s total: €95.08 (shares)
7.00 am: Pretty much the Monday routine again, except…
8.45 am: …porridge today. I love porridge, plus it’s nutritious. Mash in a banana and drink water with it.
9.00 am: Clock in and it’s not busy. Meetings are fun. Training, not so much.
2.30 pm: Lunch. It’s another soup day. Feel I eat like an old person. Definitely prepared for when I can no longer chew foods. I’m kind of liking my soft food diet that I didn’t even realise I had implemented. It’s another red day. I’m buying more. Shares acquired. You never know when we’ll rotate to the upside. Got to load the boat while I can.
6.00 pm: Clock out. Drive home.
6.30 pm: Cannot even with dinner tonight, feel exhausted. Spend hours staring at the phone screen, productivity level at 0. Watch YouTube. I’m wrecked today.
9.20 pm: I need sustenance. Make a bowl of porridge in the microwave. Twice in one day, wouldn’t have it any other way. That rhyme just doesn’t hit how I would’ve liked.
11.40 pm: Realise the time and go to bed.
Today’s total: €92.20 (shares)
7.00 am: Same drill. I’m smashing this thing out of the park. Not that that’s the objective or that I’m trying. It’s been years in the making. Is that a saying. What am I even talking about. Beating the alarm.
8.45 am: Cereal for breakfast. Sing with me. Drinking Alizé… you’re going to know it’s me.
9.00 am: Clock in. You know, I kind of like Thursdays at work and at the same time I kind of don’t. They’re typically less busy which is good, but everyone knows this and kind of slacks which sort of bothers me because it would be a good chance to get prep done rather than just having a slow day every week. This is what happens on slow days – you over analyse or at least I do.
2.30 pm: Lunch. Can you guess what I’m having? No, it’s not soup and bread! Thought I’d try some rice and veggies today. Do people say veggies? I don’t like it. The word, not the lunch. Also, it’s yet again another red day. I place another order for the same stock I’ve been buying this week (€92.02). Patience my good man. What’s the quote? ‘The stock market is a device for transferring money from the impatient to the patient’ true story.
6.00 pm: Clock out and head to a mate’s because the week has been boring so far, can I say that? I mean it’s true so.. hang out, catch up, I’m pretty much no fun because I’m just tired all the time lately, at least we order pizza, love it. I pay (it’s €17.99, don’t worry, think I can afford it) because I’m the best, you know. Missed this guy. We should hang out more. Gives me life.
11:55 pm: Definitely outstayed my welcome. I would have told me to leave by now. It’s fine for me, I’m not at work until 9 but these guys start early. Nice people.
00:30 am: In bed. sleep.
Today’s total: €110.01
7.00 am: I know you know and if you don’t can you even recognise a pattern. Routine is life.
8:12 am: I stop to fuel the car (€30.52), who’s bothered I didn’t stop on a round number? Calculate the increase in fueling. It’s costing me 30.02% more than three months ago. No chance I’ll get a pay increase to counteract this. Need a new income source.
8:43 am: It’s porridge again with banana and peanut butter mashed in. Love it.
8:57 am: I clock in. Fridays are not the one. It’s a busy day after a slow day and that’s just not what you want in life. I mean, I kind of like it. I feel my work is more accurate when it’s busier. I have no time to blunder so my mind is focused. I like this. But can people be a little more concise, please? The meetings could be quicker if they learned to use fewer words.
2:30 pm: It’s another red day. A seriously red day. I’ve been hit hard. Stocks fell off a cliff today. Fridays are red. No one’s holding over the weekend because who knows what’s going to happen. One of my highest conviction stocks is taking a big hit today as a result of the company issuing revised guidance below estimates for the quarter. Supply chain issues and the global logistics situation is still hurting. Definitely buying today.
6.00 pm: I clock out, drive home.
6:30 pm: I arrive home, eat a chicken and cheese toastie with some coleslaw, so good. I’ve had way too much bread this week and that’s not typical for me. I remember a time when I had completely cut bread. This needs to make a comeback. Healthy starts now. I stare at my phone for hours, honestly where does the time go when I’m glued to this. Reading the commentary on a few stocks and personal finance sites I follow, love seeing what people are saying. Perspective is everything. Market sentiment bearish, me bullish.
9.00 pm: I watch the market close live stream. I don’t usually do this but it’s calling me tonight. Plus it’s earnings season so it’s much more interesting than usual.
11:54 pm: To bed. Sleep.
Today’s total: €299.58
7.00 am: I get up. same morning routine. However, banana pancakes you the one. Yes, I’m making breakfast at home today. These are nice.
9.00 am: Clock in, yes, I’m working today. Fun times. More meetings, more money.
2:20 pm: Lunch, what will I eat, let’s try some chicken and rice. It’s nice. So sad the markets are not open on Saturday and the finance guys don’t put out videos. It’s just not the same. Play some chess puzzles at lunch. Why am I not seeing the solution? It’s literally right in front of my eyes. I need to improve my analytical skills. I should assess these combinations of moves and see the solution faster than this. I will improve.
6.00 pm: Time to clock out. I message a mate, he’s in work to half and decides to cancel our plans to hang today. I mean that’s sad but I can’t blame him. It’s not like I’m the most exciting person. That’s a joke, I know it’s not like that. I’ve got to be at least in the top 10. Time to drive home.
6:30 pm: Arrive home. woo, another week done and dusted. Spend the evening chilling in front of the TV but staring at my phone. Who knows. Play some brain training games designed to enhance decision making and efficiency. Hoping this will help my chess skills improve. Must get better. Make fast decisions. Would have liked takeout tonight but I’m on an every other month limit with this. Sacrifice is key. Plus, I decided the other day it was time to eat healthy. And it’s not cost-effective. Anyway, the convincing game over. I don’t need it. Discipline wins. Make a cheese, pepper and spinach omelette. Nice. Spend the evening watching YouTube.
11:47 pm: Time for bed. sleep. Yes, it’s been another exciting day. That’s exactly what I was thinking too.
Today’s total: €0.00
7.00 am: Finally a day off. I’m so wrecked it’s not even funny. Eat porridge with mashed banana, milled brown flax seeds, nuts and chia seeds for breakfast and two boiled eggs. We’re going big today. Feed like the king. Need to fuel before I exercise. Chill for a bit watching more of the series I started Tuesday. Love it.
1:55 pm: Head for a 60k cycle. That was rough. Struggle bus. I’m glad I did it. The weather was not in my favour. I check stats on the phone because that was not my best performance. I’m pleased with the results – 24.4kmph avg, that’s acceptable. I’m so out of shape when you look at my statistics. Why the decay in performance – I need to change this. Just one more ride to reach my targets. I can do this. Bite size goals. So happy with the new additions to the Q122 playlist but my headphones life span has decayed significantly since purchase so I only got 19km before they died on me. That’s sad.
5:30 pm: Dinner – chicken, broccoli and sweet potato, love it. I don’t do much for the rest of the evening, just watch a two-hour podcast on YouTube and a couple of finance videos. Look through the personal finance and stocks sites. Reassuring to see people on here with a similar outlook for the market as myself.
10:44 pm: Bed. sleep.
Today’s total: €0
***
What I learned –
While family carers are means tested for carers allowance.
@Úna O Connor Barrett: you can say that again
@Úna O Connor Barrett: The funds are there Una, they just do not care… Let them know in the next election..
@Úna O Connor Barrett: think rich people should be subsidised by poorer taxpayers? That’s reason for a means test.
By all means question the threshold but if you are saying a millionaire should automatically qualify then I disagree.
The war is confined to a small part of the country now. You would imagine many of those that came here would be able to return.
@Munster1: Emphasis on for now. Things can change drastically not to mention many of these Ukrainians have not just lost their homes and family members, but their entire towns and cities too.
@Munster1: I think you can thank your lucky stars that you live in Ireland. What a dreadful comment. You have no idea of the horrors nor of the current and future situation of the country . Ukraine is a war zone, all of it currently. Perhaps you should devote some of your free time to helping the Irish disadvantaged and or the Ukrainian refugees. And yes, many of them want nothing more than to return to their homeland
@Dave Phelan: have you been there, have you witnessed first hand these so called atrocities, no, you sit at home in front of your PC and type idiotic statements. find some real information from real people, on the front line, and watch ho most of the cities are in fact, as everyday normal. what has happened to the people of ireland, now we just watch as our leader propose to be the “good boys ” of europe, while they neglect the needs of everyone in this country, unless you are rich of course and there is something in it for them.
@Darren Murphy: They were voted in because they were well able to ignore the needs of others. That happened long beforehand and it’s on us.
While family carers are means tested for carers allowance and have to fight for medical cards
@Úna O Connor Barrett: Absolutely true Una
In the first instance for many people reading this the initial gut response will probably be…
What about the homeless in Ireland? And why isnt the government funding support for them?
To put this in context the total of Public Expenditure on Homeless Service Provision in the Dublin Region in 2021 was €148,142,145 million.
So its not a case of help being made available for Ukrainian refugees, that has not been available to homeless people in Ireland or that this will somehow take funding away from currently homeless people, its two separate issues and both are being addressed.
The reason for continuing homelessness in ireland is not a lack of funding, its a lack of successive governments willingness, to build permanent social housing to replace current temporary accommodation.
@David Van-Standen: stop talking sense… It’s not appreciated on the journal..
@David Van-Standen: What I can’t fathom is why on earth any TD can’t simply make the call and build permanent housing with EU help. They could then be used later for social housing. All these subsidies are going to hotels while tourists can’t get to or from the airport.
@Aileen Lawlor: They will house whoever is next on the list freeing up emergency shelter for the next people.
Hotels cancelling reservations left, right, and centre because they’re getting 4 grand a week per room off the government to house Ukrainians. Twice in 2 weeks it’s happened at last notice to me, and then you’re paying through the teeth for another hotel.
@Ciarán O’ Donoghue: 4 grand a week, €570 a night…. per room. Whichnof your arses did you pull that figure out of?
@Ciarán O’ Donoghue: 100%. If a hotel has a stragety getting rack rates from the government it has to show 1st that they exist. The vast majority of hotels would love to go down this route hense medium hotels charging 350/400 per night when they were 140 average. They cant get staff so managing 50 rooms at 400 is better than 100 rooms at 140. And again no words from the IHF & Bord Failte. Very very quite.
What’s the Government’s fixation with the City West Hotel, first of all they block booked it as a Covid 19 Base, and now they are going to do the same for the Refugees. Who owns this place, and was these transactions done through Open Procurement, or could there be some Brown Envelopes involved.
@Owen G Mc Ginley: a quick Linkedin search shows the Chairman of Tetrarch who own the Citywest to be Paul Donnolly who is currently also a Senior Advisor to Digicel and was previously a non-exec board member of Digicel… never too far from Denis O’Brien in this country.
@Owen G Mc Ginley: It’s the largest hotel in Ireland, nearly 800 rooms, 2 convention centres and a leisure centre. That’s not including the golf hotel
@Owen G Mc Ginley: not whitstanding the other points made above its also extremely accessible from a transport point of view being only minutes from the M50/N7. No matter what the Govt do you can be guaranteed someone is making a tidy wedge from it.
@Owen G Mc Ginley: , down to all the political contacts made by Jim Mansfield over the years, starting with Liam Lawor, there still there
Current Government remind me of the FF/Green Government towards the end of 2020, a total shambles. Minsters have no control of their departments and the recent fiasco in Dublin Airport, to name one of many, proves this point. A General Election is badly needed as soon as possible.
While family carers are means tested for carers allowance and have to fight for medical cards.
@Úna O Connor Barrett: Yawn
And yet 10 000 irish residents are homeless. I completely agree with helping Ukraine, but look after people who reside in the country first. You cant bring in people into the country in order to inflate this figure next year. 10 000 homeless people, 10 000!!!
Money is the currency of power for this government. They love to have large scale expenditures that they use to curry favour for individual party members or for the party themselves. No money going out equals no votes, favours and LBE’s coming back in. They also don’t care, as can be plainly seen here for years and years, on whether they get value for that money spent, that is besides the point. Or to put it simply, CORRUPTION – alive and well for 50+ years and we just watch it slowly destroy the place.
While family carers are means tested for carers allowance and have to fight for medical cards
@Úna O Connor Barrett: One more time.. that will be 5.
Which government minister, TD or senior civil servant owns, part owns or has a financial interest in the Citywest…..in other words who’s pockets are they lining now
They think the war will Last Two years …???? As soon as things are right in Ukraine They should go back…and let the government sort out the homeless problem for a change
Move refugees out of Greater Dublin Area as use the rest of the country that has excess capacity.
Wow bought just before Covid for peanuts, two handy contracts from state that covers that cost more than once. Lucky deal or just lucky
So what happens if there is another scandemic and they need the hotel again for covid ?
@Ken Bramley: Dafuq is a scandemic? Braindead comment!
It’s a disgrace we need to deal with irelands own homeless I can wait till the next genral election fffg are f##ked
A good decision
Considering? This has been known the last 3 months, not Considering, done.
For god sake people of ireland stand up 10000 on the street family’s struggling children going hungry and the government look the other way I’m all for helping any one who needs help these people have been trough hell but many irish have been in hell for a long time bring on the election
Will they get free use of the golf course ?
Is the darts cancelled so?
have your say