I’m 29 and earn €49k. I’ve built up around €60k in total savings, but I feel like my setup is a bit messy and I’m probably not using my money as efficiently as I could. I also tend to keep too much in my current account because I get anxious about not having a buffer. My current account will always have a minimum of 9k in it, usually closer to 10k.
My biggest commitment is rent at 916 euro per month.
Current setup:
AIB Online Saver Accounts:
Two accounts, saving €800/month into one of them. 14.7k between the two accounts.
Revolut Savings:
Main pot: €33k, earning daily interest.
Smaller pot: €800, also earning interest (Leftover from Bonus this year)
Emergency Fund:
AIB Personal Demand Account with €2.7k, adding €80/month.
Pension:
Contributing through work (standard employer scheme). The employer is contributing a good bit.
Revolut Vaults:
Car expenses: €50/month (for tax/insurance).
Holidays: €100/month.
Credit Union:
€11,000
Honestly, I feel a bit directionless with my savings at the moment and I have a lot of anxiety around spending money. A recent example: I was thinking about getting a new bike through the Bike to Work scheme (€999). I already have a commuter bike, but I’d like something better suited to longer spins or maybe group cycles in the future. I know it’s cheaper through the scheme than buying outright, but I still feel guilty because I think that money “should” go towards a house deposit or maybe a future car (even though I don’t need a new one yet).
It feels like I’m just putting away €800 a month without any real plan. I don’t know how much of that should be earmarked for a deposit, how much for a potential car, and how much I can safely spend on hobbies (mainly exercise and reading). I also genuinely don’t know if I’ll ever be able to afford a decent place to live (The minimum I can find for a half decent apartment is 375k or more), or whether I’ll need a car if I end up moving to Cork. Like should I stop saving toward a deposit, do I already have enough for the apartment but then my salary doesn't stretch far enough so maybe I need to keep saving for house stuff to take money away from mortgage?