Author Topic: General tips? I think I'm pretty frugal already  (Read 3156 times)

arnoldus

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General tips? I think I'm pretty frugal already
« on: March 08, 2013, 08:25:25 AM »
Hi!

I'm 29 y/o, living in Belgium, Europe. My revenue is 1.500 EUR/month (net 1.230 EUR / month after taxes).
I have a small company-car, fuel is paid by company. I live in the city I work in, commute is about 10 minutes.

ATM, I still live with my parents, so I don't have any food or rent costs.
I've saved up around 25.000 EUR during the two years I have been working. I don't have any debts.
I save almost everything I earn, but have set myself 200 EUR 'allowance' for discretionary spending (books, hobby, socialising, etc). I rarely use it all.

I have ca 6.000 EUR in the Vanguard 500, however as it is in $USD, I don't know if it is prudent in the long run.
I have 4.000 EUR in gold bullion coins.
The remaining 15.000 EUR is on my bank-account, not earning more than 1% in interest. (Ouch).

I don't have any higher education or particular skills, I'm lucky to be working in the company that I am, but I do not have any career prospects of earning much more than I do now.
The only other way would be to find something I can do as self-employed (web bizz, etc), but I am not sure if and what I could do.

I'm looking to move out from my parents, and this will change the equation a lot.
The projected costs are:
Small studios or apartments are around 5-600EUR / month, utilities will be around 100 EUR/month, and food probably 450 EUR / month (I am a powerlifter, I eat more than average).
Total: 1050-1150 EUR/ month costs. This leaves only 80-180 EUR for saving AND any other kind of spending.

This is the reason I've been living with my parents, I can save much much more.
Now, I'm also looking to go my own way, but as you can see, there is barely anything left in that scenario.

Unless I can find something that I'm good at, that I can do on my own, I do not see how I can do anything more than either live at parents, or living from paycheck to paycheck.

I'm very interested in hearing your input in what I can change, or other ideas in becoming more independent in the long run.

Paul der Krake

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Re: General tips? I think I'm pretty frugal already
« Reply #1 on: March 08, 2013, 08:56:06 AM »
Hey Arnold! (sorry)

You need to get yourself some skills, brother! What are you good at, and what would you like to be good at? Ask your company if they have a plan in place that would cover the costs of getting a degree or taking classes. Not necessarily of full-fledged 4 year degree, but something with evening classes you could do after work. Many companies do and will be happy to oblige if you've been there long enough.

450 euros a month on just food is unnacceptable and downright suicidal at your current income level. I eat around 3000-4000 calories a day depending on the training regimen and don't even come to half of that amount. You either have expensive tastes or you need to start paying more attention to what you put in your basket.

Good luck!

CNM

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Re: General tips? I think I'm pretty frugal already
« Reply #2 on: March 08, 2013, 09:23:29 AM »
As they say around here: you don't have a spending problem, you have an earning problem.  I'd say that you should be concentrating on how to boost your income.  When you move out of your parents' house, your current salary barely covers your living expenses.  Get another useful degree, ask for a raise, start a side business, or something.

richinlondon

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Re: General tips? I think I'm pretty frugal already
« Reply #3 on: March 18, 2013, 06:13:01 PM »

ATM, I still live with my parents, so I don't have any food or rent costs.


Is it fair on your parents that at aged 29 you are not contributing to the food or rent? I personally think that because you have been living too easily off of your parents that it hasn't pushed you to get out and gain new skills to earn more money. A move from the family home would be good for you, because you will then need to 'up your game' in order to have a good standard of living. Time to enter the real world! Sorry if that sounds harsh but it'll help you in the long run I think.

VexedCoffee

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Re: General tips? I think I'm pretty frugal already
« Reply #4 on: March 18, 2013, 08:54:08 PM »
Get a roommate to save on rent.