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How I Spend My Money: A scientist in Galway on €42,500 with an emergency fund to last six months

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05.12.2018

WELCOME TO HOW I Spend My Money, a series on TheJournal.ie that looks at what people in Ireland really do with their cash.

We’re asking readers to keep a record of how much they earn, how much they save, if anything, and what they spend their money on over the course of one week. Want to take part? Details on how to do it are at the bottom of the piece.

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.

The other day, our first money diarist based abroad shared his account of living in Brussels, and today we’re headed out west as a scientist in Galway tells us how he spends his money.

Occupation: Scientist
Age: 27
Location: Galway
Salary: €42,500
Monthly pay (net): €2,550 (after 12% employee pension contribution)

Monthly expenses
Rent: €550 (sharing with my girlfriend. We pay €1,100 for a two-bed apartment)
Household bills: €75 (my cut of the broadband and electricity)
Transport: €160 (fuel, car tax and insurance)
Phone bill: €25
Health insurance: Employer benefit-in-kind deal
Groceries/food: €300 (Aldi/Lidl mostly, work canteen and takeaways)
Pension: €425
Subscriptions: Spotify family plan (€2.50), Netflix (€4.50)
Travel: €200 (averaged over 12 months)
Discretionary: €200 (socialising, gifts, etc)

Myself and my girlfriend rent a two-bed for €1,100 a month in Galway. Our lease was signed earlier this year, so we just happened to get lucky with it, I guess. The place we’re in was close to the tenth we viewed and at the time, a lot of two-bed places were coming in around €1,000 to €1,200 a month – there’s not many at that price now!

We haven’t rented the spare room out as we prefer the place to ourselves. It doubles up as a gaming room most of the time when we’re not having........

© TheJournal