What percentage of your salary do you save?

caveman38 · 7 November 2007 at 9:49PM

Is there a 'Prize' :T on offer to the person who puts down the highest pct ???

The "Billy No Mates" Cup.
I enjoy reading Martins tips and the contributions made by many of the posters on these forums.
But does being an MSE addict make you into a obsessive who only thinks about saving. How can 20+ year olds save 80% of their salary and still have a life?

MattB_4 · 7 November 2007 at 10:16PM

Oops my grasp of maths may not have been what it was! Mine is more like 60%! That's not enjoying myself much at all though! If it wasnt for my loan i could probably do 70%. A cheaper car might push it to 80% but I honestly dont need the money that badly!

meme_3 · 8 November 2007 at 1:13AM

mary wrote: »

This is influenced by so many factors - not least of which I imagine is if you are married/partner (whatever) and with/without kids.

I save 100% of mine, but we use husband's to pay bills!

Same here - all my money is saved or invested.
OH pays for everything else.
His take home pay is double mine, however..... (approximately).

purch · 8 November 2007 at 9:23AM

101 %

The "Billy No Mates" Cup

I won....I won :j

baby_boomer · 8 November 2007 at 10:18AM

MattB wrote: »

Are you not contradicting yourself there? Surely you intend to spend the money when you retire, just as you will on uni fees etc?

I take your point, which is well made. In my case, however, I'm intending to live off the income from my saved capital - if everything works out :rolleyes:.

I still don't regard putting money aside for necessary and inevitable future needs as saving. I will need a new car in 1 year and I simply won't have the ["savings"] money after I have bought it. IMHO that's effective budgeting rather than saving. But perhaps we will have to agree to differ.

A further three questions, though.

1) Are we including pension contributions as saving?
2) If so, should pension contributions be counted gross or net?
3) Should employers' pensions contributions be counted? [Whether we have these or not are one of the great inequalities of our age.] I think they should if the answer to Q1 is yes - otherwise we would be comparing apples with oranges e.g. in the case of a civil servant v a self-employed builder.

C32AMG · 8 November 2007 at 10:41AM

About 60-65% of our total monthly income gets saved.

Of this, about 80% or so goes in to 'long term' savings, which isn't allowed to be touched. 20% goes into short term savings, which pays for holidays and unusual things that aren't budgeted for.

Anything left at the end of 3 months short term savings gets swept into long term savings, which is often tied away on notice accounts.

runicles · 17 March 2009 at 2:27PM

What sort of percentage of their total salary do people spend on their energy bills? Just trying to get a rough idea

evenasus · 17 March 2009 at 3:45PM

I only receive a reduced state pension. But roughly, 'we'

save about 70% of our household income.

evenasus · 17 March 2009 at 3:49PM

runicles wrote: »

What sort of percentage of their total salary do people spend on their energy bills? Just trying to get a rough idea

Gas & electricity work out at 3.36% of our household monthly income.

nzseries1 · 17 March 2009 at 4:35PM

I try and save 55% of my income... doesn't always happen though.

I was really impressed with that figure, however compared to some people on this thread I feel a bit less enthusiastic about it now! I am a single person living on my own with no kids.

What percentage of your salary do you save?

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