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  • FIRST POST
    • Cotta
    • By Cotta 3rd May 17, 9:48 AM
    • 2,285Posts
    • 937Thanks
    Cotta
    How Much do you Save?
    • #1
    • 3rd May 17, 9:48 AM
    How Much do you Save? 3rd May 17 at 9:48 AM
    Hi All,

    I'm always interested in how much people save and if there is indeed a specific amount? Do people set X amount aside each month or is it a case of setting aside what you can afford after everything else has been paid for?

    I've just started to save after four years of living payday to payday, at the moment I am saving 200 per month into a Regular saver account which pays 5%. This 200 represents around 10% of my net salary. On top of this I have 3000 in my current account which is essentially for emergencies.

    Interested in your thoughts.
Page 6
    • edinburgher
    • By edinburgher 18th May 17, 12:33 PM
    • 10,588 Posts
    • 54,915 Thanks
    edinburgher
    could you explain this a bit more, please?
    Originally posted by stoozie1
    I think they're talking about investments being a form of passive income.
    You're getting income without doing any work for it per se, it's working for you.
    Originally posted by chockydavid1983
    Yes, exactly that, thanks for jumping in chockydavid1983

    When stock markets go up, it gets more exciting the more you have. When they go down, it's scarier!
    • fiisch
    • By fiisch 18th May 17, 4:40 PM
    • 85 Posts
    • 18 Thanks
    fiisch
    Really inspiring thread...


    I've never saved long-term - my savings strategy has amounted to chucking a few hundred quid ad-hoc into a savings account (not renewed to take advantage of best interest rates) and then blowing it all in on a holiday or gadget.


    I've always had the attitude that if I want more money, I'll go and earn it. This resulted in me having 9 jobs in a 7.5 year career.... I'm now 30 and just had my first child, and the penny has dropped. I am temporarily contracting (going permanent in July) and have managed to amass a decent amount of money to pay off debts and start looking towards longer-term savings on top of the obligatory "emergency funds".


    Currently saving 2,000+ / month, but that will drop dramatically in July. Still have some high outgoings (cars being a particular weakness of mine), but am looking to reduce our monthly outgoings and up our savings as time goes by. I could stay contracting, but current job is very close to home and with a baby, the added security, perks of going perm (apparently I'll get something called "a pension" and "annual leave"!) and guaranteed regular income is more appealing than rolling the dice and staying as a contractor.


    From July, I predict saving 250 a month, which will equate to around 6% of our net annual take-home pay... Unfortunately, with no local family, and my wife's choice of career, it does not make sense for her to work more than 10-15 hours a week. The aim is to ensure we can comfortably live off my salary and save 100% of her pay each month, minimum.


    Biggest problem is high living costs (circa 3k / month), so will be looking to save and reduce these simultaneously (I don't want to focus only on reducing debt as a) - a lot is on 0% arrangements; b) - I want the flexibility savings can provide, as we're currently on a 80/20% equity share scheme on our house/mortgage).
    Last edited by fiisch; 18-05-2017 at 4:43 PM.
    • Bravepants
    • By Bravepants 18th May 17, 7:23 PM
    • 178 Posts
    • 198 Thanks
    Bravepants
    Yes, exactly that, thanks for jumping in chockydavid1983

    When stock markets go up, it gets more exciting the more you have. When they go down, it's scarier!
    Originally posted by edinburgher
    If you're in drawdown it's scary, if you are in accumulation phase then it's an opportunity.
  • jamesd
    It can be a scary opportunity for both. If you're in drawdown you might be paying attention to Guyton's sequence of risk reduction method and that is likely to leave you with much reduced equity holdings before a big drop. If you are in that position you have an interesting opportunity after the drop.

    I currently have a far lower equity exposure than usual, made easy by the nice P2P returns that are available, delivering better than UK long term average stock market returns without the equity volatility. If there's a 40% equity drop I won't have much reason to be unhappy.
    Last edited by jamesd; 19-05-2017 at 1:51 PM.
    • Bravepants
    • By Bravepants 19th May 17, 8:00 AM
    • 178 Posts
    • 198 Thanks
    Bravepants
    It can be a scary opportunity for both. If you're in drawdown you might be paying attention to Guyton's sequence of risk reduction method and that is likely to leave you with much reduced equity holdings before a big drop. If you are in that position you have an interesting opportunity after the drop.

    I currently have a far lower equity exposure than usual, made easy by the nice P2P returns that are available, delivering better that UK long term average stock market returns without the equity volatility. If there's a 40% equity drop I won't have much reason to be unhappy.
    Originally posted by jamesd
    Yes, I want to get more into P2P in the long run. At the moment I'm experimenting with two platforms to assess performance. There's interest rate risk and downturn risk with P2P though, so as ever it's all about the balance of risks and diversity.
    • Cotta
    • By Cotta 19th May 17, 9:20 AM
    • 2,285 Posts
    • 937 Thanks
    Cotta
    With P2P lending, I've looked at Funding Circle, is it possible to view the instalments that should be returned and when these are due in?
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