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  • FIRST POST
    • Cotta
    • By Cotta 3rd May 17, 9:48 AM
    • 2,514Posts
    • 993Thanks
    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 £2000 in my current account which is essentially for emergencies.

    Interested in your thoughts.
    Last edited by Cotta; 05-07-2017 at 3:54 PM.
Page 6
    • edinburgher
    • By edinburgher 18th May 17, 12:33 PM
    • 10,764 Posts
    • 56,369 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
    • 208 Posts
    • 90 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
    • 286 Posts
    • 332 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
    • 286 Posts
    • 332 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
    • 2,514 Posts
    • 993 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?
    • Cotta
    • By Cotta 31st May 17, 4:04 PM
    • 2,514 Posts
    • 993 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?
    Originally posted by Cotta
    Just trying this question again.
    • Anonymous101
    • By Anonymous101 31st May 17, 5:00 PM
    • 1,022 Posts
    • 384 Thanks
    Anonymous101
    35 years old and don't currently have children. My saving as % of my gross salary at the moment are:

    12% into pension plus 6% employers contribution
    5% total split into 2 separate company share save schemes
    5% into stocks and shares ISA
    6% over payment on mortgage on a house I share with my partner

    I'm planning on further increasing savings as I develop my 20 year plan to retirement. Neither me or my partner smoke. I currently drive a relatively expensive car and go on multiple holidays per year. Usually one quite expensive... looking to reduce car and holiday spend over the next 12 months.
    Last edited by Anonymous101; 31-05-2017 at 5:02 PM.
    • AlanP
    • By AlanP 31st May 17, 9:39 PM
    • 999 Posts
    • 708 Thanks
    AlanP
    Just trying this question again.
    Originally posted by Cotta
    Sorry don't use FC so not sure but you are more likely to get an answer to this if you either:

    A) Start your own thread on here as the question is buried under "a totally different question / discussion" thread

    OR

    B) Go to http://p2pindependentforum.com/ and ask your question in the FC board on there.
    • Ray Singh-Blue
    • By Ray Singh-Blue 31st May 17, 10:34 PM
    • 346 Posts
    • 450 Thanks
    Ray Singh-Blue
    Buy a house with 1/3, spend 1/3,, save 1/3
    Originally posted by getmore4less
    I like that advice. A simple rule of thumb with high probability of good outcome.
    • Cotta
    • By Cotta 1st Jun 17, 10:17 AM
    • 2,514 Posts
    • 993 Thanks
    Cotta
    35 years old and don't currently have children. My saving as % of my gross salary at the moment are:

    12% into pension plus 6% employers contribution
    5% total split into 2 separate company share save schemes
    5% into stocks and shares ISA
    6% over payment on mortgage on a house I share with my partner

    I'm planning on further increasing savings as I develop my 20 year plan to retirement. Neither me or my partner smoke. I currently drive a relatively expensive car and go on multiple holidays per year. Usually one quite expensive... looking to reduce car and holiday spend over the next 12 months.
    Originally posted by Anonymous101

    The car might be a very easy win for you.
    • Anonymous101
    • By Anonymous101 1st Jun 17, 10:59 AM
    • 1,022 Posts
    • 384 Thanks
    Anonymous101
    The car might be a very easy win for you.
    Originally posted by Cotta
    Certainly. I love it but I need to change it next year due to its age. I'm required by work to keep within an age limit for my car allowance. It's on a good finance (0% CC) arrangement but high running cost and poor fuel consumption are costing every week.
    • george4064
    • By george4064 1st Jun 17, 12:25 PM
    • 865 Posts
    • 932 Thanks
    george4064
    Sorry don't use FC so not sure but you are more likely to get an answer to this if you either:

    A) Start your own thread on here as the question is buried under "a totally different question / discussion" thread

    OR

    B) Go to http://p2pindependentforum.com/ and ask your question in the FC board on there.
    Originally posted by AlanP
    I definitely recommend the p2p independent forum!
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2016 - #045 £10,358.81/£12,000 (86%)
    Save £12k in 2017 - #003 £11,830.10/£12,000 (99%)
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