How much should I be saving? 16.5K per annum

ftb999_2

Hi People!

How much should I be saving per month... or more importantly what sum on money should I try to save for a rainy day?

I make 16.5K per annum.

Monthly Incoming is: £1,100 after income tax and NI.

Monthly Outgoings are:

£330 on rent including bills.
£20 on phone bill
£100 on food

Advice would be greatly appreciated.

Cheers.

Fabs.

surreysaver

£650.00? Or do you spend the rest?

harding1985

Atleast £500 I would say, unless you have other bills

cookie9

Rainy day savings should be 3 times salary so I'd have that as your first goal. You haven't put in any spending on going out etc so I'd aim for £500 savings. You can always adjust it to suit to later.
Once have rainy day savings personally I'd take part of the £500 eg £300 and pay it into a Cash Isa.
Good luck with your savings.

Valli

Surely you have other outgoings too? Travel costs for instance?

Chopper98

500 a month is a lot, unless you dont really have much of a social life. I think you need to find a balance between enjoying yourself now and building towards something in the future. Some people spend their entire lives saving for retirement...i don't understand that mentality as you're selling out your youth to try and live it at a later stage. But each to their own. 150 quid a month is not a lot for everything other than bills and food in my view.

I guess the question(s) is what are you saving for? How old are you? Is it purely for a rainy day or is there a goal? Do you have a pension etc....

I would probably plump for 300 to 350...depending on what other expenses you have but thats just my two cents

Spartan_Saver

i was on that salary a while and i was saving a good £300-400 a month while still enjoying a great social life

Chopper98

Indeed thats why I suggested 300 to 350, 500 is ridiculous unless you live at home or rent free

loracan1

I set out a monthly budget, total up what I want for holidays, clothes, entertainment, presents etc and work from there. (I actually use the surplus to overpay on the mortgage at the moment)

Work out what you 'can' afford to save, but without selling yourself short and set up a standing order.

jeffthespaceace

how do you survive on £100 on food per month?

Chopper98

jeffthespaceace wrote: »

how do you survive on £100 on food per month?

Reckon I dont spend much more than that :

Typical stuff i buy

Passata for making sauces
Various Pasta
Rice
Bread
Noodles
Soups
Tinned pulses
Mushrooms
Peppers
Onions
Garlic & Ginger
Lettuce
Bananas & Apples

Try to avoid dairy as i have an intolerance so no milk, cheese or eggs

Couple of types of meat per week. Personal favourite is chorizo, its lasts for several meals and flavours everything else. But then i like cooking and I have a large spice rack to add flavour to what others might consider bland.

I also go the chinese superstore as its so much cheaper. Tub of curry paste that lasts weeks is 2 quid and its not full of starchy wallpaper paste like jarred stuff in supermarkets. Also a big bag of chinese dumplings is a couple of quid, can't go wrong. Markets are also good in leeds