How much should I be saving? 16.5K per annum

lynzpower

jeffthespaceace wrote: »

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

Er, svvy shopping? I have fed me & OH and DOG on £100 a month, its really not that hard an doesnt involve eating caged eggs/value sausages- thats with the dog on Cesar and a fair dose of vegetarian food- avoiding meat!

We did it when we needed to, but now we spend about 150 and that includes plenty of M&S

Ivrytwr3

LOL, we bring in quite a bit more than that, yes we have a mortgage, but only for a 1/4 of my salary, and i never seem to save a penny.

Where does it all go?!

Meenu

Should we essentially save everything we dont spend each month?
Is that right or is a fixed spend better?
I am new to this

BritRael

Personally, I never think in terms of 'how much' to save, I just do it. I get paid, pay my bills and the rest goes in the bank and I forget it. I am not compelled to spend money on 'stuff'; designer this, designer that, 'must have' electrical c**p, mobile phones etc.

In contrast, I've known loads of people over the years whose philosophy is totally different; they get paid, pay their bills (or not ), and then think "right, I've got x-pounds burning a hole in my pocket...what can I spend it on?"
For me, money never, ever burns a hole in my pocket (and no! I'm not a Scotsman! ), I just save naturally.

tightandproud

I totally agree with BritRael. Spend only what you need and leave the rest in your bank account and slowly watch it grow.

If you are serious about saving then you have to be committed. Ask yourself "Do I really need this?" everytime your impulse tells you to buy something. If you do then fair enough, buy it. Just don't let yourself fool you into buying something you don't really need.

Dandy_Lion_2

hi not sure if i can help but im saving for a new car at the moment i dont get paid much but i have managed to save 4k since just before xmas. i opened a isa and i dont carry cash around with me because i will spend it, i use my card for petrol, and my car insurance is direct debit, so unless i need to buy anthing i dont carry cash.

thriftylass

Meenu wrote: »

Should we essentially save everything we dont spend each month?
Is that right or is a fixed spend better?
I am new to this

Depends. I did a monthly budget and that way determined how much I should be able to save each month. When I get paid I pay myself first (well after all the bills) i.e. I put a fixed amount into a savings account and try to live of what's left.

SuperSaver123

Meenu wrote: »

Should we essentially save everything we dont spend each month?
Is that right or is a fixed spend better?
I am new to this

It depends whether you can actually restrain yourself from spending. I personally think that regular saver is best for newbies with the SO date the same as your pay day. In that case you will learn how to live on less without thinking: Oh, there is still some money in my CA, perhaps I can afford it...

I do regular saving accounts with SO coming out on the day I am paid plus if I have any 'leftovers', I transfer out to another account before I get next months salary. In that case even if I have left £15 (overbudgeted for clothes for example), it goes to savings, rather than next months' spendings... So for me combination of both works best..;)

Plasticman

Meenu wrote: »

Should we essentially save everything we dont spend each month?
Is that right or is a fixed spend better?
I am new to this

That depends what you're saving for. If you are saving for something specific over a fixed time period then you can work out what you must save each month. If you don't have any savings and you need a 'safety net' then I would suggest savings every penny you can! Personally, I never quite understood the point of saving every penny (and sometimes going without) when you have a large sum of cash in the bank. I saved as much as I could when I didn't have much in the bank, but now that I've got some cash tucked away I save a little and spend some on things that I want (rather than need).

tara747

SuperSaver123 wrote: »

if I have any 'leftovers', I transfer out to another account before I get next months salary. In that case even if I have left £15 (overbudgeted for clothes for example), it goes to savings, rather than next months' spendings... So for me combination of both works best..;)

Same here! Having money left over from my budget at the end of the month gives me a HUGE thrill.