How much should I be saving? 16.5K per annum

tryfive

surreysaver wrote: »

£650.00? Or do you spend the rest?

Same as the rest of us: Loose women and fast cars :rotfl:

...Or beer! :beer:

tryfive

cookie9 wrote: »

Rainy day savings should be 3 times salary.

W-T-F?!!

Enough savings so your "rainy day" can last 3 years?! :eek:

LeeSouthEast

I think they meant 3x monthly income, rather than the entire salary.

rach30ipswich

I'm trying to save £500 a month and have am given myself a strict budget for the last 2 months. So, I have £1,000 in my ISA and have just made £751 this week (with the help of MSE/forums & recommendations). A further £100 I will make due to swapping bank accounts (for which I've been accepted) again with the help of MSE.

So basically I have £1751.00 saved and a further £100 on the way. Not bad eh?!

I won't be able to save in December with Christmas around teh corner but I intend to keep the £500 savings going in to my bank each month. I have always lived for today and not tomorrow...but I've finally found my way!

By Jan 2010 I won't have any credit cards left to pay off and my loan just finished in Sept! Happy days :-)

[Deleted User]

I personally knocked up a quick excel spreadsheet, allocated dosh for everything including money for nights out, beer, clothes etc. then set up a DD to transfer the rest to a savings account.

A quick look on http://listentotaxman.com suggests you're not saving for retirement? I'd suggest heading over to the pensions board... The earlier you start the more time your money has to grow.

How much should you save? They say have x3 months salary spare.

Either way live your life and don't get too hung up on saving thousands. What's the point? There's no prizes for being the richest guy in the grave yard!

*Vikki*

I am left with £630 after bills roughly same as op. Now I live at home, but do love my hobbies and shopping. So what should I save £300, £350, £400? I think £500 I would feel deprived some months. I have a pension, being a civil servant.

£982.19 wage per month
-£339.51 isa
-£180 rent
-£130 to live (food/fuel)
-£14.69 phone
-£17.99 weight watchers member fee
=£300C

Should I feel good saving that much. I still want a good life, am 23 and like to treat myself.

minerva_windsong

jeffthespaceace wrote: »

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

It's surprisingly easy if you're on your own - I only ever spent about £20 a week on food as a student and I ate pretty well (everything cooked from scratch etc).

In answer to the original question, I'd say to save about a third of your monthly income, so about £350-400 if you're on £1100 a month.

fablad75

Set up a regular saver so you know you're definitely putting aside a set amount every month. Then set up a second savings account which is instant access. Any leftover money at the end of the month goes into that, and if there's anything that you need to spend extra on, just take it from there.

rictus123

I think my aim is going to be at least £500 a month from the summer. For now its not so much an aim, its more of a save as much as i can and see what happens

tara747

To the poster who asked how one could survive on £100/month on food, I spend about £80 and eat very well thank you!!