How much should I be saving? 16.5K per annum

rictus123

Im sure you do tara Are you too busy munching for that soa im waiting on lol. Pm me it if you dont want everyone knowing.

tarablinc1802

dont start with to much just start with an amount your comfortable with so 300 out of 1100 is not to much to pressure you but its a decent amount and if your finding it to easy to save that then put it up alittle like 50 or 100 its all down to how comfortable you are saving that amount if your not comfortable you wont do it sooner or later you will get fed up its aknown fact hope this helps

rictus123

Well from this Aug to next im going to take home 17.5k for my basic mon-fri - il get overtime on top taking it upto near £20k and my frugal living challange is to get by on £6k a year for everything so £500 a month...£20k net = £1660 take home a month so il have £1160 to save each month. Even if i loosened up and upped it to £600 a month(£7.2k a year spends) id still be saving over £1k a month:T18 for what its worth, 19 this June. Left school at 15(a week before my 16th) and got told id never amount to anything, head teacher even said id be off to jail...now whos laughing

Sun_Addict

A lot of the budgeting websites I've looked at suggest 20-30% of your net income for savings. Going to start aiming for this once I'm debt free next week.

covmutley

Wow, saving 1k a month would be fantastic and make such a difference to your future. Dont waste some of your best years though being too tough on yourself though? I think saving 800 would still give you a great nest egg after just 1 year, and perhaps affording the off treat would make you happier?

laurenjs88

minerva_windsong wrote: »

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.

I earn that much and I can rarely put more than about £2 aside a week! :eek:

tara747

Sun_Addict wrote: »

A lot of the budgeting websites I've looked at suggest 20-30% of your net income for savings. Going to start aiming for this once I'm debt free next week.

Well done on your DFD!!! :j

I now have £31,742 saved and am aiming for £40k by the end of the year. :beer:

tara747

£32,892 now

bodmil

I don't like to have a set amount. My salary varies so I like to leave £500-600 in my curent account (unless I know I have something big to buy in the coming month) and put whatever I have over that into a saving's account. I've started to keep track of how much that ends up being each month and it's nice to see it's going up a bit! =D

Gizmos_dad

"I spent a lot of money on booze, birds and fast cars. The rest I just squandered." GB:cool: