How much should I be saving? 16.5K per annum

angon23annie

Plasticman wrote: »

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).

Yes I agree... it depends on what you're saving for and what things you really need most. If you save a lot then that's good but there were times that we really need to spend a lot of money specially when something undesirable happens.

Buddingblonde

Gizmos_dad wrote: »

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

So thats how Gordon Brown got the economy into such a mess is it????

Doom_and_Gloom

jeffthespaceace wrote: »

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

Personally I think £100 on food per month for one person is rather lavish. My fiance and I are budgeting around £108 for both of us for a month (around £12.50 each per week). We went over last month but only because we bought basic store items we won't need to buy for months as we only just moved in to our new place so had to start fresh. We still didn't spend that much really last month - £125.19 (works out less than £14.50 each per week still). We don't waste anything and we don't go hungry - my partner has a huge appitite and is still underweight somehow - I'm trying to get him to a normal weight so skimping on food is not an option.

rictus123

Buddingblonde wrote: »

So thats how Gordon Brown got the economy into such a mess is it????

George Best

mattcanary

To those of you paying between -£80-£100 on food for two and live well, I don't believe it!

What about food for breakfast? (most important meal of the day, they say), what about any drinks (or do you drink water and nothing else)? And do you get the five portions of fruit and veg into you? Store-cupboard items ?(they do need to be replenished sometimes, you know!)
And there are other basic household expenditure that have to be budgeted for before thinking about how much in the way of savings you can put aside each month
Toiletries (I'm male so that's probably less for me - but still shampoo, shower gel, razor-blades, shaving foam, toothpaste, toothbrushes, deodorant)
Cleaning equipment (washing-powder, washing-up liquid, cleaning cream, dusters, dettol, etc,etc)

What is it with people boasting about how little they spend??!!

sassy_one

jeffthespaceace wrote: »

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

Wish me and my wife could survive on £100 a month on food :eek:

Try a few hundred!!

Bravepants

When I started my rainy day / emergency fund I put 10% of net take home away in a cash ISA. I think the OP should start at 10% and see how that goes for a few months, and if you are feeling the squeeze ease off a bit until you can adjust. But anything is better than nothing. You may find that you can put 15% away or more after a while, and increase it slightly as you get pay rises/increments etc. If you get your annual pay rise, and you feel you can carry on living comfortably without it, how about just stashing you pay rise in with your monthly savings?

moneypuddle

I think you should take advantage of what is a pretty good situation for you at the moment and really save as much as you can whilst also having a little fun. If your income is £1100 and your basics are £450, even if you allowed £150-£20 for socialising and fun, you'd still be able to put away £450-£500, so you don't seem to be doing too badly at all. My partner and I earn more but have many other basics (reundancy cover, car insurance, petrol, child support) etc.

It might be wort decided exactly what you're saving for, as it's much easier with an aim. I have just the one ISA but I always pay an exact amount into each month and as it builds I know exactly what proportions are for my car, xmas presents savings, rainy day, baby fund etc. That might be a little over the top organised for some people but it works for me

x

Dick_here

sassy-one wrote: »

Wish me and my wife could survive on £100 a month on food :eek:

You could do, easily, if you really want/need to...

http://www.cheap-family-recipes.org.uk/

Suzanne_Louise

Well done to those that can save! I put £50 away into my First Direct 1 year bond. I know I shouldn't spend like I do, but I like nice things, and now I've got a daughter, I like her to have nice things too. Really must make more of an effort. I'm so envious!