% of income

tightboy67

thankfully not in debt (due to reading this board for a long time!!!). Quick question, what % of my income should be put away for saving per month ? out 0f 3000, I think 1000 (the rest going on mortgage, car, holiday, food, utilities etc etc) ??
thanks

sanfrancisco

I read a rule on here I liked a while back...

third...housing and bills
third...savings and pension
third...beer, holidays and food.

moozie_2

sanfrancisco wrote:

I read a rule on here I liked a while back...

third...housing and bills
third...savings and pension
third...beer, holidays and food.

Where is that 'thanks' button when you need it :rolleyes:

I like it, thanks sanfrancisco :T

Quasar

being self employed, my earnings vary from month to month but not by a great deal, so I'm able to save on average just over a third of my income. I have no mortgage and my bills are low (ie. £53 electricity for winter bill!).

However I am planning to cut back on my work a bit, because at the moment I hardly have any spare time, so I expect that I shall be putting away only 25% starting soon, but I am not too worried about that as my savings are fairly substantial already.

tightboy67

I read a rule on here I liked a while back...

third...housing and bills
third...savings and pension
third...beer, holidays and food.


cheers i will go with that !

southernscouser

A wise man from Tibet once said to me "you should try and save at least 10% of your gross pay!"

OK, so he wasn't from Tibet. And not particularly wise. But it's a start!

I mis-heard him and thought he said I should spend 150% of what I earn gross! :doh: :rotfl:

Quasar

southernscouser wrote:

A wise man from Tibet once said to me "you should try and save at least 10% of your gross pay!"

OK, so he wasn't from Tibet. And not particularly wise. But it's a start!

I mis-heard him and thought he said I should spend 150% of what I earn gross! :doh: :rotfl:

You are unique SS! :rotfl:

southernscouser

Quasar wrote:

You are unique SS! :rotfl:

Is that a compliment or an insult? :think:

Quasar

southernscouser wrote:

Is that a compliment or an insult? :think:

A BIG compliment hun! :kisses3: Hey, it's me, Q, remember?:p

kathfisch

southernscouser wrote:

I mis-heard him and thought he said I should spend 150% of what I earn gross! :doh: :rotfl:

:rotfl: :rotfl: :rotfl:

Tea all over computer screen now! :rolleyes:

:rotfl: :rotfl: :rotfl:

Snich

we love you SS - don't be offended! You entertain us all - and make the 'board' a better place!

In answer to the original poster's question.. depends what you're saving for. If holidays etc all come out of the 2/3, then 1/3 sounds pretty damn good to me. At the end of the day, it really depends how much you earn. Another way I heard was to start with eg 1/3 but if you get a payrise or a bonus just add that to the savings as well - kind of like what we do when overpaying our debts or mortgage...

Snich x