what is a rational percentage to save

de1amo

İ seem to be on an irrational saving purge in life--i save about 66pc of my net income-and have done so for many years--i have all my bases covered it seems but i am hell bent on this exagerated course--my wife and daughter 'suffer' because of my pre-occupation with saving --what should be my rate of saving?----i am happy with the homes i own and dont want to upgrade-i am not one to desire lots of material objects but feel for my family!!-any rationalising with my irrational ramblings??

redpete

66% sounds a huge percentage especially as you've hinted that you don't know what you are saving for (don't want a more expensive house, don't plan to buy expensive stuff). Your footnote suggests that you don't need to put anything by for pension (is this included in your 66%?).

What is your income, what are your base-level outgoings, what do you OR your family want to spend money on out of regular income, what do you OR your family want to spend money on that require you to save up?

As you suggest that your family are losing out now in order for you to save money for something you can't or haven't explained I agree that your behaviour is irational and would make me annoyed and resentful if I was part of your family.

DiggerUK

de1amo,
Cut to the chase.
Save a third, and spend the other third.
Reason?
Sooner or later her indoors is going to realise you are no fun, divorce you, and make whoopee with half of the two thirds you are saving.
Simples.

Reaper

Indeed. All savings should be for something not just for the sake of it. A cushion against redundancy, a future purchase, retirement, kids education or whatever.

Saving for no reason and living more frugaly than is necessary stops being saving and starts being miserly. Live life now and enjoy it - as far as I know you only get to live once.

de1amo

my income is 2200pm net and outgoings are 700pm over the year per month--we have a home abroad and spend a lot of time there so living is cheap!-we own both homes valued at a total of 275k -the 55k mortgage is almost covered by savings and investments-i am receiving my pension due to early retirement because of illness---the only 'rational' use of money i see is home improvements(thus gaining value on my homes) and making Mrs De1amo more content--believe it or not she is not complaining!!

DiggerUK

de1amo wrote: »

.....the 55k mortgage is almost covered by savings and investments..!!

Then you can start by getting rid of this, unless you are stoozing to your advantage with the interest rates.

Most people here get stressed out by not enough savings, and we already have a poster who is completely bonkers. Enjoy yourself.

de1amo

i can stooze abroad but at the moment the pound is at a low i am not willing to 'chance'--it just sits accumilating--due to things i cant remortgage into something more cash balanced than a svr--my svr is 2pc so things dont have much urgency on that front-my investments are far more advantageous for long term further security than paying off my mortgage!!--i have always lived frugally and rejected offers of mortgage advances beyond 3 times my income--maybe i am another bonkers one!!!

Lokolo

DiggerUK wrote: »

Then you can start by getting rid of this, unless you are stoozing to your advantage with the interest rates.

Most people here get stressed out by not enough savings, and we already have a poster who is completely bonkers. Enjoy yourself.

Who? :rotfl:

scottishblondie

I save about 55% of my income, but I am actually saving for something! Also my outgoing are prety low and I only have myself to support. If you are living a comfortable lifestyle that you and your family are happy with then save as much of your income as you like, if on the other hand you feel that you or your family are suffering because you don't enjoy things that you would like to, then save a little less and live a bit more

de1amo

i am happy in life going without!! for years i was single and marriage is relatively new to me--i have a step daughter with my wife!!--its finding the happy medium.--this subject came to a head because i refused my wifes request to send my step daughter abroad to see a music maestro to see if she has musical genius after learning the piano to a good level for just 2 months --goes against my learnt behaviour!!

Milarky

I feel 10% would be a 'good' general rate of saving for most people - if they could manage it. Double that to about 20% and this would count as about the maximum as person would 'normally' save without special effort.

To save 50% something very forced indeed must be going on - shows a real lack of confidence. So you might like to make your personal 'target' under 50% with an eventual target of 25% or so.