How much can you save?

zag2me

It varies but on average I save about 15% of my income.

I treat my savings as a monthly bill just like my mortgage and electricity, this way you never even notice it leave your account.

McSaver

I have no real major outgoings so i am able to save a high percentage of my savings. Last year I managed to save 84.6% of my total Income.

[Deleted User]

I'm saving 16% of my gross income however another 24% is going towards paying off debts (yes I know in theory you should pay off debt first however for my circumstances it's not worth it / possible). So it would be 40% savings if I didn't have the debts.

4.2% of my gross income goes towards my pension and a final 4.7% goes to the Student Loans Company.

Never actually totalled that up before but I'm astounded that just under half my gross income leaves my account before I even see it!

To put this in context I'm 24 years old renting with friends.

christhesparky_2

Just joining in, managed to save £250 in my ISA since 9 April, hopefully will stay there and grow a bit without the spending urge overcoming me

Rose_Crow

I save on average 17% a month. Going to aim to do 26% from now on.

I like the idea of working it out as percentages, it makes it easier to compare yourself with how others are doing since we all earn different amounts.

Aussieonabudget

I have been lurking on this thread and have decided to finally post! This month I saved 20% of my income which really impressed me. Before reading this thread I would have though £50 a month was a lot to save but now it's never going to be enough! I am a little behind the 8 ball though in the fact that I didn't even know what an ISA was until the 30th March this year (managed to get my 07/08 ISA opened with the full £3000 though so pretty impressed with that).

I will try to continue to post so that I don't slip into old habits and consider all money in my account as available to spend on whatever I want/don't need!

Thanks to all previous posters for inspiration and giving me the challenge to encourage me to save more!!!

Aussie

Trying_really_hard

I manage to save about 58% of my take home pay a month. I'm lucky in that I'm saving for a house and, as such, still live with my folks. Other than my car, I have no major outgoings. Luckily.

jak

We are saving £20 per week for a holiday next year and our babies christening. We also save any extra money made into a joint savings account for spending money while on holiday. At the mooment our savings stand at £520 for holiday £75 for spends. Saying that, we have paid off substantial
debts and when they're gone we will be saving much more, in the region of 500-700 pcm depending on budgetary issues etc.
We are expecting our first child on July 16th so our priority is to pay down our debt as much as possible, the re-budget according to any extra expenses we have, then work out regular savings. I'm hoping to be able to save all my maternity allowance and child benefit while i'm off. Our aim is £3000 by Christmas towards a deposit for a house, £1040 towards ou holiday, £1000 towards spends on holiday!
Christmas should be covered by vouchers hopefully so that's one expense I can cross off.
J
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save-a-lot

Officially gutted... (well slightly)
Last week I sold some bonus shares that I had kept in trust for over 5 years to avoid tax and NI on the sale price. Also, sold my SAYE (Save As You Earn) shares. I am in profit which is the best place to be. However, towards the latter end of this week the share price has been rising like a pheonix. I kinda wish I had waited longer, but nobody knows which way things are going to go. I think I have lost out to the tune of about £320... and that is in one week. Ah well.

jak

Oh dear. Poor save a lot...
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