How much can you save?

Lokolo

I am just having a total amount. Yeh I could do it percentage but its easier this way for now. When I get a job with regular income I think I will change the %'s. If I get my dream job when I graduate I reckon I could save around 70% of income! I hardly spend any money at the moment and the income from job is quite a lot.

If I manage to do that, by the time I am 25 I should be able to afford a 50% deposit on a house :cool: but thats serious money saving....

ferox666

bendix wrote: »

Great thread - it's good to see so many enthusiastic savers.

I will be relocating back to the Uk in January (I currently work in Thailand) and I will embark immediately on a disciplined savings regime comprising 3500 sterling a month into a pension plan, and supplement that with 2500 per month into cash savings.

I plan to do that for four years, and I've budgeted accordingly.

Total inputs will be 67,000 each year, increased in line with salary increases. I'm also committing to put in 60% of any annual bonus I get. With luck, the right returns and improving markets I'm hoping it will be worth 300,000 after those four years . . .We'll see.

Wow very impressive! Congrats for resisting the temptation to "blow" a lot of that amount on luxuries. £6k a month into savings!!!

If you don't mind me asking what is your career?
And what % of your income are you saving?
Just curious:cool:!

bendix

My dad always told me to pay myself first before i paid other bills. It's a lesson i learned early in life. It's kinda stuck with me.

My career? I work as a marketing director for a large law firm. It's a global job. I start it in Jan and will travel all over the world with it.

Percentage. Hard to say, cos i can't work out how incomes work in the UK. The more i put in my pension, the more my combined take home income seems to be.

But, bottom line, and taking into account tax savings on pension contributions, I'm figuring on saving 50-60% of my net income after tax.

robb01

JAMIEDODGER wrote: »

I agree about the percentages!!!:) 5% is really good! I would like to get to 0.5% by the end of this year and to 10% by the end of next year!:D

Id love to get 5%

alohahawaii

bendix wrote: »

My dad always told me to pay myself first before i paid other bills. It's a lesson i learned early in life. It's kinda stuck with me.

I can't get my way around "pay yourself first"... do you take the cash out for yourself or put it in another account so you dont touch the rest?

flutter_2

Seeing as you don't know who I am -I don't mind using actual totals - I would be less comfortable with this in person. Also, I like to think my goal is movable(upwards) if my husband gets a payrise - so percentages could end up going backwards...

bendix

alohahawaii wrote: »

I can't get my way around "pay yourself first"... do you take the cash out for yourself or put it in another account so you dont touch the rest?

Exactly that.

Too many people save what is left after the monthly bills and expenses. Paying yourself first is the polar opposite. If you get paid on the 1st of each month, you deduct your savings on the 1st or 2nd. THEN you take care of the rest of your expenses and live on the residue.

Simple really

Rose_Crow

Bendix - that's the way to do it

Thanks for the 'well done's' peeps, it's taken ages to get to that - need to pick up the pace! But 5% of £20k is only £1k...

LucyTheDwarf

flutter wrote: »

Seeing as you don't know who I am -I don't mind using actual totals - I would be less comfortable with this in person. Also, I like to think my goal is movable(upwards) if my husband gets a payrise - so percentages could end up going backwards...

I don't mind mentioning numbers, so long as none of you know me either It's refreshing being able to speak openly about money on here, without hiding everything.

And I think I chose the wrong career - marketing, here I come!

Lokolo

bendix wrote: »

Exactly that.

Too many people save what is left after the monthly bills and expenses. Paying yourself first is the polar opposite. If you get paid on the 1st of each month, you deduct your savings on the 1st or 2nd. THEN you take care of the rest of your expenses and live on the residue.

Simple really

I kinda do the opposite.

I know how much my bills for broadband, phone, gas and elec cost, so I take this out as soon as the new month, and put it in bills account.

I then budget for everything els, inc savings.

If I stick to it I should have enough to spend on entertainment etc.

-

Also I think as its a forum people don't mind tell each other how much they get paid etc. To be honest, I don't mind if others know in real life - but obviously to some it can be quite annoying finding out co-workers get paid less or more than you, but I think thats a lot with older (older, not old) generations than to myself!