How much can you save?

tara747

save-a-lot wrote: »

What are you saving for Tara? I do it for security really, and possibly the next house move (that actually might not happen - we love where we live even though it is getting too small)

Same as you - security, freedom to make choices, house deposit... all the usual. I can't describe how good it feels to have savings, especially when I look back to my student days when I hadn't a bean!

bendix

MrGreen44 wrote: »

Did read through some of the posts but more looking for amounts say what sort of percentage of wages goes too savings?



Kev

it depends on too many factors - your age, your income, your expenses etc. Ask 100 people and you will get 100 replies.

Plus, of course, it depends how you define 'saving'. Does it include pension payments, for example, or just cash savings?

Personally, I am currently saving (in both pensions and normal savings) anything between 50-70% a month, depending on circumstances. But I'm probably a lot older than you.

But from the day I first became financially conscious, I've always been very uncomfortable if I saved nothing. From my first paypacket on, I don't recall a month when I didnt put 10% away as a very minimum.

bendix

tara747 wrote: »

Same as you - security, freedom to make choices, house deposit... all the usual. I can't describe how good it feels to have savings, especially when I look back to my student days when I hadn't a bean!

I can remember being a student and having so little money that I would walk a mile to buy eggs because they were 1 penny a dozen cheaper somewhere else.

At the time I couldnt conceive of having something like £100 to my name - it seemed a fortune. This was in the mid 1980s. When I got to that £100, it suddenly didnt seem like much, and I dreamt of heady days when I might have savings of £1000. And so the cycle began . . .

sss555s

bendix wrote: »

... and I dreamt of heady days when I might have savings of £1000. And so the cycle began . . .

What are you dreaming of now bendix?


I'm saving to provide security in my older age which i decided was a higher priority from the age of 40.


Tara since you said you like your trips i now know what the 747 means in tara747


I remember things being so tight when i bought my house i could just scrape together the stamp duty and paid my solicitor fees up at £100 pm :A

But then rates were 8% if i remember rightly in those days :rolleyes:

bendix

sss555s wrote: »

What are you dreaming of now bendix?


I'm saving to provide security in my older age which i decided was a higher priority from the age of 40.


:rolleyes:

I don't focus on the number anymore sss555s. I'm more interested in the income it can provide me.

The minute I feel safe enough to have my house in a Thai beach resort, my flat in Bangkok and enough cash savings to generate £3000 a month interest before my pension fund kicks in, is the moment I down tools, tell my boss to have a nice life, and walk out of here with a smile on my face, and joy in my heart.

CaroleM_3

Well done on the savings everyone!

August summary - £485.64, £4.36 under target
September Target - £545.00

My Barclays Regular Saver has run out now, and my ISA is full. So I will be using the Alliance and Leicester Online Issue 5 from now on, interest wise it was about the best I could do as I will only be saving for another 5 months, if everything goes to plan.

hostie1985

well done with the savings CaroleM! its a nice feeling that when there is light at the end of the tunnel!

hostie

xx

cookie9

Due pay rise this month so that will help a little with my savings which have been hit by house purchase! Still no refund from student loan company so need to call them. I want my money!:mad:

Have another wedding to go to so more expense there however can wear an oufit I bought for another friends wedding 4 years ago as totally different group of friends. Money saved will help pay for hotel stay.

Need to build up reward points to help with cost of Christmas presents. At least my fixed rate bond matures in December so that will help too.:j

happyrichard

We've been lucky that my whole salary has been saved whilst we spend my wifes. We are now unlucky as I am losing my job and that means savings are going to be cut heavily. Any suggestions from people who know how to keep the savings going even in these difficult times. Appreciate any responses.

nikki2804

Hi, im a newbie on this thread but its really inspirational!!:D

Ive currently got £2574.00 in savings, hoping to get it to 20k in the next couple of years, in a private rent just now but I really want my own home. Currently put away £150 a month, this will need to reduce after November tho cos I'm currently on maternity and in November ill go down to P/T wages. But im hopefully going to get a 2nd job at nighttime so we can live off my PT wage, OH's FT wage and bung my 2nd income in savings.

Also contribute £40 ish to my pension(the ish is because its a civil service pension taken straight from wages so it varies depending on how much my weekly wage is etc)