How much can you save?

gelato_cat

Yeah, I'm having a bit of a blonde moment here (nothing new there then) - can we have a worked example pls?

I personally think it would be easier and more rewarding to work it out on a monthly basis, ie how much out of your £2k income did you save this month rather than how much of your £24k annual have you saved so far...?

Suze

jamtart6 wrote:

i'm going to get SO confused doing it like that!!!! if someone could help i'd be pleased!!

save-a-lot

Hi

Spanner in the works time - sorry everyone.

Don't we need to consider our regular out-goings aswell and not count those into the calculation. Should it not be % of available income after regular payments such as mortgage, bills etc rather than % of total salary per month??

gelato_cat

Ah yes.

% disposable then?

Suze

save-a-lot wrote:

Hi

Spanner in the works time - sorry everyone.

Don't we need to consider our regular out-goings aswell and not count those into the calculation. Should it not be % of available income after regular payments such as mortgage, bills etc rather than % of total salary per month??

save-a-lot

Also, should we keep a running tally of UK sterling saved by ALL members of this thread, so on 31/12/2007 the saving club can post the combined savings of the whole group. It would be important not to count any existing savings into this total, just the 2007 total.

Then in 2008 - the process starts again and we try and beat our 2007 goals, and so on and so on till whenever this thread runs out of steam... if it ever does!

save-a-lot

Suzey wrote:

Ah yes.

% disposable then?

Suze

This also helps disguise members annual income if they do not want to disclose their worth.

Angelselondon

Hi Everyone

I've been busy beavering away while you guys have obviously been discussing our Olympics. Well I've done it, I've created a spreadsheet that calculates your Percentage rate and Cumulative Savings. So it looks like we were all on the ball.

If anyone wants a copy PM or email me and I'll send it out.

It runs in Excel

Thanks

slowlyfading

hmm i dont have a monthly or yearly income, so I guess I can't join in

paulboy83

I'm confused!

I don't earn the same amount every month so to work out my percentages might be difficult so can I do it month by month? If I add up my pay after tax then my savings and use that as a percentage thats ok right?

And are we doing it using disposable or take home just so i'm clear :rotfl:

gelato_cat

My understanding is that it's disposable on whatever time basis is best for you ie monthly or weekly. IMO calculating savings based on annual income isn't as encouraging as you haven't yet been given all the money, so you won't get a true picture until month 12. I think if we do it as we go along it's a better indication and you can compare each month with previous months.

Suze

paulboy83 wrote:

I'm confused!

I don't earn the same amount every month so to work out my percentages might be difficult so can I do it month by month? If I add up my pay after tax then my savings and use that as a percentage thats ok right?

And are we doing it using disposable or take home just so i'm clear :rotfl:

save-a-lot

Shall we do this Olympics thing by just using our signitures, this way the thread remains clear for other types of discussion - otherwise this thread will become a little confused I think.