How much can you save?

rictus123

How are all of use managing to save so much then?? Are you all older and earning more than me? 18 taking home £1100 a month, upto £1300 with overtime.

Lokolo

rictus123 wrote: »

How are all of use managing to save so much then?? Are you all older and earning more than me? 18 taking home £1100 a month, upto £1300 with overtime.

My take home is £1250. Other expenses, rent etc etc I save between £100-£400 a month. On top of that I save my student loan and any monies I get elsewhere.

My student loan is the bulk of my savings.

dippykitty

rictus123 wrote: »

How are all of use managing to save so much then?? Are you all older and earning more than me? 18 taking home £1100 a month, upto £1300 with overtime.

My personal situation: I've just turned 23 and am freelance so earnings go up and down and haven't been adding much for the last few months really. Most of the £9k or so that I've got saved so far came from 2007, 2008 and half of 2009 when I was doing much better earnings-wise but currently, I'm not earning anything like what you are most months (hence my sig only being very gradually updated these days!).

I still live at home so I'm not paying out for rent/mortgage payments and don't really spend a whole lot but I don't put a big chunk of my earnings into savings. I keep about £500 in the current account for covering outgoings when my earnings are down as I don't want to be confusing myself with my ISA limits if I'm transferring in and out of savings.

I'd imagine that most people will be totally different to me though!

LucyTheDwarf

My take home is £1330, and I'm 23. I live at home, so save a lot that way, but I have a weakness for shoes, toiletries, clothes, food, weekends away, handbags, buying presents for my boyfriend (small things like a pack of biscuits he likes... but when I do it 5 times a week it adds up), shoes again, drinks, stationery, stamps (lol, yes really) and finally, shoes.

When I look at it like that... I suppose I should be proud I've saved £3.5K since June instead of being disappointed because I'd budgeted to save £4.5K since then.

tara747

rictus123 wrote: »

How are all of use managing to save so much then?? Are you all older and earning more than me? 18 taking home £1100 a month, upto £1300 with overtime.

My take home pay is almost £2,000 a month (and should rise soon) so I am able to save quite a bit. My rent and bills are also very reasonable!!

LucyTheDwarf wrote: »

WHAT?!?! Oh no, please let my internet connection die before I get to the website!!!

I won't go there. I am doing well, despite today's weakness. Last month I spent £192 on toiletries or cosmetics... this month just £41... so I'm doing good.

It's ok, it's back up to £12.50 a pot now.

LucyTheDwarf

tara747 wrote: »

It's ok, it's back up to £12.50 a pot now.

Thank god for that!

save-a-lot

rictus123 wrote: »

How are all of use managing to save so much then?? Are you all older and earning more than me? 18 taking home £1100 a month, upto £1300 with overtime.

I save too much..tbh but I am locked into SAYE plans that I max out (only locked in by my own determination not to cash them in), also partnership share scheme, and I am contributing lots into my pension aswell 18% of my income, but my motivation there is that the company match every penny I pay into my pension, so it makes sense (at least in my mind).

I say I save too much, the time of life now, young kids and a stay at home mum to fund would suit more money coming into the household, but, the way I figure it is this, when my wife starts to work again we shall feel an immense difference and the years of hardship will be rewarded by an extra wage. The savings I am putting away now will give us the ability to feel comfortable and enable us to do things like move house in the future. So, actually no regrets by saving more than is comfortable.

Missk_3

Can i join!
My husband and i are expecting our 2nd little one in May and since last Friday, have deciede that we will be putting £500 per month in savings (probably should do more) we havent set a target as such, just really want to have a decent sum behind us to buy essentials and ofcourse - any emergencies.

Its the first time i have ever attempted to save and im actualy really excited about it!

However, we have decided to save it in one of those tins that you have to open to get into - we have my parents looking after it for "safe keeping" but are we going about this the right way?

tinkerbel

I think you should put it in the bank, I know interest rates are low but at least you'll make something!?
If you allready have isas, I use an incentive saver where you dont earn if you withdraw that month? its with lloyds and it does work to put you off!

alixia

Hi, can I join?

This is my first message!

I am big fan of MSE (reading it about a year).
I think I am good with money. Earning about £1400 and saving £700 per month. (Finally toped up my isa, + having regular seaver)

I am trying not to buy anything if I dont realy need it. Also trying to be a little eco (it actually cost money to be!) My big spending is all this organic make-up, food, eco cleaners ...