How much can you save?

Boomdocker

Hiya everyone. I see in your signatures some of you are stating that you are saving 25%, 40%, 60%. Is that a % of your income of a % of a target you are aiming for. I am confuddled and would like to understand and I may even partake once I get it.

Woodyrocks

Good on you Jamie, at this rate you will hit your target for the end of the year easily

Joscar

Boomdocker wrote: »

Hiya everyone. I see in your signatures some of you are stating that you are saving 25%, 40%, 60%. Is that a % of your income of a % of a target you are aiming for. I am confuddled and would like to understand and I may even partake once I get it.

The details on the thread will tell you, but basically the calculation is the amount saved year to date as a percentage of the annual net earnings less essential out goings like rent, utilities etc.

However to make the maths simpler and to avoid categorising essential out goings from non-essential I have calculated my year to date savings divided by annual take home earnings. Chose what works for you.

For example if you have saved £2000 since the start of the year and your take home pay less essential out goings is £800 a month, your percent will be 2000/(800*12) ......... 20.8%

HTH

JAMIEDODGER

Thanks joscar for that explanation:) i was wondering how to work it out too:) off to work mine out now lol

bails

Jamiedodger, that's fantastic!! I've got so much respect for anyone out there who has overcome their debt, it's an amazing achievement! Good luck with the saving, you doing it for anything in particular, or just because you can?!

bails

moneysavingwannabe wrote: »

Hi Bails,

Welcome to the thread!

I'm a teacher too, it is hard work at the best of times so good luck with returning to work. What age do you teach?

I've got year 3 at the moment although enjoying the hols :j

C

Hiya, thanks for the welcome!

Can't WAIT to return to work, I teach secondary and EBD. Have just approached an EBD school round the corner to see if I can do a couple of hours voluntary a week to get back into the swing of things and build up from there. Fingers crossed!

Year 3 would terrify me, lol!

JAMIEDODGER

worked it out that i have saved 7.48% of my annual take home pay less outgoings so far, brilliant:D off to adjust my signature and aim for bronze for next month!!:T

bails - saving for a shed come utility room:) after that then will be saving for my future

savingforoz

Just totted up savings for July - £1,300 - signature now updated.

Well done to you, Jamiedodger, you're on a roll! :beer:

JAMIEDODGER

thanks sfo:)

hope no one minds me keep posting on here, but if you havent guessed already.....I AM SO HAPPY TO BE SAVING:D

slowlyfading

Jamiedodger, that's great in your first month! x