% of income saved - impact on lifestyle

fannyanna

Hi All,

Not sure if this is the best place to post.

My husband and I cleared the last of our debt (other than our mortgage) last year and for what seems like the first time ever we now save money. :T

We seem to be saving a fair amount each month (33% of our combined income) which is great but I sometimes think that has a negative impact on our lifestyle. For example I've worked out that after paying our bills (including my personal bills and petrol) and savings I personally have 8% of my salary as disposable income.

I sometimes look at my peers and wonder how they can afford all the things they have / do. I know this is really stupid as I don't know their personal circumstances and of course they could be in debt where as I am saving. I suppose I just get a bit of the green eyed monster lurking every now and then

bendix

Ummmm. OK. So what's your question or point?

If you want a better lifestyle, either earn more or save less. It seems pretty simple to me.

Anyway, what does it matter what other people are doing. What do you want to do?

de1amo

i expect they are building debt like you are now clear of.

İ once read a daily mail article which was obviously aimed at the middle classes who would have private schooling for kids and university fees and it advised to save 29pc of income--this was in the time of plenty and the DM are not reknown for their sense!

İ just save what i feel comfortable with, without scrimping too much- i live abroad and have business so my rate is difficult to gauge but i save about 20 to 30pc

fannyanna

I guess I was just interested in what other people saved and how that impacted their disposable income.

Appreciate money is a personal thing so a lot of people probably wouldn't want to share and that's absolutely fine

bendix

fannyanna wrote: »

I guess I was just interested in what other people saved and how that impacted their disposable income.

Appreciate money is a personal thing so a lot of people probably wouldn't want to share and that's absolutely fine

Ummm . ok, I'll answer. I save a lot and it severely reduces my disposable income.

Does that help?

At the end of the day, it's all about personal choices we make as adults.

fannyanna

bendix wrote: »

Ummm . ok, I'll answer. I save a lot and it severely reduces my disposable income.

Does that help?

At the end of the day, it's all about personal choices we make as adults.

Haha - Thank you very, very much. Ummm, you've been very helpful! :A

MarkFromCornwall

fannyanna wrote: »

Hi All,

I sometimes look at my peers and wonder how they can afford all the things they have / do. I know this is really stupid as I don't know their personal circumstances and of course they could be in debt where as I am saving. I suppose I just get a bit of the green eyed monster lurking every now and then

If you love the work you do and you are sure you will continue to do so then it probably wouldn't do any harm to spend a bit more. But it sounds to me like the saving you are doing isn't really causing you hardship and you will really enjoy the rewards of your savings in later life. Those savings will allow you to retire earlier than others (if that's what you want) and to enjoy a more secure and enjoyable retirement. Good luck to you.

de1amo

i was thinking about how much i spend on myself and it gets down to just 2 bottles of spirits and 2 haircuts a month-the rest of my outgoings are for the good of the family and its future---so spending on me is about 0,01pc- as the previous person says it- i plan for a good retirement and my daughter to have inheritance --maybe its a male way of looking at things!

Noktok

If only men think like that then presumably your daughter will spend your hard-earned savings on shoes and fluffy cushions.

de1amo

makes no sense that--my daughter will obviously one day get married and be supported by her husband--i will get to a great age in my splendid retirement and pass the batton on to my wife who is younger than me and then onto our daughter with her family--my daughter hates shoes and fluffy things so i none of your your illogical statement makes any sense! my daughters not even English--so dont presume everyone is simular to the females there!

Noktok

You missed my irony
I was simply having a dig at your comment that saving and not spending on yourself is a male way of thinking.
I also would not assume that your daughter will be supported by her future husband. She might end up supporting him!