How much do you live on!!

jimjames

The average savings ratio over the last 30 years or so was around 8%. In 2008 it had dropped as low as 1.7% of income but has since risen back to over 5%.

http://www.economicshelp.org/blog/economics/savings-ratio-uk/

Definition of Household savings Ratio: The percentage of disposable income that is saved.

This must hide a huge variation as the number of people with no savings was 21% and those with under £500 is 35% so overall 56% of people have £500 or less of savings.

http://www.telegraph.co.uk/finance/personalfinance/savings/7545194/More-than-a-fifth-of-Britons-have-no-savings.html

Mrs_Z

Hi, well it all differs... When I first came to England 20+ years ago, times were very hard and I used to have to live on £20 per week (after food and lodgings). That was a challenge and a half, £6 was spent on a travel card, £3 on a packet of cigarettes which left excatly £11. Not nice. Still, even then I did not go into debt. Times have since changed for the better and my rough budget now is 1/3 save, 1/3 bills, 1/3 leisure. If there's anything left at the end of the month, I sweep it to a savings account. We also have a kitty where we put money every month, to cover house repairs, etc.

My dad used to say - 'It's not the big income, but the small outgoings that matter'. Very true, but if you can have a big income AND small outgoings, even better

elektra

Eco_Miser wrote: »

I'm single, fully own my own home, have no travel expenses and spend less than £300 pm, actually £3253 for the 12 months ending April 30th.

I'm curious, how does that break down into

council tax
fuel bills
phone/broadband
food
etc

Homeagain

Gosh, I earn approximately 1000 a month and still manage to save a few pounds and I mean 10 a month if I'm lucky. Wish I could earn 2,000 .. what a difference that would make. I am a widow with a 14 year old daughter. I don't like to call myself a 'single Mum' because it was never supposed to be that way. Still, we are ok, sharing a house with my sister, essentials paid but certainly nothing much left over. I am accused by my family of being a 'miser' and worse but I am careful due to necessity. I consider savings to be the ultimate luxury!

RuthnJasper

Nicolafine wrote: »

Gosh, I earn approximately 1000 a month and still manage to save a few pounds and I mean 10 a month if I'm lucky. Wish I could earn 2,000 .. what a difference that would make. I am a widow with a 14 year old daughter. I don't like to call myself a 'single Mum' because it was never supposed to be that way. Still, we are ok, sharing a house with my sister, essentials paid but certainly nothing much left over. I am accused by my family of being a 'miser' and worse but I am careful due to necessity. I consider savings to be the ultimate luxury!

It's better to be thought of as a bit of a 'miser' than be living in perpetual dread of the bailiffs' knock or the latest 'final' demand on £100s owed to various payday loan companies! Plus, you are setting an excellent example for your daughter. She's lucky to have such a savvy mum!

I'm in an IVA and, after bills are paid, I have around £54 per month to myself (I'm not entitled to any benefits). That has to go on food, petrol, socialising, etc. It used to be £127 per month, but has really gone down over the past year or two, what with the rise in VAT and the obscenely-high fuel costs.

It's VERY tough, but I had to take responsibility and sort my debts out, and I've only got just over a year to go on the IVA. Even though I'm finding life a real struggle at the moment, I'm still in a happier place than I've been for many years.

Miss_Thrifty

Hi guys,

I'm new to the forum. Been reading this thread with intrest. I earn £24500 per annum and manage to save around £500 a month towards a house deposit. Rent is £450 and my bills vary, but I find this a realistic amount to put aside each month. I'm thinking about moving closer to work which would save me about £60-£80 per month on petrol and taxis.

Toby1990

All these people could be in difference situations though, they could be like me 20 living at home paying £20 a week rent, company van and phone so I could easily save 1k a month if I didn't go out. Or just have a higher wage and less out goings. £500 is good for having to pay rent as well though!

Where as my mate, earns near enough the same as me £1100 month, but he never has money left after a month lol Some people can save some people cant like him lol

Eco_Miser

Eco_Miser wrote: »

I'm single, fully own my own home, have no travel expenses and spend less than £300 pm, actually £3253 for the 12 months ending April 30th.

elektra wrote: »

I'm curious, how does that break down into

monthly:
£77 council tax (band A)
£28 water
£28 fuel bills (DDs, usually get a refund)
£28 phone/broadband
£12 TV licence
£40 food
The rest went in one-off purchases.

penelopedee_2

Not a lot! Actually I suppose we are ok really. We have about £150 a week to cover all food for 2 adults, 2 teenagers, 4 cats, petrol, clothes, shoes and leisure.

Behind that I put away for Christmas, Birthdays, car tax and recovery, etc etc (all the obvious) on top of all the obvious bills. But before the bills I put some back into the emergency pot, and a small bit into long term savings. Then the holiday fund gets a look in (we do cheap caravan holidays).

We don't go out much unless its a family day out.

I suppose its what's your priorities are - mine are my little family and then keeping a roof above our heads. I can't remember the last time I didn't shop in a charity shop for clothes or saw a night out with the girls.

Craig_W_2

We earn £3.3k between us each month and save a total of £700 to three different savings pots: long term savings; short term savings; and a car replacement fund.

All other occasional spends, such as holidays, presents (Xmas, the kids' birthdays etc), car maintenance, medical and dentistry bills etc are all covered within other areas of our budget. They are allocated an amount, the amounts build up and are spent as they arise. But we don't save for them as such. Pensions are also covered elsewhere in the budget.