What percentage of your net monthly income do you save each month?

leromancer

lawstudent wrote: »

Just a suggestion, why don't you invite your immediate family to the UK one year? Even if you pay to feed them it's probably going to be a lot cheaper and might be a nice change for everyone.

we go there to see mainly my grandma who's 102 and not in the best of health this year (how long is it going to last we don't know but I want to spend some time with her before it's too late u see). So it's impossible to move all 15 personnes (kids+ 5 grand kids + all the great grand children....pfiou!!lol) over to England lol. And I really don't see grandma flying all the way here with her dodgy hip replacement lol.
But thanks. My parents come occasionally but it gets them angry that I live abroad, married an english man. Their grand kids understand them well but don't speak very well (they are 3 and 6!) so it's all very frustrating. When grandma is no more then I suppose we can do things a bit differently but with school aged children I hit the worst prices with airlines (not travelling by car from London to Nice...no way, may save a couple pennies but my car would probably die on the way and so will my sanity with 2 little kids at the back!!)

I suppose there will be a time in my life when things will get easier. If only I could find a job to do around the kids + my current business to bring home an extra 500 per month. But yeah...not going to be very easy. If I wasn't so exhausted, then I would perhaps find some energy to do a 2d job!

racing_blue

leromancer wrote:

oh god but how do you manage that???? I feel like bursting into tears! We struggle so much we can hardly save anything

Maestro. wrote:

Some people in this thread are incredibly lucky to be able to save as much as they do. (Over 50% of your income - what do you people do?)

Generally in the winter I save nothing at all - as the heating gets very expensive.

I agree, the key thing is having a good income. Expenditure can only be cut back so far, and if family income is not huge then fixed expenses like heating, electricity, food, water and council tax and travel take up a much larger slice of the pie.

IMHO there is a tipping point above which choices start to bloom, about how much is saved and how much is spent. It probably varies for everyone, but I think the important thing is to work out where the point lies & to get beyond it as soon as possible. This starts a virtuous cycle, as saving brings extra income which can then be saved...

Sometimes people post incomes which seem HUGE- eg. there is a poster who is a partner in a big accounting firm, someone else posted about being an off-shore contractor earning £1000 per day.

How much of this is luck, I'm not sure. Most people with a large income work hard to maintain it, and may have worked even harder on the way up. But perhaps they are more likely to have been born with a hand full of aces in the first place, which does seem quite unfair.

On the other hand,

doughnutmachine wrote:

i save about 80% of my earned income. tbh, i would love to save less and have a more fun life... but it's not likely to happen

I'd love to hear the story behind that! (You're not in prison are you!?) :eek:

robatwork

racing_blue wrote: »

I'd love to hear the story behind that! (You're not in prison are you!?) :eek:

Working in Dubai?

Stubod

I have always planned on saving 10% of my gross salary, also put 15% towards car costs (not including fuel), 10% into a holiday fund and 5% into a household fund, (to buy anything necessary for the house..furniture / appliances etc...)

aliasojo

Oh goody, another thread that highlights my inadequacies. :rotfl:

I envy all of you with pots of savings. I was late in life before I finally really appreciated what having money can do for you and the stability and security it can bring. I did not treat it with enough respect previously. It's often difficult when one's income is low, to prioritise potential future benefits against immediate ones.

However now the lesson has been learned, I hope one day to be in the position of being able to save properly. Until then I shall just keep feeding my pig with shrapnel.

Tiglath

I'm just starting out on my savings journey so currently 10-15% from my net monthly salary, not including pension contributions. I'm aiming to increase that and also increase the pension from July under the work scheme. There's no real reason why I can't do that because I certainly don't have an extravagant lifestyle.

evenasus

doughnutmachine wrote: »

i save about 80% of my earned income. tbh, i would love to save less and have a more fun life... but it's not likely to happen

racing_blue wrote: »

I'd love to hear the story behind that! (You're not in prison are you!?) :eek:

racing blue - You just made me giggle.

doughnutmachine

robatwork wrote: »

Working in Dubai?

good guess, i work in a country very very close to there.

compared to my old salary in the UK i'm rolling in it and pay no tax on the minus side it's a bit dull and my social life is as poor as a monks.

ohhh well, i suppose a gold plated headstone will look nice

paulineb_2

You can save a certain amount tax free, Ive done this before with scottish friendly. 25 pounds over ten years. The money is tied up, you cant access it and you'll get a few thousand at the end, plus bonuses.

They have several plans to choose from.

doughnutmachine

paulineb wrote: »

You can save a certain amount tax free, Ive done this before with scottish friendly. 25 pounds over ten years. The money is tied up, you cant access it and you'll get a few thousand at the end, plus bonuses.

They have several plans to choose from.

tbh, i've heard they are a poor investment (the costs are high).

i'd rather go with monthly payments into an investment trust