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

blizeH

Manage to save just under half my salary, I don't earn a huge amount but I try to keep my spending down and it makes a huge difference!

Jegersmart

leromancer wrote: »

Husband earns £30. (

Well, the higher your income the smaller proportion of it you will need to live. What is the time frame relating to the above? 1 hour? 1 month? 1 year?

J

opinions4u

Out of the gross:

12% gross in to pension. Partially matched by employer.
1% to payroll giving so that I can buy the right to be offensive to chiggers.
1% to buy shares in a company listed overseas which are matched and will be forgotten about until I retire one day.


Out of the net:

10% in to education fund for my youngest.
10% in to annual holiday fund, topped up by any rare overtime / bonus.
5% in to the general "stuff needs replacing" pot.

There's a weakness at present in that we run two cars and there's probably only going to be enough to replace one when the time comes. Mrs o4u is also distinctly lacking in pension provision, so there is an opportunity to boost this and use her personal allowance fully when she does escape the workplace.


To those who want to save but find it tough, I'd say get in the habit now. Even if it's much smaller percentages than those I list above - you can review these upwards as incomes improve.

Maximise any employer matching schemes.

Malky

About 22%. It could be a lot more but we enjoy our current lifestyle.

leromancer

Jegersmart wrote: »

Well, the higher your income the smaller proportion of it you will need to live. What is the time frame relating to the above? 1 hour? 1 month? 1 year?

J

God I meant 30 K per year (blame the sleep deprived brain lol)! But we live in Surrey expensive area (although I suppose on the property side of things we did Ok as we brought a big deposit for our small 3 bedroom terrace house as we renovated a repossessed AWFUL flat in which we lived for a while, before starting a family). But at the time we had 2 full time incomes....that's what kills us now and it's going to take another year before our little girl goes to full time primary school I've steadily increased my business in the past 6 years and now earn around £1200 per month but it is still not enough and it's not all year round (if it was then we would be OK). Talking to a friend who is doing OK but doesn't lead the high life either we would need around 50K to be OK and build that all important safety net that we are lacking. We're 10K short roughly We need to up our income. I'm looking into more work via the internet from home but not easy, easy And within the next couple years we are going to need to move to a bigger house as kids sharing and it won't work for ever!

killerpeaty

I don't spend roughly 70-80% of my income. The rest is spent on my travel (for work mostly), socialising and the like. I'll be putting into my ISA 25% of my income each month starting this month and I have the rest poking around, I will put it into the best instant access savings or current account that I can find.

I live with my mother (out of uni for one year now, 6 months unemployed) and she refuses to allow me to pay for anything other than her prescriptions. So my outgoings are minimal at best. This will change, so I'm making the most of it while I can savings wise.

Leromancer, are your kids the same gender? I shared my room with a sibling up until I went to Uni, never did me any harm.

leromancer

Nope boy and girl. Not impossible for a couple more years but not viable for much more than that

bigadaj

I do hope everyone on this thread is thoroughly ashamed of themselves.

According to the media and politicians, suitably supported by many economists, its your lack of spending that is leaving us in the current depression.

If everyone continued to spend as we did in the middle of the last decade then obviously things would be far better and sustainable!

opinions4u

bigadaj wrote: »

I do hope everyone on this thread is thoroughly ashamed of themselves.

According to the media and politicians, suitably supported by many economists, its your lack of spending that is leaving us in the current depression.

If everyone continued to spend as we did in the middle of the last decade then obviously things would be far better and sustainable!

No, it was caused by the banks lending too much.

The solution? Get the banks lending again!

nearlyrich

bigadaj wrote: »

I do hope everyone on this thread is thoroughly ashamed of themselves.

According to the media and politicians, suitably supported by many economists, its your lack of spending that is leaving us in the current depression.

If everyone continued to spend as we did in the middle of the last decade then obviously things would be far better and sustainable!

In the middle of the last decade I was spending a lot of my money supporting my children through their education, more food to feed 4 instead of two, same on holidays, clothes etc...

Seriously if you have children you will realise when they are independent that they cost a lot to keep! I wouldn't be without them but I am so much better off now they are earning and living independantly;)