What savings should I have?

atush

it asll depends on your job/salary and where you live. My son is 23 and moved out recently and has a pension plus around 16K or so saved.

But, if you have a pension and 6 months expenses saved you are on to a winner. Start saving in S&S isas now maybe? Or regular savers/current accts if you think you will want to buy a property in the next few years?

lalman

I have to agree with everyone else, It depends on your personal circumstances. I don't think a lot of people have a lot of 'spare' money these days that they can put away.

I am 28 now but when I lived with my folks I was like Killerpeaty and saved 75% of my lower salary. Now I save around 40% of a higher salary... but thinking of moving in with my folks for a year or two so I can save really quickly and set myself up...

I don't think our generation is having it easy, costs are going up but wages just seem to lag behind.

Personally... I see a lot of my friends pay there bills, mortgage or rent and afew quid into there pension pot and don't have any left over for the month... so saving £100 is really good. Well done :-)

Payday in 3 days WOOHOO lol.

kidmugsy

lalman wrote: »

I don't think our generation is having it easy

Self-pitying rubbish: you all earn far more than we did back in the 60s and 70s. Stop spending money on "socialising" and put the time liberated into a second job. Do it while you're young and have lots of energy.

Buzzybee90

kidmugsy wrote: »

Self-pitying rubbish: you all earn far more than we did back in the 60s and 70s. Stop spending money on "socialising" and put the time liberated into a second job. Do it while you're young and have lots of energy.

Yes, we have it soooo easy. Rose tinted spectacles. A second job? My contract states no outside work, including freelance, as does my boyfriends.

We earn more obviously, but you could buy a house for so much less then too.

Archi_Bald

Buzzybee90 wrote: »

We earn more obviously, but you could buy a house for so much less then too.

The interest rates some of us paid for our mortgages would make your eyes water. But we somehow managed to service the 13%+ loans, and we saved a lot of money by going without mobile phones, internet, laptops, hair extensions, tattoos, acrylic nails and clubbing.

ManofLeisure_2

Archi_Bald wrote: »

The interest rates some of us paid for our mortgages would make your eyes water. But we somehow managed to service the 13%+ loans, and we saved a lot of money by going without mobile phones, internet, laptops, hair extensions, tattoos, acrylic nails and clubbing.

Absolutely true. I remember moving into our first home with furniture (apart from a few items), which had kindly been donated by family members. We weren't the exception to the rule either. So different today.

HappyMJ

Sunshine22 wrote: »

Hi all

I have been reading a lot about the average savings by age etc, and there seems to be no consistency in reports! It's a bit nosy, but for those willing to share, I wonder how much people save a month and overall savings / worth?

For instance, I am on a tight income but save at least £100 / month. plus anything from overtime, presents, anything left from the sink fund at the end of the month. I also have a pension payment in place (to a public service pension) and am paying my student loan. I currently have £7k in savings, aged 28. I seem to have a lot of savings compared to my friends, but reading these boards I don't compare well!!

Sx

Maybe your friends go clubbing more often. Do they smoke? Drink? All very expensive habits. Maybe they have some hobbies. Some might like fast cars and they cost a fortune especially in insurance.

Some of my friends still live with mummy and daddy...and they are in their late 20's with good jobs and never seem to have money and some own their own homes (with mortgage) with average jobs yet never went to university and always seem to have money to go out with...so as long as you are happy with your savings level then that's all that matters.

beecher2

When I started earning, I saved 10% of my take home wage. That took priority over luxuries, and I always treated it in the same way I treated tax/NI.

Every generation has different problems, but this generation sees expensive technology as a necessity so it is always going to be difficult for them to 'have it all'. There wasn't much to have when I was younger!

kwmlondon

kidmugsy wrote: »

Self-pitying rubbish: you all earn far more than we did back in the 60s and 70s. Stop spending money on "socialising" and put the time liberated into a second job. Do it while you're young and have lots of energy.

There's a lot of debate to be had around how easy/hard different generations have had it. However, I think you should show some manners and treat this person with a bit more respect than you are doing as you're coming across as bitter, arrogant, rude and unpleasant, which may not be what you're really like at all.

ChopperST

Buzzybee90 wrote: »

Yes, we have it soooo easy. Rose tinted spectacles. A second job? My contract states no outside work, including freelance, as does my boyfriends.

We earn more obviously, but you could buy a house for so much less then too.

That is called restriction of trade. It would be interesting to see your employer challenge this in court.

I started work aged 21 in 2001. I was given the same advice to work hard while I was young and I was pleased I followed that advice. I bought my first house aged 23 and cleared my student loans soon after. I now own the 4 bed detached house I always aspired to own, have a nice car and can afford holidays etc.

As well as the extra income, the extra jobs I did benefited me in many other ways, particularly with regard to professional development and contacts which directly benefited my full time job, meaning I moved up the career ladder quicker than my peers.