How much do you save a month?

dawyldthing

I currently save towards my hopeful Australia trip hopefully early next year (aiming for £400 per month now until the end of the year)
Plus I'm saving to pay my mum back some money I owe her (aiming for £100 to £150)

I don't have a lot of outgoings really and paid the house off last year (it's a relatively cheap area to live and nan gave me some money years ago which I saved with the intention of buying a house. I borrowed quite a bit off my mum, but she lives here too so isn't in a rush to get it back).

My hours at work are going to core hours (before I worked a lot of overtime) so will be saving a lot compared to income, but I don't spend a lot day to day really, so it's all in proportion.

After Australia I'll probably be 40% outgoings on food etc, 10% pension I think as I'll be 29 and currently around £6 a month goes out my salary, so won't be retiring a millionaire, 25% savings for house things and 25% savings for my own things I think. I think it should be workable for me though, but it is individual circumstances.

tigerspill

TheThirteenth wrote: »

I've recently started trying to follow the 50/30/20 rule, where 50% of your net income is spent on necessities (housing, food, etc), 30% on frivolities, and 20% is saved. It's probably a better idea to compare savings as a % of income, rather than as an absolute number

I think I would be aiming for 50/10/40.
Trying to save 40% rather than blowing 30% each month on frivolities..

sazzyjc1

I don't have a set savings target, mainly because my wage fluctuates.
I am paid weekly- but annual salary is £20k, but I can earn upto an extra £1000 a week in commission so most weeks I can clear £800 after tax etc. I like to transfer £200 a week(if I have earned enough). And rather then saving another £200, I am trying to pay off credit cards, loans, as I'm paying interest on them.