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How much do you save each month?
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If saving for retirement, it is the percentage of net income u save that matters. I try to aim for >60%. I think it's very useful to think of how much u save in percentages each month as it gives u a ratio to how much u spending as well.
Save 12K in 2020 # 38 £0/£20,0000 -
dawyldthing wrote: »I was on about this with a friend the other day for saving. I think the aim is to save a third, spend a third on bills and a third on every day living. It all depends where you live and what you earn in all honesty. I've saved a lot this year, but it's only because of my holiday. When I get back I won't be, I'll be living more and saving some but not as mad as I have been
I need to stick this on me wall.0 -
Thanks all. Appreciate its hard to answer without sounding like you are boasting but couldn't think of a better way to ask. Useful tips though Working in thirds does seem sensible. I can push for about 650 a month I think. I don't believe I'll ever get a third as I'm the only earner so my figures are a bit warped. However, we don't have to pay ridiculous amounts for childcare.0
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I'm a single person earning a bit over the average and I save £250 per month in an isa. I then have a private pension I pay a small amount into aswell as a works scheme I am a member.
I look at everyone posting how much they save and feel a bit disheartened to be honest. I've always tried to save as much as I can, and thought I was doing okay however it would seem not0 -
Hi all,
Genuine question. Just curious about what people tend to save each month. I.e once all bills and expenses are deducted how much do you have left over?
The reason I ask is I'm not sure what to aim for when I budget. I'm targeting 500 a month which I think is good as I'm the only earner as my wife looks after our child.
Thanks allThanks all. Appreciate its hard to answer without sounding like you are boasting but couldn't think of a better way to ask. Useful tips though Working in thirds does seem sensible. I can push for about 650 a month I think. I don't believe I'll ever get a third as I'm the only earner so my figures are a bit warped. However, we don't have to pay ridiculous amounts for childcare.
I have £5,000 of emergency savings and move them about to earn as much as possible in regular saver accounts and high interest current accounts.:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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I've run some numbers and I reckon about 54% of my income is saved. This includes my employer's pension contributions and the capital repayment on my mortgage.
Still don't think I'll be in a position to retire before 68 though.0 -
curlywurly82 wrote: »I save £250 per month in an isa.
feel a bit disheartened to be honest.
How does the rate on your ISA compare to the 4.8% AER above?0 -
Our combined take home pay is about £2800 pm. We tend to save about £800 of this.Total Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0
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The most I save per month is about £500 and I am a pensioner.0
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All our situations are different. A young family with a new mortgage is going to struggle to save, but really should do if they can. Old couples with no dependents & no mortgage have plenty to save but really don't need to. That's the way of the world (& a massive generalisation).Tall, dark & handsome. Well two out of three ain't bad.0
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