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How much do you save each month?

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  • darkidoe
    darkidoe Posts: 1,129 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    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/£20,000
  • chuckley
    chuckley Posts: 4,405 Forumite
    Part of the Furniture
    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
    Im on the right track then.

    I need to stick this on me wall.
  • JamesN
    JamesN Posts: 787 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    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.
  • 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 not
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    JamesN wrote: »
    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 all
    JamesN wrote: »
    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.
    The way I have structured my finances I have a negative amount left over each month. I have a major cash flow problem. However, my net worth is increasing each month as I pay off loans although I am increasing my credit card debt to meet the shortfall.

    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:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • El_Torro
    El_Torro Posts: 1,851 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I save £250 per month in an isa.


    feel a bit disheartened to be honest.
    No wonder you're "disheartened", when you could be getting up to 6% AER (4.8% after BR tax) in other taxable savings accounts.

    How does the rate on your ISA compare to the 4.8% AER above?
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Our combined take home pay is about £2800 pm. We tend to save about £800 of this.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • MABLE
    MABLE Posts: 4,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The most I save per month is about £500 and I am a pensioner.
  • EssexExile
    EssexExile Posts: 6,454 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    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.
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