How much do you save each month?

Ken68

I save 62% of my income. Don't really know why, with already being an older pensioner and no dependants. Just habit I suppose,and like to see it grow.

chuckley

YorkshireBoy wrote: »

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?

that is horrible. they shouldn't feel disheartened at all. At least they're saving. the interest gains are somewhat irrelevant as not even one stashes money away in 'super high' interest accounts.

what about folks that stash money under the bed or around the house in jars, is their money any less valuable?

at the end of the day at least you're saving, regardless of the amount.

lippy1923

Its not horrible at all. They are pointing out that their money is not working as hard as it could be. They then asked what the current rate is.... it might motivate them to look and move the money somewhere better.

And yes, people's money that is stuffed under the mattress is less valuable than people who put their money in a 5% current account. I'm sure you can do the maths and work out how much less valuable it is

At least they are saving... that's true. Too many people have no savings at all. But not putting it somewhere where it can earn the best money possible is daft.

curlywurly82

YorkshireBoy wrote: »

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?

Not very well and I know that. I'm currently reviewing, I never meant to leave it in the isa when I opened it earlier in the year - it was just a holding position that has gone on a bit too long.

curlywurly82

lippy1923 wrote: »

Its not horrible at all. They are pointing out that their money is not working as hard as it could be. They then asked what the current rate is.... it might motivate them to look and move the money somewhere better.

And yes, people's money that is stuffed under the mattress is less valuable than people who put their money in a 5% current account. I'm sure you can do the maths and work out how much less valuable it is

At least they are saving... that's true. Too many people have no savings at all. But not putting it somewhere where it can earn the best money possible is daft.

I am well aware it is not competitive and knew that at the time. It was a temporary home that's just gone on a bit long. I've started to look at moving it, and will be doing so in the new year. There are reasons I haven't done so sooner and I am happy with the decisions I took.

planteria

i have £750/m going out to Savings/Investments.. but put other money aside after credit card bills etc. have been covered. always plan to use my full ISA allowance, and invest that as a lump sum.

chuckley

lippy1923 wrote: »

At least they are saving... that's true. Too many people have no savings at all. But not putting it somewhere where it can earn the best money possible is daft.

interesting viewpoint that you're daft to you don't put it in a 6% current account. but I disagree. saving is saving. I don't see why you NEED to put money into any of these accounts.

You've not allowed for anyone that a, doesn't care for it, b, can't get one of those accounts or c, just wants to save with no hassle.

there's nothing daft about saving outside of these accounts.

Drp8713

I save just over £1000 a month so £12000 a year into cash, S&S ISA and pensions.

£9000 a year is for the long term and stays untouched, the other £3000 is spent later in the year on holidays, xmas etc.

Cant save it all for the long term or life would be a bit dull.

lizzieliz87

I could only dream of saving even half of what other people have mentioned on here. However I am single, under 30 working in a low paying profession. But it is a career I love and brings so many other benefits to me. My monthly take home is £1200 with 2/3 going on rent and bills, which doesn't leave much else for petrol, food and savings. However I do put some money away on pay day but I would love to save more. I could lodge and half my rent/bills but I enjoy coming home to my own space and live how I want to. Come the new year I will do another annual budget review and try and save some more.

colsten

chuckley wrote: »

there's nothing daft about saving outside of these accounts.

You are unlikely to find many people on the MSE forum that would subscribe to your views about saving.

My opinion:

It is, at a minimum, fairly daft not to go for the best deal you can possibly get that not only protects your money from inflation but also grows it as best as possible.

It is definitely utterly daft to "stash money under the bed or around the house in jars" as the purchasing power of the money will be eroded over time.