How much to save

Scumhater

It's a while since I've been here but a lot has happened and now I need some more advice.

We've taken the big step of releasing equity from the house via a lifetime mortgage (we had lots of excellent advice and talked to our kids about it and they've fully supported us). As a result we've been able to pay off our loan and credit card debts and put money aside for home improvements as well.

Now we're in the enviable position of having disposable income each month and we'd like to start saving. I've read Martin's 'piggybanking' article and worked out a way we can do it. Only thing is, I'm not sure how much of that disposable income should be saved, given that I would like to retain some of our money for those little extras - meals out, treats for the grandkids etc.

Are there any guidelines or recommended amounts?

jimjames

Generally suggested 3-6 months salary or bills depending on how much risk you want to take. Also depends if you need to generate income for the future using things like pension etc.

No_6

Any money that we do not spend is saved !
In good interest paying bank accounts.

What we spend and what you spend may be very different but what ever is left over is saved.

Scumhater

I'm looking at putting away approximately 12% of our salary per month, although I'm also looking at putting a few quid a month away for my grandkids.