How much will you have saved by the end of the year?

ambitiouspanda

bigfreddiel wrote: »

So far only £20k

If age comes into it, I'm 65, and only work part time, mainly to stop getting bored.

fj

wowwwww impressive!!!!!!!!!!!!

enthusiasticsaver

Saved £13600 towards early retirement fund, spent £15k on new boiler, new car and 2 new laptops. Gifted £5k to DDs.

bigfreddiel

enthusiasticsaver wrote: »

Saved £13600 towards early retirement fund, spent £15k on new boiler, new car and 2 new laptops. Gifted £5k to DDs.

You could have saved more by not buying new car and laptops

fj

Suman_Verma

To be very frank, I am very bad at it. I can't save at all. It took me just a week to spend all my salary at once. I will be the last person to suggest something. I am surely looking forward to the various reverts in order to get some help so that I can save some amount from my earnings.

Ray_Singh-Blue

What I find really interesting is the percentage of income saved, as well as the actual amount.

Take Boglehead with his or her massive £124K of saving this year. Assuming this is saving from earned income, and that they are a UK taxpayer, then they must have a huge salary (footballer? banker? although actually from memory I recall maybe said worked for family business)

What I wonder, did Boglehead earn £300K - in which case they have saved about 75% of their net income of £169K after £121K tax and £9K NI.

Or did they earn £700K, in which case they saved about a third of net income, which is still very good but not quite such an acrobatic feat of moneysaving.

Or take someone who is hoping to save £8K. If they earn £13K then they are saving 75% of net income, if they earn £31K then they are saving 33%. To me these figures seem every bit as impressive as Boglehead's - in fact more impressive as there is a limit to how much living expenses can be cut.

Personally - after paying tax, NI and pension contributions- my net income is around £60K. I hope to invest around 30% of net income this year, like I have done for the last few years.

Mathematically, if someone invests 30% each year for a few years then before too long they have several years net income stored in investments. There comes a point at which investment returns start to provide a meaningful income stream & the pressure to work becomes much less- at least, that's what I hope!

george4064

So far £8,144.96

Eco_Miser

ambitiouspanda wrote: »

are you saving too?

Only insofar as my income exceeds my expenditure.
I stopped actively saving when I early retired 7½ years ago, and just lived of the dividends and interest.

ambitiouspanda

Suman_Verma wrote: »

To be very frank, I am very bad at it. I can't save at all. It took me just a week to spend all my salary at once. I will be the last person to suggest something. I am surely looking forward to the various reverts in order to get some help so that I can save some amount from my earnings.

Hey don't feel down! I personally am not the poster girl for saving but start small. If you get paid £500 a month, try and save £20. By the end of the year you'll have £240. It is a nice feeling knowing that you have money aside. If you were ever homeless for a week, at least you had £240 to your name.

You can be paid £1million a month, what makes you rich is how much you've saved. I hope the thoughts of a worst case scenario will motivate you to put some mone away. honest, even if it £5 a week. It all adds up.

ambitiouspanda

Suman_Verma wrote: »

To be very frank, I am very bad at it. I can't save at all. It took me just a week to spend all my salary at once. I will be the last person to suggest something. I am surely looking forward to the various reverts in order to get some help so that I can save some amount from my earnings.

Ray_Singh-Blue wrote: »

What I find really interesting is the percentage of income saved, as well as the actual amount.

Take Boglehead with his or her massive £124K of saving this year. Assuming this is saving from earned income, and that they are a UK taxpayer, then they must have a huge salary (footballer? banker? although actually from memory I recall maybe said worked for family business)

What I wonder, did Boglehead earn £300K - in which case they have saved about 75% of their net income of £169K after £121K tax and £9K NI.

Or did they earn £700K, in which case they saved about a third of net income, which is still very good but not quite such an acrobatic feat of moneysaving.

Or take someone who is hoping to save £8K. If they earn £13K then they are saving 75% of net income, if they earn £31K then they are saving 33%. To me these figures seem every bit as impressive as Boglehead's - in fact more impressive as there is a limit to how much living expenses can be cut.

Personally - after paying tax, NI and pension contributions- my net income is around £60K. I hope to invest around 30% of net income this year, like I have done for the last few years.

Mathematically, if someone invests 30% each year for a few years then before too long they have several years net income stored in investments. There comes a point at which investment returns start to provide a meaningful income stream & the pressure to work becomes much less- at least, that's what I hope!

Wow, really interesting post. I have just started my career in the city and I have a gross pay of £40K, net after all tax, student loan etc etc.. of £27k.

What do you do to have £60k left over :eek: AND, what are you investing in? Any tips would be great, please share. Young girl trying to make something of herself!

anto164

Probably around -£35,000

Bought a house, partially refurbished it, paid for our own wedding, went on an amazing honeymoon.

But we had saved nearly that before it all happened