How Much do you Save?

Mrs_Z

I’m currently saving appx 1/3 of my take home pay; the rest 2/3 are for essentials (mortgage/food/travel/etc) as well as ‘fun’ money. I don’t have a separate ‘emergency’ fund as such but we have a small household pot for bigger expenses (new boiler, painting, unexpected repairs). The savings are a mixture of cash, P2P, S&S ISAs and can be readily accessed in case of emergencies. have also used some accumulated savings to make mortgage overpayments. Although I’m not saving for anything particular as such; my dream is to achieve an early retirement in about 6 years all going well and if that happens, the funds will be needed to bridge the gap between the early retirement and pension (although ideally, I’d like to be working part-time in a different field during that time, but that would be a bonus). Generally speaking, I just dislike, and always have, wasting money and having unnecessary stuff around the house so as a consequence, I get to save it

Bravepants

Mrs_Z wrote: »

I’m currently saving appx 1/3 of my take home pay; the rest 2/3 are for essentials (mortgage/food/travel/etc) as well as ‘fun’ money. I don’t have a separate ‘emergency’ fund as such but we have a small household pot for bigger expenses (new boiler, painting, unexpected repairs). The savings are a mixture of cash, P2P, S&S ISAs and can be readily accessed in case of emergencies. have also used some accumulated savings to make mortgage overpayments. Although I’m not saving for anything particular as such; my dream is to achieve an early retirement in about 6 years all going well and if that happens, the funds will be needed to bridge the gap between the early retirement and pension (although ideally, I’d like to be working part-time in a different field during that time, but that would be a bonus). Generally speaking, I just dislike, and always have, wasting money and having unnecessary stuff around the house so as a consequence, I get to save it

After not having much savings at all when I was younger because of low salary and high expenses, I've started to adopt a minimalist approach to life. Not strict minimalist, but only concentrating on what is needed, or what brings joy. Not spending to "keep up with the Jones's" or for status symbols etc.


I too am hoping to bridge the gap between early retirement and a work's pension kicking in, with perhaps part time work! I'd like to re-train as a chef!

economic

ive averaged 80% saving on net pay. i was earning 100k or so last ten years and i spend very little. now i am retired and i am 34.

Ray_Singh-Blue

In the last 5 years my household's net income has exceeded gross expenditure by: 49%, 12%, 20%, 24% and 26%. So that's how much we have saved each year. I just transfer money to the S&S ISA accounts when the current account is looking healthy enough.

I'm self employed, and have only a rough idea what I will earn. Once a year my accountant tells me what I earned the previous year, and how much tax I'll have to pay. I do however have a very clear idea how much my family will spend, and have a budget. Things have been good for the last 5 years, so I'm making hay while the sun shines - who knows, a bad year might be round the corner.

ARandomMiser

Thanks to brexit i currently save about 75% of my take home pay (i came out of retirement last July to take full advantage of brexit). I expect to max put my Isa and my pension this year, have just bought a new car and booked several holidays.

ian-d

Just had to look "stoozing" up. Seems like an entirely wreckless way of trying to profit if you ask me!

chucknorris

We don't really save anything, we invest, but more to the point we have reached the time when we should be spending not saving or investing. It is definitely something that we are going to have to address.

EachPenny

Some very good advice on this thread already. The key to saving is to watch your spending. Try to have a set amount you put in to savings soon after you get paid each month, then aim to have money in your account at the end of the month which will also get saved.

Always keep an eye on the interest rate you are getting on your savings and move them if it isn't a good deal.

I am currently living on the interest on my cash savings, I've set myself a challenge to see if it is possible to do that for a full year without dipping into the actual savings themselves. It is amazing what you can save and get for free when you have the time to look for good deals, rather than being so busy working you just pay whatever you're asked because you don't have time to think about it.

EachPenny

ian-d wrote: »

Just had to look "stoozing" up. Seems like an entirely wreckless way of trying to profit if you ask me!

If it looks reckless then maybe you've looked it up in the wrong place?

Bank gives you £X for Y months at 0%. You put the money in a savings account earning Z%. Coming up to Y months later you give the bank their £X back, and keep the interest earned for yourself. What's reckless about that?

YorkshireBoy

ian-d wrote: »

Just had to look "stoozing" up. Seems like an entirely wreckless way of trying to profit if you ask me!

Borrowing to invest as jamesd has done you mean?

Or borrowing to save and earn interest or reduce mortgage cost as many of the rest of us have?