What percentage of your salary do you save?

bendix

Don't feel depressed about it. It's a fantastic achievement in your position. Most of the high numbers are people who save all their personal income because others (partners, employers et) are paying their living costs so they are not exactly representative or - candidly - strictly replying in the spirit of the original question.

Me? It depends how you define savings. If you combine pension contributions and cash savings, I'd say I'm around 60%

nzseries1

bendix wrote: »

Don't feel depressed about it. It's a fantastic achievement in your position.

Thanks so much. Can I just say it would be more like 15-20% if it weren't for this site! :money:

Hermia

Wow! I cannot believe everyone manages to save so much. I guess I must try harder! The problem is my rent takes up approximately 40% of my salary (and it's a teeny-weeny flat in the cheapest area of town) and then I have my utility bills and council tax on top of that. I have cut back on pretty much everything, but am definitely going to try harder because I want to be able to buy a place of my own one day.

steady__eddie

After reading this thread, I now know who is partly to blame for the dreaded R word.
Why not take a leaf out of the governments book and SPEND SPEND SPEND.
Alternatively, buy a new state of the art printer and try your hand at quantitive easing. :rotfl:
When we've spent our way out of recession, more demand, more employment, a healthy rate of inflaion and we can all start saving again.
I hadn't used to be a troll.

shrewsaver

nzseries1 wrote: »

I try and save 55% of my income... doesn't always happen though.

I was really impressed with that figure, however compared to some people on this thread I feel a bit less enthusiastic about it now! I am a single person living on my own with no kids.

I'm the same.

I save about 50% of my take home wages each month when I get paid (this Friday :j). I also live with my parents so that makes it easier.

Since joining this forum it has made me save more.

Doshwaster

Answer: Not enough

About 15% (of net pay) goes directly into savings on pay day, split between long term and rainy day savings, another 6% into pension then maybe a few percent which is left over at the end of the month.

There's not much left to go around so the only way to save more is to earn more or spend less...

Coral_10

I just finished uni with a load of debt and moved to London when i got a job here about 8 months ago so saved almost 0% in the first few months except for the bits and pieces in my current account! But suddenly I've seen my savings (not really savings but the amount of my net wages that's not spent) sky-rocket after I moved into my fiancee's house to about 80%! :j

The only thing is the feeling isn't as good as i first thought it'd be as she makes almost twice as much as me and pays her mortgage and bills in the house on her own and i'm just useless now . Hopefully i can save enough to pay off my debts (and maybe some of hers!) and then think about the rest later.

Good thead :money:

barrymoney

50% here, maybe a tad more.
I used to live in London, and it was very hard to save, so I know how that feels. There are periods in life when you can save , other times you cant.

Doomcow

i save approx 50% of earnings (not including pension which is taken from my wage pre-tax / paid off my gross salary.

i aim to save about 60% at a push on a quiet month, but i'd never let "saving" get in the way of enjoy myself. nice happy medium going.

for one of the posters above about how much i spend on energy bills: approx 2% of my wage is spend on electricity (i dont have gas) which i go 50:50 on with my other half.

20% of my wages is spent on my mortgage, and 3% on council tax.

want any more figures? i spend approx 1.5% of my salary on diesel per month and 7% on food.

Arthurian

I hope no-one gets despondent about the percentage they are able to save. If you don't earn much, remember there is a base level everyone MUST spend, and if you only have 2% spare for savings after that, it's not right to compare yourself to someone who earns far more and has 90% of their wages left after spending the minimum on basics.