How much do you save?

hugheskevi

I've kept details of our household accounts for quite a few years now, logging details at the end of each financial year.

We used to make pension contributions to take us out of higher rate tax until 2016/17, but by then we had enough in our personal pensions so switched priority to ISA saving and just retained some additional Defined Benefit voluntary contributions. 2017/18 involved a long holiday in Africa (me 3 months, wife 1 month) which increased expenses, as well as paying in advance for another 2-week trip to Africa in 2018/19 for both of us, so it was an expensive year.

Mortgage was included in debt repayment, but is paid off now. We still have a few nil fee, 0% interest credit card balances (total £43K) which are now being paid off from cash saving as offers end. Previously these were used to accelerate saving into ISAs and pension but now are just normal Stoozing (and not very profitable, hence why it is coming to an end).

Note figures do not include employer pension contributions, which are pretty decent as both wife and I are in final-salary, Normal Pension age 60 schemes.

TheBellsAreRinging

I'm just at the beginning of my career, and am managing to save £1100 per month, which equates to about 60% of my net salary. I'm in the fortunate position of being able to live at home rent free, so am able to put a lot away.

My travel to work each month is about £567, and after that i have roughly £300 in my current account. I don't go out of my way to spend it all, but if i did i would not feel guilty because I have already saved a decent amount from the salary, so if i go out with friends and colleagues and spend money then thats cool too   

I have a salary review after 1 year on my graduate scheme, so will probably save more than that after, but that remains to be seen. 

london21

I save a large chunk of my income but really depends on your circumstances.
For example can't compare someone paying rent to someone living at home just helping out with bills.

Also depends on your income, disposable income.

Different lifestyles, expenses etc.

Do what works for you.

bostonerimus

TheBellsAreRinging said:

I'm just at the beginning of my career, and am managing to save £1100 per month, which equates to about 60% of my net salary. I'm in the fortunate position of being able to live at home rent free, so am able to put a lot away.

My travel to work each month is about £567, and after that i have roughly £300 in my current account. I don't go out of my way to spend it all, but if i did i would not feel guilty because I have already saved a decent amount from the salary, so if i go out with friends and colleagues and spend money then thats cool too   

I have a salary review after 1 year on my graduate scheme, so will probably save more than that after, but that remains to be seen. 

Excellent, put as much as you can into pensions and or S&S ISA while you are young as those contributions will have many years to compound.