What percentage of your wage do you save?

strawb_shortcake

I save roughly 25% a month not including my works pension. Any wins from premium bonds get paid directly into a savings account.

What I manage to save is split between my LISA, 2 x help to save accounts (his & hers) plus a savings bucket which goes towards annual bills, car maintenance then treats and holidays. I have a separate pot for the car but I really need to work towards a specific holiday fund. 

Saver73

I save about 25% not including work pension and if I get a pay rise I adjust the savings amount to try and save a bit more each year.

artyboy

Perhaps a more useful data point would be what percentage of disposable income people put aside for savings?

mighty2022

For those that save 50%+ of your wages, what do you tend to do with the money?

We save around 60% of our wage, but that just goes into saving accounts which until recently, barely returned anything and accept that I need to start investing into equities/stock market but need to form a strategy before diving into it.

daz378

Besides my 6.5% dB pension...90 pound a month split between  s&s isa  and simple saver with moneybox...30 pound a month credit union...and once a year ...even add to my  man united supporters trust  about 100 quid to savings balance(currently in mourning after Saturday:)..)

Nurse2047

After my NHS DB pension and AVC contribution I save 10% of my salary in S&S LISA and RS. 

thebikemechanic

throughtheblue said:

thebikemechanic said:

We are currently saving 12% of our net take home household pay. Looking like that will go down to 10% in the next few months as our mortgage rate rises. Feels like swimming against the current, but aware we are fortunate to save anything at all. This is currently building an emergency fund, and we hope it will allow us to front the money required for some home extension work as we are in a 2 bed house with a family of 4. Once/if that is out of the way, more will be put towards investments rather than cash savings. 

I can see how a mortgage, especially with rates increasing, would limit opportunities to save. I'm lucky to be renting at the same rate I was in 2018 and have an enough for a deposit on a first time house purchase, however, it would easily double by monthly outgoings.

Good luck.

Sounds like a good rental arrangement and if you're happy where you are then make the most of it! Despite me being sour about the mortgage, equivalent homes that are rented out around here cos the renters pretty much the same as I'm paying for mortgage - leaving them with equally little to save and no home in retirement. 

thebikemechanic

artyboy said:

Perhaps a more useful data point would be what percentage of disposable income people put aside for savings?

This would be interesting for sure, although it then becomes a debate about what constitutes disposable income. For example, our 10-12% saved leaves my wife and I with £50 personal spending money per month each which we use for anything that isnt housing, food or fuel... but within our housing costs we have things like Netflix, Amazon Prime, etc. 

Using the disposable income idea, we save:

74.8% - long term savings (not including pension contributions from gross pay)
11.2% - annual holiday cash fund
13.9% - personal spending money not saved

I've often wondered if there was any value in posting my 'SOA', as used in the debt forums, to have my spending analysed/picked apart by forumites. It seems inappropriate to do it there as I'm not dealing with debt. There aren't many places I can see where I can free up funds to up my % saved but I am sure there is a hefty amount of bias in the way I view my numbers and maybe I'm oblivious to something obvious. 

throughtheblue

mighty2022 said:

For those that save 50%+ of your wages, what do you tend to do with the money?

We save around 60% of our wage, but that just goes into saving accounts which until recently, barely returned anything and accept that I need to start investing into equities/stock market but need to form a strategy before diving into it.

I put £200 in a Help to Buy ISA, have done since 2019. The rest would embarrassingly sit in my current account, before increased inflation, I also have a small speculative amount in S&S ISA. Now, aside from the HTB ISA, everything goes into an instant access saver, and pays about £80 per month interest, which is taking the edge of the cost of living for me. 

I've still been able to save a good percentage of my wage, even with rising inflation, but I think it's down to a very simplified way of living without other expenses some people can't avoid.  

jimjames

mighty2022 said:

For those that save 50%+ of your wages, what do you tend to do with the money?

Mine goes into S&S ISA and pension.