What percentage of your wage do you save?

jjmmww1

Tryng to save 10% but currently eating away at it each month to be lucky to have -3 to 5% of it left

Sg28

thebikemechanic said:

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. 

I used to often use the SOA to analyse my own finances. Even if you have no debt its still a very handy tool. 

housebuyer143

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.

We invested in BTL when rates were dead low and that was lucrative (sold up now), now we invest it in fixed accounts, instant access, stocks and shares. It's probably losing in relation to inflation but at the moment I'm not keen to tie all my money away. Once we have enough to offset the mortgage fully I think we will do that as that's unfortunately on a tracker and running close to 5% currently.

bungleberg

We don’t save anything, the wife and I spend all our earnings.  Mortgage and debt free with more than enough put away we will just enjoy our money until we decide to retire which won’t be too long hopefully.

throughtheblue

bungleberg said:

We don’t save anything, the wife and spend all our incomings.  Mortgage and debt free with more than enough put away we will just enjoy our money until we decide to retire which won’t be too long hopefully.

Congrats

pookey

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 save around 50%, just splitting it into various saving accounts but I need to do better. But everything that's better comes with a risk so it's a bit tricky 

Prism

Save almost nothing. We salary sacrifice a good chunk into pensions though 25%+

Swipe

I save 100% and live off savings 

VNX

Currently save around only 10/15pc of my salary per month but will increase soon when my mortgage payments reduce 

wiseonesomeofthetime

MSE asking same question on Twitter.

Article incoming? 🤔

https://twitter.com/MoneySavingExp/status/1667144513691820035/