How much do you save a month in proportion to your earnings?

Lokolo

Lucky student = Lokolo. I take out the loan and put it in my ISA. Just finished first year and have £3500 in savings all good.

I am working more or less fulltime (only 5/6 h ours a day) every day of the week but I owe car insurance so thats a primary for me. After thats paid off I plan to save about another £600 before going back to uni.

Frugality_2

torbrex wrote: »

It may sound a bit boring but I take advantage of the fact that drinking, smoking and a constant steam of take-aways are not compulsary and also a bit boring, I do not have a highly active social life at the moment so I am almost embaressed to say that I am saving approx 90% of my disposable during my current drive to pay off my mortgage early.

Part of my savings do go into my holiday fund so I have a blow-out of about £3000 minimum every year on holidays.

While unusual I wouldn't say it's embarrassing. For me, much of my drinking 'til the early hours and catching expensive taxis are over and I am just about to enter my 20's. Social lives are overrated, so long as one has a hobby or two, which can probably include a subbranch of your work/career.

something_girl

You sound really switched on, I can only pray that my eldest is as sensible as you, when she gets to your age (about 3/4 years). The very best of luck to you.

kingmonkey

I save about 34% of my income

obsessed_saver

Here's a useful website to calculate what your tax and NI would be:

http://www.listentotaxman.com/

At £23k pa, you'd take home £1463 per month.

So factor in rent & bills, food, mobile phone, going out, (cost of running a car?), transport. You can get a pretty good idea of how much you can actually save.

Make sure you put away some money into a pension. Hopefully, your company will have a pension scheme that will match your contributions up to a certain percentage.

[Deleted User]

I'm saving 16% of my gross income however another 24% goes towards paying off debts (yes I know in theory you should pay off debt first however for my circumstances it's not worth it / possible). So it would be 40% savings if I didn't have the debts.

4.2% of my gross income goes towards my pension and a final 4.7% goes to the Student Loans Company.

To put this in context I'm 24 years old renting with friends.

Lavendyr

I live with my partner and save just over 1/3 of my take-home salary every month. I could save more if I really tightened the pursestrings but as it is, I live a comfortable life while saving a good amount of money each month. I think it's important to have a decent balance between saving and living.

david78

about 60% of take home pay.

nearlyrich

I am saving quite a bit at the moment as I am no longer supporting my children they have both got a job and pay keep, previously I was forking out for tuition fees etc. Also I got a new job with a large increase in basic and more bonuses. I only need about £500 per month for my share of groceries and bills and I am trying to cut down on buying stuff cos I have loads already so I am sticking the rest into my high interest account. I also pay for work expenses then bank the pay out from the company in my HI account....I have saved £11000 since last November, it's my early retirement fund...

plzhelpmesave!

obsessed_saver wrote: »

Here's a useful website to calculate what your tax and NI would be:

http://www.listentotaxman.com/

thank you soooo much for this link! have been applying for jobs but didn't know what wages would be and kept getting confused with my tax calculations !