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

anniecave

I'm saving around 40% of my take-home pay. I share a rented flat with a friend and I run a car. I don't waste my money on take-aways or smoking or buying sandwiches at £2.50 per day which helps!

Running an older car helps too. I paid for my car outright and then have been saving £800 per year towards the next one. I've now saved enough and my car is still going strong (just passed it's MOT) so I won't need to save anything towards a car now until this one dies!!

It scares me how much some people spend on monthly finance/leasing agreements for their cars!

Aussieonabudget

Wow, this makes me think of what I am missing out on having to battle a non-believing OH. He's fine as long as it doesn't affect his lifestyle (ie drinking).

If i count joint debt repayments with my savings it comes to 25% of our combined savings. Hopefully I can keep up the OH's interest in putting the money aside after the debt is payed off!

Thanks for the inspiration (and kick up the !!!!)
Aussie

McSaver

I currently save around 83% of my net Income.

Its easy to do when I am still living at home with my mum and there is no real big outgoings to pay.

Jonbvn

torbrex wrote: »

It is all relative.
My top line is approx £13500 and this gives me a take-home pay each month after deductions (including pension) of approx £980 including ave bonus. From this I save £640 which includes an overpayment to my mortgage.

All this adds up to me saving 65% of my take-home earnings.

Excellent inspirational post. Even with a well below average salary you have managed to live within your means and have identified your financial priorities.:T:T

artic99

Wow, thought I was a saving a decent amount and now pretty humbled that people earning a lot less are saving a lot more, going to have to have to reassess things at this end, good work people!

tara747

I too am impressed and humbled by the amount some people here are saving on quite low incomes.

I save about £800-900 a month out of a take home pay of £1850, so nearly half. Could save more but I like to have a life! Some months I can put away more and it's always satisfying to do so. I do enjoy myself (I like eating out and travelling) but don't waste money on junk and of course being a good MSEer I always get a good deal on everything!

My outgoings are very low - I rent with OH, bills and food are all very cheap and I live close to work so no commuting costs. And I have one of those index-linked pensions which everyone tells me is great - my contributions are very low (about £26pm) so I know I am luckier than most. Whoever said that your "incomings minus outgoings" is the important thing was right.

I currently have about £18K in savings and am aiming to have £40K by the end of 2010. I'll probably start looking to buy a house around late 2010, as I reckon prices will keep falling for at least the next 2-3 years. So hopefully I will have a massive deposit, a nice small mortgage and keep the savings habit.

:beer:

moneymass

I'm hoping to save/invest 'a majority' of my income for the year. I don't have a mortgage, car or any other significant outgoings. My rent and living expenses are very low. I have a student loan but that will be getting the minimum repayments.

I can't really do the numbers per month as my pay fluctuates depending if I'm on or offshore but aiming to have amassed around 25k (hopefully more) after my first year which includes a rough estimate of my income tax rebate that I can claim back. This is also after I treat my parents and my girlfriend

[Deleted User]

enjoyshoes wrote: »

graduated from college,no money left , friend much ,every body ask me for money !!

:spam: in the signature. Reported

thor

I know a few friends who are smokers and are always moaning about the cost of essentials. Unfortunately for them cigs are a requirement and it always astonishes me how much is spent on them. I don't know the costs exactly but someone smoking 20 a day would probably have to spend about £6 on a pack. Multiplying up that gives about £180 monthly or £2k per year. I know if I smoked those figures would be a powerful way for me to try and give up. Maybe they don't expect to be around to need long term savings.

sreppaw

As much as possible! Aiming for as close to 100% equivalent of one of our equal joint incomes as we can manage. Hopefully we will start a family in the next two-four years, at the moment we have overpayed our offset mortgage by nearly 2 years of payments in 2 years. Hopefully by the time we need drop to one income we will have overpayed by enough for up to 4 years if needs be.