Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

How much do you save a month of your salary?

(47 Posts)
Lottegirl Wed 14-Jan-15 09:25:07

I try to save a 3rd at the moment.

zippyandbungle Wed 14-Jan-15 09:26:49

We have joint everything and put a quarter in savings each month.

Mrsteddyruxpin Wed 14-Jan-15 09:28:24

I save a quarter but actually nearer to a third as I overpay on my mortage

ljomrs Wed 14-Jan-15 12:29:28

Message withdrawn at poster's request.

eckythumpenallthat Wed 14-Jan-15 12:30:35

£20 which goes into DD saving account. Apart from that there ain't anything at the end of the month

SirChenjin Wed 14-Jan-15 12:33:40

Very little. Big mortgage, car loans, feeding and clothing 3 DCs, childcare, utilities, food for 5 etc etc. We have a decent joint income but after all the outgoings there isn't much for saving - certainly not a third.

meglet Wed 14-Jan-15 12:35:45

um, £10 pension and the dc's have £3 each.

noisytoys Wed 14-Jan-15 12:38:39

Save 10%, give 10%. The remaining 80% is plenty to live on.

AnythingNotEverything Wed 14-Jan-15 12:38:50

About 20%, but when I've had this next baby I'll be giving up work for a while and then we'll be saving nothing and using our savings to dip into for holidays and home improvements.

SirChenjin Wed 14-Jan-15 12:42:56

Oh hang on - are we we taking pensions into account? If so, I pay into my NHS pension -can't remember how much.

mijas99 Wed 14-Jan-15 12:55:54

Spend a third of your salary on essentials, a third of optionals and save a third

That is what I have always aimed for. It gives you a lot of choices in life

Chunderella Wed 14-Jan-15 13:10:04

Message withdrawn at poster's request.

slug Wed 14-Jan-15 13:19:25

Unfortunately mijas99 that only works if your essentials cost 1/3 of your salary. If you are on a low wage the essentials can take up 80-90% easily

mijas99 Wed 14-Jan-15 13:32:12

Of course slug - but not everyone earns the minimum wage

Probably a better way of saying it is "Essentials = 1/3, Optionals = 1/3 and Saving = 1/3" is a very healthy situation to aim for

Although there is no point saving unless you are eventually going to spend it. But that is a seperate point

Wellieswithaholein Tue 20-Jan-15 08:51:53

One third saved - mostly long term.
Also overpay mortgage each month.

Actually we do similar to mijas99

Jeffery Tue 20-Jan-15 08:57:23

We saved until we reached a set amount... Now instead we overpay on the mortgage. What ever is left over at the end of the month.

Pensionerpeep Tue 20-Jan-15 09:00:05

Message withdrawn at poster's request.

WilliamShatnersPants Tue 20-Jan-15 09:02:20

About a third here too. We both work FT and are relatively high earners. Saving to buy a house this year.

BiddyPop Tue 20-Jan-15 09:05:05

I personally save roughly 19% of my salary a month, already set up as deductions at source or regular amounts. I often add extra to my post office book as well.

DH overpays the mortgage, and he probably puts at least a third of his salary (on top of overpayment) into savings per month - between regular payments and pension contributions.

evertonmint Tue 20-Jan-15 09:18:41

We live on one salary as we have 3 small children and I'm at home with them. From that we probably save 20% - roughly 5% is mortgage overpayment but the rest is only really short term savings to cover things like annual insurances, small household maintenance bills etc. so more deferred payments than true savings.

However I do some freelance when I can and DH gets a bonus and these are used for long term savings and holidays. And we have a good chunk of long term savings from when we both worked full time (all in we enough to cover nearly a year's lost salary).

Once I go back to work properly when the baby is a bit bigger (before he's 2 certainly), all of my salary will go into savings because we have proved to ourselves we can live on one salary.

CalamitouslyWrong Tue 20-Jan-15 09:21:26

We save about 40% (sometimes more, sometimes less) without taking into account pensions. It's more if we're talking pensions (how much more would depend on whether you were counting employer contributions, and is made more complex by salary sacrifice schemes). Although, I suspect that's going to be money down the drain as the scheme will probably be paying out 37p a month in pensions for 40+ years service if we're ever allowed to retire.

We used to overpay the mortgage too, but decided to reduce the term.

BiddyPop Tue 20-Jan-15 09:28:30

Oh, I didn't include my pension contribution as I don't know what that is blush - it comes from my salary and I look on all those deductions as "tax" - PRSI, USC, pension levy, "widows and orphans fund" (a death in service scheme) and regular income tax.

Shinyshoes2 Tue 20-Jan-15 09:33:15

1/3rd of my wages

Thereyouarepeter Tue 20-Jan-15 13:04:20

About 15% of our net income.

But we overpay on the mortgage and both have NHS pensions.

Once the car loan and childcare payments are done we should be able to save a lot more (if we want to).

gaggaforababa Tue 20-Jan-15 13:17:22

shock if I can put £50 at the end of the month I've done well, I'd say 80% goes on bills, rent, fuel and food sad

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: