How much do you have in your savings?(4 Posts)
PrtScn Fri 30-Aug-19 22:04:22
BrokenWing Fri 30-Aug-19 21:48:58
rosyrosy50 Fri 30-Aug-19 08:53:58
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More than that, but I have no mortgage anymore, and I'm old.
50/30/20 rule says that 20% of your salary (after tax) should be put into savings.
So for £28,000 based on 1250L tax code you should be putting approximately £375 p/m away into savings (or about £360ish if you want to deduct any pension contributions - I've worked this out based on 4% of your salary going into a pension).
More that that, but I'm
old mortgage free and feel more comfortable with more as I now worry about my employability if I lost my current job. Our current savings would keep us going for more than a year if we were careful.
When I was in my 20s I had more debt than savings, 30s we had ds/maternity leave but mostly broke even. It wasn't until our 40s we managed to start to save.
I'm worried my savings are quite low for the amount I earn.
Currently 4k in savings and earning 28k before tax
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