To think we aren't saving enough...

104 replies

prettyinpinkormaybegreen · 07/07/2023 12:44

We are a family of 4, 2 adults and 2 DCs one at uni one at home. We bring home £100k per year so approx £6k a month so I know we are much better off than many.
By the time we pay mortgage, cars, bills and food I don't know where it all goes every month. We save about £500 every month but I always feel we should be saving more but just don't know how we could. I'm scared about the cost of living and I know I am far from destitute.
What do you all manage to put away every month??

OP posts:

noglow · 07/07/2023 12:49

Tosire · 07/07/2023 12:48

So £6,000 a year. That seems plenty to me. You could save more but what for?

Incase one of them loses their job?

Jizzle · 07/07/2023 12:49

No one is in exactly the same circumstances as you, so it will be difficult to judge how you are doing compared to others, you might have a huge mortgage, private school fees etc etc.

If it helps, we are on a little more than you, about £120k combined, but we both put £750 per month in to our pensions. I put another £650 in to my ISA and my partner about £500 in to theirs. Our mortgage is about £1300, so we still ave plenty of spare spending money, and try to put about £5k aside for a holiday or two a year. Anything left at the end of the month goes in to the ISA.

We are both 35 and so far we have £50k each in ISA's, £75k and £65kish in our pensions and equity of about £350k in our $550kish house, which we try to pay down when we can.

noglow · 07/07/2023 12:48

It doesn't really matter what every one else saves. You're best off going over your statements for the last couple of months and seeing realistic achievable targets.

Tosire · 07/07/2023 12:48

So £6,000 a year. That seems plenty to me. You could save more but what for?

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