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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask how much you save each month roughly?

161 replies

SunnyWavess · 11/08/2024 22:53

As the title says - how much does the average household save each month once everything is paid? Some families won’t be able to save anything and that’s their experience.

zero
£50
£100
£200
£500
£750

We’re all different of course but would like some insight of the average house - thanks

OP posts:
readingismycardio · 12/08/2024 17:15

And around £200 for the baby in a pot. The £1000 is for holidays, emergencies, etc

readingismycardio · 12/08/2024 17:14

Around £1k (together with DH)
No mortgage
One almost 6 month old baby

thicklysettled · 12/08/2024 16:46

CrikeyDozes · 12/08/2024 01:45

Agree with previous posters that it’s hard to define “savings”.

Each month after we have paid the bills and kept money in our account for that month’s food and essentials we put £3k in a savings account for holidays and £750 in an account for Christmas and birthdays.

Sounds loads but at the end of the year we have no savings as we spend both accounts on holidays and Christmas and birthdays. We only pay the interest on our mortgage so we aren’t increasing our actual wealth at all. We don’t own a car (London based).

Why are you saving nearly $4k a month but only paying the interest on your mortgage? Not judging, just don't understand.

Bedroomdilemmas113 · 12/08/2024 15:09

hattie43 · 12/08/2024 12:10

Assuming your husband stays fit and well to continue his employment or assuming the job is still there and not restructured, folded , business sold .

I'm sorry I find it madness to save nothing when you don't know what tomorrow brings . You could saddle your kids with guilt knowing you gave them everything and know your living off beans because life took a wrong turn .

The same with the poster upthread spending £45k a year on holidays and Xmas yet an interest only mortgage .

Without being outing. Not a job. Equity stakes in various businesses, director of all.

That isn’t a valid concern for us.

Could sell all shareholdings, have a good chunk of home equity too and good pensions.

In terms of health also very well insured for all eventualities.

Could pay mortgage on single salary, school fees too.

We aren’t concerned!

rainbowunicorn · 12/08/2024 13:49

ApplesonTuesdays · 12/08/2024 12:44

Gosh, I thought I was doing OK but after reading this thread - perhaps not!

We put 300 away each month into long term savings. Once a year dh will dump more money in after his tax returns are done. Perhaps 5-10k.

Holidays, Xmas etc come out of any accumulation in our current account.

Bit you are doing okay, you are saving within your means. When I first started saving after paying off credit card debt it was a standing order into a basic savings account for £50 a month. Then at the end of each month anything that was left over even if it was just £1in the current account got moved to the savings account. I also used to do savings challenges eg. Check the current account daily and move any shrapnel to the savings so if there was for example £575.63 in there I would move the 63p to savings. It might not seem much but it isn't missed and could easily add an extra £20 a month to savings.
Any pay rise we would immediately take a quarter of it and save it. We would set this up on the savings standing order to go out immediately from the first month so it was never missed. When we paid off a loan or a credit card we would start to save half of the amount that we had been paying and the other half was used in general day to day to make life a bit nicer
It took a long time but it is so true what they say, small amounts really do add up.

loopyluloopy · 12/08/2024 13:28

Husband and 1 Dave around £3k with 4 kids and one on the way.

ApplesonTuesdays · 12/08/2024 12:44

Gosh, I thought I was doing OK but after reading this thread - perhaps not!

We put 300 away each month into long term savings. Once a year dh will dump more money in after his tax returns are done. Perhaps 5-10k.

Holidays, Xmas etc come out of any accumulation in our current account.

rainbowunicorn · 12/08/2024 12:44

I wouldn't count things like saving for annual bills, car ins, car maintenance, house ins, Christmas, birthdays etc as savings. That's just budgeting really. We worked out roughly how much each of these type things cost and added 5% to be safe, have a separate pot for each that gets paid into monthly. The money is there when needed. It did take a bit of time to get to the point that I could do all annual expenses like this.

As for savings we are lucky to be able to put away approx £1400 a month for medium to long term savings. Medium is larger house projects such as new bathroom, windows, carpets, garden etc. Long term is for additional money in retirement. I want to be able to get someone in to do the garden, paint the house go away for a long weekend at the drop of a hat without worrying about where the money is coming from.

We also save into regular savers each month and at the end of the term transfer to an ISA. The money in these is for car purchase in the shorter term and for the other longer term to help with health costs in later years. I would like to have the option of better than NHS for things like hearing aids if needed, private physio or a cataract op etc. Could never afford full private health care so this hopefully would make a difference to some aspects.

We both have full state pension when due and also have okay works / private pensions. The longer term savings mentioned above are just to give that bit extra comfort.

It has taken a long time to get to where we are. 13 years ago we had £15000 of credit card debt. We were only just scraping by and lived hand to mouth most months. Now our mortgage is paid off, partly because we chose to stay in a house that many on here would deem small, one bathroom, one living room, no separate dining room etc. We could have moved and had a house twice the size but we decide to prioritise financial security instead.
The best thing I ever did was go onto the money saving expert forums. People on there give great advice on debt, savings, pensions all without the mumsnet 'is this a stealth boast' crap. There's none of the immature jealousy on the money section that you get here. If any do pop up they are generally politely told to stop.
I read the advice on how to save, how to pay down debt effectively and how to budget and I put it into practice.

Sorry it is so long. I just wanted to show that it is possible to get from having not a penny in savings to being in a okay position.

SunnyWavess · 12/08/2024 12:34

GalileoHumpkins · 12/08/2024 12:19

How does knowing what other people save give you insight? It's utterly meaningless.

Its perspective isn’t it. It’s interesting to hear different opinions and experiences

OP posts:
SunnyWavess · 12/08/2024 12:32

mibbelucieachwell · 12/08/2024 10:22

How about you @SunnyWavess?

Is this post helping with your project?

Project? No project, just curious, the same reason people post anything on here.

If you care to RTFT you’ll see I have replied.

OP posts:
GiantRoadPuzzle · 12/08/2024 12:26

Chickoletta · 12/08/2024 12:13

I totally agree with this.

Why?

GalileoHumpkins · 12/08/2024 12:19

How does knowing what other people save give you insight? It's utterly meaningless.

Scirocco · 12/08/2024 12:17

About £1000 per month each goes into various savings pots and there are separate savings for DC. Whatever's left at the end of the month gradually accumulates and gets moved over into a generic savings account to do so.

Chickoletta · 12/08/2024 12:13

Thecatspjymas · 11/08/2024 23:32

I'm sorry to be that person but I find it really upsetting that you are accepting funded hours and able to safe 5k a month. That system is clearly broken

I totally agree with this.

hattie43 · 12/08/2024 12:10

Bedroomdilemmas113 · 12/08/2024 08:10

Nothing.
V high earning husband, I also earn well.

We do have shares which are obviously an investment.

Had children young and made the decision to focus on their childhoods - v expensive equestrian hobbies, private schools, lots of holidays. They’ll both be adults before H is 40 so plenty of time to then save - and will have loads of spare money to do so without even noticing it at that point.

Assuming your husband stays fit and well to continue his employment or assuming the job is still there and not restructured, folded , business sold .

I'm sorry I find it madness to save nothing when you don't know what tomorrow brings . You could saddle your kids with guilt knowing you gave them everything and know your living off beans because life took a wrong turn .

The same with the poster upthread spending £45k a year on holidays and Xmas yet an interest only mortgage .

MrsSunshine2b · 12/08/2024 12:10

£500pm goes into the holiday fund which covers Christmas, birthdays, and holidays.

£100pm goes into a savings account for our daughter.

I try to put around £400-500 into our long term savings account but honestly it depends what's left at the end of the month. If we end up going out a lot that month or have other expenses, it might be nothing.

HowIrresponsible · 12/08/2024 11:43

rainbowunicorn · 12/08/2024 11:41

Why is it upsetting that a family who will be paying a fair amount in tax and NI should get back a little bit of what they pay in. They probably pay in more in a year than some do in a lifetime. Why shouldn't their children benefit from the funded nursery place the same as everyone else's.

Well exactly. What's in it for those who pay thousands in tax and take nothing out ?

rainbowunicorn · 12/08/2024 11:41

Thecatspjymas · 11/08/2024 23:32

I'm sorry to be that person but I find it really upsetting that you are accepting funded hours and able to safe 5k a month. That system is clearly broken

Why is it upsetting that a family who will be paying a fair amount in tax and NI should get back a little bit of what they pay in. They probably pay in more in a year than some do in a lifetime. Why shouldn't their children benefit from the funded nursery place the same as everyone else's.

CocoDolphin · 12/08/2024 11:13

Between us, £1000 per month into savings. Around £500 per month for holidays, house, Christmas etc. £1000 into pensions. No mortgage, one child at uni and one child at home both of whom we support.

Riversongs · 12/08/2024 11:07

Around 600 to 700 a month split between car maintenance savings, holidays, house items, and don't touch savings.
We also overpay the mortgage by a few hundred a month, as we're on a high interest rate, so I class that as saving too.

FeistyFrankie · 12/08/2024 11:06

I currently save 1k a month (saving up to buy a house). Once on the property ladder I hope to save around £500 a month, but that will depend on what’s left over after mortgage, bills etc.

Scottishskifun · 12/08/2024 11:02

There is a statistic that half the people in the UK have less then 1k in savings so I think that tells you a lot about average savings per household.

We save about a quarter of our income a month which is above the £750 in the OP however we live in an old house where things are often going wrong and cost a fortune to fix so most of this money goes on repairs (average 2 a year!)

Firsttimetrier · 12/08/2024 10:57

We’re currently in a period of life where we can save £100 a month when we used to save £2000 a month.

A lot of the reason is due to extortionate childcare costs (we live in London), we’ve moved house since so our mortgage is higher, and SMP wiped out most savings during my maternity leave.

Once we get our 15 “free” hours with nursery from next month, we’ll put the money saved into our savings, which will help.

I am pregnant with my second and come to accept that this period will be tight but in a few years, we will be able to get back to saving a lot more and enjoy life again with nice holidays etc.

Just wish we had German childcare costs (£200~ a month) 😩

ntmdino · 12/08/2024 10:54

£1.5k/month for me, £250/month for other half (separate finances, but I pay for most of the big stuff with OH paying a token amount and we still regard everything as "ours"). Probably somewhere on the order of £115k combined income, £600/month mortgage, daughter has long since left home.

Could probably save £2k/month if I was more careful, but we'd prefer to enjoy life rather than being skinflints and then hoarding loads of money but lacking the ability to enjoy it.

MartinsSpareCalculator · 12/08/2024 10:34

It means nothing without context though does it?

We save about £1500 a month. We have no children and are both reasonably well paid. I'm a spender and spend far too much money on all kinds of crap so could save more if needed.