What would you say roughly was a decent amount to save each month?

[AWiseWomanOnceSaidFuckThisShit]

£50? £500? More less or in between...

@Whatiswrongwithmyknee

I never quite understand how people use the concept of 'saving'. Are you saving for something specific (new car? sofa? xmas presents?) or just in case? Saving anything 'just in case' is a pretty privileged position though a great idea if you can. I actually you're going to spend it all by the end of the year, then that's quite different. Just in case savings of 17% of income sounds absolutely massive.

I save a lot and to be honest I don't really know why (about 40% of salary). Maybe to buy a bigger house in a few years, to make life easier if I ever have children, possibly to support a move abroad in a few years. I sometimes find myself frustrated with my salary and think I need to go out and find something that will pay me more then realise I don't even really spend my current salary.

When I'm having a bad day at work I do find it comforting that I could quit that day and have enough to last me a while but I'm not sure that's a good enough reason.

Saving anything 'just in case' is a pretty privileged position though a great idea if you can

Saving is really always for the 'just in case'. Just in case... your boiler gives up, you have to attend a funeral at the other end of the country, your gas or food bills go up, you fancy some winter sun, you need to take unpaid leave because your DC is in hospital, your car needs a repair, you are unexpectedly pregnant, there's a pandemic and you can't work, your child's school shoes need replacing after 4 weeks etc etc. Unless you are on a very low income where you have to count every penny and definitely can't save everyone has at the very least some slack to allow them to e.g. buy a kid's birthday present. Saving is just the extension of that, I don't want the money in my current account when it could be earning more in a dedicated savings vehicle.

And having savings is very freeing, it gives you choices and security.

Used to save sod all because I was living in benefits. Saved money since then. Currently save 33% of my income (1k).

You dont need to have a goal to save.

Definitely. I just think there is a difference between putting money aside for known future expenditures (like car insurance) and saving money which is not earmarked (or needed) for anything specific. I just say that as I have had friends say they are 'saving' x per month but then they spend it the next month or the month after and they knew they would need to do that. Quite a different sort of 'saving' I think.

I know savings are for many different reasons, I know they provide stability and reassurance. surely you can work out why people save just putting unexpected things on a credit card or taking out a loan is not really sensible Of course I can, so no need to be patronising. My point was simply as above, that there is a difference between putting money aside for essential predictable future expenditure and having money in case something unexpected comes up. But both are called 'saving' though they have very different implications for your future financial postion.

@JaninaDuszejko

Saving anything 'just in case' is a pretty privileged position though a great idea if you can

Saving is really always for the 'just in case'. Just in case... your boiler gives up, you have to attend a funeral at the other end of the country, your gas or food bills go up, you fancy some winter sun, you need to take unpaid leave because your DC is in hospital, your car needs a repair, you are unexpectedly pregnant, there's a pandemic and you can't work, your child's school shoes need replacing after 4 weeks etc etc. Unless you are on a very low income where you have to count every penny and definitely can't save everyone has at the very least some slack to allow them to e.g. buy a kid's birthday present. Saving is just the extension of that, I don't want the money in my current account when it could be earning more in a dedicated savings vehicle.

And having savings is very freeing, it gives you choices and security.

All of this. Plus the vital goal of putting you in a position so you don't have to work for a living any more.

More and more people are starting to realise that there's an alternative to 'working in a job that you hate to buy things you don't want and do things you don't want to do to impress people that you don't like', ie the FIRE movement, or financial independence, retire early.

Of course, you don't have to be that extreme, but every pound not spent today is available to spend later and at some point those unspent pounds will have built up to a level that allows you to, as well as not worry about paying for new school shoes, washing machines, boilers etc, you also don't have to worry about needing to work for a living, so you can afford to work less, take lower paid work, perhaps start a new business where you choose your hours, tasks etc or even not work at all.

We tend not to build up.our savings but do it differently.

We Did build our savings until they equalled 6 months salary for us. Since then, we overpay the mortgage. So 20% of our take home pay goes on additional mortgage payments. We also spend between 5 and 10 % of our take home pay on holidays.

However, we are in the fortunate position of being able to do this.

every pound not spent today is available to spend later

To some extent, but with the way that inflation is going, every pound not spent will be 50p to spend later. I bought a house last year and prioritised making all my big purchases before prices increase. Now the house is pretty much sorted I will start saving again.