How much do you save per month?

[CaveWoman1]

Be it 0 or £100’s!! And what is your salary? I’ve made a New Year’s resolution to try & save £10 per month. It’s not much I know but it’s a start. I earn £23,300 on a 4 day week. I’ve got a mortgage, & the rest goes on food/bills/petrol etc.

Just curious as to what others are saving in relation to their salaries?

We budget to save about 15% of our income. In reality it's about half that consistently -- never less, sometimes more. We've had a lot of expensive outgoings lately and spent a bit more on taking the DC on a few breaks since we aren't doing a big holiday this year, so lately it's been the lower end of the scale.

Our income is high, but we also have to put aside for a massive tax bill and are paying for one at nursery, plus we took out a new, shorter mortgage with a higher payment since it worked out better than even overpaying.

@over2021

About 15% of income but our childcare costs are still high and we've just had a new kitchen which we went over budget on so we're paying back a large 0% credit card debt!

It's usually close to 25-30%.

This doesn't include pensions- I am in a good pension scheme where I contribute around 9% and my employer tops up by 17%. DH saves less than 5% into NEST scheme

@whowhatwhen

We take home £13k a month and save £3.5k, so just over 25%

£13k/month?! Blimey, what one Earth do you do...

Is it better to save £150 a month or increase my mortgage payments by the same amount?

@Madreb

Is it better to save £150 a month or increase my mortgage payments by the same amount?

Really depends if you have a savings emergency fund.

£80 kids savings
Roughly £60 Moneybox this rounds up transactions every week and transfers automatically into S&S ISA this is the dire emergency fund.
£300 into saving account this gets dipped into regularly though. Just used 5k for new kitchen so building back up at moment.

Household income £47k before tax 2 adults 2 children.

@Madreb depends on a lot of factors - particularly how much you already have saved (eg do you have an emergency fund, do you have a good amount in your pension for your age?), whether you have any other debts, what the interest rate is on your mortgage, and any penalties for overpaying.

Earn 65k & I save 1.5k a month.

To the poster who asked the person warning 13 k a month, what they do:

It's really not that hard to get a well paid job. It just depends which industry you go into and what kind of role.

I know lots of people who left school with just a levels and are making mega bucks in sales ( especially tech ) / recruitment jobs. I also know lots of people in these jobs who have several degrees.

I'm talking 200 k and up.

But people think sales is a dirty profession, so I guess they can stay on their 30 k salaries.

I overpay £500 a month on the mortgage. DP does the same. Prefer this given the low interest rates and want to be mortgage free.

About £200 a month for family and another £200 for the kids. We could save more but not the best when it comes to spending!

I save approx 80% of my salary for 11 months of the year. On the 12 month I pay the council tax bill for the year plus my car and home and contents insurance. I also save 2k that DH gives towards the household expenses

I try to save £20 per week. Didn’t manage every week last year, mainly due to ex not paying maintenance for several months, but still managed to save £720 in 2021.

Joint income of about £5500 after tax
Mortgage alone is 38% of that joint income, before bills, food, petrol, kids extracurriculars etc. Save nothing, but save £100 each into kids ISAs. We are bloody awful with money

@Alysskea

Anyone else just feel depressed and inadequate on these threads now

I knew if I scrolled through for long enough there would be someone I could identify with. I work bloody hard and I'm good at what I do, but I barely cover the bills.

Come and sit with me @Alysskea in the corner. I'm sure there will be more along to join us - I don't believe that everyone has such high levels of disposable income that they can save each month.

My take home income is just under £2k per month (single mum, working part time but with a small pension from my late husband), around half of which goes straight out on monthly bills. I save around £500 of the remainder, although most of that goes is for bills/holidays/Christmas - only about £100 is true long term savings.

@SpidersAreShitheads not everyone can afford to save, but if you are on a low income you might qualify for a boost in savings from the government www.moneysavingexpert.com/savings/help-to-save/

£60k income.
Save £1000k+ per month.

@polkadotty2 DH is a lawyer and I work in Tech. We work bloody hard, have a massive mortgage and sky high nanny/nursery costs, it's not all sunshine and roses.

@CaveWoman1

Be it 0 or £100’s!! And what is your salary? I’ve made a New Year’s resolution to try & save £10 per month. It’s not much I know but it’s a start. I earn £23,300 on a 4 day week. I’ve got a mortgage, & the rest goes on food/bills/petrol etc.

Just curious as to what others are saving in relation to their salaries?

Absolutely nothing. Im a single household with a medium sized wage but with rent and bills I end up not saving a penny. I just got a new job with a little bit of extra so im hoping to start putting some away when this starts!

@CaveWoman1

Be it 0 or £100’s!! And what is your salary? I’ve made a New Year’s resolution to try & save £10 per month. It’s not much I know but it’s a start. I earn £23,300 on a 4 day week. I’ve got a mortgage, & the rest goes on food/bills/petrol etc.

Just curious as to what others are saving in relation to their salaries?

I'll be on £25000 at the end of Feb.

Joint income £130k - £7k a month after tax
All Household bills and joint expenses eg food, kid stuff, days out £2500 a month
Mortgage £600 a month
Nursery fees £3000 a month (3 under 3)
Money for ourselves £500 each
Savings ZERO

Can't wait until they are all at school - the pay rise will be amazing!!!

@PattyPan - thank you - I looked at that a few months ago and then forgot about it completely. I would qualify - I might set it up next month. I think the trouble was that I was waiting for my finances to be in a better position so I could properly capitalise from it - and they never are.

Self-employed, but I have x2 SEN DC which are now home educated (lack of SEN school places). DS in particular has reasonably high care needs. I work around the clock to meet deadlines and look after the DC - I have lots of clients who are queuing up for work, but have to juggle my availability around the DC.

Slowly getting into a better position financially but if I manage to scrape together £25 to sling into my savings account, I'm very proud of myself 😅 The shame of coming onto this thread and reading how more or less everyone is saving hundreds, if not thousands, every month 🤦🏻‍♀️

Nothing except my pension which is 9.3% single mum on 45k ish.

@SpidersAreShitheads

Please don't feel bad - I can't speak for anyone else on this thread - but we have been in such financial shit 6, 7 years ago. Where no matter what we did there just wasn't enough money and debt slowly piled up.

It was awful, and we felt really helpless because we weren't chucking money away on unnecessary luxuries, there just wasn't enough to go around.

We did, very slowly, dig ourselves out.

And it was absolutely by starting with trying to save just a few quid a month so that we would have £300 in the bank if the washing machine broke etc. There were lots of threads in money matters that I found helpful to look at and make small changes.

There were other threads that I hid because I found them depressing! It's a totally valid choice. No one needs to hear about the 0.1%...