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?

God, just realised it was more like 11 years and not 7...

I earn 35k with a 5.45% pension.

After my share of bills I’m left with about £1600 left. I pay £250 into a reg savings, £100 to stock and shares ISA, £100 to cash ISA, £30 to an online savings account and i overpay my mortgage by £400 a month.

The overpaying the mortgage has been the best thing I’ve done. I’m married but the house is in my name (husband has other properties rented out and that’s his pension and this house is mine) the plan is to sell mine and one of his and I’ll make a pretty penny after I’ve put my half of the deposit money down. From 2020 to 2021 I saved about £180 in interest by overpaying - it’s like reverse saving as far as I’m concerned

My take home pay is around £2200 per month. I live on my own with a mortgage. I was stupid with my money in my 20s (only sensible thing I did financially was bought my house) so am still paying off loans and credit cards from then, mortgage is less than £400 per month (and another £200 to my parents towards their mortgage), other debts about £600 per month and obviously bills on top of that. I have standing orders to various of my own accounts totalling about £100. The day before pay day, I put everything left in my account in to savings and to pay off the credit card I use day to day (eg, if I have £580 left, the £80 goes to savings, the £500 on the credit card, I sometimes do that on other days in the month if I want my banking app to look neater). I only started seriously sorting out my money last spring, I paid off my £1500 overdraft I'd had since I was a student (I'd been living in it for about 15 years) and I have around £2000 saved - it's not a lot to show for over a decade of work, but I'm proud of myself.

@SandysMam

This thread is very refreshing for mumsnet, usually you only get the £200k pa crew chipping in with savings of 5k a month!! Nice to see some more average financial situations!

£200k pa? I can't afford to save out of that measly salary Sometimes you have to wonder if these people have ever lived in the real world.

50% of my £70k salary goes into my pension. Does that count?

Take home €1100 per month.

€150 goes straight into my savings account.

€100/€120 goes into various sinking funds.

No debt.

Combined salary 4.5K. Both FT.
We save just under 1K each month but half of this is long term savings for a new car/holidays/house improvements. The other half is sinking funds for regular predictable costs eg. Car insurance, Xmas spending, kids clothes, dentist costs.
Once the bills are paid, we are not left with a lot of money for food, fuel or luxuries.
But we have enough and live a good life. I wouldn't want it any other way.
We've chosen to live in a high cost area to feel safe and give our children a good education.

My £1k pw salary goes straight into my savings & I live off my unearned income (BTL rent). I've got an offset mortgage & there's more in savings than is left on the mortgage but I daren't just pay it off. Grew up in extreme poverty & the thought of dipping into the lump-sum gives me anxiety. I can't not pay a mortgage either, as soon as this one's paid off I'll rent it out & buy another. I should be thinking of slowing down a bit now (51) but again, I just daren't. I should probably invest in some counselling but I find the whole situation too embarrassing/daunting.

These threads can be helpful as well as depressing. Reading the pensions threads a couple of years ago made me remove my blinkers and increase my contributions (worked overseas for 10 years, sole parent with zero maintenance, I'm now 52, child now adult).

So just over £1k gross into pension, save £1.5k ish a month and should probably adjust those numbers.

£35 a month. single mum not much left to save ! Lucky for those who can save

I don't think you can look at savings without including pension. Because that's exactly what pension is.

Joint income of about 82k. No DCs.

Don't currently save as DM lent us money to buy a house so paying her back.

After that will be saving 600 a month.

Currently put away £1666 away into our joint savings every month. Salaries of around £28k each (varies as we do regular overtime which is expected of you!). Soon will change though as I'm on maternity leave now and planning to be a SAHM for a few years - saving while we can!

Joint income of around 80k, around 1k a month into savings.

Which every 4 months appears to get decimated 🤣
Firstly by house deposit
Then renovations
Now a holiday.

Next time we get to 3 months of his salary saved, it's getting locked away.

@Bluesarestillblue

£400 per month. But savings recently ransacked due to a mix of illness (tuped to a company which only pay 4 weeks sick leave, and I was ill for 3 months) , vet bills (about £1k and about £2k of work needing done to the house and Christmas. So, savings are a bit run down but will build them up again. So glad that we had them and didn’t have to get into debt though

If you were TUPED and didn't take an optional measures package, your sick pay should have been protected if it was part of your Ts&C's....

We put £1100 a month into a starling account with the different jars for short term saving eg kids clubs, Christmas, clothes, household spending etc.

We then put £500 a month away for holidays

Don't do any long term saving out of monthly salary and try to save dh's bonus for long term savings.

[quote SushiGo]@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%...[/quote]
Same boat here @SushiGo. I’m proud of getting myself out of it but once upon a time it was a vicious cycle of constantly etching out salary, going into overdraft at the end of the month, and then knowing my next payday would only dig me out of the overdraft until the first bill went out. I’m proud of getting out of that - it took a good three years - but it’s hard bloody work and this thread would have really depressed me back then.

I find these threads really inspiring - well done to everyone managing to save, however little. I’ve just gone back to work after maternity leave and basically used up all of our savings during that time so starting from scratch again now. I am a high earner and make big pension contributions but we also have a big mortgage and massive childcare fees so it’s difficult to save much despite salary on paper being good. Inspired now to properly go through our finances later!

I earn £35k and my take home is £2,130 a month, I live in London and my rent and bills is £950 per month (I am in the process of buying a place and my mortgage will be quite a bit cheaper than my rent yay!) anyway, I save roughly £400 per month, for info I'm 27 and have no kids or pets

The shame of coming onto this thread and reading how more or less everyone is saving hundreds, if not thousands, every month
Do not feel any shame.
I've posted that we save a fair chunk ( going into a couple of thousand each month) but it hasn't always been like that.
Twenty years ago we were desperate for money after a large contractor failed to pay our business thousands that they owed us. The knock on affect was huge. The business folded and we ended up in so much debt with very young children. We couldnt save 5p even if we wanted to we were that broke.
Even though we are better off and financially secure now I still feel insecure about money and still have very frugal habits and rarely have random spends ( eg costa coffee, sweets when buying petrol etc)

I'm a single earner household as my husband lost his job, but we make fairly good savings (working abroad) although I think there is scope to improve.

It wasn't always the case though. I remember crying in the car park in Aldi when I was a single parent, as my daughter had asked for a Freddo and I couldn't afford it, despite working over 50 hours a week. My lovely ex refused to pay any maintenance whatsoever.

Where ever you start is good. It's a great habit to get into.

65,000 salary

6% into pension (matched by company plus they pay in roughly 10%)

250 into company share save account

500 into S&S ISA

1000 into cash savings - probably isn't the right way round to do things

Husband saves a bit less as he's on a lower income, we both overpay into our shared costs account so organically save about 500 a month into that too.

No children though at this stage and the costs of nurseries horrify me as will stop me being able to save.

Not as much as I would like. Circa £40k and save 6% on pension. £50 to a christmas account and £250 to long term savings. DH matches this so £600 all in. However I am just finishing mat leave so savings have dwindled down to £2k from a high of £15k and nursery fees are now £900 which we didnt pay for my eldest so going to be hardto save much more until the youngest gets free hours.

We live in the south east and our mortgage/bills are very high.

The shame of coming onto this thread and reading how more or less everyone is saving hundreds, if not thousands, every month

But 'everyone' isn't saving 'hundreds, if not thousands every month' far from it when you look at the population as a whole.

This thread is nothing other than a list of random numbers and an illustration of, if you select the sample badly enough, you can create a survey where the results bear no resemblence to the reality of most people. So is nothing more than an interesting exercise to a statistician.