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?

I save 30-40% but I'm saving for University tuition.

Hi, OP. We're moving your thread to Chat now.

We invest around 50% of our salaries at the moment BUT we are doing this now as know we likely won't be able to do this to such an extent in the future as currently we are relatively high earners and don't have kids so can make lots of sacrifices (e.g. live in a small flat in a not so nice area even though we could afford something quite fancy). Hoping this will make our future more relaxing and open up options like going part time.

approx £200 or more/less depending on how much I have left over.

But it's harder as I'm on my own and everything has/set to increase in price.

I did get a £300 overpayment from an employment agency at Christmas though so that went half into savings and half for Christmas to make things easier.

@supadupapupascupa

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

I suppose it’s tricky because do you count your employer’s contribution as well or just yours? Mine is actually a non-contributory scheme but I make AVCs because I want to retire before the age of 70 early.

About 15% including pensions and JISAs, and 23% if you include mortgage overpayments

£2,200 after tax, I save around £1,600 a month. I'm saving for a house though

We save just over 25% of our net income. We're saving for a deposit and it's still going really slowly

We used to save £200+ a month but used up all our savings moving house and now that money is going on paying off some associated moving costs.

We have a gross income of around £90k but my husband pays a huge amount of his monthly income into a pension scheme and other saving schemes so monthly we bring in maybe £4200 and our household costs are around £2500 not incl food.

This will improve in the next couple of years though.

@Nidan2Sandan even £92k alone is over £5k a month- so is your husband adding nothing? Seems your numbers are off

Sorry 90 not 92

I’ve just reread @Nidan2Sandan - ignore everything I just said 😳

Feck all. We are skint though and can barely make it to the end of the month as it is. We have nothing left to save!

It’s only in recent years that we’ve been able to save, when we had childcare costs and I was part-time we didn’t save anything, we just about got through each month. The key for us has been avoiding debt and constantly reviewing our expenses to try and avoid lifestyle creep.

Before it reaches my current account, I save 500 out of every paycheque (1900/ fortnight net before savings taken off). Then I have 1 more standing order to a different savings account of 500/month. If I have spare in that month, I will try to max that account (a second lodgement of 500), and also put some in the post office.

But I also use the post office and credit union savings during the year for holidays, Christmas etc. so while I am saving some longer term, a fair amount is used up during the year.

Highly recommend those saving look into investing rather than just savings accounts. With such high inflation at the moment you are guaranteed to erode those savings over time, whereas investing in a simple whole-world tracker fund or similar will, over time, build that wealth. One good book is called ‘how to own the world’ by andrew Craig and offers tips on getting started.

Mortgage paid off
So, I have increased the amount that I pay into my work pension
Premium bonds
Other savings for
Emergency, home improvement & holidays

I invest £200 a month in a S&S ISA for retirement. I also save £100 a month towards the costs associated with buying a house (legal fees, furniture and reno etc).

This is becoming more difficult with the cost of living though…