To ask how much (in %) of your income you save?

[SuckAtRelationships]

OK so this is a thread asking for actual details of income and savings so if this will offend you or make you upset about your own circumstances, please don't continue to read :)

I recently got a job (at last!! :o ) and am thinking about the future for me and my son, and so savings. I was chatting to a friend who seemed to think me mad for the amount I intend on saving as it will leave me with very very little spare. I am used to that though as I was on the dole whilst I studied at home for years. I am not in a good, well paid job. In fact, it is a low paid job so I feel it even more important to save as much of it as I can.

I plan on saving 20%. I have made sacrifices to do that like not having or running a car etc.

What does everyone else, in percentage of gross income, save? No need for details of income, just percentage :)

I am trying to decide if IABU or not. (BTW I know as it is my money I am entitled to do what I want. More just wondering if I am normal or not)

dh gets paid every month then dividends every 3 months,the dividends are quite biglump sums so we usually save some of that,percentage wise,i think it would be about 20 or 30 per cent?PLus we save 50 a month for the kids in a bank account,actually we havnt even started that for dc4 yet,better get cracking!

If it were a choice between saving or spending now,i would spend now,we can afford to do both but if not,i think life is for living!

Paid off mortgage last year and lost car a couple of months ago due to accident and haven't bothered to replace, so around half to two thirds? We've upped kids extracurricular lessons etc otherwise expenses would come to around 20-25% of income.

Depends what you mean as 'savings'

10% goes in to 'long term savings' for the 'future'

But I also put away approx 25% of the net monthly income for 'annual' costs like xmas, mots etc.

If you can save, do it!! It's a real art to have that control. Especially when you don't have much. It's all too easy to live day to day, and forget the big picture. Then before you know it you're nearing 30 and nothing to show for it.

You go girl!!!

I'm a bit addicted to savings at the moment. We've had a couple of lean years, but are both now earning decent amounts. We are saving approximately 38% of our net income - 75% of this into a house deposit fund, and the remainder for a big family holiday next year. We both have pension schemes through work which is taken out before we get our net salaries.

DH would prefer if we weren't saving quite so much (purely to have more money for frittering), but I've put us on a strict 2 year plan to get as close to my magic figure of $100k for a deposit. We're not in the uk and prices are nuts here.

I think if you have the capacity to save, then it's the best thing you can do to set up your future. Best of luck!!

Check out the capital savings rule for universal credit. If you currently get child tax credit this is not means tested on your capital. When universal credit comes in your savings will be taken into account. Depending on the level of your savings you may lose the "tax credits component" of universal credit or have it reduced. I guess the Government take the view that if you can afford to save for a house deposit or your child's uni education, you don't need any financial help.

I used to save like mad before I got married.

Fell out of the habit with all the traipsing around and dining out that my husband and I did when we first met.

I was grateful for the savings when first a kid and then an earthquake stuffed up our finances.

Now our kid is older, I am trying to get into the habit again, but it's ever so much harder now.

Had a few thousand savings but all gone on fixing the roof. I try to put around 10% gross income away into a combination of savings (to use on annual travel card, vet bills, home maintenance) and overpaying the mortgage. I know I should save more but I don't know how. Am on an OK salary and very frugal (clothes from charity shops, reduced food, no holidays, car or take-aways) but somehow the money just goes. I think it's time to track my spending for a while.

Don't know if ours really counts as we're saving for things, (Next years holiday and all the work we're doing on the house)

I thought we were managing about 10%, but I've just checked our budget and realised it was 14.5%. The I started reading this and added in the "savings" we put aside for Christmas, the yearly car bits, and my pension. Turns out it's actually 18%. We could certainly cut back in a couple of places, not by much, but we could. So I don't feel like we're depriving ourselves at all. (And we're not earning big money)

I say good for you OP! You can always put a tiny bit of your savings into a different pot, just for treats, or for Christmas, or a one off big day out etc. That way you still get to save, but you also get a bit to spend, and you can see what you're working towards.

Nothing into a savings account currently. But I am paying 25% of my salary onto old debts that will be cleared in 2015, after which I intend to save that money. I am also paying approx 10% into a pension.

Well done on getting your job. Don't forget to enjoy yourself! We don't exactly save (except overpaying mortgage and pensions) but we make sure we have a buffer of about 4 months pay in case of financial turbulence.

I save around 20%. Around half of that is long term savings (ie I don't spend) and around half is for holidays, improvements to the house etc

Op I think you have the right attitude.

None, heard a programme about saving on the radio 4 the other day, the expert said that there's no point in saving until you've paid off your debts... So with credit cards, bank loan and mortgage I've got a long way to go yet.

ATM 4% which isn't anything really. But paying 32% for debts which will be paid by November. After which 30% maybe more will go towards savings.

Op I like your attitude towards savings. I try and save too.

5% in a pension (employer makes contribution) then 15-20% in savings account.oving to hear there are so many responsible people out there.

Around 17% of salary into pension plus around 35% of total income on a regular monthly basis, plus whatever is left over into 'high interest account' (that's a joke) at the end of each month if it is worth moving and depending on what I expect the next months outgoings to be.
Use a credit card (tesco & get points) for almost all spend and pay off in full monthly - so I know with certainty what my outgoings for the next month will be as they relate to expenditure for the current month.

Well I have a pension.

I don't save a set amount but if I have any spare then it gets put away each month It's rainy day money more than anything.

And agree with a pp never discuss your money or how much you've got.

5.8% in pension
0.7% in terms of savings and mortgage overpayments (split 50:50)

That's gross, and also completely wrong. 9.4% in savings and mortgage overpayments.

We save around 20%, although that will go up to 25% in the new year. This is long term savings, we put other money aside for big expenses like Christmas, car servicing/fixing, holidays etc. We also pay into a pension each plus a share save scheme at my DHs company. We're lucky at the moment to be able to do that. Once we have kids I'm expecting this will drop substantially.

We save around 15 %- 5% into an account for the children's uni/HE ( this account is never touched) 5% into our joint savings for house things, cars, holidays etc and about 5 into ur individual savings which means we can do our own thing re treats from time to time.

Once Dd1 no longer has after school care, and later, Dd2, we will aim to save more or pay off the mortgage, but that will depend on school fee rises

Sorry don't know exact % but 20-30% is likely . We have a car pot for next car or any really big car costs and then general savings. We have an offset mortgage so the higher our savings the more capital we are paying off. Also have a friendly tax free savings which I think is £25 per month and will pay out a lump sum in a few years. Oh and extra payments into a private pension.
Well done on saving OP its a good habit to have.

It depends on your priorities I guess, and if the savings you're making are short or long term. Anyone can save more for one month than for over 6 months.

I save 18.75% of my wage per month, renting in London with boyfriend, running a car. I am lucky in that he earns significantly more than me and so often covers bills and meals out (however rent is split 50/50 and I cover car 100%) it totally depends, I always think I should save more and I could save more but I like shopping too much!! But then I don't really drink, definitely not regularly and we don't do many nights out so it depends on the persons life to how much they can save.

I spent so many years being ultra-frugal out of necessity that I now do it from habit (although my income is a bit better) and I reap the benefits. I haven't put aside scads of money but I know that if the washing machine or freezer were to break, for instance, I could replace them without a crisis. It makes for a life free of some stresses.

About 13% but something's always coming up where I have to dip into it