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)

10% as a rule, but something always seems to be chipping away at it

glad wedding season is nearly over

Child benefit is put away each week as savings for DS.

Interesting question - I have no idea, so I am going to try and work it out. Does savings include what you put into a pension? And does it nclude any over payments on the mortgage? I woudl imagine so, as if we weren't saving into our pensions and over paying on the mortgage, that money would go into savings.

I just worked it out at 12.5% of income. Looking at some of your posts I should be saving more. Maybe I need to think again. Sigh

Interesting thread op.

I'm impressed with your planning.

Does anyone know if it makes sense right now, with mortgage rates so low, to overpay as much as possible into that if you have one of those mortgages where you can draw down the overpayments at any time, fee free? We are thinking of using the mortgage as a a savings account, if you know what I mean. Our main focus is a new house anyway. . .

Saved 15-20% for 5 years - which contributed to house deposit

Saved about 35% of my salary during pregnancy which I've only spend a small amount of during mat leave so far (9 months in but we've been v frugal)

Now we save about 10% but that also has to pay for holidays, car stuff, house repairs etc

But remember life is for living... Factor in a certain amount every month/year to spend on fun.

Nothing at the minute, except the £20 into each DDs trust funds.

However, from September, I will be using extra income to pay off debt at £400 a month, and saving £200.

Just worked it out - 16 %

I also pay a mortgage on my own and pay into two pensions plus a scheme that will protect my salary if the worst happens.

I might have to cut down savings when I have to pay childcare next year.

I earn good money but am very careful with grocery shopping etc.

Just worked it out too with DH's help. It took a bit of concentration as I had no odea.

40% of our net income goes into savings, and in that I include overpayments on the (replayment moregage), pension contributions, long term savings and instant access savings.

The rest of our money goes on childcare, holidays, clothes, utilities, food and all other outgoings.

So, if for example, the washing machine broke, or the car needed to be repaired, or whatever, we would pay for that by not saving that month and dipping into existing savings.

Nothing. Apart from our pensions which is 8% for DH and 3% for me matched to 6% by employer.

Nothing, apart from pension. My finances are dreadful.

theidsalright

It 100% makes sense to make overpayments.

Priority for spare cash:

1. Higher interest loans eg CC
2. Mortgage overpayments (as long as you have some form of rainy day fund already)
3. ISA

Difficult to say, but perhaps 20% if you count mortgage overpayments, children's savings account payments, pension contributions, a few share purchases/investments and our general savings account. We don't save a set amount each month, but save anything left over rather than treat ourselves. There's usually something. It was more like 30% a few years ago, but DCs put paid to that.

About 30-40% plus 10% into my pension. Although we plan to move soon and get a bigger mortgage, so that will fall.

At the moment 0%, as DH salary is only £40 more than the monthly outgoings.
However I have just got a job which I start in September.
my wages sept - oct will be used to pay off credit cards and overdraft, then plan on saving all of them for four months to give us a baseline savings account of £3000 (which is two months outgoings)
We will then set up a monthly standing order of £200 into the savings account, roughly 10% of household income (I think)

0%. After bills, DP's CSA, rent and food, we can't afford to save anything.

About 1/3 of our joint monthly income gets saved. Sometimes a bit more, sometimes a bit less. Will be going down to about 20-25% as we will be reducing the term/upping the payments of our mortgage in the new year.

About 60% of my take-home pay goes on rent, council tax and bills etc so out of the 40% left over I aim to spend 15% on necessities such as toiletries/food/clothes, give 10% to charity and put the remaining 15% into my savings account.

Thank you everyone, this is so fascinating.

Thank you to those saying 'remember to treat yourself/don't be so frugal it makes you unhappy'. I appreciate the concern but fear not! I have a real need for control in my own life atm - quite possibly due to everything that ended with us on the dole and the feeling of 'begging' by being on it - and saving/being frugal gives me this control that I crave. Better to get it from saving than use control in other areas that may only hurt. So I am actually quite happy. I would be on edge if I didn't save I think and I only get annoyed with myself for frittering.

I didn't think about pensions. I also put 5% into that. It comes out of my wage before I get it. So 25% total ... I'm quite happy about that really :o

As far as Christmas and presents go... I have always thought of these as 'bills' (I also think of food as a bill) and have a budget for that and plan ahead. Have started Christmas shopping already

This all makes me sound very very organised, I can assure you nothing could be further from the truth :o

Oh and good point about universal credit... That is scary as without tax credits we cant afford to live (atm I am PT), but I will be penalised for trying to plan for the future, and living in a way most people wouldn't dare, to achieve it :(

I just worked it out, and it's higher than I thought. At the moment we put away 37%. Not all of it into longterm savings though, we will dip into savings for things like holidays.

Thanks WHOIS

I put away about 20% - it goes up when I get payrises, because my expenses tend not to change much, though I suspect I'm due a rent rise next time the tenancy needs renewing. So as my salary has risen, the percentage I save has usually risen. Actually it's gone up a lot this year, because I cleared a loan that took me 10 years to clear, and as I wasn't used to having that money, I have been squirrelling it away rather than spending it.