Savings how much

[Greatballsofedam]

So there are a few threads going around about money and how people can't cope on what they earn
My question

1. what do you earn
   
2. what are your outgoings
   
3. how much is left at from your salary's at the end of the week/month/year
   
4. how much in savings do you have
   
   I am just interested to see some answers

[Mrskeats]

Dp earns £105,000
I earn about £50,000

Outgoings about £3000
Save a couple of grand a month

[Longdistance]

Dh is on about £70k, I'm part time (28hrs) but I'm on a paltry £13k, £18k full time.

We used to put things on credit cards, but at the grand old age of 45 and 41, we've decided to save. We have about £4K in access savers accounts, and about an equal amount in shares. And about £2k tied away. Not too bad considering what we've saved in about 6 months.

[vrid85]

Highliving it really annoys me how I can't join in with this thread without having my integrity questioned. If I'd have put that I earn £20000pa noone would have batted an eyelid! Fact is we don't. My DH and I own a successful company which has gone from strength to strength and this has as allowed us to take out quite a hefty sum.

Of course this thread is going to attract the responses of higher earners, it's a sad fact that 12years ago when I was a single mother on £17,000pa I was so constantly stressed and worried about money and debt that I buried my head in the sand and definitely wouldn't have responded to a post like this.

[Highliving]

Some people here have some real big incomes, Could I ask what you do?

Solicitor? Doctor?

That is dream wages. Obviously you must be very qualified

[iloveuihateu]

That was to RebelandAStunner

[iloveuihateu]

I'm not sure if I count as an enormous income compared to some on this thread but of course we have time to MN.

On our bloody long commutes (four hours a day!) and even big earners get weekends

[Gillian1980]

Joint income £52k.

Outgoings - pretty much to the penny of our income! We work off a big spreadsheet and if we have a special event or an unexpected cost then we reduce our food budget.

Savings - none. We're currently paying off debt so when that's cleared we'll start saving. Roll on June when one of the big ones £200 p/m is gone!

[iloveuihateu]

For those worried about safety of info....even if MN got hacked all they'd have is the name of my gmail account. I can't imagine how my gmail account name (without password) and my earnings would help them?

Even if they then managed to hack my gmail account it's just for personal matters and wouldn't get them any closer to my bank details?

What is it that you think someone could do?

[iloveuihateu]

I earn approx £100k a year but pay reasonably low tax as self employed.

Outgoings are about £3.5k a month across rent £1.5k and debts £1k plus other bills.

I'm shockingly bad at saving so not saving anything at the moment (though in my defence am paying £10K towards our wedding this year and DP was out of work for the past 8 months).

Savings of £18k towards house deposit.

Now DP is just about to start earning £2.5k a month gross and hoping to save £1k a month towards future mat leave for me.

[tryinghardnottocry]

Both DH and I save exactly 25% of what we earn net - it comes out of our salaries each month the day after we get paid. We both work for the local authority We learn to live within the balance that remains. We have done that for the last 20 years and use the saving to buy investment properties and the rents get reinvested within that portfolio.

It is a simple model and whilst we have taken out BTL mortgages to acquire houses we are now able to buy them using only short term borrowings.

If you have never had it, then you never miss it and that for us works and i think it would for many others

[carefreeeee]

21,000 income (net). Save about £5000 per year. The rest is outgoings. Total savings about 80,000 but I have no pension and don't own a house

[Ecureuil]

He works in banking MinesaLattecino! As did I before becoming a SAHM. Yes he does often work in excess of 9-5, as I started above he works on his (considerable) commute. However his contracted hours are 9-5.
My point was just that high earners don't work 24 hours a day. Of course they have time to write a couple of posts on MN (this one has just taken me less than a minute).

[taptonaria27]

Our Savings are equivalent to a years salary

[MinesaLattecino]

Ecureuil

That is the absolute exception to any high earners I know. Or even moderate earners to be honest.

They are likely to have enough autonomy in their day to log on to MN for 15 minutes, but they're also likely to be working far far in excess of 9-5.

I am intrigued by the industry your DH works in? The EU Working Hours directive means diddly squat when you have a lot of responsibility and work to be done in a senior role, you just crack on with it.

[Werkzallhourz]

The reality is that 50% of Brits earn under £24k a year. 80% earn under £40k and 90% earn under £50k.

If you earn over £100k, you are in the top 1% of all British income earners, of which there are approximately 640,000 in the country.

These are IFS official figures.

[Ecureuil]

What surprises me with these threads is that people with enormous incomes have the time to MN confused

Why? Employers are still bound by EU law on working hours.
DH earns £80k so not an enormous amount, but works a standard 9-5 (although with a long commute which he often works during). His boss earns 100k+ and works 9-5, as does their boss.

[pitterpatterrain]

Mish would agree it must be easy to get carried away and develop a new normal of spending. There seems to be less thought about "what if" and building up a safe financial buffer.

Also the social pressure of not wanting your kids to be the only ones that aren't at private school / don't ski / do ballet / horse ride etc etc etc

[Mishmishmish]

Mmmm, I guess you get sucked into a spending circus. I see it with very dear friends of mind who must earn c. £250k (he does, she's at home), three kids at boarding school, a horse, several holidays a year and just very careless about possessions which totally shocks me - a super high end sleeping bag (talking hundreds of pounds) taken on a school away weekend and lost and the parents just don't seem to care. I wonder at what point you kind of give in and just jump on the big spending roundabout. I'd like to think I'd hold off and be all state school and TESCO but I think in reality I'd be buying Persian kittens and gold plating my loo :)

[joannegrady90]

Earn £15,600 a year. Single parent.

Can't afford to save much, no childcare costs, as dd at school and family helps out.

Go on holiday once a year, not this year though as decorating house.

Jealous of some people's salary on here haha 😂

[Pallisers]

I think it's important to bear in mind that some people will be making things up. Also ages of people are important.

I agree with this. If I answered this question in my late 20s I would have said I have a couple of thousand in savings, no house, no deposit for a house, no debt and a good job with prospects. Ditto dh.

In our 30s we would have said the same except we had bought a small house with a 90 percent mortgage and had no savings and were living very frugally. In one year, our total expenditure on childcare exceeded my income (or dh's income - we earned the same).

It was only when we hit our 40s that our earnings went up, our childcare costs went down, and we were able to save etc. Now my answer would be on the very high end of what people are giving as answers.

[RebelandaStunner]

What surprises me with these threads is that people with enormous incomes have the time to MN

1. Me P/time less than national average DH a few x that plus bonuses. Rental income £20k+
   
2. £2k ish we have properties to look after.
   

3.£0 make sure everything is saved, invested or keeping the economy going.

1. Enough to survive for at least a year and provide DC a house deposit.
   

Plus pensions and the highest worth- equity.

[Namechangeahoy20]

In response to a pp questioning our take home pay student loan, pensions and childcare vouchers come out before we are paid :) Unfortunately we have to top up the vouchers but it is a help.

I think it's important to bear in mind that some people will be making things up. Also ages of people are important. We don't have the savings that a lot of people are reporting but we are in our twenties with a child and buying a house. Hopefully is 20-30 years we will have more :)

[Ecureuil]

a Next suit just won't cut it for a partner in a law firm or even a fairly junior solicitor

Oh I dunno. DH works in banking, he's fairly senior, managing a team of 20. He is completely not interested in clothes and complains at even paying ful Next prices. He gets his suits from the Next outlet shop!

[concernedforher]

Mishmishmish I think you've got a point there. There are costs involved just to work, and these increase the more you earn. Firstly there's clothes - a Next suit just won't cut it for a partner in a law firm or even a fairly junior solicitor. You're short of time so you employ cleaners/gardeners/dog walkers etc. Your children are in private school. Your hours mean that a childminder or nursery isn't an option so you have a nanny.

A friend of mine works fora law firm and they had a cost cutting exercise where to avoid redundancies people volunteered to take unpaid leave. He said the number of highly paid people who just couldn't do it was quite alarming. People who lived pay cheque to pay cheque yet outwardly were very affluent.

[TheHiphopopotamus]

If it makes you feel better, one of the posters on this thread claiming a high income was caught out bullshitting on the master bedroom thread

Yeah, I always take threads like this with a pinch of salt. You can just say what ever you want

We have a joint income of £12,000,000 ish per month as I invented Google and my husband is heir to a shoelace fortune (his grandad owns the factory that has exclusive rights to shoelace production). We only manage to save £10 a month though, as I like to spend it all on handbags. I consider them an investment though.

See? (Only 70% of that is false, I didn't want to out myself).