To ask if saving is a lost habit

[OneRingToRuleThemAll]

Several times recently I've seen posts from people who 'can't save on a high income'.

Is saving up a lost habit? I'm sure back in my parents and grandparents generations saving was just something that everyone did.

Don't buy what you can't afford and save up to spend later.

I'm the sole earner on an average salary (mid £20k's) and I save as if it was any other bill. It goes out on payday along with the mortgage, gas and council tax.

I save but nothing like the scale of savings DH has always done. To be fair, it's quite useful to have the balance between his strict savings and my slightly more frivolous spending attitude.

I had a fair bit of debt when I met DH, not through spending on luxuries, just the cost of living as a single parent. I'd been at uni, then working and paying childcare, and earned just slightly too much to be eligible for any help (I could have had a small amount of help with childcare but that would have been less than the savings I made with childcare vouchers). Paying rent and childcare wiped out most of my money, then car costs and petrol to get to work left us with very little left for food, clothes, activities, etc. So the debts just crept up and I had no money available for saving. Moving in with DH gave me the chance to start paying off those debts more quickly then start saving. Purely because the cost of living was no longer solely my responsibility. Now, I manage to save, but he manages to save more than I do. That's probably because I spend more of my disposable income on the kids (one is mine, one is shared) than he does. He hasn't quite grasped how expensive kids are!

DH and I both come from families that struggled financially and tried to save every penny. It is naturally for us to be money-wise. We've been saving since day one. We both have blooming professional careers and we are able to save one salary a month, which I appreciate is a lot and quite rare.
Some of our friends come from richer households and blow their salaries every month.

It's interesting to see the range of views. Both me and my partner are on decent wages, but we don't prioritise saving. We'd rather have holidays and meals out and enjoy life etc. The exeption is we are saving so both kids have a decent start-up fund for university or whatever path their adult lives take them in a few years. A lot of people might think us irresponsible, but the mortgage is smallish, we've both got decent, secure jobs, good pensions and are not in debt. Life's too short to worry about 'what if...' all the time, I'm enjoying my life and money now.

I'm sure back in my parents and grandparents generations saving was just something that everyone did.

Well you’re wrong. Back in your grandparents’ day there were still gamblers, drinkers, shoppers, charity givers, wasteful people. Just like there are today. The difference is that today the internet lets us see far more about people than would have been possible in your grandparents day.

I also do things like my bank account does cash back on certain purchases per month like food shop, free cinema vouchers

Also change insurance each year, like car, house, never auto renew

Change utility providers regularly

Stooze money round different bank accounts

Work overtime

All the savings add up over time

I've always saved - when we bought our second home we saved enough over 5 years to repay the mortgage on it - it was tough but worth it.

However for many younger families I think that saving is an unaffordable luxury - along with owning their own property, being able to have a SAHM etc.

Some families genuinely have little to save after all bills are paid but many say they don't because of their spending habits that includes a number of luxuries that have become the norm and therefore just another bill to them.

That and a culture that doesn't value delayed gratification. Those who do and enjoy the fruits of their past investments are then considered just lucky to have what they have.

Not a lost habit but seems rare to me. DH and I are savers, both came from like minded families where it's the norm to avoid credit & always save even if it's a tiny tiny amount.

I save but only because I spend very little. Rather by luck than judgement I think, as I have a small business which needs about 5 hours work a week and brings in far more than I need. No bills,(partner pays all those) no mortgage, just my own spends mean I can save the majority of my income.

I know I'm in a fortunate situation. And I thank the day that I met my partner as he is financially savvy and helped me to straighten my finances out with tons of good advice. He also manages my dd’s savings so she's got a sizeable nest egg too. She's happy to see the money mount up for a deposit when she wants to buy a house.

It’s like it’s always been. Loads of people (high and low earners) save, loads of people (high and low earners) smash money up the wall.

^^exactly this, plus there were always people who couldn't afford to save.

I don't think it's dead at all, I think people don't talk about it and that the people who save are often not the ones who are seen as well off. Because their money is in investments/ pensions etc rather than in a brand new BMW sat on the drive of their massive house with 500k mortgage.

I would love to do regular savings but it's a simple equation. Salary minus bills over the month leaves zero. I do have a good (teachers) pension and have done since I started teaching at 22 so I'll be OK long term but month to month I don't have spare to put away. I'm a single parent, I work hard and I get CMS from their dad. I take them swimming and some days out, they have some hobbies so arguably yes, I could stop all that but they need a childhood. As pp have said, life just IS expensive.