What would be a sufficient amount?

[182Seesee]

Posting for traffic...

I am getting paid monthly and I'm still getting used to it.
I want to take out a chunk to go into my savings and not have to take it back out again.
So I know I need to cover
Food 70 per week - 280 per month
Fuel 40 per week - 160 per month
Broadband/tv 35 per month
My Mobile 30 month

So that's 505.

I can leave in up to 1500 and still add into my savings but I would like to add as much as possible.
How much would you leave in for the month? I know it's all subjective but Im just looking for ideas of what others would leave/need for the month...being realistic.

@Amberleaf12

50 % on needs 30 % on wants 20% savings

My mother in law religiously saved 20% of her wage each month from being a child (her dad taught her). The woman is now in her 60s . And as her wage went up the % of her savings went up.

I decided to follow in her footsteps last year and I’m really reaping the rewards of feeling less financially stressed. It makes me want to save more as well . Once you get into the habit it becomes easier to spend less and save more x

Does the 20% savings nclude pension contributions?

Sorry, I send my message before I had completed it. Amberleaf12 that sounds like a good breakdown to aim for.

And OP: It might be worth looking to see if you can increase your pension contribution?

@NotStayingIn I contribute 10% already and my employer also matches that so I feel like my pension is ok for now.,

My dd does it the other way round. On payday, whatever is left of of her previous month's salary gets transferred into her savings account. It is easier for her to do it that way as her hours can vary considerably from month to month.

Why not just experiment for a couple of months and see how it goes rather than committing yourself to an arbitrary amount? Let’s say you put £500 away next month and find things are a bit tight - you don’t need to commit yourself to that figure forevermore. Put £400 away the month after instead and see if that leaves you more room for comfort.

So leave in the money you need for bills. Leave about 50 a week for extras then pit the rest away. Its not like you can never access it again. If you really need it its there. Or leave it all in your account and just don't spend it unless you need to, and whatever you have left goes to savings. Or I'm assuming you get paid weekly at the moment, just keep in what you spend weekly now and save the rest.

I'm not sure how you are struggling to work this out.