To ask how much you save every month

[HukkaPukka]

I'm just getting on top of things after covid-related financial mess and managing to put aside about £300/month. How much do you put in your savings/ISA on a monthly basis? Do you save/budget/feel it's a priority? I'm trying my absolute best to budget to the finest detail now and save every penny. Last year taught me not to take anything for granted.. Just interested how everyone else feels?

About £6,000 per month.

How is this question helpful?

Per month:
£300 in long term investments
£250 towards CC debt
£1000 between me and DH towards house reno/holidays

We're quite fortunate in that we don't really need to save for Christmas, birthdays etc it's achievable from monthly spending money

This thread doesn't really make much sense though, if you earn nmw support yourself and save £100 a month that's good going, if you earn £50k a month but save £3k that's not great

@Notmydaughteryoubitch I mean saving for a 'rainy day' or just putting money away that is not earmarked for another purpose. I don't save for Xmas or birthdays for example. I just buy what's needed.

£250 a month into a 5 year sharesave scheme
£100 a month into an ISA
£650 a month into shorter term savings plus lump amounts when we can, bonuses or overtime etc

So a total of £1k a month which is a little under a third of our income.

£350 long term/future
£650 is constantly up and down - its for birthdays, Christmas, holidays, car blowing up, other emergencies etc. If we ever build up a balance of more than we'll reasonably need in this savings account we transfer it to our ISA.

Pre pandemic we saved 10% of our joint income a month which was the max we could afford. Since pandemic we have spent less on petrol and socialising so some months have had an extra £100 to put away. We also put in £40/month to DD’s saving account. When I go on maternity leave our whole savings will go because I’m the higher earner. Once I go back to work we’ll hopefully go back to putting £400/ month aside 🤞🏻

Honestly? Nothing. We could but something always comes up each month that takes away anything we'd save. Insurances mainly. I refuse to have credit cards any more, but DH clears his every month so if we need to put something on it we can. From next year, a ridiculous expense finishes so we will be able to save £1000 a month once that ends.

Although we are in a fortunate situation that DH and I were left a portion of a pension pot from DH's grandfather so we don't need to worry about that part of our lives. Even if we can't access the funds for another 20+ years, it's a weight off our minds that we don't need to put money aside for a private pension.

What some of you put away each month as savings cobmvers my entire paycheck!

£40 a month, cant afford more....

DH and I each save £1400 a month - we make saving our priority though and cut back literally everywhere else. It is easier this year because of COVID meaning no holidays etc

Thank you SofiaMichelle and Fox for your information on pros/cons of pension.

We are now mortgageless and save that per month into two accounts and then I save about £100 and dh saves an extra £300 in an ISA. So between us £1,200 a month. We are saving to move elsewhere. Dds account £30 each so x2.
I was given some very sage advice when I bought my first house in my twenties on my own. To save some money at the beginning of the month, even if it’s £20.
We both have shares, dh dabbles —gambles— shares.

elquinto only on mumsnet will you see amounts like this lol

Op that's the point of pinning every penny down, then the money doesn't just go.... Because its already '' somewhere ':.

Long I agree and it took me a long time to realise that small amounts add up

Roughly £1600 per month, of which 680 go straight to a pension scheme and the rest gets stashed away or invested.

No DC though, so obviously living costs are low for me.

At the moment, £1300 a month but once DS starts school in September it’ll be £2000 a month but that’s toward our next house. Once we’ve moved, it’ll be £1400 a month but some of that will be a private pension.

I'm not sure how much we save, probably about £500 per month into various accounts for holidays, gifts, and one account we call our contingency fund, which is to pay for emergencies, or annual things like the MOT. I also save in little ways. £2 coins which we use for spending money for our holidays. As the only cash I spend at the moment is to my neighbour who orders from the butcher and baker every week, I just put all coins she gives me back into a money box. Every few months I bag them and put them into the holiday account. The Halifax does a thing where if you want, they round up all card transactions to the nearest pound, and that is paid into our savings as well, Every little helps!

[quote HukkaPukka]**@LawnFever* what is a Plum account?! @MeanMrMustardSeed* that's a great goal! I've been saving for a few years now but had to use up pretty much all my savings because covid stopped my work for months.. Having to start from scratch again, but feel very lucky to be able to. Times are so tough at the moment.[/quote]
Sorry only just seen this, it’s a savings app that you can set up to take little bits here and there from your account, l don’t even notice it

It’s on moneysavingexpert so it’s all legit

A third of my take home pay goes straight into savings on payday by standing order and I only ever have touched it for house deposit and a new car. If it didn't go straight to savings I think I'd miss it, whereas it's just like I earn less each month.

Me (public sector key worker) £250
Dp banker 1000

£1,000 a month into long term savings

£250 - £500 a month into a ‘slush fund’ to cover holidays, big expenses, emergencies etc.

That’s for me, I am single.

Also plan on buying extra years of my pension (pay about £400 a month at the minute)

Some people, are reporting amounts for two people, and some are quoting for themselves, double income makes a big difference🙂.

Why do people save thousands a month but not into a pension scheme where they can get tax relief? What are the concerns people have about pensions ( I am new to this and worried I am missing something major)?
Because they want to be able to access the money sooner than retirement? Surely that’s pretty obvious?

Saving 2k a month into a savings account
Another 300 between 3 sinking funds
Children's allowance of 280 a month into an investment fund. I plan on taking it out when they both go to university or when they want to buy a house.