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?

It depends on the month, but I save anything left over by the end of the month. At the moment, apart from joint expenses, I don’t spend much. Normally, I spend about £800 a month in commuting and travel (I’m conscious that it’s pretty great to have a salary that makes it possible to pay that much just to commute to work). I pay an extra £200 into my pension and then usually at least £200 into savings, sometimes can be £600. We start getting our 30 funded hours for nursery in April though so will save us about £700 in nursery. Hoping to save more after that, which I’m grateful for as I know I’m lucky to have a lot of disposable income. Normally I’d spend more traveling but that won’t be happening for the next year either probably.

@EachBleachBlairTrump if someone earns 50k and they save 3k then they are saving practically they're entire wage!! Their take home at 50k would be just over 3k!

I put 350/month into an ISA, but it's for a deposit. I have 50 in another savings account that will hopefully grow!

[quote irishgal85]@EachBleachBlairTrump if someone earns 50k and they save 3k then they are saving practically they're entire wage!! Their take home at 50k would be just over 3k![/quote]
It was £50k a month in the posters defence

I think threads like this are more meaningful if people talk in terms of percentage of their income that they save. I'm on a high income so its meaningless to say I save however much in £ per month.

I save around 15-20% of my post tax income. My mortgage is about 30%. All bills including supermarket food shop is another 20%. Childcare is about 10% and I have around 20% left for disposable income, including buying presents, paying for holiday costs but not travel/accomodation.

As much as possible as we are saving to retire early. I usually manage between £4/500 a month. Dp saves a similar amount. We also save any premium bonds winnings

I currently save about 35% of income. Mortgage is 15%.

£50 aside for Christmas, £200 into premium bonds, £100 into stocks and shares ISA per month.

@Ideasplease322 🤣🤣 oh yes!! Well with 50k a month it would be another story for sure!!

£100 a month. Single, no kids. I could and should save more but I've been revelling in having a disposable income for the first time in my adult life!

Better off asking people what they save as a percentage of their income!

In January I saved over 70% of my take-home pay.

Saving is an absolute priority for me. I haven't 'treated' myself since lockdown started in March (with the exception of a coffee from the local deli - and only once a week!).

I try and save at least £1000 a month, don’t always manage it.

I have £125 that is automatically moved from my account to savings on pay day.
And I save £150Pm split between dog insurance and Car costs. By saving this throughout the year I can pay my Insurance’s in full and MOT and car repairs.
The £125 is me trying to save to move house and I’m really pleased if by end of month I’ve not taken from it. It is slow going though

Summer 2019 my DP had a massive breakdown and tried to kick me and DS3 out. I lived weekly wage to weekly wage, less than £200 a week, and right into my £1k overdraft, and my family are over 300 miles away. It was devastating.

September 2019 I set up a plum account and vowed to sort myself out.

Fast forward to now and I save the following -

£35 approx a week to plum
£10 a month via Barclays reward schemes
£50 a month to separate savings
£10 a month to Monzo Christmas pot
£10 a month into sons savings

I also move any extra wages into different Monzo pots like car etc.

At the moment, £300 into my ISA and £275 into a joint savings account with DH (earmarked for a new car). I’m saving to fund maternity leave this year, but hoping it won’t decimate my savings like the first time because I’ve gone up a salary band since then.

@HukkaPukka we've got a pot of savings worth 6 months of mortgage payments (emergency fund) and another pot to cover some home improvements we're planning. Having covered both of those bases all our monthly 'savings' are now being used to overpay the mortgage. That's by far the best place for our money, because our (unfortunately fixed) mortgage interest rate is so much higher than anything we could possibly get in a savings account. We're aiming to shorten the term of our mortgage so we can retire sooner and have exotic child-free holidays when the kids have flown the nest.

I'm impressed at how much people can save each month. I save £20 a month at the moment. How much are people paying on their mortgage/ rent? Ours is around £1200 a month, which is a big chunk of our income. I have never been a saver but don't really have much debt. Reading this I think I need to change my ways.

We pay £500 into our own savings and £300 into our son's, but may split that between 2 soon as have another due in a month.

£8200pm, sometimes £12000pm in covid just by cutting out coffees out.

Wow three thousand pounds a month on coffee🥵. That’s awesome

Depends on the month in terms of big bills but between £0 and £1500. Try and aim for £6k p.a.

1k savings
£500 mortgage overpayment

From being horrible with money a few years ago, I read into trying to save and change habits. Aiming to save 60% of salary now. Don't achieve it every month, but lockdown is definitely helping.
From what a PP said about pensions, I actually save very little into one because I prefer to have it available for other things and not locked away

@sunshineandshowers40

I'm impressed at how much people can save each month. I save £20 a month at the moment. How much are people paying on their mortgage/ rent? Ours is around £1200 a month, which is a big chunk of our income. I have never been a saver but don't really have much debt. Reading this I think I need to change my ways.

The big question is how much do people earn, and are they speaking as a couple or as an individual.

General advice is 20% income on savings, 30% on wants and 50% on needs.

It sounds like you have your proportions out of whack. Maybe your mortgage is just too much?

Don’t focus on other people, look at your proportions.

1. There is nothing left to save.