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?

Down to one income here thanks to covid, so saving anything at all is difficult... I put 50 into each child's savings, 150 into house deposit savings account, 100 into Isa type account and 50-150 into easy access savings account for emergencies. That's about a quarter of my income. I wish I could save more!

The best piece of advice my parents ever gave me; Dont save what you don’t spend; spend what you don’t save.

I save around £270 into an isa and £200 into a pension (I’m self employed).
My DP saves around £500.

Absolutely nothing.
What sort of jobs do you all have to be saving hundreds/ thousands every month? We literally have enough money for the rent, car paymet, household bills, petrol & food shopping & that's it, sometimes we don't even have enough to cover that. We don't have any luxuries apart from my other half has 1 cheap bottle of wine a week, no holidays, days out, eating out etc (obviously when covid allows)

What sort of jobs do you all have to be saving hundreds/ thousands every month?

Probably senior management and above, with lower outgoings (less debt, smaller mortgage, etc.)

There's no way DH & I will be able to save nearly as much in a post-covid world, childcare will pretty much end that.

Usually nothing, but without commuting/nursery costs we shave been able to clear a £9k credit card debt since March and are now saving around £1000 a month. We are not particularly high earners for London anyway..

We save approx £1000 - £1,200. We have two ISAs (one each) which we will fill to secure the extra £2,000 p.a the government gives you. We earn aboit £100,000 between the two of us and we are saving for a house.

@Popcorn24 we don’t have a mortgage and no car finance payments. That makes a huge difference

I put away £500 a month and Dh does the same. Each DC also gets £100 each a month in their isa account.

@Popcorn24

Absolutely nothing. What sort of jobs do you all have to be saving hundreds/ thousands every month? We literally have enough money for the rent, car paymet, household bills, petrol & food shopping & that's it, sometimes we don't even have enough to cover that. We don't have any luxuries apart from my other half has 1 cheap bottle of wine a week, no holidays, days out, eating out etc (obviously when covid allows)

I couldn’t do this pre Covid. Before I got made redundant I worked term time only due to becoming a widow and not wanting the kids in childcare. They needed their mum! Got a new job where they worked flexibly prior to Covid and of course currently remotely all the time. So I can work full time, don’t have to get childcare and have hardly any petrol costs. Covid has been positive for me financially.

Since the pandemic started, I have been saving quite ludicrous amounts of money. I have been either furloughed or WFH, and I have been spending next to nothing. No commuting costs, no holidays, no day trips, no restaurant meals, no sport / concert tickets, no coffees, no trips to the pub. The list of things on which I’m not spending money is endless.

I’m very well aware that many people are struggling financially at the moment through no fault of their own. Some of my friends & colleagues have been made redundant so I'm not trying to be boastful or insensitive by admitting the amount I’m saving. I’m embarrassed to admit that it’s £1k a month.

We save £600ish a month into savings that is long term savings. Will use it for holidays, home improvements etc. It has covered living expenses as DH was made redundant last year. He is now contracting so we are saving thousands a month but this is just short term sadly.

We also save £100 a month for Christmas and I save the child benefit for DS1. DS2 is a newborn and I need to set up his savings account to match.

When nursery fee days are over we plan to overpay the mortgage instead.

I wish we were able to save more. High outgoings in the South East and historically DH underpaid. Hoping to rectify this year.

£250 plus pension
Frequently the £250 gets put back in current account if I run out of money or even in savings disappears when something goes wrong

Mortgage finished last year & now save that (£650 pm). Before that.....zilch

Nothing. Until my children are back at school I’m unable to work. No government help available, so I’m spending my savings.

I save £125,000 a month.

£1000 a month savings
£300 pensions
Once our student loans are paid off, the extra £500 will be put aside for our DS to help fund university or a flat deposit when he’s older.

@littlepattilou batch cook and bulk your chicken out with lentils and you'll save a whole lot more.

Can I ask where people save? When you refer to "pots", what are these - different savings accounts? We currently only save into one savings account (and another account for DS). I'd love to separate these savings up into separate accounts for holidays, Christmas, etc. but wonder how many different savings accounts my bank would let me open! Currently I manage it all via an Excel spreadsheet which I appreciate is probably terribly old-school.

@AlbertCampion Monzo has pots. Starling has spaces. It's one account but you can separate your money eg I have different 'spaces' where I save £20 a week for treats, £1000 for bills, £300 groceries etc. You can move it around as suits. You can manually move the money into spaces or you can set up so it automatically does it. Think I have about six 'spaces' but technically it's all one account.

[quote bonfireheart]@littlepattilou batch cook and bulk your chicken out with lentils and you'll save a whole lot more.[/quote]

Nothing atm. Am overseas and we have negative interest on all accounts with more than a certain amount. So theres a fair bit in my current account. Am over paying my student loan because I want it gone - its been 20 years and Im on a fixed term contract. I'll have finished it by Christmas which means I will have £500 extra each month.

I have regular savings and this goes into an Isa as a DD but at the end of each month before my pay comes in I add the "leftover" cash in my account (can be five hundred or so, sometimes its 30) into my Isa as a transfer.

I start each month with a clean slate and it means i don't let it accumulate and think ooooh i will have a little treat!

Every little helps and I have managed to save an extra 10k (on top of regular savings) doing this!

£600 month savings
£100 into a pension investment trust
£80-100 mortgage overpayment

@yoyo1234

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 I already have a fairly good pension (civil service) and am in my early 30s so am saving for a nicer house first so want to have my money somewhere that's easily accessible...who knows when I'll be able to retire so will worry about that in a few years!

I'm saving loads at the moment (at least half my salary) but just from lack of options - I would much rather be spending it on having fun!