To ask your monthly household income, and how much you save, on average per month?

[NeverGuessWho]

I am BU to ask, I know.

I am a lone parent, earn a low wage, and am on UC, with three teenagers living at home.

My total household income is £2,740 per month (net).

Currently, saving is sporadic, but I need to change my mindset so that saving is prioritised and can be maximised.

I'm just looking for some inspiration and to gage an idea of what's do-able on my income.

Thanks.

How do you have so much monthly income when you say you're on a low wage??????

That’s not a low income!

What other people have, spend and save doesn't really help you. Everyone has different expenses and priorities.

You need to review your incomings and outgoings to identify what is essential and what is discretionary (be honest!) and minimise all costs where possible. That will maximise the amount you can save. Don't forget to account for anything that's essential but not a regular bill, eg car costs, insurance etc. Make sure you save before spending and set up standing orders to come out just after pay day. A good rule of thumb is 50% for essentials, 30% for fun and 20% for savings but that depends on what money you have, if your mortgage/rent is high, you won't have half your money available to spend or save as you wish.

Have a look at Moneysaving Expert and do everything that is relevant. Also get the weekly email for ongoing tips on making the most of your money.

Do a money makeover and potentially save £1,000s - Money Saving Expert

What the actual fuck?!

I work full time as a teacher and my monthly income is £1800!

The bloody system is shit! I think I’m going to quit my job

You’re getting £2740 per month..

How much of that do you pay towards rent, council tax?

UC top ups can be significant for someone who works, rents and has 3 DC who all qualify, which the OPs will as they're teens.

Your income is very similar to ours, as a two adult household.

I would be concerned about your future when the benefits you receive stop when your children reach 18 years old, although I am sure you are already considering that.

That net income is a equivalent to a gross salary of about £45,000 . Significantly more than average salary and certainly not an absolutely low income objectively.

However, your exact circumstances and the amount you can save will mainly be determined by housing costs.

Impossible to tell if 1700 of that is rent and council tax depending on where you live. If you are paying 500 in rent totally different ball game.

Single, live abroad. Monthly income can be anything from €680 (widow's pension) to €15000+, if I am working. When working I try to save €10k per month, which is good as I have been living off my savings this year, so far.
It helps that I own my own house and have been mortgage-free since 2016.
No, I am not "rolling in it" as I am rapidly approaching retirement age and do not have a pension.

Yes YABU.
We save between 0-8% a month, depending on the month, cos were aren't rolling in it.

How much is your rent?

Your going to be up shit creek when the uc stops

your universal credit will reduce/stop when your savings go over a certain amount.

Our joint income is probably 5k net

We are rubbish at saving though. Probably save 10% which isn't anywhere near enough. I'd rather save 20% - which we could do if we didn't take holidays.

Our mortgage is fairly high which doesn't help.

Jesus Christ, that's a huge monthly income!

Is this one’s of these ‘I am on benefits…..let me try and wind people up with how much my income is whole pretending it’s low’?

If not, your savings are dictated by outgoings not just income. We don’t know your outgoings (regular and sporadic), we don’t know where you could cut back.

Me telling you I easily save a minimum of £600 per month, doesn’t mean you should also be able to do the same.

That's not a low income! I'm a freelancer, and consider £1600 a good month!

With £1600 as an average, I save about £300 a month.

Don't really get how this is going to help you, you haven't even said what your rent, council tax, gas, electric, phone/broadband costs to see if its comparable to other people's budgets.

How old are your teenagers?
Once they are 16 they should be getting a part time job and paying a nominal amount in rent and into their own savings account (IMO)

You say you earn a low wage (I assume you mean in your job) do you have a plan to increase this e.g. training courses so that your earnings can be improved for when you stop receiving child benefit and child maintenance.

2 grand, also a lone parent.

I don't save currently as I receive UC and I have the maximum savings allowed by UC before they start reducing my claim. I stick a bit extra into my pension instead as that's not means tested.

Teens should be contributing to rent from a part time job at 16? Don't be ridiculous.

Go for it, see how far life gets you on UC. The OP is a lone parent with 3 kids, you have no idea how much her rent is. Get a grip.

The OP probably means her SALARY is a low income for all those people up in arms. The total amount she's put probably includes her UC.

Household of 5 net income of roughly £4500 , don’t save a lot , well we do but it goes on holidays mostly , save £500 to £1000 a month