How much of your salary do you save and why?

[SnugShaker]

I know everyone has different financial priorities and responsibilities, but I’ve been wondering lately how much other people set aside from their income. It seems like we’re always encouraged to save as much as possible, but realistically, everyone’s situations are so different, and sometimes it’s hard to know if you’re on the “right” track.

AIBU to wonder if most people save as much as they could (or should)? And if you’re comfortable sharing, how much of your salary do you manage to save each month? Do you have a specific goal in mind, or is it more about building a general safety net? I’d love to hear how others approach saving, especially with everything getting more expensive.

Varies between £300 and £400 per month. I use the Chip app linked to my bank account which auto saves every 4 or 5 days. I usually save at least £250 per month doing that. I have a standing order set up for £100 into my s&s ISA.

Savings have taken a hit this month; new bathroom and DH needed some very expensive dental work. I'll work on building them back up over the next year or so.

We typically save around £1800 a month which is roughly 19% of our joint take home. We could definitely save more. It goes into rainy day fund and ISAs. We spend a lot on house renovations. 2 kids, both work full time.

I earn just over £50k and I save 800 a month, although I'm getting a mortgage soon so won't be able to save anything

What's a sinking fund? Thanks.

Can I ask some divorced or single people to identify themselves and how much they save? 20-50% like I'm reading seems a lot, but of course it's easier with a double income. Thanks!

I put £10 a month into a bank account for each of my 2 kids but have nothing else left once all bills etc are paid. Once my youngest is in school then financially things should improve.

About half at the moment. Aiming to pay the mortgage off next year following the end of our fixed rate. Our savings are currently getting triple the mortgage interest rate so it makes sense. Have had a mortgage for 28 years, so I'm looking forward to finally getting rid of it.

Think of it this way. There are people on here earning £50k who say there's no way they can save 50% of their income, they would not be able to survive on £25k. But there are people up and down the country aspiring to an income of £25k.

It's (mostly) choices. Living on £25k would not be so nice. But if suddenly found yourself fallen on hard times you'd do it. You have to acknowledge that if saving 50% of your income was a big priority then you would do it, but you choose not to (which is a perfectly sensible position!).

There’s so many factors , in my position I have a DH who shares the regular household expenses and no kids which makes a big difference to my ability to save - I’d much rather have had children same as I’d much rather not be in a position where health issues are pushing to an early retirement

I have 20% pension contributions, and then save about 40% of my take home pay. About 3/4 of that goes into long term savings, and the rest into easy access for things like car repairs. I'm a single parent of one. Salary is ~£45k.

I think there a wildly different definitions of savings here. In my book:

• Short term - Saving for something specific like holidays or a new bathroom. It isn't really saving, it's budgeting.
• Long term - Saving into a pension is different too because it's for retirement - it's locked away. Again not really savings.
• General savings so you have a buffer - this is real savings and when you start to feel financially secure

You should aim for a buffer of at least £10k but many many people have nothing. For what it's worth, we've only achieved this recently.

All I have to pay for is:

My car
My health insurance
Phone
Broadband
Our food

DH pays for his car, insurance, council tax, utilities and maintenance.

We are close to retirement and want for nothing and need very little. Most of our income goes into savings. We have always been prudent with money.

I’m single and saving over 50%. In my case I paid off my mortgage and got a new job that gave me a 30% pay rise at the same time so I just didn’t really change my lifestyle (a few more theatre tickets / meals out). That means I’m saving a lot without feeling deprived.

Edited to say: this is very much an age thing. In my 30s I was as squeezed as anyone on here.

Salary is about £50k/year, but I cap it to about £32k/year as I increase my voluntary contribution to my pension scheme. From this £32k/year, after tax (about £2200), I put in 43% to my savings (a combination of S&S ISA and cash) and our daughter saving.
My salary for the last 10 years hovers just under or slightly over £2k despite pay progressions. My goal is to save £25k/year (into pension contribution and savings) and accumulate about £300k in 8 years time. I will work for 1 or 2 more years (until 57 or 58, depending on the government decision on pension age), then retire if I no longer have any interest in working.

i mean Keir would absolutely love this thread. Random people saying how much they earn and how much they save

These figures are meaningless without context around salary, when we had both in nursery our take home was less and we saved nothing. Now ours is just under 20%, but at the moment that's rapidly paying down debt from work on the house rather than savings, then we'll save a bit and do the next project, some of which we will pay after the event as we just want it done. One day we'll have done all the big projects and we'll start paying down the mortgage.

Sure, single no kids and in London. Salary is £3100 per month. Mortgage and bills is £1400. I put aside £500 into a holiday fund. £500 aside as general saving for future house repairs, lost my job etc. So approx 30% is saved although some of my hokisay money is spent.

Left over £700 for food and anything else like going out, other shopping etc. I don't always spend that £700, sometimes I do. I do eat out alot and feel like I really should cut back though and save more of that £700, say another £200. That's my goal to cut back on the coffees, lunches etc.

I’m single. 40s. Young adult child at home who is not contributing currently.

Earn just over 30k, and save £30 a month - works out to be 1.5% ish.

Think I could definitely save more but not masses.

About 80% of it, because I was home stay and never had my own income so all was on my husband account and still is, but I restarted work. I earn 1 third of or 1 4th of what he does earn

Fuck all because I can't afford to.

Our set up is probably the most democratic people have ever heard of and yet we do not have shared account but we have real life and we share that life. Money here means not much, we are not materialists and often would save if we can and live simpler if we can

I came with 0 money here , was aupair, did not have employment. Just met a nice generous loving caring guy and life happens

I've never saved anything despite having a decent job. I'm 53 and now piling anything spare into my pension. I saved up by default during lockdown and ended up with 15k in premium bonds. I've since spent half of that on a breast reduction operation.

We live in a flat and we don't have a mortgage any more so it's all just about pensions for us. We pay a bit into DS savings account too. DP has loads of bits and bobs of savings but he's much more financially aware than me.

About 40-45k per year, so about 40% of our after tax salaries.

Going to be less over the next couple of years due to maternity leave and then extra nursery fees, but we are mortgage-free.

This, and also that many posters are subsidised by a partner who pays half of the bills (if not more).

i save 1500 …..I’m 59 and want to retire at 60…so saving this much will give me a buffer u til state pension age and also having lived on my salary less 1500 has given me an idea of how to budget on less moving forward