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.

Probably 50%. I have no mortgage and want to retire early.

Exactly this, just me with a chunky mortgage as I bought our home post divorce. Means my mortgage is where my money goes for now, plus supporting my kids.

I’m planning on tightening my belt and increasing my savings in the new year. I’ve done the save vs pay off mortgage comparison and I’d be £9k better off on my planned saving amount by reducing my mortgage over the term on current savings rates. However I’d rather have my cash liquid as I only have myself to fall back on financially. If life/work goes tits up I need to be able to pay my way.

6% as that’s all I can spare. Better than nothing though.
I’m not saving for anything in particular, just seems like a sensible thing to do.

I have seperate savings accounts which are set aside for different things

Car (insurance, mot, service, tax repairs)
Birthdays
Christmas
Holiday
Upkeep (waxing, dentist, hairdressers)

I work out what I spent in 12 months on the above, divide by 12 and that's how much I save in each one.

It took 5 years to get them all done so for example, say I spent £300 for Christmas, I put aside £60 a month into the account for 10 months which covered Christmas for that year, plus Christmas for the following year and then I paid £30 each month for the year after

It's basically ensuring you've got a year in advance already paid for. I always keep note of what I spend so I can adjust as needed.

Anything that doesn't get spent just stays in the account

20% automatically saved into savings account. Then at the end of the month I withdraw anything left in my account as cash and keep it in a safe at home for as and when it's needed

Saving an extra £1000 a month to my pension (new job better pay)

1. because my existing pension is poor and
2. To offset the extra tax I pay for the privilege of living in Scotland.

very little, next to nothing really. Why? it's a low paid part time role. There just isn't anything left.

At present, about 25%. Our mortgage is paid off and we have already made all the improvements etc. that reduce our bills, and replaced old and failing appliances with new ones, so no major expenditures required. I'm going to retire next July, 2 years before I'm due to get my state pension, so we will need everything we can save now (I do have a workplace pension, but not enough to live on). I save all of my pension at the moment.

Pretty much nothing, because wages = outgoings give or take a few pounds. Some months I manage to put £50 or so away. I've got a month's wages in a savings account which will only be touched if there's a disaster or if one of us is off sick.

We put by 12% of our combined income every month, however there’s not really much there because we are not on large incomes and we put it by for car maintenance, insurances, and for when other household things go wrong. It was completely wiped out in the summer as both cars were due everything all at once.

Agree. Some people save for long term. Some only short term or for specific things then the money is ear marked to be spent. Some do a bit of everything.

I save £800-900 a month into pension then usually pay in around £30k extra a year if I can (self employed so depends). Started my pension late and income now higher so live off less and save to make up for the late start. I save £200 into kids savings. I used to save into premium bonds but have topped out so now save about £25 a month into a LISA. I have about 10k in an old ISA I no longer save into.

I then have a money saved for tax and vat so that isn't 'mine'. I save about £400 a month for house maintenance/things we need, £50 for house insurance and £30 for birthdays and Christmas but those are all pots that will be spent annually.

We don't do extravagant holidays, drive cheap second hand cars and buy most clothes from vinted/supermarkets. We are quite frugal bearing in mind we are probably top 5% income (not wealth). My income fluctuates loads as self employed so I do tend to only pay a set sum for outgoings to myself each month and if I happen to end up with a lump after tax/vat each quarter that's how I pay the extra lump into my pension or other investment. My job could go at any time so I try not to spend to what I earn. I see plenty in my sector only travelling business/first class and living extravagantly but it's very risky. I'm not from a well off background so can't stomach that - I'd be too worried. Plus I'm actually comfortable living more frugally as to me it still feels rich

None. Because life's too short. Buy the shoes 🤷‍♀️

20%

If we are including everything
7% into pension
6.5% mortgage over payment
2.7% into long term "fuck off fund" 😁
5.4% savings for holiday/home improvements

I save £800-900 a month into pension then usually pay in around £30k extra a year if I can (self employed so depends).

Ah. If we’re including pension payments then 16% for me.
10% (of gross pay) to pension
6% net pay to savings.

I did the same with ny hokiday fusn. During covid saved up £5k to spend the next year and then in next year I'd save for year after. That way I always have moony to pay for holidays upfront and knownthat the next yr I'll have money too. Sometimes I don't spend the whole amount. But doing it this way does give peace of mind

Have never been in a position to save. I am sensible with money but have always had alot of outgoings (magnified by single parenthood and no financial assistance). Fortunate that I didn't get into debt and Thank God for interest free credit😁

We usually book our holidays 18 months before we go and only pay the deposit which we pay on credit card and the balance is due a month before you fly.

Doing this, we usually save money as you can cancel and rebook if the holiday goes into the sale or you see another holiday you prefer (has to be with the same provider to not lose the deposit)

This year's holiday was £4,000 when we booked it and ended up paying £3200

Ditto

15% salary sacrifice into pension
20% take home into ISA and premium bonds
£200 per child into JISA

I’ve only just reached my emergency savings goal, which is a massive milestone for me and a load off my mind as the main breadwinner.

Will probably put future savings towards overpaying the mortgage as we’ve just borrowed a lot more to pay for renovations.

I saved £115 this month... not a lot compared to some on here

Indeed, thank you