If you could save this amount each month, would you think that was in a decent wealth bracket?

[Thatsmio]

My dsis breezily said in conversation yesterday that they’ve had to reduce savings from 1.7k a month to 1k over the last few months as birthdays and bills have all come at once.

she’s not someone who boasts or is unkind and it was said in passing, like she was quite worried about it. AIBU to think being able to save even 1k is absolutely loads?! Let alone 1.7k? Or are my ideas about savings utterly shit….? I save around 250 a month and that’s only when I feel I can!

@skippy67 this is such a weird thing to focus on from my post!

Thanks everyone, it’s just made me feel like I’m wayyyy behind. They have a small mortgage and they are both a few years younger! I have always been a saver but never more than 300 a month. I thought that was loads to be honest.

It depends. She could be scraping by in order to save that amount. My DH and I save £2.5k a month (5.5k take home pay) and we are careful with our money but we're not scrimping by. I'm about to go on maternity leave and we won't be able to save much during it. Swings and roundabouts.

Do you work in the same industry and have similar size houses, car costs, and lifestyles? Otherwise a comparison is pointless. You could consider yourself incredibly "behind" compared to Taylor Swift but that would be a weird comparison.

It really depends on other situation overall… I have an excellent pension, my husband has a pension but puts 500 in a private pension and we over pay mortgage by at least 500… so there is 1000 we aren’t ‘saving’ but could if we chose differently. We don’t save a set amount as we top up savings from bonuses, but would always choose to put extra each month into mortgage as we still have £500k left to go… so although we have plenty of surplus we aren’t wealthy as we are paying a mortgage! It’s not a huge mansion, just a 4 bed terrace in London of course.

Sounds like loads to me but 1.7k was practically my whole salary. But if I earned £5k/mo like my friend I could easily save that.

Same! I live just fine.

DH Is paid £2200 plus £100-300 pm bonus, I bring home 2300pm.
As a general rule of thumb, I can save 1000pm January to June, then once summer holidays/birthdays/ xmas etc come around, it can be anything between 0-500.
So I wouldn't say we're high earners, mortgage is over 1000pm and have childcare to pay for the kids so not low out goings either but it's not huge amounts over the year and one thing that costs thousands ie car, can take a good part of a year to replace the savings it used

Really, you bring in less than £1000 in total, pay all your bills from that and live fine?

We do but only because we’re recently in the very fortunate position to have been able to pay off the mortgage, due to an inheritance situation. We’re late 40s. Saving now for kids uni/future.

@OnlyFoolsnMothers With £800 universal credit and child benefit.

Lol, what savings?

Then let’s be a little more transparent- not an issue with top ups of any kind it’s just disingenuous to say that your wage is plenty at less than 1k

Looking to buy a new house with DP soon and we sat down and worked out affordability. On paper (or Google Sheet) we could save £1k a month, but in practice it just gets spent.

To be honest I didn't think we would have that kind of money "spare" until we looked at it closely.

It depends. Some people might save up for say a car or house deposit and cut back. But you aren't poor if you can save £1k a month.

What do they earn compared to what you earn? How much you save is relative to that.

I save 1200 a month

Most of that top up might be for rent so not exactly money to live on.

@Disturbia81 Yeah, I also manage on just under £1k a month.
Council tax £31 (I'm disabled, single, so get a discount)
Energy £60
Water £16
Car tax £19
House insurance £26
Mobile phone £8
Internet £19
Dog pet plan vet thing £20
Dog insurance £25
Car insurance £28
Discovery+ £3.99
Google storage £1.99
Parking permit £30
Petrol - I drive about 1000 miles a year so, not very much. I should really get rid of my car.

And, yes, before you ask, I have £280 PIP and £480 ESA.

Depends what she classes as savings, many people are actually putting money aside each month as part of general budgeting for annual coats like car maintenance, insurance renewals, house maintenance, a family holiday and birthdays. In which case I would say for a family with children that amount is very comfortable but not wealthy bracket. If it's money leftover after essential and disposable outgoings then yes that's a lot.

Agree!

That is a huge amount to me so I would say they are very well off

Even if two couples earned exactly the same there are so many permutations as to how the money can be spent. The obvious ones are housing expenses if any, number of children if any, pet ownership, car ownership and debt levels and the region you live in.

With this rate of inflation, saving isn't the bestest of ideas. Invest into something to preserve the value of your money. Gold coins ( not from Royal Mint but pawn shop) for example. Your money in your saving account literally worth less and less by the day. It will get much worse as UK economy is rapidly going down. The other alternative is to buy what you may need in the nearest future now - equipment, materials for home improvement, etc..
Putting your hard earned cash into the saving account at the moment is not the best of ideas.

I can't save £10....
If only I could save £1k.....