To think saving 25% of my income is necessary, even if it means sacrificing fun?

[ThisWaryScroller]

I try to save a quarter of my income each month but it sometimes feels like I’m missing out. Is it worth it or should I loosen up a bit?

Well it depends on lots of factors - do you already have savings, what are you saving for, and are you going without to save?

whilst it's important to have an emergency fund life is also for living!

It’s a good habit to be in.

But - if you aren’t enjoying life as a result, maybe it’s not set at the right amount of saving.

What’s the end goal?

Yes

No

No idea

Depends on what you earn and I ots net or gross.

Can you share that?

What's your income and your outgoings? If I saved a quarter of my income I wouldn't be able to pay all the bills and put food on the table, in which case it would be a stupid decision. If you have lots of free money to do with as you choose, it might be sensible.

Necessary for what?
and is that including pension or without? The only
time I’ve managed it not including pension was during lockdown! But i’m a single income household which is proportionally more expense than living with someone.

I agree that it depends on many factors. How much do you have in savings and how much is 25%. If you earn 2K a month and are saving £500 but only have 1K in a saving account then I would say that if you can you should build up more rainy day savings.

If you earn 6K a month and are saving 1.5K and have 50K in your savings account I’d tell you to enjoy the money a bit more.

More context is needed.

I do have an emergency fund in place but I’ve gotten used to treating saving almost like a non-negotiable habit. I’m saving for a mix of things - future freedom mostly (house deposit, longer travel, maybe even retirement one day). But yeah, sometimes it does feel like I’m watching everyone else live more freely while I’m counting pennies.

Ok, a house deposit I would make sacrifices for!

I wouldn’t have the ability to save 25% of my pay packet as my bills are higher than that. If I could I probably would.

Savings don’t grow on a tree, you have to put in the hard work and sacrifice to see the amount rise.

If you’re after certain things like a deposit etc it’s 100% worth the sacrifice. That being said don’t forget to treat yourself every now and then.

Very sensible, but you need a balance. We don’t all reach old age, or that rainy day. Don’t turn down too much as you get older your interests change and sometimes you can’t go back and do all the stuff you planned (or you no longer want to).

Depends how you live on the rest of your salary- never go out,never buy clothes?

Depends on so many factors, your age, whether you have a partner, what you earn, what your earning potential is, if you have/want a family, what your current savings are etc. I’m not sure anyone can say whether or not you’re unreasonable without more context.

Depends a bit. I first thought that’s a bit high. But actually, if I include my pension and savings for things like white good replacements and cars that I have ongoing pots for it would exceed 25%.

If you’re earning £20k, then no, if you’re earning £200k, then sure. How can anyone else tell whether you are being unreasonable without knowing how much you earn.

A house deposit is worth saving for. Don't forgo travel/holiday and the odd night out in your 20/30's, you'll never have the ability to drink/the energy again. You can't relive those years. You'll never get the age you are this year, back.