Savings per month?

[moneysupermarket123]

Out of curiosity and the current COL crisis I'm intrigued to know how much people are being able to save per month. Of course this completely depends on lifestyle, income, children etc.

As you say, It's completely situation dependent for most people and unhelpful for you to compare. It will be anywhere from £0 to £5000 pm.

Would it be more useful to know as a %?

Technically I am saving a little by way of pension contributions (8%), but nothing for the rainy days this side of turning 68. How about you, @moneysupermarket123

We are retired with a 22 year old living at home, we generally manage to save about £500.

This.

I don't understand the point of asking.

How will you feel it everyone comes on and says they save £4K per month ?

Or how will you feel if people come on and say nothing ? That they are in debt rather than saving?

I have tracked our balances monthly for years. For quite a while we were able to save about 20- 30% of income, now it's more like 5%.

Most people save fuck all.

Am sure you'll get the 'we save £8k a month'ers on in a sec though.

Awful pointless irrelevant threads.

Not really because essential outgoings are so variable.

Someone with a good income could be mortgage and child free, with no debts or finance payments and be able to save well over half their income.

Or their mortgage could have just gone up, they have 2 cars on finance, 2 toddlers in childcare and be getting into debt each month.

Or anywhere in between.

Then you have variations due to differences in income. Someone with the same fixed costs but a lower income will be able to save a lower percentage than someone with more coming in.

The answers are nothing more than random numbers but it's a fascinating illustration from a statistical point of view that if you define the survey poorly enough, how far from the truth the conclusion will be.

Well I read that households withdrew around 4 billion in May from savings due to the COL crisis. So I'd say most average to low income households are saving nothing, in fact, are having to withdraw.

I save between 30-40% of my wages because we are in the fortunate position of not 'needing' my wages for essentials. My wage fluctuates a bit each month which is why the percentage changes.

Pointless question, as it is totally dependant on other big expenses - mortgage/rent and childcare being 2 big ones some will have and some won't.

And those who are struggling to save right now are probably less likely to answer, which skews the responses.

As well as those who can't save anything not answering, those who can save a decent amount, because they do exist, even now, won't admit it, either because they feel it is in poor taste or because they know it won't be taken well on here.

Well hopefully my answer will please everyone then. I save 200 per month. Then two weeks before payday I have to withdraw it again 🙄. I keep trying but there is simply too much month and too little money..

Currently saving £600, WFH no childminder fees, no fuel costs so it's an added bonus. In August when im not WFH it will be £100 -150 which will go into savings and then come out a week before pay day 😔

I save 6% into pension, and a further 30% into savings accounts. Could save more but I am not as disciplined as I should be and enjoy getting lunches and coffee's at work.

DH saves a lot more both outright and as a %, but his earnings are far higher. He does add into joint savings for both of us too but that is ad hoc.

However, we are childless so don't have that expense going out every month.

Pretty much zero at the moment.

We’re managing, and we have savings that we are trying to not use, but we aren’t really in a position to add to them right now. If somehow we are a bit up one month, guarantee there will be something the next month to spend it on.

I feel grateful we have a cushion of savings and so I don’t have to worry too much about anything like car repairs etc, although I do worry that they won’t last forever if they are eaten into regularly!

(We do also pay into work pensions. But those are 8% or whatever the minimum is, so not loads. Still, haven’t stopped them!)

What is defined as savings? Counting pensions and overpayments, and not counting short term accumulations which are spent for instance repairs and kids clubs, since you asked -

1. 10% of my gross pay into pensions, matched and beyond generously by employer, 6% of spouses pay, also matched by his employer
2. £1400 a month joint overpayments of mortgage
3. £125 kids savings account
4. £230 personal savings account

others would do it differently. Less on overpayments more on savings, each to their own. We realise we are profoundly lucky compared to many, and savings peanuts compared to some others. So we try to be grateful and not compare.

Yes we've been saving nearly 15% of income, now down to about 7/8%

That seems a more useful indicator than just a number

I'm a retired Civil Servant getting State Pension and Civil Service pension plus 2 pensions from earlier jobs and I can save 50% to 60% of my income. No car, mortgage paid off 20 years ago, kids grown up.

10% of gross salary into a workplace pension.
We have a small savings pot equal to around two months wages.
We are trying to save £300 a month for the next three months as that is how much our mortgage will likely be going up in three months time. I’m hoping that if we start to try and do without the £300 now we won’t feel it as much when the mortgage goes up.
Other than that we are not saving anything at the moment sadly.

DH retired NHS middle manager saves about the same percentage.

Nothing now, my outgoings (essentials and utility bills etc) for the first time ever exceed my income and I am not extravagant, we live very frugally.

Absolutely nothing atm. On my third maternity leave which has hit finances hard. Childcare bill will more than double when I return to work which will then eat up my earnings in excess of current SMP

Our lack of savings worries me, but we do have a 5 bed home in a good area though and we could live in a smaller property if we desperately needed to free up capital.

When we haven’t been paying big childcare bills , I’d say we save about £500 per month but there’s usually a reason that then gets swallowed every few months

I try to save £30 per month. Can’t always do that.