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.

Was about 30% of net income after pensions, probably closer to 20% now

None as we are retired and spending our savings.

I've kind of lost track of savings lately. We definitely spend less than we have coming in, there's always plenty left by next pay day but I couldn't even say what we're saving. I find it harder in summer because we have holidays, weddings and days out. I'm much better at tracking spends and savings during the winter.

So I'm a loan parent, one mid £20k salary and a small UC top up.

I try and save between £50-100.

Some months are good and I manage to pop £150 in and then other months are bad and about £5 goes in 🤣

But I say to myself, as long as something goes into the account even if it's £5 that's;

a) better than nothing

and

B) be thankful because some families cannot afford to live right now.

Since we stopped paying childcare I’ve been saving that (ready to overpay the mortgage when the fixed rate is up). I have paid about £150,000 in childcare over 10 years though.

For people who tell you children get more expensive as they get older - it’s absolutely not true if you’re paying for childcare! There is light at the end of the childcare tunnel.

I’m a higher rate tax payer and save £1400 a month into my pension. I’m in my 40s, half of the pension contribution is from my employer. I also ‘save’ all the rental income for two buy to let properties by paying their mortgages off every month. I have about £125 in cash to last me till end of the month after all bills. I pay everything on credit and pay that off monthly. I have x3 months worth of mortgage savings as cash in the bank for emergencies but that’s it. I don’t really save cash for a rainy day in the classic sense…

if I have spare cash I’d dip into crypto, shares or whatever for a bit of fun but my long term strategy is to generate passive income so that I can retire early in my 50s.

in short, I never ever save cash in a savings account but I will pay a very hefty amount across my pension and all the mortgages.

not sure if that’s the best strategy ….if you have any suggestions to do better please let me know!

25% of income.

i know I am profoundly fortunate. I will say one thing…over a long period of time - 20 years- I’ve managed to accumulate over £1million in equity and I’m only in my mid 40s by NOT saving cash and putting it away as cash in the bank. And I didn’t have any financial help other than relying on myself. It sounds mad but compound interest has been a huge benefit to me in my pensions. I’ve also remortgaged to release equity to buy more properties even though I found at times a struggle to pay for my own home (until I got tenants), as well as dabbled in the stock market . Over time, the stock market and property market have risen far higher than the equivalent of cash I could have ever possibly saved. So how much cash do I save as take home pay after deductions on a monthly basis? Pretty much zero . Hope that explains.

I try & save every month, but in total, with my current & savings account, my money doesn't seem to be going up much at the moment. The money I got paid in last week & this, over half, has gone out on food shopping, then two weeks rent & bits like birthday cards, Amazon Prime, Britbox & YouTube Premium subscriptions, I have less than £200 to last me until I get paid again in 2 weeks & I have some more rent to pay. Before the cost of living shot up, I could pay all my bills, food & bits but still have over half my money left.