How much do you put into savings per month? What percentage is this of your income(s)?

[Chocolateyescakeyes]

I was just wondering the above. I know there are lots of variables, and the important thing is that it's a comfortable amount for the individual, but was wondering what the average amount people save per month is. Thank you! I save around £800 per month, joint income of around £3500 per month after tax.

I only make £800 a month 😑

I save £130 every month.

If you include mortgage contributions as savings/investments (because it's an asset), pension contributions (ours and employers) and cash savings, then me and DH save 105% of our income. In other words, our pension contributions (23%) plus mortgage (19%) add up to more than our outgoings.

If you just take cash savings, we save about £2,500 per month, which is about 63%.

Wow! I save £100 per month. Used to save more but childcare and part time hours have cut into saving potential.

I'm also shocked at these figures! Then again this particular forum is going to attract people who need help managing money or people who want to continue to manage their money well.

I don't think you can compare yourself to others. Years ago I would save £300-600 per month but also spent more freely. Now I'm really careful and top up my savings account going off how much I have left in my weekly budget so sometimes I'm just adding a few pounds here or there. However, although it is a smaller amount I save now, I probably get more of a sense of achievement as I know how careful I've had to be in order to save it.

Just over 20% but that's a very new thing.

My husband and I each save £2500 cash (over 60% of our post tax salaries) but pre tax we also make additional pension contributions.

The cash goes towards our maximum mortgage top up per year. The mortgage will be paid off in July, while I'm on paid mat leave.

Our savings will reduce when I go into statutory and unpaid maternity leave next year, and when I return to work we will be paying nursery fees, which at £1700/month, will take a fair whack of those savings away.

We both have good jobs, but live frugally and don't have a car (London) and have waited until mid thirties to have kids, which has allowed us to save a lot each month to pay off the mortgage before childcare fees kill us.

Omg .. I earn about 1650 save 150 for annual bills and about 75 savings per month am mortgage and debit free and have cash savis of 95000 plus from divorce so aim to live on wage and not spend my cash savings if so I will be doing well

Approx £20 month. Trying to re-build an emergency fund.

I do overpay my mortgage considerably though, it should end when I'm 55. But need to increase my pension contributions.

Joint income of around £7k, but outgoings at the moment are around £5k and that doesn’t include travel/food/cleaner etc. So save very little!!! Should really look at changing that shouldn’t we

We save nothing. Zero.

Well saying that we do put £20 a month away for Christmas. That’s it. We just don’t have the money to save anything. Two children, one with severe autism, dh works full time on low wage (no better wage in our area) and we manage with dla, tax credits and child benefit etc.

Really variable depending on the time of year (holidays, Christmas etc) but between us we try to save around 25% of our salaries, not going to give a figure. I like to have a cushion in case one of us loses our job so have always aimed for 12 months worth of bill money in the bank.

15.5% of pretax in pension, plus 1/5-1/3 of post tax salary depending on the month - house repairs etc all make that fluctuate. Things like holidays, car repairs and yearly insurance then all come back out of that though, so it will sit nearer 20-25% post tax that accounts are boosted by each year, with things like a new car then draining more on top of that if they are required.

This isn’t on a massively high income, but take care to keep fixed outgoings low.

£500 a month, which is approx a sixth of our post tax income. Some months we can save more. We have paid off the mortgage though.

Income of about £6000, save about £2000.

I'm now trying very hard to save £30 a month, but sometimes we need it for things like School clubs.

We could save a lot. But tend to spend it on ongoing home improvement projects and investments (not quite spending but makes it hard to see where it's at).

If we have a low income, saving would be a priority for me. I know how to live frugally and if there was any way at all to pull money into savings I'd be doing it. Not everyone is like that and I read recently some research that shows a correlation with having less money and spending more. It was interesting.

Hmmm - interesting research - you spend lots of money and therefore have less money. Who would have thought there's a direct correlation! Amazing stuff

What also helps the savers on this thread is having a monthly income of £4000 plus - that part is very helpful

I should say, that's 10% of my income - part time. My husband brings in money too but every penny pays the bills/buys food.

Timeforabrew😂 But you did misunderstand. The having less came first in the research. So the lower the earner, the more they are willing to spend for the same material goods compared to higher earners.

okay - perhaps I did misunderstand

I guess that research would back up that poor people all have big TVs and Sky, as well as designer goods + cigarettes etc etc

Yeah it's interesting but understandable. The conclusions were that not having much leads to a feeling of never being able to get out of the poverty cycle so therefore short term satisfaction in the form of material things would be where any money available was spent. There is a tipping point where people have just about enough that they can hope to achieve something by saving but many people fall below that tipping point either financially or even just psychologically.

Omg the incomes in this thread are eye-watering!! Posters with enormous incomes, what jobs do you and your other halfs do?? I have friends whose in-laws give them money every month which goes straight into their DC's savings, PLUS they save some of their earnings; so worth bearing in mind I guess that income is more than just wages. Also could be making income from renting out property on top of having a wage.

We currently save about 400 a month, usually more if business is busy. We have separate savings accounts though and I obviously don’t contribute as much as he does because I only earn about 20p more an hour than living wage!

I think the types of jobs where you can save a lot of money are fairly obvious and well known for paying well. Banker, lawyer, accountant, IT professional. Possibly film star or instagram sensation?

We don't save anything. Joint take home is about £6000. We have a sizable mortgage, full time nursery fees etc, and an average amount of credit card debt

Up until Nov we had used what we had saved as in the last two years we have fitted a new kitchen,ripped out and refitted bathroom,replastered decirated and carpeted hallway landing stairs and recarpeted two bedrooms.
In the five years in our home before that we did the lounge,kids bedrooms and a big garden renovation so all savings plus some financial help from parents have been used up.

We were planning on a big garden room this summer but I've decided we need to re coup some savings and contingency funds again this year so have made it my mission

Plan is to save £25 a week (£5 per day five days each week)into a sealed cash tin

I pay £150 into a holiday and weekend break away fund which is only until March and then will pay £150 into two different personal savings.
I also pay £15 per month into each of youngest dcs savings funds and £25 into a seperate account in case adult dc needs quick cash.

In November we will be £360 per month better off again as a long loan will be cleared so planning on putting £200 of that per month into a joint isa and £100 extra into my pension plan (which currently wouldn't feed a mouse for a week )

So far so good.
Just need to keep on track and not spend on air.
Also plan on taking £50 cash out on pay day each month and that's my spends for the month.
All other bills are covered as me and dh pay half each a month into household account to cover everything inc petrol taxes food etc.