How much should I be saving?

[Studentnursesos12e]

I do already have a standing order to my savings account but

For example, I have £400 from now until 28th February. This is after bills, but to include the food shop. This is also after my current savings contributions.

I have no kids.

I want to save as much as possible. So I’m interested in how much people think I should be saving.

Thanks x

It all depends on your earnings and expenses. What do you take home? How much are your mortgage and bills? How many people are you supporting for food/clothes etc.? Do you have a specific goal or are you saving for a rainy day?

Sorry I’ve missed a lot out.

I’m a student nurse, and have 2 part time jobs.

I am only supporting myself.

I meant to put that after rent, bills and direct debits/subscriptions I have £350-£400 a month (dependent on how much I work).

Im Moving in six months so am having no spending on clothes, cosmetics etc.

Food wise it’s only for me and I have a lot of cupboard and freezer stuff to use up. I could maybe do £20-£30 a week for food. Less if I needed to.

I have some significant savings, but I want to save £20,000 by October 2022.

From September I will be working as a band 5 nurse and living somewhere cheaper.

Ideally I’d like to save £1-2000 by September.

Have you checked to see if you can reduce your bills, switch gas and electricity, scale back pay TV, cancel the subscriptions, unless you really need the service?

So you need to save on average 625 per month to achieve your goal.

So you aren’t presently saving enough

Where are you moving that is cheaper? Would it be cheaper to get a room with a live in landlord and have all bills included? That way if your room costs £400 per month and you use £50 for food you can save the rest of your band 5 wages ( no idea how much band 5 salary?)

I've just read a book on finances. They recommend you save 10% of your monthly income. If you can afford to save more then great.

You should try to save between 10-20% of your gross pre tax income.
If you start saving in your teens, it’s 10%
In 20s, it’s 15%
In 30s, it’s 20%

This is to cover everything from future purchases like cars, homes to retirement. If you get a final salary pension and plan to put in the 25-35yrs required to claim it, you can deduct 5% from the savings % number.