Finding it hard to save anything meaningful

[goldensock]

Hi, looking for some advice on saving and how to improve. I’m in my first job after uni, living in London. My take home is about £3000 a month. I save into a pension.

I am only managing to save £400 a month for long term savings and £200 a month for short term, i e holidays.

I spend a lot on socialising and having fun. My rent for a room is £1,200 and my other big expense is going away for a break from my busy job and to go see the world.

So you're saving £600 a month as a new grad!

Is that after pension contribution and student loan payment? If so then you have nothing to worry about. Focus on your job, your annual pay rise will come round soon enough, and you'll be able to save a bit more.

£5k a year into long-term savings means you'll be able to think about buying a flat outside London before you are 30. If you want to buy in London, you need to do less socialising

There are plenty of people who can't save £60 a month.

I wouldn't class £600 a month as not meaningful. That is a decent amount.

You earn a shit ton and are having a nice time. Nothing wrong with that. I thought you were going to say you were on 20k a year and saving £10 a month.

There's no magic secret. If you want to save, spend less money on things you don't need to spend money on.

Lots of people would keep a family of four on 3k a month, and not think themselves too badly off.

Appreciate that - it sounds like a lot of money, but 1 bed flats in decent areas are about £400k!

You are doing brilliantly. Saving 600 from 3000 is 20% of your monthly take-home pay.

You can't save for a deposit in the same way previous generations did. It's not possible to finance your first home as quickly these days. You have to live as well. I'd focus on seeing the world while you are young and free.

Is this a joke?

You "only" save £600 a month? It's pretty straightforward, if you want to save more, then cut back on socialising.

We have supported a family, including paying child maintenance and having an annual UK holiday, on less than your salary. You could save a lot more if you wanted, but you want to socialise and travel and that's fine!

OP, I think your post might upset people, although I'm sure you didn't intend to. I know so many families who are struggling to pay the bills. People who don't have £6 left at the end of the month, nevermind £600.
I think you're doing brilliantly if you can afford a good social life, holidays and saving £600 a month. If you want to save more, you need to tighten your belt or get a second job.

You need to balance your priorities. Obviously money you spend on socialising and holidays isn't available towards a deposit on a property, so you have to decide what you want more.

However, you'll need a huge deposit in order to be able to buy a £400k property so you'll either need to buy somewhere in a cheaper area or wait until you earn more or can buy with a partner and that's even with saving more and socialising less.

Are you expecting your income to increase significantly in the short to medium term? Is relocation to a cheaper city a possibility? There's many places where you could get a flat or even a house in a nice area for £150/200k so achievable on your salary.

Saving £600 a month and you’re claiming to not be saving anything meaningful?

please get real.

If you are saving towards a mortgage deposit/home consider putting it into a LISA.. for every 4k a year, the government gives you 1k.