How much of your household income do you try to save?

[Mumsworld112]

If yourself and your partner work,, how much do you try to save of your household income?

I try to make pots for everything I need to save for, even miscellaneous events and I am left with around 20% of our household income to save, just wanted to see if this was around the same as others.

Not working but a good net income. Don't save as we have savings and not sure what we would be saving for (to give money to Angela from accounts? No chance)

That sounds good to me. I save about 15% in a variety of short and long term savings - but a lot of that is taken out for everyday expenses that I don’t accrue for, e.g. car insurance, Christmas, etc. it’s not a very good system!

I save about 60%

Mine and my partner’s finances are seperate, so I don’t know how much he saves; but I save at least 30% of my take home pay. I also pay extra into my pension from salary sacrifice before it even gets to me.

% of income saved is a difficult measure to compare with though as it’s so dependent on what your income is - higher income people will have more of their income proportionally to save.

I only have my income but save around 25%

There's an often quoted basic formula of 50/30/20 so you're in line with that.

I'm the only earner in our household, try to put away about £1000 a month

What are your current savings for though? Who is Angela?

Currently 15 percent but will drop to 10 percent when mortgage goes up. This doesn’t include savings for annual expenses like Christmas or car insurances

I used to save loads but now it can be as much as £400 some months to £100 on others. Hoping to start upping the savings again by being stricter with myself but it's not easy!

Only my finances, but I try and save 20%, which works for me. What for? 🤷🏼‍♀️not entirely sure… emergencies? 6 x montly expenses in cash ISA (next goal is 9 months) and then maybe 4 x monthly expenses in s&s isa, which I set up as an ‘additional bill’ but going out towards the end of the month for £80, the goal for that one is 5k in five years. It’s no where near £1000 a month😅, at current bills and salary, I have 4k total left entirely after all bills each YEAR, so.. 😂 it’s all good, but it doesn’t go that far especially in December or August.

I'm on my own and mortgage free. I save about 50% of my income, but I am also self-employed so once a year I put a third of my total annual savings into my pension savings, a third goes into a regular savings account and a third into stocks and shares.

Right now, 60%. Mostly pension as it's highly tax efficient and I'm leaving employment in a few months to work for myself so wanted my retirement sorted. (I'm 30's)

Generally though we tick along at 15%-20% into isa's / savings / stocks

In addition we invest alongside this into property, land etc

@Kuretake

She means Rachel from accounts ie the chancellor

Having saved like crazy through our 20s (to buy our first flat), and 30s (to move to our next house and refurbish it, and then to the house we're in now and refurbish it), we no longer actively save much. We're taking a break.
We have a decent chunk set aside, and I might take £1000 a month and put it into our joint savings if its going spare, but we have a very small mortgage and are happy to spend our disposable income on travel and niceties for a few years.

I save around 70-75%. I paid my mortgage off a couple of years ago so my outgoing are now pretty low now and I’m trying to build back up my savings with a more long term focus on retirement.

Only about 10% of my total "income" (including child benefit and child maintenance, as well as my wages).
But I also have income from a property and save all the money from that into an ISA.

I am a single mum and work full time. I have a decent amount of savings (about a year's income currently), a decent amount of equity in the house, and I consider we live well - so I'm not too worried. Will try and save more in about 10 years when both kids are through uni and earning for themselves!

I have several savings pots for things like birthdays, car, holidays etc so Im not scrimping around when the expected expenses arise. I'm on my own and child maintenance is due to end this August which is worrying but my mortgage also is due to be paid up within the next year so I'm overpaying whatever I can until August to try and reduce the time I'll be VERY short of funds.

Roughly 20% as we are renovating and it’s going towards that.

I have about 9 months of expenses in investments (and could eek that out probably to 12 months if needed) which I’m happy with so it’s purely short to medium term savings for renos.

It's around 50-60% of our joint income at the moment. We are currently keeping our outgoings as low as possible and saving hard to pay off our extremely low % mortgage at the end of the fix date to reduce our future interest payable on this mortgage before our 50s.

Then we will be saving to finish the house refurb and saving for the kids going to Uni, this should be easier without the mortgage.

Mumsnet threads like this always attract people who save, a lot…! For balance, we don’t save anything. We do however throw £500 a month at paying off our credit card, which we use every year to book a holiday. If we didn’t have the cc we’d save £500 a month and use that to book the holiday instead but we’ve always done it like this and we’re impatient and wouldn’t want to miss a years holiday to save and do it that way. We don’t have a mortgage, own outright, and have low outgoings. If we had any sort of disaster we’d use the cc and make higher payments to sort it out. I think a lot of people live like us, they just don’t talk about it. If dh lost his job we’d still manage due to the other income we have so we don’t worry about the debt we have, we never let it go above a level we could manage if dh lost his job (which has happened about 10 years ago).

Generally, about 20% into short term savings pots (holidays, Christmas, car) and then 10% to a savings account that I never withdraw from

I only save into my emergency fund. About 30% of my income goes in there. Dh saves a bit, but we have separate finances (as I am a US citizen living in the UK). So no real idea what he saves. Think it's about 20%

I save about 40% of my income, but a chunk of that is short term savings (e.g. holiday ls, Christmas, annual bill etc). So probably about 30% overall. Aiming to up it to 50% from the 40% this month as generally my current account creeps upwards in value and I've just started investing in an S&S ISA which is a moderately terrifying but otherwise interesting experiment.

Editing to add: obviously I recognise this is a highly unusual situation, it's also relatively recent so I don't have enormous sums in savings yet. I also have a long term interest in "FIRE" so will be intrigued to see how it ends up working.

About 80% of our net income, I know it seems high but mortgage is paid off and dh is earning as high as he ever will and is due to retire later in the year. £40k goes into his pension, £10k into mine (the max's) £20k into each isa and the rest is in my name as lower rate tax payer