How much do you save?

[Lyds26]

£1000 a month is a lot to save each month. What are you saving up for? House/holidays/kids? Do you not have a pension? I'm not sure I see the point of saving so much money (probably why I'll never be rich!!).

no kids and we don’t want them either, have a small mortgage. we usually go on a big holiday once a year and will take some money out for that. We both have a pension, I guess we just don’t have a lot of outgoings.

 

[Emlo]

I’m 25 and currently still living at home saving for a deposit. I only pay minimal rent (£500 a month including all bills, food, council tax etc.) and so try to save £1000 each month and then have about £300 disposable to spend and enjoy. Getting close to my own house now but part of me doesn’t want to leave!

 

[Tricham]

EXACTLY!!! Why not just abstain from commenting then, how bizarre

To make everyone who has commented, to feel bad/guilty. No one should feel bad about how much they can save - whether that be nothing, £5 a month or £2000 a month. Everyone has different circumstances. Just because I save quite a bit now I know I won't always be so lucky to. I'm not in a well paid job either. It takes a lot of 'going without' for me to save money.. I'm far from rich!

 

[Lizzie Mintdrop]

I save £150 per month in savings account, £60 per month for Christmas, I save all £2 coins I get for Christmas too. Any money leftover after shopping and bills goes towards holidays. Any left after that just stays in my account and usually gets spent on nonsense, I need to be more responsible because I could save more than I do.

 

[Newbie]

My husband and I both save £200 a month in to a help to buy ISA. We save £50 a month into each child's account and £100 a month in to our joint savings account for emergencies!

So about £500. Some months we put more in, depending on how much we've worked!

 

[Lyds26]

I put money away every month for my daughter and that never gets touched. So in a way I'm saving but for her future, not mine. Once I've paid off my home renovation loan I'll be able to focus on saving more. Where are you living?

I’m currently in Belgium. It’s an expensive place to live, even clothes for example are all imported in so we pay a lot more. One example being Superdry, a hoodie over here will cost about 90 euros for an equivalent in the UK that is around £40. We pay a lot of tax over here on salary and we don’t have shops like dunelm, home bargains, next, b&m. So whereas in England I could go stock up on home cleaning products and go to dunelm and get nice bedding, cushions, kitchenware for a good price. Here everything is an independent store and we don’t have a huge amount of chain shops, so then you pay more. They’re used to it here but when me and my husband come back home I bring back fairy liquid and alsorts with me

 

[blackheartedsoul]

About -100 at the moment. Don’t you just love 5 1/2 weeks between pay days

 

[Scvee13]

£6 a day? Sorry to sound stupid here but I don’t have kids, is childcare that expensive?

Guy in my work was £1,000+ a month for one child.

 

[midnightrose]

This thread is giving me anxiety haha

 

[memoii11]

Why do people not want to say how much they save because it will reveal who they are? My sleuthing skills are obviously not very good. Lol

I save £700 a month, straight out on payday. Move my ‘disposable’ income to a different account and leave enough in my main bank account for all my direct debits / bills. I’m fortunate enough to still live at home for free, which I know makes it much easier than for most.

I personally didn't want to say as I don't think it would make those struggling feel good

 

[Tricham]

THIS!!!! I save quite a bit but we don’t go out to restaurants every night, I’m not saving for anything special but I know there might be a time when I can’t save.

Yeah, it definitely helps that my husband and I are both very much homebodies - we do go out when invited but we really just enjoy being at home in the evening!

 

[Hinchhater1442]

I read somewhere that a good place to aim for with your monthly is:-

50% needs (bills etc)
30% wants
20% save

I don’t live by this but check myself against it every so often to see how I’m doing

 

[Ellabella]

£1000 a month is a lot to save each month. What are you saving up for? House/holidays/kids? Do you not have a pension? I'm not sure I see the point of saving so much money (probably why I'll never be rich!!).

 

[Be More Pacific]

Nothing. Currently living rent free, thanks to my partner's father, to enable us to pay £1,000 a month off debt. See post #31 in the "How much debt are you actually in?" thread.

I am thinking of setting up a standing order each month for Christmas 2020 although Christmas just gone, we actually did alright and didn't put anything on credit card for the first time in ten years except hiring a car plus a few other expenses (we had to go abroad for a non negotiable family event) and we have already paid that off.

 

[Lyds26]

Previously last year nothing as used all savings buy a house and renovate.
I hate it as makes me feel insecure but it's a struggle to save.
It means we reguarly use credit card for emergencies.
Been reading Dave Ramsey and want to build up 1k emergency fund.
Also I say most years I'm saving for Xmas and never do then get annoyed with myself.
Signed up for Lloyds save the change account.
Started another local savings account for Xmas.
We still want to do stuff around the house.
The kids have some trip expenses coming up that we are aware of so doing the penny challenge to see if that can find majority of the trips.
Would also love to save a birthdays/back to school funds as again it's like Xmas it's and time every year and then we struggle those months.
The car is costing a bit lately and mot is due for spring as find it's the random things each month broke washing machine, new tyres that push us into the red.
Would love family holiday abroad next year.
My initial plan not started until next month as Jan pay awful is try and cut back on spending to allow us to save more.
Also try and up income with side hustled and possibly some part time work in autumn.

I’m doing a save the change too, I started in October and already got about £70 in, not much but I don’t notice it going out.

 

[urghwhy]

I'm aiming for 20% each month if/when I can. I want a house but it seems to far out of reach I am in the North already

 

[Bec3007]

Anywhere between £100-£300 monthly and then £50 goes into our sons account monthly too. I don’t work at the moment (SAHM) and my partner doesn’t earn loads. After bills we have around £600 left over for the month.

 

[LLJ]

I wish I had started saving more at your age, you definitely won’t regret it! Mine used to be wasted on buying lunch everyday. My mum would make me a sandwich and I’d always throw it away. Now I live abroad I’d give anything to have some homemade food by my mum.

I wish I had started saving years ago!!

 

[rainbowlemon]

I'm 28.

I don't save a set amount each month per se. I'm still studying for my second degree and have one more year left to go before I can start working, but I saved £25 a month over 10 years which I can finally access now and have just under 3.8k in another account which I want to use to buy my own home.

I spend a lot on therapy- though my T does see me for £30 less than his usual hourly charge fee.

 

[Tricham]

We save at least £1200 a month, but this generally will go to overpay the mortgage, as I dream of being mortgage free in our 30s.