How much of your earnings do you save?
- Thread starter Burnsy2023
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Soldato
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Pretty much this, although I'm older and both kids are at Uni. Could save a few quid if I needed to, but I do like a gadget and a few pints now and then.
Difficult to calculate as my outgoings are quite varied. I'd say anywhere from -30% up to about 70% of my takehome. I don't do monthly budgeting or anything like that.
edit: I think the stat is more 'balanced' if you take a yearly rather than monthly view because then it will typically include less frequent expenses like holidays, Christmas, annual memberships etc which a lot of people tend to exclude from their monthly calculation. So many people who claim to save 25% a month may only save say 15% a year.
edit: I think the stat is more 'balanced' if you take a yearly rather than monthly view because then it will typically include less frequent expenses like holidays, Christmas, annual memberships etc which a lot of people tend to exclude from their monthly calculation. So many people who claim to save 25% a month may only save say 15% a year.
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Soldato
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60%.
Soldato
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All the guys who are saving in excess of 50% of your income, what are you actually saving for? There's got to be a goal, surely.
I have no goals in life, so colour me jealous.
I have no goals in life, so colour me jealous.
Buy a house or flat, provide for a family, retirement money, car - for me, future necessities.
Other stuff like holidays and toys are luxuries imo so come out of disposable income.
50% give or take a couple of points.
Short term:
New kitchen
New (used) car
Longer term:
To be in a good position when I need a bigger house.
Short term:
New kitchen
New (used) car
Longer term:
To be in a good position when I need a bigger house.
Soldato
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Around 25%. Could do more but I like living a good life* and I've got a final salary pension to take care of my retired years.
* also have enough in saving to cover any crisis, and find helping my family out a better use of my spare cash.
* also have enough in saving to cover any crisis, and find helping my family out a better use of my spare cash.
The Future, really. I save ~50-60% at the minute, I'm 27, single, renter, and have a job which can potentially kick me across the globe every year or two (Postdoc researcher). Someday I might have a partner and kids to look after, someday work might punt me across the globe, someday I'll hopefully end up with a job which lets me settle somewhere more permanently and buy a house, and who knows what else at that point.
I'm not saving for something specific right now, but I know in the future I'll probably need it, and to be blunt I don't know what I'd spend my disposable income on right now so why not save it?
Soldato
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Fair enough guys 
I don't aim to own my own house, gave up driving/motorbike etc few years ago so don't plan on getting anything like that, don't go on holidays. I'm the most boring person currently alive, probably why i don't save.
I don't aim to own my own house, gave up driving/motorbike etc few years ago so don't plan on getting anything like that, don't go on holidays. I'm the most boring person currently alive, probably why i don't save.
Luckily I had 4 months of about 75-80% of my wages, which has encouraged me to save even more.
Now it's roughly about 30% (£500~) probably more. I should be able to save more than that, it's quite shocking I don't really. 27, going through stages to sort my finances out.
I find Toshi app to be helping really well, it allows you to put in an income and expenditures with tags. So you can see where your spending all your money - I.E takeways and fags.
Edit - Goal - To either save for a deposit on a house, a new (used) car/van or just to have it there as saftey deposit. Currently it's nice to know its there should anything comes up. I know I can go on holiday whenever I want now. I have no money worries at all now, and it's pretty nice.
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No specific goal, more of a general 'I want moar moneyz so it is available when I need/want to pay for something'. There is no target value on my savings, it is really just savings in terms of unspent income rather than actively 'saving up for something' or putting aside a set amount of money each month.
That said, if I look at where I have spent sizeable chunks of saving (say over £1000) in the past it has been on houses (and associated costs), cars, wedding and holidays. Funerals / divorces aside, I would be surprised if my next large saving expenditure is on anything other than the above list.
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Not set but currently it works out at around £300/month! What ever is left in my account goes on top of the current savings! Soon to be increased to around £800/month.
23, renting, cycling to work, not much expenditure elsewhere bar food at work, simply treat my self to some nice meals during lunch.
23, renting, cycling to work, not much expenditure elsewhere bar food at work, simply treat my self to some nice meals during lunch.
Absolutely nothing, I'm very much in the mindset of 'live while you're young' at the moment, going on silly holidays, stag does, out 3/4 times a week over summer, just generally having fun and doing stupid **** before I get old and have commitments.