People spend an absolutely absurd amount of money on smart phones. You can read emails and take decent pictures on the most basic of models for couple of years now. A cheap phone is a great way of saving hundreds of pounds a year.
How much of your earnings do you save?
- Thread starter Burnsy2023
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My phone bill is £15 a month (3 mobile one plan)
Sounds good - but many spank hundreds on handsets. A new iPhone 6 contract is insane!
Buy phone, keep for a year or 2. Sell phone. iPhones hold their value pretty well (much better than other phones anyway)
but if that's what the person wants and likes? how is it wrong?
I spend 300-400/year on a new phone but that's something I like, I like having the latest headset to play with, that's why I work to earn money and buy things I want? yes you could save but then if you can get by with a low end phone then why did you buy an expensive top end headset in the first place? I don't get the mentality
It's literally a thread on saving money.
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I'm a sixth form student and I have a part time job, I started working in July and I've saved nothing
You're too young to be worrying yourself silly about such things. £1 for you will bring far more joy than saving it up for a few years down the line.
But it's not a thread on how you save the money?!
Im 27 and just bought a house (Huge Deposit), with a £643 a month Mortgage for 20 years.
I cant really answer this as not sure on my bills. However anything I do save will just lump pay the balance of my mortgage and a newer car next year.
I cant really answer this as not sure on my bills. However anything I do save will just lump pay the balance of my mortgage and a newer car next year.
Someone made a comment that bills are high enough excluding any phone bills. My observation was that many people spend a disproportionate amount of phones. If you choose to spend money on an expensive phone that's fine, providing it doesn't adversely affect your savings.
My original comment was a pretty natural one in the context of the discussion.
Soldato
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Don't have an income as such as a student, but I've been putting away about £250 from my loan/grant/bursary a month whilst I've been at uni - in the knowledge that I'm going to need it one way or another come graduation.
Without going into specific numbers, unless something unexpected crops up or it's car insurance renewal month, we generally save around 8% of monthly net pay with a further 8% as extra capital payment off the mortgage (which is still effectively a form of saving).
£450 automatically goes into a savings account which is about 30% of an absolutely flat month, then if I do get a decent run of overtime I'll move some of that into savings as well (usually I try to put at least one overtime Saturday's money into FundingCircle.)
In theory, around 20% of income net of tax, student loan, and 8% pension contribution. This is separate to money I put to one side for birthday presents, holidays, etc. My mortgage is around 26% of my net income.
I probably shouldn't have just upgraded the car...
I probably shouldn't have just upgraded the car...
Income high enough to be able to save some of it? Ha! That's funny. Oh, how the other half live...
Reminds me of a report I read about people saving from their benefits and getting quite a nest-egg for their old age/emergency fund/etc. That is, of course, until the benefit office found out and took it all away from them.
Reminds me of a report I read about people saving from their benefits and getting quite a nest-egg for their old age/emergency fund/etc. That is, of course, until the benefit office found out and took it all away from them.
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Wish I could do this... but my social life always calls
Saying that though I don't do too badly...
£400 rent. (living at home)
£100 car lease.
£30 car insurance.
~£40 fuel for car
£30 phone bill
~£80 feeding myself at work
£200 train fare
£50 into 'rainyday fund' (suits/shoes/ties/etc.)
That's like a grand in outgoings already :|
Probably arond £100 - £150 a week for social. (pub at lunch with work/ pub in evenings / dinner, etc.)
Whatever is left over I save, sometimes nothing sometimes ~£400. I'm 25.
Man of Honour
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Having been on that low income side of the fence before it was still something I tried hard to do though not always successfully. You sound a little bitter or am I reading it wrong? If more income will make you happier is there not something you can do about it to change it?
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Saving around 30 - 35% now, hoping to up this to around 40% over the next few months.
6% pension matched and between me and the mrs have 12 months mortgage payments in the bank.
Going to start overpaying the mortgage in a few months, just want to clear my credit card first. I pay for my car insurance and a few other yearly things and pay it off there rather than pay the increased fee with taking out a direct debit.
6% pension matched and between me and the mrs have 12 months mortgage payments in the bank.
Going to start overpaying the mortgage in a few months, just want to clear my credit card first. I pay for my car insurance and a few other yearly things and pay it off there rather than pay the increased fee with taking out a direct debit.
Only just starting to save so aiming for 30% and in 3 months hopfully up it to 40%. 30 years old.
I have always been bad with money so getting a cash card account and will put 25% in it for spending for the month and if I can be strict on myself then my savings should hit 40%. My main account will sit and hold the bills and savings so I can make use of the Santander 123 account.
I have always been bad with money so getting a cash card account and will put 25% in it for spending for the month and if I can be strict on myself then my savings should hit 40%. My main account will sit and hold the bills and savings so I can make use of the Santander 123 account.