Do you save money every month?

Do I save every month, yes.

I have no idea what we save every month, I let the wife deal with it, if I knew what was in saving's i'd get ideas.
 
Depends what you mean. My liquid cash pot is very small. Like, not even 100 bucks by the end of the pay cycle. What I have left after fixed bills, I load onto my mortgage and whatever I don't put on that, I invest into my index funds.

So I suppose you can count that as 'savings', which roughly equates to about 84% of my income. Which means I live on only 16% of my income. That's inclusive or mortgage (what I need to pay, not WHAT I pay in the end), food, bills, etc.
 
I don't buy into the "if it's not a huge sum of money, it's useless" arguments. Savings are a spectrum not a binary thing, the more savings you have the more options you have.
Maybe you lose your job and that few thousand helps put food on the table, light in the lightbulbs and heat in the radiators.
Maybe you want to go on a holiday.

Arguably the smaller amount of savings you have, the more relevant savings becomes. Putting an extra £1k in savings could make a big difference at your level. The difference between a holiday or no holiday. Someone who has the savings for a house deposit or luxury car, having an extra £1k might make less difference. They get fancier seats in their car or an extra inch of space on their garden.
 
I get the wondering why you bother aspect - I was putting a bit of money aside, fairly casually, with half an eye towards a couple of car purchases at some indeterminate point down the line - then watched over the last few months as prices have risen at the same rate as I was saving. Fortunately my ability to purchase doesn't depend on those savings but for some people that would be the case.

It has been pretty LOL watching the interest vanish on my savings as well.
 
had just over 6 months on sick ,so i was taking home £125 a week ,including slight tax rebate weekly and zero benefits of any kind i managed and even saved a little
on 30 hrs now ,don't actively save but my current account just accumulates ,20 year old car, mortgage free ,all i want is diesel to get to the coast and i am ok ,did buy a new old oppo find x2 for £300 recently but my spend on clothes and gadgets is minimal ,always afew plants a week but tend to buy from bargain area
 
I got a new perspective on life and finances when faced with possible redundancy last year. I think I'm reasonably good with money though and had enough to last me a few years without a job, but it did make me realise I need to pay more into my pension and also that I need my money in an ISA or something, rather than just sat in an account. Mind you, as mentioned above, maybe gold is a better investment right now, I think all markets are taking a dive and almost all earnings from the last couple of years of my ISA are gradually disappearing :(

One thought I have is around not leaving money on the table when I go. I don't have kids or anyone really to inherit from me at this point, so I don't want to save for years, then pop my clogs without enjoying the money :cry:
 
I do now but it’s not a lot.

Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.

Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.

All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.

All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.

I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
 
I put a chunk in my private pension every month, and a chunk in my S&S ISA which is my general savings/slush fund.

Being a middle-aged professional couple living out of London and having no kids (and working from home, so no commuting) is bloody great for the finances. Can definitely recommend the no kids bit.
 
I was able to retire early, partly because I saved (and invested) religiously for 25+ years, I suppose a little ‘FIRE’ style. In addition I have a pension to take when I reach that age.

Now I draw a monthly income from my invested savings, but find I try to finish with a little surplus each month (doesn’t happen every month), which I use to top up a cash savings account if I can, I like the buffer, but I also agree, inflation is a risk currently.
 
You'd be crazy not to have some pot for emergencies etc.

If you literally live month to month, and you rely on a car, or your boiler breaks etc, basically something you didn't plan for that you need now. You then have to finance it. You then are paying finance back with interest, which then affects your ability to save, for the next thing, and you can get trapped into a cycle.

Also living well within your means has benefits, I believe you are generally less stressed, and you can adopt certain attitudes with your employer that you just wouldn't push if you are screwed without your job etc

I appreciate for the lowest earners this isn't always possible, but for most it is, just buy a slightly smaller house, go on fewer holidays and be savvy about making the most from your money.
 
Yes. Ever since my 19th Birthday and I realised I had nothing to show for the past year of working. My long term goal is to buy myself a few more years of retirement, I can't be working until 68 (or 70 by the time I get there!)
 
I like to waste mine in my Stocks and shares ISA........

But most months I save, other months I don't bother, like this month for example instead of using my savings i used my going to be savings to buy composite fence panels.

You need 3 saving accounts in general... Emergency fund, for boiler breakdowns etc, one for yearly bills, why pay extra for DD (apart from council tax which is interest free) and a long term savings account that you dont touch for 5 years or so. Oh and your pension which is not really savings.
 
montymint said:
Normally I would but post move has hit we with continual small costs for things for the house.
Click to expand...

Same. We had a decent savings pot, then COVID hit and my wife was made redundant. When she found a new job we went ahead with the move we were planning. A year later and we're still spending our spare cash on stuff for the house. It never ends. And her salary dropped a fair whack, so that hasn't helped.

Feek said:
I do now but it’s not a lot.

Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.

Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.

All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.

All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.

I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
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Seems pretty good to me. Who's going to sniff at £3k?!
 
I do.. usually have at least 6 months worth of salary in savings in case things get bad. I’ve been saving for ever really and never been in debt. Not sure why my brain is programmed like that but I hate debt of any kind. I’ll have to get over the mortgage one but the rest is no go.
 
Feek said:
I do now but it’s not a lot.

Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.

Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.

All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.

All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.

I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
Click to expand...
The small pots are nice perks, like you said - you don't notice it. I started putting £25/mo into premium bonds and now I need the cash - there is almost £2k there that would have authorised been evaporated elsewhere.
 
Feek said:
I do now but it’s not a lot.

Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.

Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.

All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.

All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.

I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
Click to expand...

You know what? There's some bloody good ideas there.

I'll probably set up a monzo account away from my daily banking to make the deposits too.
 
We try, but it's becoming increasingly difficult. Last few months we've actually been forced to eat into it just to see through the month. My partners been forced to work from home since just before Christmas so we've actually saved a few hundred a month in Diesel. Christ knows how we're going to budget for it once she goes back. I'm already doing as much bank work as I feel comfortable doing. Crappy times.
 
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