Automated saving

gdc34 · 26 Dec 2006 at 14:47

Just started work, and keep on meaning to set up an automated payment each month to my savings acct of 10% of my income*, but theres always so much stuff I want... Hell I think even if was 10%, I'd still feel guilty.

How much do most you guys put away (as a % of income)

*I keep on reading thats the best thing to do, make it easy and automatic..Otherwise its too easy to put it off one month....

Zip · 26 Dec 2006 at 14:52

How long are you planning on living?

If you plan on living for along time then put lots and lots away :cool:

If you want to live fast and die quick then live for the now and only save a little bit

Andr3w · 26 Dec 2006 at 16:22

It depends on how much you earn also, beause you want to leave yourself some money to use not from your savings!

Posty · 26 Dec 2006 at 16:37

gdc34 said:
How much do most you guys put away (as a % of income)

about 15% and 98% of my savings are then invested in something else

Maz · 26 Dec 2006 at 16:38

I save nothing, I do however pay £XXXX into one mortgage, and £XXX into another.

Both of which are worth more than any amount I could have saved in years!!

Bes · 26 Dec 2006 at 17:05

50-90% but then I live on my company's expenses account most of the time so can afford to do this

20% (holding at least 2 month's salary in fast- access cash) is a good starting point for most incomes IMO

clockworks · 26 Dec 2006 at 17:09

About 50%, on average - mortgage paid off, and company car. Another 9% goes into a pension.

dirtydog · 26 Dec 2006 at 17:19

smoove said:
I save about 16% of my pay, but will be changing that 44% when I pay off all my debts.

Until you've paid off your debts it doesn't make sense to save anything

Vanilla · 26 Dec 2006 at 17:21

I put everything into a savings account apart from a four or five hundred to live on.

Before this I put into the usual pension scheme, share scheme, etc.

dirtydog · 26 Dec 2006 at 17:23

Vanilla said:
I put everything into a savings account apart from a four or five hundred to live on.

Before this I put into the usual pension scheme, share scheme, etc.

You live on £500 a month?

big_white_dog84 · 26 Dec 2006 at 17:24

5% on pension, although it's not a straight savings scheme since the final value is dependent on my final salary rather than how much I put into it.
10% goes into an ISA.

Vanilla · 26 Dec 2006 at 17:26

dirtydog said:
You live on £500 a month?

Often less.

Food and going out is my only expense at the moment.

dirtydog · 26 Dec 2006 at 17:29

Vanilla said:
Often less.

Food and going out is my only expense at the moment.

Do you live with your parents or something?

Vanilla · 26 Dec 2006 at 17:31

dirtydog said:
Do you live with your parents or something?

At the moment yes, although I do pay £400 a month rent.

Saving for a deposit for a house so putting away as much as I can.

dirtydog · 26 Dec 2006 at 17:36

Vanilla said:
At the moment yes, although I do pay £400 a month rent.

Saving for a deposit for a house so putting away as much as I can.

kinggost · 26 Dec 2006 at 17:41

ive just got offerd some shares with the company i work for at 30% off what they at this present time. So i will be investing in that for the next few years

Younz · 26 Dec 2006 at 18:34

i dont save anything

Im 22 yrs old and earn about 18k p.a... it comes to the last week in the month and im skint....... Am i living beyond my means? LOL!!

New years resolution.... be more sensible with money LOL!

dirtydog · 26 Dec 2006 at 18:41

Younz said:
i dont save anything

Im 22 yrs old and earn about 18k p.a... it comes to the last week in the month and im skint....... Am i living beyond my means? LOL!!

New years resolution.... be more sensible with money LOL!

Yes you are a bit geezer... if you're earning £18k and aren't saving anything then there is something wrong

benktlottie · 26 Dec 2006 at 18:54

I earn about 50k a year and never managed to save a thing ! The missus earns 30k and we never seem to have any money. But we have lots of cool things in the house, and the kids have everything they need so it doesnt matter if we have no savings! LOL

Ebaying some of the cool things helps us out when I cant be bothered to work (IT Contractor me)....