How much do you save a month ?

I'm close too paying off my debts. At the moment ive had £10 in my savings account for about 5 years. I called up the bank asked where my interest payment was. I was asking for the 1 pence. They said it would take 10 years to get 1 pence interest on £10. As im currently in the decimal pence range per year. :(
 
Freefaller said:
May next year (bloody long engagement! haha!)
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So no BB organised London meet in May again I assume!


As far as savings go I don't actively save as such, more just spend some money and have some left.
I'm in a fortunate enough position where my income comfortably outstrips what I normally spend, though a lot of that is down to being a cheapskate!
 
Sad that people here think they've 'failed at life' because they're not earning or saving a lot, yet at the same time admiring those saving a lot because they live with their parents in their mid-twenties.

Not sure what your aspirations are in life but that's certainly not mine.
 
Captain Planet said:
A better Q is what % of your salary do you save. (ofc)
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A different question, not necessarily a better one :)
The 'issue' with these type of threads is you can never really draw meaningful comparisons (i.e. beyond simple facts/numbers) across everyone, since there are so many different circumstances. It doesn't take into account debt repayments for example e.g:

Person A: Saves £0/month, pays £1000/month towards a debt
Person B: Saves £200/month, pays £800/month towards debt

So at this moment in time person B is saving more money in pure terms but all else being equal (same debt amount) will take longer to pay off their debt so may end up with a lower capital at the point they repay their debt compared to person A who paid off their debt sooner and then started saving a grand a month (assuming the debt interest is higher than savings of course).

You may laugh and say that Person B shouldn't happen if they have the potential to make bigger debt repayments but I hear of plenty of people with flexible mortgages who are also saving at the same time.
 
The better question, although hugely personal and intrusive would be "did you go to Uni, and what family fortunes have come your way?"

That would highlight those who took on considerable student debt (which takes a long time to pay off) as well as those who have huge savings already from deceased relatives, or merely gifts from family.
 
well i am 27 own my own house my partner is in uni and i don't have a well paying job... still saving about 300 a month (until something breaks or i see shiny things) and didn't get a penny from my family
 
SAVE!!!! :eek: What am I reading!!!! :confused:

People still have the ability to save in this day and age!!! :eek:

Live for the moment and die in an instant!!! ;)
 
Russinating said:
Sad that people here think they've 'failed at life' because they're not earning or saving a lot, yet at the same time admiring those saving a lot because they live with their parents in their mid-twenties.

Not sure what your aspirations are in life but that's certainly not mine.
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I understand the sentiments but I assume most people putting away a good saving don't live at home. I certainly don't. Some for sure, but it is not hard to see on a geek forum that some people command a good salary.
Furthermore, many people a smart or economical with their money, no mobile or sky contracts, no fancy clothing, don't spend a racket in clubs, cook at home, don't need every fancy gadget and I'd they go on holiday don't feel the need for 4* hotels. I have friends that earn more than me but have almost no savings- all money spent on a fancy car, designer Clothes, good hotels and meals out.
 
Nothing at the minute. Not going to be anything great for the future either.

I turn into the green eyed monster reading this thread, I would love to be earning what some are saving, and no matter how you try and look at it and be cool about it, it does make you angry.

I think the thing is some of us are more naturally gifted than others, and then add on the ability to work a lot harder naturally. Humans are different and that is why we earn differently, I will never be well off no matter how hard I try. I want to believe other wise, but every month seems a struggle so far, don't know why it is going to get much better.
 
-Ad- said:
Shweeeeet.

Just started a new job, so no more offshore to rigs across the world at 30secs notice = Free evenings :D

Need to get the thing preordered and read up on as I know nothing :p
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yo hit me up on battlelog, I want to play with some fellow OCUK members when BF4 releases... whats your battlelog id?
 
I think the whole term saving should be subjective... Saving implies you are putting away Money for something, if you don't have a goal or use for the saving it's a total waste of time. Life is way too short.

I find it really hard to save as my family tends to live to its means, so we spend whatever is earnt, but we have loads of fun spending it. I guess I could save money each month, a decent amount... But where is the fun in that.

Saying you save 3k a month is pretty impressive, unless of course your are a 45 year old bank manger who lives with your parents :-). .... It's just meaningless willy waving
 
Flukester said:
I think the whole term saving should be subjective... Saving implies you are putting away Money for something, if you don't have a goal or use for the saving it's a total waste of time. Life is way too short.

I find it really hard to save as my family tends to live to its means, so we spend whatever is earnt, but we have loads of fun spending it. I guess I could save money each month, a decent amount... But where is the fun in that.

Saying you save 3k a month is pretty impressive, unless of course your are a 45 year old bank manger who lives with your parents :-). .... It's just meaningless willy waving
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Saving is never a waste of time even if you dont have an immediate goal. Having a fund for later life or for emergencies is a sensible and mature thing to do if you are lucky enough to be able to save.

Luckily for us it isnt a matter of saving or doing nothing, we can do both. Squandering all your money having fun all the time instead of saving may be the difference between having to use a food bank to feed your family or not when you lose your job for example.
 
We save my wage each month (£1500) it's our emigration to Oz fund..

To give context I've just graduated and for a few years whilst in uni we paid off £15k debt, the money we save now is money we've never seen.

We manage to curb any spends by visiting car boot sales/charity shops (got a nice winter jacket and some cracking cotton shirts)/groupon - subscription to blockbuster (£8 for 3 months...had 3 xbox games and 3 movies in the last few weeks :D)

Always been a firm believer that as you earn more money you simply adjust your living expectations (and thus spending everything you earn) readjusting those living expectations (and therefore not throwing money on toys and having no savings) is the single biggest hurdle to saving.
 
I think saving even if you have nothing in mind is worthwhile as it opens up opportunities, like being able to go on holidays, parties, gifts, Christmas, birthdays, repairs, motoring expenses, job issues etc... without having to worry about going into troubles. Even if you have no debts to pay off it makes sense to put some money aside. Not all of it, you do have to have some fun too - but then again I guess I feel more secure having a pot to draw on just in case.

Obviously saving up for something specific is "easier" as you know what your target is, but I'm a believer in having a buffer for life's unexpected twists.
 
Spangles said:
Nothing at the minute. Not going to be anything great for the future either.

I turn into the green eyed monster reading this thread, I would love to be earning what some are saving, and no matter how you try and look at it and be cool about it, it does make you angry.

I think the thing is some of us are more naturally gifted than others, and then add on the ability to work a lot harder naturally. Humans are different and that is why we earn differently, I will never be well off no matter how hard I try. I want to believe other wise, but every month seems a struggle so far, don't know why it is going to get much better.
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I disagree that you'll never be well off..

The guy who spends all of his disposable income every month on crap (clothes/toys/drinking) is not well off....his wages are already spent.

If you were to set a goal...say to save 5% of your wage (set up a direct debit to a second account - we found this helpful as you don't see the money in your account) you are already more well off as you're in a better position to deal with the unexpected (motoring bills etc).

Set a goal and I'm sure you'll feel more hopeful.
 
Probably put aside about £1600 a month 800 personally and 800 profit in my business that has very little outgoings apart from my wage / dividends
 
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