What's a good amount to save annually?

d-gal

I know everyone's situation is different but what's a decent amount for you to save personally every year? You know since the 'boom' is back and all

Can't seem to create a poll via mobile but it might be worth throwing one up mods

BrokenArrows

8% of your after tax salary.

Wossack

People from burning buildings? I'd argue that a firefighter would be unfairly weighted in the ensuing poll

OldNotWIse

Whatever is left after your salary is raped and you have scratched out an existence.

Maximus Alexander

I dunno, about 40 quid or so?

Arsemageddon

Maximus Alexander wrote: »

I dunno, about 40 quid or so?

Oh-la-de-da,

Someone here has notions about themselves.

valoren

A part of all you earn is yours to keep.

10%, and it never get's spent.

You'll learn to 'cut your cloth' so to speak on the remaining 90%.

Lollipops23

I generallly work out what I can afford to save after bills/expenses that month. Had a very expensive few months, so haven't put anything away in a while. Will start again this payday. Generally 400-500 in one go.

Saipanne

Depends on what you earn. Anything from 10% of your net income or greater. I save 30% of mine.

SEPT 23 1989

you can't take it with you

Saipanne

SEPT 23 1989 wrote: »

you can't take it with you

No, but it's nice to have rainy day money.

Maximus Alexander

Saipanne wrote: »

No, but it's nice to have rainy day money.

The problem is that it rains most days.

It's strange, but while 150 euro a week seems like a lot to me to save per week, the 7,800 saved up after a whole year of such saving doesn't seem like *that* much!

Saipanne

Maximus Alexander wrote: »

The problem is that it rains most days.

Not in my world.

Maximus Alexander

Saipanne wrote: »

Not in my world.

Nor in mine, fortunately. But for many, many people saving in excess of 10% is not going to be an option.

Saipanne

Maximus Alexander wrote: »

Nor in mine, fortunately. But for many, many people saving in excess of 10% is not going to be an option.

Who cares? I sure don't.

Lux23

They say you should have six months expenses in a rainy day account. I think that is madness to be honest.

Maximus Alexander

Saipanne wrote: »

Who cares? I sure don't.

Nor do I, but many people will care.

blacklilly

Maximus Alexander wrote: »

Nor in mine, fortunately. But for many, many people saving in excess of 10% is not going to be an option.

I'm on a very decent salary but I'm paying exorbitant rent, have a car loan, the usual standard bills but no debts other than my car loan and I cannot save 10% of my salary.

I'm not complaining but that's the realities of being a young professional in Dublin.

ytpe2r5bxkn0c1

BrokenArrows wrote: »

8% of your after tax salary.

One months wages? Not at all. Double that at least.

I haven't a clue. I save little bits here and there if I have something coming up. My house is in good repair, my car is 13 yrs old but it gets me around, I am delightfully debt free. If the rainy day comes I will adopt my usual attitude of "be grand".

petrolcan

My son manages to save about 85% each month.

titan18

Depends on circumstances really, I'd save 700 a month at the least. I consider it like bills and don't count it as discretionary income. I save about 1200 a month though really.

CorkColin

and here i am making 1400/month think i need a better paying job haha! can barely save 400 a month !

CorkColin

CorkColin wrote: »

and here i am making 1400/month think i need a better paying job haha! can barely save 400 a month !

Be grand

CorkColin

Deleted User wrote: »

Be grand

tousche! no intention of leaving this work haha love it

riclad

I think you should save at least 10 -20 per cent at least of your salary ,if you afford it .
Also you should have a pension.
you could have a health crisis or lose your job,
you,ll need some savings in case of an emergency.
Or you might want to buy a house or an apartment .
Your company could move elsewhere or go out of business .
i know someone who saved 30 per cent per month.

Geuze

I repay a mortgage, which is a form of saving.

I also make substantial pension conts, up to 16-17% of gross salary.

I support four people on one income.

After that, I save 15-20% of my net salary.

Squall Leonhart

I think when saving the best approach is work out how much you can realistically afford to put aside into savings, and then remove that amount immediately when you get paid.

"I save what I have left over" may be fine if you're living modestly, but makes it very easy to be left with either no or meagre savings at the end of pay term, your week, fortnight, month, whatever.

Between pension payment and savings I put away about 32% of my income, (with the savings being 18% and pension being 14%)

If I do have any 'leftovers', I do try save that too, or invest in P2P.

As this is a relatively recent thing (15mths or so) due to pay rises etc, I don't have much of a pot but it gets fed frequently and is steadily growing.

GerryDerpy

40% of my net income goes to savings automatically every fortnight. I am overpaid.

zl1whqvjs75cdy

Jaysus sure we're all minted.

Kat1170

A Brazilian dollars !!!













Too soon ??

riclad

Save as much as you can ,you will need it , when you get ill, get married ,or need a deposit for a house.
Have enough in your current account to go out,go on holidays .
have a normal healthy life .
5-10k is handy if for some reason you lose your job ,
to keep you going while you look for a new one.

biko

Keep coppers in a jar by the door, be grand.

delricyo

I think it depends on on your outgoing payments.
Personally, I regard my mortgage as a sort of savings & there is no way I would be able to commit to x% every month.

If you can resist temptation, spending what you have left over can work

livedadream

before i had a house i was living at home and saying about 30-35% it turns out.

now its coppers in a jar, the odd fiver if i remember,
i'm paid well but jesus begin an adult is expensive.

even the basics like:

car insurance, tax, nct
health insurance, life insurance
mortgage
property tax
bills: electricity, gas etc
bins maintenance etc

im sure im forgetting stuff but thats the basics i think. its tought to save after all that and when i do get a chunk saved, its just before something big health insurance lets say.

and that not counting, professional membership, nct if you have an older car, fuel, etc etc.

posturingpat

Savings an awful boring thing to be at. I save the odd time for a month or 3 at a time but that's only to have a blowout at the end of it by going on holidays or a week at the races etc. I dont get this carry on of worrying about rainy days. Of course if you've a family it's a different story but when you're single why worry about things like that you'll always manage to get by or at least I can.

blacklilly

livedadream wrote: »

before i had a house i was living at home and saying about 30-35% it turns out.

now its coppers in a jar, the odd fiver if i remember,
i'm paid well but jesus begin an adult is expensive.

even the basics like:

car insurance, tax, nct
health insurance, life insurance
mortgage
property tax
bills: electricity, gas etc
bins maintenance etc

im sure im forgetting stuff but thats the basics i think. its tought to save after all that and when i do get a chunk saved, its just before something big health insurance lets say.

and that not counting, professional membership, nct if you have an older car, fuel, etc etc.

Yea it definitively is tough, my rental payments are higher than the average mortgage for where I live. I'd buy only I cannot afford to save the deposit at present, as I'm single, this is unlikely to change anytime soon.

Although I don't have maintenance fees, I have the following:

Rent
Car loan
Car insurance
Car tax
Car maintenance
Fuel
Health insurance
Pension
Phone bill
Broadband
Electricity
TV Licence
Professional Memberships
Monthly savings