How much of you wages do you save?

21-05-2018 04:24PM

I spend 1c a month and save the rest

harry Bailey esq · 21-05-2018 04:27PM

Mtx wrote: »

I aim for at least 70% and that's after rent and bills paid for. I might as well save before getting a mortgage. I'm 25.

That's fairly ambitious, fair dues. Depends what the quality of your coke is like and the size of your customer base I suppose.

Working class heroes · 21-05-2018 04:52PM

I just make sure I’ve enough tucked away to pay for my funeral 🙂
After that the spare moola goes on treats for the family, holidays nights out a new bike for the young fella the latest face cream for the daughter that kind of thing. Ain’t seen a toe bar on a hearse yet.

frozenfrozen · 21-05-2018 04:53PM

I am saving all the money at the moment but I need to find a house to rent in / around galway soon so that'll do away with any spare money as my very handy galway gaff is now gone.

Mtx · 21-05-2018 05:12PM

harry Bailey esq wrote: »

Mtx wrote: »

I aim for at least 70% and that's after rent and bills paid for. I might as well save before getting a mortgage. I'm 25.

That's fairly ambitious, fair dues. Depends what the quality of your coke is like and the size of your customer base I suppose.

I earn £1600 a month, spend£275 on rent and about£ 200 a month for both fuel and food. Any other expenses aren't too much. Why not save when you have the opportunity? Just because I'm not splashing it around doesn't mean I'm a miser.

21-05-2018 05:30PM

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

€56k salary would give a net wage of €3000/month, 30% of that is €900. €2100 would be plenty.

..........also, one should count their pension contributions as savings.

notsoyoungwan · 21-05-2018 05:31PM

Zascar wrote: »

How the hell can anyone save 30%, 50% or more of their wages? Can someone break down you budget for me? You must live on thin air and have almost zero luxuries...

Without giving exact amounts,, I’ll give you a percentage breakdown:

Mortgage: 20%
Long term savings: 38%
Medium term savings: 15%
Bills: 9%
Spending (incl food, fuel, social life, clothes, treats, and a built-in provision for unexpected extras) 18%

Now, I’m lucky, I’ve a good salary and have no kids, so no commitments other than my mortgage. I fully appreciate that I’ve a very comfortable lifestyle.

Graces7 · 21-05-2018 06:25PM

sarcasticus magnificus wrote: »

The sad truth nowadays is that most people can only save by giving up on other things.
Young people give up on the option to leave their parents house and find their own place just to save for a few years.
If you want to save, you need to put yourself into a frugal regime, give up on many things that make life bearable (I know people who don't have a TV or an internet connection because they are trying to save, people give up leisure activities, etc) and in general your life becomes miserable.
It wasn't like this in the past as far as I can remember.

Your past and mine are very different but we tended to use leisure activities that cost little eg walking , cycling.

You need to decide what will make YOU miserable and what you can more easily cut out, So that you do not get miserable.

Making choices helps,

dazzeremo · 21-05-2018 06:33PM

after rent is taken out, roughly 25 - 30% though I fear this is not really anywhere near sufficient. I work abroad currently and plan to move home this summer. Feel that that percentage may drop massively.

GreeBo · 21-05-2018 06:34PM

thebull85 wrote: »

Same boat mate, l feel your pain, lucky to have 50 quid to go for a pint at the end of the week. Thank f**k i enjoyed my 20s

Maybe if you bought cheaper pints you'd have more cash?

/edit

Donald Trump wrote: »

Might want to find a different pub if it's costing you 50 quid for a pint

Doh.

Eggs For Dinner · 21-05-2018 06:36PM

Reasonable income, no mortgage, loans, dependant children or overdraft. I spend a fair bit each month but like to try and save around â‚¬500. Much prefer to buy treats for myself and my family than look at a healthy balance

dude_abided · 21-05-2018 06:42PM

thebull85 wrote: »

Same boat mate, l feel your pain, lucky to have 50 quid to go for a pint at the end of the week. Thank f**k i enjoyed my 20s

Reckon one decision fed into the other?

pickarooney · 21-05-2018 06:49PM

Nothing. Separation is an expensive business.

21-05-2018 07:01PM

Nothing. If I did I wouldn't be able to afford nice things and doing stuff. That's the choice I make but it's easy I suppose because I have a safety net in inheritance. Money is sometimes a worry but alleviated somewhat by that situation.

adox · 21-05-2018 07:04PM

Save around a third of my wages each month. Probably more as that’s a set amount I direct into a savings account but probably don’t spend all of the rest of my wage each month.

I’m probably older than most on here. 51 and lucky enough to have my mortgage paid off despite only taking it out 17 years ago.

No kids so that helps. Married but we both live off my wage currently.

Bubbaclaus · 21-05-2018 07:04PM

Saving 70% currently.

T-Maxx · 21-05-2018 07:23PM

About tree fiddy

Tell me how · 21-05-2018 07:26PM

Zilch.
Not currently working.
Before that? About 10% which I was OK with given I've mortgage and all bills out of my pocket.

21-05-2018 07:37PM

I save about 35% which seems like a very small amount compared to a lot of the percentages here. But it's more than a grand a month and much more than the amount many other people I know save.

Could probably save more but I like travelling too much :pac:

Oh, and I put 7% per month into my pension, which my employer matches.

Greyfox · 21-05-2018 07:46PM

[Deleted User] wrote: »

Nothing. If I did I wouldn't be able to afford nice things and doing stuff

Same here, life's too short and I also can't afford to save money

Arrival · 21-05-2018 07:47PM

Used to save almost 80% to take full advantage of living at home, moved out now though and haven't properly sat down to go through my budget yet but I'll still be aiming to save €150-200/week. Made some investments with the majority of those savings

FaganJr · 21-05-2018 08:12PM

About 15% at the moment, below industrial average wage.
But have kids, mortgage
But own car outright, no car loans for 15 years
About 30k in savings
And 35k in kids college fund
No pension
Mortgage about 50% paid
All the other expenses like health insurance etc
One family holiday a year
Just recovering from crash as was unemployed or doing zero hour contracts for alot of last ten years
It was a struggle

catrionanic · 21-05-2018 08:18PM

When we combine my husband’s full-time net wage with my part-time net wage, we save about 27% and put around 13% into our pensions.

We have a reasonable mortgage to pay and bills aren’t excessive. We have one child and another on the way. We own our car and insurance is low through my father-in-law’s multi-vehicle policy.

I feel like we live very frugally on 60% of our wages, so I can’t imagine how people are saving all those big percentages.

We are moving house in the new year, and will probably look to increase the amount we put into our pensions but only save around 10% of our income going forward, because living this frugally can be depressing and cause arguments.

21-05-2018 08:27PM

Ah. Pension. I'd forgotten about that.

Creamy Goodness · 21-05-2018 08:33PM

FaganJr wrote: »

About 15% at the moment, below industrial average wage.
But have kids, mortgage
But own car outright, no car loans for 15 years
About 30k in savings
And 35k in kids college fund
No pension
Mortgage about 50% paid
All the other expenses like health insurance etc
One family holiday a year
Just recovering from crash as was unemployed or doing zero hour contracts for alot of last ten years
It was a struggle

Fair ****s to you!

Bitches Be Trypsin · 21-05-2018 10:47PM

About 40%, I'm just finishing college though so I hope to start saving more soon.

carzony · 22-05-2018 08:06AM

I have about 20,000 in savings after two years of working full time, Living at home, don't do much so i'm able to save a lot of money every pay day. I really get a buzz out of saving..

Asmooh · 22-05-2018 08:55AM

i try to save 33% of my pay every month.
not living at home, own apartment, car hobby, gadgets etc

Appledreams15 · 22-05-2018 08:59AM

D3V!L wrote: »

I save about a third of my salary every month. Its killing me at the moment but I need to get a mortgage within the next year.

Eby?

sbsquarepants · 22-05-2018 08:59AM

Bought a new house recently - had been saving for donkeys years - every single cent and more gone into the house, at the moment saving anywhere between 0 and minus 10%

but my mortgage is small around 50% of the house price. My plan is get that paid ASAP basically at the expense of everything else - once I'm in a position to clear the mortgage, should push come to shove, i'll relax.
Having already gone through 1 major recession I realise how vulnerable you are when you're mortgaged to the hilt. I was lucky enough to keep my job but my wages were hammered and the mortgage took most of what was left - times were hard for a few years, not fun and not something I ever fancy repeating.
I want to get to a point where if the shít really hits the fan I can just wipe my mortgage and relax - any auld job, or even the scratcher, would happily keep you in food and clothes once you don't have a mortgage / rent to pay.

How much of you wages do you save?

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