Saving, how much

dudara wrote: »

I suppose the most ideal answer is that your contribution to the deposit would be in line with your salaries. If you both earn roughly equal salaries, then 50-50 each. If one of you earns substantially more, then they’d probably be able to save more & hence contribute more.

There’s no rule of thumb though, as some people are better at saving than others. Some people will have saved their whole life, and others won’t.

Are you asking this question because you have little savings and she has more?

We're roughly on par salary wise. She's just more capable of saving a larger sum of her income than I am. Over the previous few months she's saved a larger amount than I have. It's possible I could squeeze a little more out of myself but that leaves very little for other things.

mirrorwall14 wrote: »

When the serious saving started we pooled our finances and maxed the joint savings we could do together. It was the first time we got a joint bank account

We already have a joint account but it's prominently for paying bills, groceries etc rather than the constant IOU's

Did you work on a percentage you some to save monthly? (I see someone else mention this also)

woodchuck wrote: »

I don't think there is any set number that people here can give you. It depends entirely on your own circumstances (e.g. salary and rent).

If she's working longer than you, then it makes sense that she'd have more savings and be able to contribute more. If she's currently earning more money than you, she should also be able to save more money each month than you atm. In an ideal world you'd probably be earning equal amounts and be able to make an equal contribution to the mortgage, but that's not the world we live in.

It might help to track your outgoings for a month or two to see where your money is going and where you can trim the fat. Nobody wants to live like a hermit, but obviously sacrifices are going to have to be made if you're saving for a deposit.

I used to track my spending but stopped add it became tedious entering things manually, I have thought about restarting to see where I can get better.

GingerLily wrote: »

We pool 70% of our salarys together to cover joint expenses including bills, mortgage /rent, savings, medical, wedding gifts etc. It means that everyone is left with a nice amount of discretionary spending money.

It works for us anyway

How did you land at this figure? The more I think about it the more this would make sense

whiskeyman wrote: »

It's not about how much here.
You mentioned she's 'savage' at saving and you aren't.
She most likely resents this and it's a reason for your rows.
When saving like this, you both need to be on the same level if possible.
There are exceptions of course, depending on individual circumstances, but communication and a plan needs to be agreed.

I'm not saying I'm terrible or anything, we have a kitty for holiday we equally contribute to. I'm probably around the 20% figure as my minimum savings on a monthly basis, from time to time I might add an additional 100+ depending on my balance come payday. While I would estimate she quite possibly saves double what I do.

I think it's a fair point about the resentment, I'm trying to see what's reasonably do able based on offers experience.

pwurple wrote: »

The guidance for 'steady state' spending is 50/30/20.
50% bills, 30% discretionary, 20% savings. This is when you're not saving for anything in particular, just rainy day fund.

If you are saving for something, swap your ratios. So, 30% saving and 20% fun.

Even better if you can take a decent chunk out of your bills (drop a car for example, or reduce rent or childcare) and put that to savings.

This is good and worth exploring, thank you. I think the ratio I'm at is close enough to the former, maybe I can up it a notch!

antix80 wrote: »

You will need 10% of the purchase price of the house, plus legal/surveyor fees and some money to finish the gaff like furniture, carpets, paint, etc. For arguments sake, let's say €50k. That's €25k each. Something tells me she has that saved already or at least she's close, and now wants you to scrimp and save so you can pay your share.

On the other hand, you've just started earning decent money and probably want to have a nice lifestyle which won't be possible if you're saving every penny. So it sounds like an issue of priorities. How soon do you want that house?

We've been saving for close to a year at this stage, I'm a little further if than she is but that's a fair point I hadn't coincidered.

There's an element of truth in your last paragraph, I haven't had the easiest time with regards to having money to save or enjoy (yay recession). Where as now I'm in a good position it can be difficult to push my savings more. As mentioned I do put away a minimum of about 20% of my salary each month, additional to this we both put money towards a kitty for holidays and joint account for expenses, bills tent etc, there isn't always much surplus at the end

I need to sit down and workout this 50/30/20 as I see some of you include pension and some other things. I'm already at 20% (roughly) for what I save, I don't think the remainder is being allocated very well.

With regards to salaries, there's about a 300e difference give or take, that coupled with subsidised canteens, additional bills (motor tax/insurance) on one side and some other expenses means I'm not quite able to stretch to her levels. She's quite minimalist which reflects on her spending habits