How much do you save?

[GT03ROB]

hornet said:

GT03ROB said:

Craikeybaby said:

That's a good point, I didn't really consider paying extra on the mortgage to be saving.

...but it's not, surely, unless you are intending to downsize at some point in the future.

It's a saving in the sense it reduces future liabilities and exposure to interest rate changes. Not a saving in the sense of building a reserve, but it does buy you opportunities in the future, as the money you'd otherwise be paying in interest can now be put to more productive use.

Agreed. And again makes the point I said earlier we all have different ideas as to what constitutes "savings".

[gangzoom]

What are you saving for??

We've over-paid our mortgage since getting the house, in another 3 years it'll be paid off (7 years from buying the house). Looking at the mortgage statements, overpaying the mortgage has saved us about £10K worth of interest payments in 5 years, good luck getting that kind of return on any saving product without a huge lump sum.

We're also have longterm ISA savings that we try to fill as much as we can, this is our 'rainy day' fund, no idea what we're ever going to use it for, but its good to know it's there.

Currently though I'm squirrelling away about 50% of my net income, sold the 380bhp BMW for a £200 a month Nissan Leaf, no new phones/gadgets, no more holidays abroad, shopping now been done at Aldi/Liddle as much as possible, all the spare cash is going into the 'T-fund'....It'll all be spent in 2 years, even have the wife's approval, life is too short - But I compare it to like saving a £1 every week of my pocket money when I was at school, so that I could go and buy the next best NES game out at the x-mas time. Difference been this is one something that will keep me entertained much longer than Zelda

Edited by gangzoom on Sunday 28th June 10:09

[lukefreeman]

Between both of us, 33% of joint income.

Upped temporarily because we'd like a new house, just gotta find one.