How much do you save?

[Seany88]

I'm just curious how much people save each month/each year. I personally don't have a set amount, but whatever is left over goes into the mental war chest and then at the end of the year I put it into my ISA.

I don't have a pension and don't see myself starting one anytime soon (self-employed) so my ISA is my pension really. I never touch it and haven't as yet come across anything that will make me dip into it. Will it be enough? Who knows...

[cat with a hat]

I aim to save 50-60%+ of my salary every month.

Although I might have a blow out every so often, I'm always concious that its in a tangible asset like a motorcycle that hopefully won't depreciate heavily and that I can enjoy.

[kiethton]

Currently nothing, although I am lumping 30% of my take home off my credit card balances each month

[rufusgti]

Between 25-40% of my income.

Wife doesn't work at the moment, before it would have been 50% before kids.

[Supernova190188]

Usually about £1,000 per month or so but recently a bit less as I've been trying to plow on through my motorbike test and going out a bit more for meals and drinks.

[Seany88]

Supernova190188 said:

Usually about £1,000 per month or so but recently a bit less as I've been trying to plow on through my motorbike test and going out a bit more for meals and drinks.

I've just passed my DA, good luck!

So do most people manage to use up their full ISA allowance each year?

[Supernova190188]

Cheers! Passed mod 1 on Tuesday got mod 2 early July. All the tests, training, gear and buying the bike takes a fair chunk of cash away from monthly savings!

[rufusgti]

Seany88 said:

So do most people manage to use up their full ISA allowance each year?

Most people?

I think most people I know are lucky to have enough for a kebab at the end of the month.

If your saving anything your doing better than most.

[economicpygmy]

84%... spend my life working though.

[sparks_E39]

£300 a month or thereabouts.

[Bullett]

Why do you not drop it into the ISA every month?

I save 75% of whatever I have left each month. Can be nothing can be £1k plus (on bonus month).

[romeogolf]

We have a £300 standing order to our savings, which goes out two days after payday. Some months we top it up, other months we have to draw some out for a bigger purchase. Over a year it averages to about 10% of our take-home pay, a little over £4k for the year.

[anonymous-user]

I try to save 2500 per month, sometimes more sometimes less! But I've my payments on my mortgage so can see this decreasing slightly.

In euros not GBP unfortunately.

[Cotty]

Around 35% of my income

[RizzoTheRat]

At the moment probably about 25% of my nett income. If I keep that up my savings should equal my mortgage in about a year.

To the OP, seriously take a look at pensions, the money you put in is tax free so the equivalent of you putting your current monthly savings in the bank and the government adding what you've paid in corporation/dividend/income tax on top of it.

[Cotty]

RizzoTheRat said:

To the OP, seriously take a look at pensions,.

Trouble with pensions is they keep changing the age you can take your pension. Was 50, then 55, currently 57.

[okgo]

Try for a grand a month generally and then any bonuses I tend to save a 3rd of, important to still have some fun!

I put mine into premium bonds as I like the fun of it, get fk all on savings anywhere anyway, so thought I'd like to make it fun.

Edited by okgo on Friday 19th June 14:22

[RizzoTheRat]

Cotty said:

Trouble with pensions is they keep changing the age you can take your pension. Was 50, then 55, currently 57.

True but if you have savings as well just burn the savings until you can get at the pension.

The fact that to put £10k in a pension pot only costs you £6-8k depending on your tax rate is something that a lot of people seem to overlook.

[rossub]

Nothing. 35% of take home goes into mortgage overpayment instead.

[Seany88]

swerni said:

Seany88 said:

Supernova190188 said:

Usually about £1,000 per month or so but recently a bit less as I've been trying to plow on through my motorbike test and going out a bit more for meals and drinks.

I've just passed my DA, good luck!

So do most people manage to use up their full ISA allowance each year?

Unless you're doing a stock and share ISA, there's very little point.

I save roughly 50% to 60% of my gross income.

It is a stocks & shares ISA, but even if it was just a cash ISA do you not think that building up a significant pot (after 30 years) of tax-free income is a good thing?

I'm not convinced on pensions, I've thought about starting a SIPP but I'm just not sure I'll make it to pension age!