How much do you save?
Discussion
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...
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...
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?
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.
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 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.
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?
I save roughly 50% to 60% of my gross income.
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!
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