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How much should one save per month?

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axlandslash44x
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2008/05/16 08:30:37 (permalink)

How much should one save per month?

Financially speaking...

after youve paid for your annual holiday, annual car insurance etc etc

how much is a decent amount to have saved that year

in your 30's 40's 50's i would expect to the amount saved increase

but how about for age 20-30

would you be happy knowing you saved £1000 that you have no plans for

or would you need £5000, £10000 to feel secure


I myself over the next two years have alot to pay off (i.e debt) so i will be happy at savings 1k per year for next two years

however after that i think i will need to save at least 3k a year purely to get a mortgage deposit

after that - when i have a mortgage - it will be purely salary dependant i guess
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    Mashburn
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    RE: How much should one save per month? 2008/05/16 08:36:26 (permalink)

    ORIGINAL: axlandslash44x

    I myself over the next two years have alot to pay off (i.e debt) so i will be happy at savings 1k per year for next two years



    Why save anything if you've got loads of debt? Would it not make more sense to pay off your debts quicker, and then start saving?!


    ORIGINAL: jango

    Personally I think this testicle tenderness is due to my recent return to AM cardio. I do it naked on a recumbent bike and my gonads tend to flop about.

    #2
    Aaron Hallett
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    RE: How much should one save per month? 2008/05/16 08:37:46 (permalink)
    i put by enough to tide me over for 'oh sh!t' day which lands on every august.

    Tax
    MOT
    Servicing

    other than that i do not save, i've only got £600 of debt left to pay off out of £5000 so i'm happy doing that.

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    #3
    tuc biscuit
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    RE: How much should one save per month? 2008/05/16 08:38:58 (permalink)
    yeah don't save with debts, pay them, then save, it is nice to have 3-4 months salary as a rainy day fund, but when you look at the level of debt most people have not many will have any savings imo, so any and you are doing well

    I wish I was more attractive like Dagless.
    #4
    Daz-MT
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    RE: How much should one save per month? 2008/05/16 08:39:23 (permalink)
    I'd say 5 - 10% of net earnings would be a decent amount of savings per annum, and as Mashburn throw all your money at the debt first and worry about saving later on
    #5
    JayavarmanVII
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    RE: How much should one save per month? 2008/05/16 08:39:45 (permalink)
    I'm 31 and i try to save 500 quid a month, but I don't have a house (my employer pays my rent), so I NEED to save. Unfortunatley, I usually save for a year, then take a six month holiday in various 3rd countries while pissing it all up the wall. That's what I did in the past. Trying to nreak the habit.

    J7

    Wipe the sand outta yer fanny and get in the f***ing squat rack!
    #6
    axlandslash44x
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    RE: How much should one save per month? 2008/05/16 08:42:04 (permalink)
    yes i am poring alot of money into my debt so no worries there

    its just this year - and last year - i found myself out of a job for a month (company into administration)

    so i need to have a months salary there - ready for the next time

    once thats there - my debt will be gone and it will just be a small monthly loan repayment i have to deal with of £125
    #7
    galenkia
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    RE: How much should one save per month? 2008/05/16 08:47:40 (permalink)
    I don't save a huge amount over the year.Majority of it goes on my annual holiday.I do have a few grand tucked away for emergencies that i never touch.Apart from that most of what i save gets spent.

    A large percentage of the population have no savings.I forget how much it was but it was over 50%.
    #8
    Aaron Hallett
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    RE: How much should one save per month? 2008/05/16 08:49:06 (permalink)

    ORIGINAL: galenkia

    I don't save a huge amount over the year.Majority of it goes on my annual holiday.I do have a few grand tucked away for emergencies that i never touch.Apart from that most of what i save gets spent.

    A large percentage of the population have no savings.I forget how much it was but it was over 50%.


    maybe because they are being anally reemed from every angle in terms of expenditure

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    galenkia
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    RE: How much should one save per month? 2008/05/16 08:52:57 (permalink)

    ORIGINAL: MMA Guy


    ORIGINAL: galenkia

    I don't save a huge amount over the year.Majority of it goes on my annual holiday.I do have a few grand tucked away for emergencies that i never touch.Apart from that most of what i save gets spent.

    A large percentage of the population have no savings.I forget how much it was but it was over 50%.


    maybe because they are being anally reemed from every angle in terms of expenditure



    Yes mate.Cost of living (especially London),is extortionate.Fuel bills,Food,Petrol,Council Tax etc. have all had inflation busting increases.Wages have risen minimal.No wonder people are up to their eyeballs in debt.Can see a big economy collapse soon.
    #10
    Mashburn
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    RE: How much should one save per month? 2008/05/16 08:56:56 (permalink)

    ORIGINAL: MMA Guy


    ORIGINAL: galenkia

    I don't save a huge amount over the year.Majority of it goes on my annual holiday.I do have a few grand tucked away for emergencies that i never touch.Apart from that most of what i save gets spent.

    A large percentage of the population have no savings.I forget how much it was but it was over 50%.


    maybe because they are being anally reemed from every angle in terms of expenditure



    Yep, thats why i've got no savings!


    ORIGINAL: jango

    Personally I think this testicle tenderness is due to my recent return to AM cardio. I do it naked on a recumbent bike and my gonads tend to flop about.

    #11
    Aaron Hallett
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    RE: How much should one save per month? 2008/05/16 08:57:33 (permalink)
    So can i but i think this is honestly the thin edge of the wedge

    ohhh BA profits up to 883 million despite fuel hikes, new in today

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    #12
    axlandslash44x
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    RE: How much should one save per month? 2008/05/16 09:01:31 (permalink)
    so realistically is it going to get worse?

    will the goverment sort it out

    and next year sometime things will even out?

    i mean - things certainly wont go down will they - no tax's are going to be lowered properly

    they cant make business's pay us more

    so?

    and that £2000 you worked so hard to save in 2008 is worht the equivelant of £1300 in 2009

    whats the point?

    must be a better way?
    #13
    Aaron Hallett
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    RE: How much should one save per month? 2008/05/16 09:08:02 (permalink)
    so realistically is it going to get worse?

    IMO Yes... thin edge of the wedge

    will the goverment sort it out

    Hell no, the will encourage it by hiking fuel prices on the line 'we have held back for so long'.
    They allow this capitalistic scenario of corporate profits of millions by hiking prices in order to prevent lower profit margins.
    New bin taxes coming in as well, so at times like this you know they really care.


    and next year sometime things will even out?

    llol, by next year fuel prices will be around £1.30-1.50 IMO.
    People are making money from oil by investing money into oil prices going up, artificially rising prices.
    Housing market will drop by another 5% next year

    i mean - things certainly wont go down will they - no tax's are going to be lowered properly
    nope, if anything they will be raised as per usual and new ones introduced...vote labour


    they cant make business's pay us more
    nope but they exepct us to be bright eyed and bushy tailed while we watch out bank accounts sink deeper into the red.
    The richer you are, the less you care about the plebs beneath you. The rich get richer..the poor get poorer

    post edited by MMA Guy - 2008/05/16 09:09:31

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    Mobster
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    RE: How much should one save per month? 2008/05/16 09:12:53 (permalink)

    ORIGINAL: Mashburn


    ORIGINAL: axlandslash44x

    I myself over the next two years have alot to pay off (i.e debt) so i will be happy at savings 1k per year for next two years



    Why save anything if you've got loads of debt? Would it not make more sense to pay off your debts quicker, and then start saving?!


    Agreed. You'll save nothing if the interest on your debts will be greater than that on your savings. It used to be sound advice to have at least three months wages saved for emergencies.

     
    #15
    galenkia
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    RE: How much should one save per month? 2008/05/16 09:16:37 (permalink)
    Couldn't agree more MMA Guy.

    I can see things getting much worse before they get better.Bio fuels for example is putting food prices way up as farmers grow crops for these instead of food.

    Domestic Fuel prices are expected to rise by up to 50% over the next couple of years.

    Housing market is expected to drop.

    We are being raped by this goverment and people just let them get away with it.Why do you think Tony Blair chose to quit when he did?.He knew the sh1t was about to hit the fan.So he left us with the Brown stuff.
    #16
    MonkFinger
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    RE: How much should one save per month? 2008/05/16 09:19:52 (permalink)
    ORIGINAL: axlandslash44x
    after youve paid for your annual holiday, annual car insurance etc etc


    save first, holiday with the remainder

    ORIGINAL: axlandslash44x
    how much is a decent amount to have saved that year


    20% of take home in cash/ISA/pension

    or more, depends whether you want to retire earlier or later I guess
    #17
    Aaron Hallett
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    RE: How much should one save per month? 2008/05/16 09:23:10 (permalink)
    Not the farmers fault, they have seen profitability dissapear, my girlfriend lives on a farm and you can see the big barn and cow pens/pig stys where they sued to rear live stock. No point now as you spend more feeding the buggers than you get at the abboitoir.
    Farmers need money and the money is in rape seed, probably shift back to wheat when demand/money is high enough to warrant a re-switch.

    When the government is ahving to give billions to the lenders to offset the losses they will make by not raising interest rates you know your in the sh!t.

    its like borrowing off peter to pay paul

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    #18
    MonkFinger
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    RE: How much should one save per month? 2008/05/16 09:25:22 (permalink)
    ORIGINAL: MMA Guy
    When the government is ahving to give billions to the lenders to offset the losses they will make by not raising interest rates you know your in the sh!t.


    Problem: everyone relies on banks, but banks have almost committed suicide, what do you do?

    Answer: should have stopped the banks doing this a long time ago.

    ...shame the government are crap at the economy...
    #19
    popeye_wannabe
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    RE: How much should one save per month? 2008/05/16 09:26:24 (permalink)
    when i have paid off a couple of debts and bought some new clothes then i would like to save £250 a month, but i really doubt that will happen as there is still so much i want to buy.


    ORIGINAL: seanius

    I was out running yesterday and got abuse off some 12 year old girls, so I stopped and offered them out.



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