How much of £15,000 can you save a year

ineedtorevise127

I got a £15,000 salary after tax how much could I save maximum?

Reply 1

TheWalkinDude

Without knowing important things such as your expenditures and other outgoings, £15,000...

Reply 2

shaun12345

Theoretically you could save £15,000. Any more and i'd accuse you of cheating.
Surely you need to give us some expenses first?
Things that you're guaranteed to pay, i.e. rent, car insurance, food, fuel, public transport, licenses, phone bill, gym etc.
Work that out per month and see how much you'll have left for the rest of the month.
See how much you'll need to live (going out, films, restaurants etc.) and save the rest
I've saved £2,500 from a <£10,000 after tax job

Reply 3

ineedtorevise127

Original post by shaun12345

need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany

Reply 4

kopi, ffs

Umm... get a bit of paper and write yourself a budget. :nothing:

Fwiw, I earn about that much and I put aside 200 euros a month, but if I lived more frugally (but still eatin' well groceries-wise, going out once/twice a month) I could make it 400 or so without too much difficulty.

Edit: That makes 2400 euros/£1900 (current) to 4800 euros/£3800 plus (potential) a year, in case you didn't find that pencil and paper :fluffy:

(edited 11 years ago)

Reply 5

edjunkie

Original post by ineedtorevise127

need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany

Unless you qualifiy for ultra cheap car insurance and have a sub £500 mortgage, you won't be able save a lot on 15K and do all the things you want to do.

After tax you would have just over £1000 a month. If you can restrict your essentials (mortgage/council tax/transport/food/insurance etc) to £600 a month, discretionary (holidays/misc/entertainment) to £300, then you would have £100 - 150 to save. But only you know what your actual outgoings are and what you are prepared to for go, in order to save. If you do manage to save, then put it in an ISA to avoid accidentally spending it.

Reply 6

xander93

Original post by shaun12345

Hasn't the government changed the tax system so your first 10k are tax free?

Reply 7

edjunkie

Original post by xander93

Hasn't the government changed the tax system so your first 10k are tax free?

Not yet. This year it is 8105, 2013/14 9k and aiming to get to 10k by 2015. They have just announced it years in advance, so people think it is already in place.

Reply 8

xander93

Original post by edjunkie

Not yet. This year it is 8105, 2013/14 9k and aiming to get to 10k by 2015. They have just announced it years in advance, so people think it is already in place.

Ahhh, more political manoeuvring.

Reply 9

M4LLY

I'd say roughly about 30-40% of it, that would allow me to have all the basics (internet, phone, car, food, rent etc) as well as the odd night out and holiday

Reply 10

shaun12345

Original post by ineedtorevise127

need it for basic necessities such as car insurance, fuel, food, mortgage, tv, internet and telephone. Also going out couple of times a month and maybe short vacations to nearby France or Germany

Work in numbers? Your car insurance could be £30 a month or it could be £300 for all we know. Total up all your expenditure and take it from your salary = savings

Reply 11

Tycho

If you have a house, car, eat regular meals and like Sky television then I'm going to guess that you can save -£2395 per year.

Reply 12

iSMark

Original post by M4LLY

I'd say roughly about 30-40% of it, that would allow me to have all the basics (internet, phone, car, food, rent etc) as well as the odd night out and holiday

Where do you live (it has to be the North)?

Do you buy old style dial up internet?

Do you drive an 'A' reg Punto?

Noodles every night?

Nokia 3210?

That's the only way I could imagine that someone could afford to live on (60*15,000) 9000 a year.

Or you're a student who has plucked a figure from the air.....

Reply 13

iSMark

Original post by xander93

Ahhh, more political manoeuvring.

No, that's the way its always been done.

You can't just announce the budget one day and implement it the next.

Reply 14

alittlepixiedust-

I have earnt roughly this for the last year, and I save a third of whatever I am paid each month, as well as paying for rent (admittedly, at a large discount), food, travel, going out around twice a month, phone bills etc, holiday x2 and eating out probably about 6/7 times in the month. I don't have a car though or a mortgage so that could make a large difference to you. If I were you, I'd add up all your monthly expenses that you know for sure and work out what you can save from what is left. Be tough on yourself too, that's worked for me!

Reply 15

cid

I've always saved a default 10% of a earnings ...well the last few years anyway, i dunno why i always remember that figure from friends, Jack Geller, i would be a fool not to take free financial advice from a Jew ...even a fictional one :biggrin:

I like to try and keep at least a months wages in savings to act as a buffer in the case of unforeseen unemployment.

Reply 16

Mark85

Original post by iSMark

No, that's the way its always been done.

You can't just announce the budget one day and implement it the next.

That, and it is pretty much constantly increasing - at least with inflation. When I started working in a proper job (i.e. one on the books) the allowance was £4,615 and that was only ten years ago.

Reply 17

CaptainEllis

I recokon I could save about £7500-8000 of that income per year. I manage about £3000/year at present and my income is about £10,000/year (so could save the extra £5000)