Do you see yourself living paycheck to paycheck?
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http://www.bbc.co.uk/news/business-31799221
Probably worth saying in the UK that our savings rate is 8%.
Probably worth saying in the UK that our savings rate is 8%.
Original post by Rakas21
http://www.bbc.co.uk/news/business-31799221
Probably worth saying in the UK that our savings rate is 8%.
Probably worth saying in the UK that our savings rate is 8%.
It's likely to be more like 12% then with pensions included (as they are savings too).
Any stats on average saving amount (in total not per month)?
Original post by Reue
It's likely to be more like 12% then with pensions included (as they are savings too).
Any stats on average saving amount (in total not per month)?
Any stats on average saving amount (in total not per month)?
In total, the lender said the average person has a savings pot of £14,401, which would last for nine and a half months based on average monthly outgoings of £1,500.
http://www.ibtimes.co.uk/hsbc-research-savings-money-emergency-month-salary-521855
Nope, I spend money on only things I really need, I don't like to waste.
Possibly for about a year after I buy a house. Otherwise no.
Original post by Rakas21
Not at all. So long as i earn more than £1k a month, there's room to save.
If i earn more than £1500 per month, i'd save and invest every penny.
Possibly higher when you consider the pension scheme will eat up more pre-savings income.
If i earn more than £1500 per month, i'd save and invest every penny.
Possibly higher when you consider the pension scheme will eat up more pre-savings income.
Fair enough!
Original post by Bill_Gates
Hmm i sense you are in the minority. But i think 6-12 months of savings is sensible.
I don't know if I'm in the minority or not, however its important to have enough savings to cover all expenses for up to 6 months.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
Original post by Alfissti
I don't know if I'm in the minority or not, however its important to have enough savings to cover all expenses for up to 6 months.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
I agree but those people always tend to be spenders rather than savers. Live for the moment types. Personality trait or IQ deficiency? you decide.
Original post by Alfissti
I don't know if I'm in the minority or not, however its important to have enough savings to cover all expenses for up to 6 months.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
I agree with this. That is primarily why I am saving. So in the event of not finding a job or losing a job I have something to keep me going without having to worry myself half to death.
Hopefully after uni i will move back.home for a couple of years so i can build up substantial savings from a job (my parents dont agree with making their child pay rent or stuff luckily for me 
) so hopefully ill get a comfortable fall back if something bad happens
im from a paycheck to paycheck family so im aiming to get some good savings to not have to worry as much
) so hopefully ill get a comfortable fall back if something bad happensim from a paycheck to paycheck family so im aiming to get some good savings to not have to worry as much
No because I'm a stingy type and working towards a very profitable career(navigation officer moving up to master). As long as I have a nice little rented place with the stuff I need, good food and some luxuries, I'll be chuffed
Original post by Alfissti
I don't know if I'm in the minority or not, however its important to have enough savings to cover all expenses for up to 6 months.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
Also for the average UK family 6 months salary should cover most things should there be a loss of income of some sort or an emergency of some kind.
It always surprises me so many people resort to pay-day loans and use it for purposes that don't even appear to be an emergency.
That's easy for a very wealthy person to say though. After bills, some people just don't have anything left over to save, so if their car or washing machine etc breaks they have no choice .
As for me, I consider myself ok with money. I usually spend under £200 a week and save everything else but after a month or two, I feel like treating myself and spend most of it.
I do have some insurance money I haven't touched though so that is my safety net.
Original post by DarkMagic
That's easy for a very wealthy person to say though. After bills, some people just don't have anything left over to save, so if their car or washing machine etc breaks they have no choice .
As for me, I consider myself ok with money. I usually spend under £200 a week and save everything else but after a month or two, I feel like treating myself and spend most of it.
I do have some insurance money I haven't touched though so that is my safety net.
As for me, I consider myself ok with money. I usually spend under £200 a week and save everything else but after a month or two, I feel like treating myself and spend most of it.
I do have some insurance money I haven't touched though so that is my safety net.
Everyone can make some savings here and there. Personally I always view it that you do not have savings because of the choices you made.
Original post by DarkMagic
That's easy for a very wealthy person to say though. After bills, some people just don't have anything left over to save, so if their car or washing machine etc breaks they have no choice .
As for me, I consider myself ok with money. I usually spend under £200 a week and save everything else but after a month or two, I feel like treating myself and spend most of it.
I do have some insurance money I haven't touched though so that is my safety net.
As for me, I consider myself ok with money. I usually spend under £200 a week and save everything else but after a month or two, I feel like treating myself and spend most of it.
I do have some insurance money I haven't touched though so that is my safety net.
With all due respect. I live off 8k (most working people have double this at least if full time) a year renting and paying bills and buying my own food and yet still manage to save money, and I get absolutely no contribution from family money wise. The vast majority of people simply don't make enough sacrifices or concious decisions to cut down on spending to save. It's as simple as that.
I mean, you say you usually spend under £200 a week. Since you used the figure £200 I'll assume it's close to the £200 range. Unless that figure includes rent or you have an expensive commitment such as dependant children I can imagine you're wasting a fair bit of money.
(edited 8 years ago)
That could be a possibility for many people seeing how rents in some places are £1500 or more a month. Even if you are renting say a house for £500 a month in the North and you are earning £15k a year it will still be difficult to save. Electric bills, council tax, gas bills, water bills, maintaining a car/paying for transport etc.. Most people in the UK I would say are like that if they didn't get paid for a month or two they would find it difficult to pay their bills
At the moment yes cause I'm saving for a car deposit and paying off overdrafts, so have approx £250 to live off every 4 weeks.
Not that I actually spend a lot. Subway gives me free food 😂
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Not that I actually spend a lot. Subway gives me free food 😂
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Original post by kendellex
At the moment yes cause I'm saving for a car deposit and paying off overdrafts, so have approx £250 to live off every 4 weeks.
Not that I actually spend a lot. Subway gives me free food 😂
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Not that I actually spend a lot. Subway gives me free food 😂
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Jealous
wish I got free Subways.Original post by kendellex
At the moment yes cause I'm saving for a car deposit and paying off overdrafts, so have approx £250 to live off every 4 weeks.
Not that I actually spend a lot. Subway gives me free food 😂
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Not that I actually spend a lot. Subway gives me free food 😂
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yummmmmm
Original post by Bill_Gates
yummmmmm
Original post by SophieSmall
Jealous wish I got free Subways.
wish I got free Subways.Perks of the job 👍🏻
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