How much money do you manage to save each month?

OP

Original post by NX172

I work full time in IT with additional income from investments, working in central London. Expendable income is around £4100/month but I'm a big-ish spender so the savings are closer to 3.3k/month

Wow! Do you live at home to save this much or is your rent very cheap for someone who lives in/near London?

Reply 22

NX172

17

Original post by BurstingBubbles

Wow! Do you live at home to save this much or is your rent very cheap for someone who lives in/near London?

I currently rent in a very nice part of London, splitting the rent and bills 50/50 with my S/O. So you can say the rent is cheap(-er) than usual.
I do this mainly because I have only moved here recently and didn't want to commit to somewhere I wasn't sure I'd like. However, I'm looking to buy later this year now that I'm sure.
I also have my own property in Bristol (where I'm originally from) which is being rented out (which pretty much pays for my rent in London) along with another, large investment property that is being rented out. The mortgages are quite low on both of them, (paying no more than £300/month each) which helps a lot when operating costs are so high nowadays.

Reply 23

OP

Original post by NX172

I currently rent in a very nice part of London, splitting the rent and bills 50/50 with my S/O. So you can say the rent is cheap(-er) than usual.
I do this mainly because I have only moved here recently and didn't want to commit to somewhere I wasn't sure I'd like. However, I'm looking to buy later this year now that I'm sure.
I also have my own property in Bristol (where I'm originally from) which is being rented out (which pretty much pays for my rent in London) along with another, large investment property that is being rented out. The mortgages are quite low on both of them, (paying no more than £300/month each) which helps a lot when operating costs are so high nowadays.

Amazing, looks like you are pretty set :smile:

are you looking to buy in London?

Reply 24

NX172

17

Original post by BurstingBubbles

Amazing, looks like you are pretty set :smile:

are you looking to buy in London?

Yeah. We've actually been looking for around a year now. Had a look in a few boroughs and wasn't too keen on them so we gave up after a while. That and stamp duty put me off, too. Looking to buy a 2 bed in Chiswick London as my fiance would like some studio space for her work and I think it's a lovely area. As for the flat can't afford anything too fancy but the commute is nice and it's a great place to live :smile:

(edited 6 years ago)

Reply 25

OP

Original post by NX172

Yeah. We've actually been looking for around a year now. Had a look in a few boroughs and wasn't too keen on them so we gave up after a while. That and stamp duty put me off, too. Looking to buy a 2 bed in Chiswick London as my fiance would like some studio space for her work and I think it's a lovely area. As for the flat can't afford anything too fancy but the commute is nice and it's a great place to live :smile:

So isn’t it your first buy? As stamp duty doesn’t apply to first time buyers. Wasn’t sure if your other property was what you bought or had in the family or something. Aww that’s awesome! I’d love to buy my own house in a couple of years, having a place you can call your own and decorate and alter it how you want :smile:

Reply 26

Fresher18

18

I currently live at home as still at college and get about £400 per month from work and only have about £100 in expenses for fuel and tax but I put away 40% of my income into savings for uni in September which is about £155 the remainder is for use but normally doesn’t get spent so sort of savings but not specifically.

I haven’t even thought of finances / budgets for uni yet but I know that I should have about £110 of my student loan left after I’ve paid for my accommodation in first year

Reply 27

yungaheartz

16

I went completely stingy when saving money, literally saved every penny and didn't spend unless I absolutely had to. Even got to the point where I was walking for half and hour to an hour every day just to save on travel, ate at my parents house to save on food, even told friends I was struggling with cash therefore couldn't go out with them much or buy presents for their birthdays (which I didn't feel bad about at all because they had been doing the same thing to me) etc. saved bare money but its not much fun and hard work so thankfully I don't do it anymore as I've saved enough.

Reply 28

NX172

17

Original post by BurstingBubbles

So isn’t it your first buy? As stamp duty doesn’t apply to first time buyers. Wasn’t sure if your other property was what you bought or had in the family or something. Aww that’s awesome! I’d love to buy my own house in a couple of years, having a place you can call your own and decorate and alter it how you want :smile:

Nope, it won't count as my first buy. I've bought a few in the past and currently own 2 :tongue:

It'll only be a temporary home though so won't go all out on it. Maybe for a few years but ultimately the dream is to build one of my own and live in Japan :smile:

(and Hong Kong - as I have land there). Where are you looking to settle?

(edited 6 years ago)

Reply 29

dylantombides

19

I save £750. I earn £1800 a month (£25k per annum). Living at home but paying £300 rent a month. Saved £8k at 23 years old - no idea if this is good or bad tbh.

Reply 30

OP

Original post by NX172

Nope, it won't count as my first buy. I've bought a few in the past and currently own 2 :tongue:

It'll only be a temporary home though so won't go all out on it. Maybe for a few years but ultimately the dream is to build one of my own and live in Japan :smile:

(and Hong Kong - as I have land there). Where are you looking to settle?

Wow you certainly have amazing dreams and hopefully soon they will be reality! I'm looking to settle in the Midlands where I'm from so the housing prices are a lot less than London :tongue:

although to live in a nice area it's pretty expensive compared to the rest of the Midlands.

Reply 31

OP