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How many people save at least 10% of their earnings? Watch

  • View Poll Results: Do you save at least 10% of your income?
    Yes
    81.82%
    No
    18.18%

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    I've opened this thread because whilst students are poor (relatively) they also have much lower living costs (bills inclusive ect.., no council tax) and whilst some live entirely on their loans others supplement their income via part-time work.

    Given that the financial crisis hit people hard i'm particularly interested to see if students have been spurred to 'save for that rainy day' or whether we are spending as much as ever.

    As such i ask that you click the poll.
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    10% of the student loan? You might as well not bother. Spend half, save half, my nan used to say.
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    I'm not a student anymore. But, including pensions, I save 20% of my income. 1/3 goes on rent. The rest on food, bills and social.
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    often more than 10%, i dont spend money just because i have it.
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    (Original post by scrotgrot)
    10% of the student loan? You might as well not bother. Spend half, save half, my nan used to say.
    You say that but consider a student who gets full loans, grants and a decent bursary and so gets £8k ish. Now consider that he saves just 10% for the 3 years at university and you have £2400 before interest. It's not a stunning amount but when you consider how many people come out with upto £3k of overdrafts its not the worst idea.

    Aye, apparently one of the strengths in Asia is that they have high savings rates.
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    I used to save a lot as a teenager, probably over half of what I got but at university every penny I get goes toward rent, bills and food. I would love to able to save more but I can't really afford to do it. That said fingers crossed I get cheaper accommodation next year I intend to stay out of my overdraft and hopefully put some money aside for when I graduate.
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    I save nearly all my money because I have nothing to really spend it on. I don't do it by choice or because I'm paranoid about some troublesome time in the future.
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    I'm actually a little encouraged by this poll thus far.
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    I doubt the poll results are representative of the wider student population. For example, most mature and postgraduate students have to pay living costs all year round; and might have partners who do have to pay council tax. The only people who think student accommodation is good value for money are those who generally have somewhere to live for free the rest of the year.
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    From reading this and the poll it seems that TSR users are very sensible!

    I spend about half of what I have left from buying essentials on luxuries and save the rest.
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    10% of my income goes into a pension fund, and some towards medical and dental insurance, charities and my student loan, the rest to my current account, though I plan on setting up an ISA.
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    (Original post by Rakas21)
    I've opened this thread because whilst students are poor (relatively) they also have much lower living costs (bills inclusive ect.., no council tax) and whilst some live entirely on their loans others supplement their income via part-time work.

    Given that the financial crisis hit people hard i'm particularly interested to see if students have been spurred to 'save for that rainy day' or whether we are spending as much as ever.

    As such i ask that you click the poll.
    For the past 2 years I've saved a minimum of 40% of income, and 100% of all revenue from me selling all of my dvds/cds/games (which came to about 7k in total for that alone).

    15% goes into long term savings
    15% into short term savings (holidays etc)
    10% into a pension fund.

    edit: my firstyear of uni however, I barely saved 10%, but I started to get a bit clued in during my 3rd year when I started working part time.
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    I get almost full loan/grant (about £600 off I think) and I save half of it. £1050 goes on accommodation for three months until the next loan payment, and the rest gets shoved in savings. I have a part time job which earns me about £550 a month for food or anything else. If I have anything left over when I get my wages again it goes in savings.


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    Given that my rent alone (bills excluded) is more than I get from my loan, the only saving I can afford to do is saving up wages from working over the holidays (if i get any shifts) to pay for rent later..
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    I did save money during the one year I was a full time student - I left with more in my savings account than when I started, but I can't remember how much exactly. I'm still a part-time student and I work full time and save more than 10% of my earnings. Usually more like 20%.
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    I've saved a large amount of my student loan in my first year and I'm really proud of it. Unfortunately though, all but £18 of it will be going on my first rent payment for next academic year. It'll be worth it but I'm pretty sad that all of the money I've saved will be disappearing just like that.


    This was posted from The Student Room's iPhone/iPad App
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    I've been working since I was 16 and have saved up around £1,500.

    I've been buying social stuff, gym membership, driving lessons, paid for a holiday etc. since this time.

    I think £1,500 to have sitting there is good.

    I plan to go to University with £900.

    I want to make the most of my 8k in the first year and save at least £2,000 for the second year.
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    I'm on a gap year, living at home and working part time. I don't pay rent or bills, I only pay for my travel (which is pretty steep as I live in London) and help out with food/other household item cost at home. I don't go out much, nor spend an excessive amount on clothes. So I pretty much save about 60% of my income - half of those savings are for uni, the other half for the future/a 'rainy day'.
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    I only see the money for living - my parents pay for my halls - but of that I reckon I save about %20. Last month I managed to save about £90 which I was pretty happy with.
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    I save about 45% of my earnings. When I move out in the summer it'll drop to about 20-25%.
 
 
 
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