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How much money do you manage to save each month? watch

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    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
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    (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?
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    (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.
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    (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 are you looking to buy in London?
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    (Original post by BurstingBubbles)
    Amazing, looks like you are pretty set 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
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    (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
    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
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    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
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    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.
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    (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
    Nope, it won't count as my first buy. I've bought a few in the past and currently own 2

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

    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 (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 although to live in a nice area it's pretty expensive compared to the rest of the Midlands.
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    (Original post by dylantombides)
    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.
    I would say this is good - especially at a relatively young age. What other expenses apart from rent do you have?
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    (Original post by BurstingBubbles)
    I would say this is good - especially at a relatively young age. What other expenses apart from rent do you have?
    £60 Petrol a month
    £22 gym membership a month
    about to buy a new car as mine is basically on its last legs which I'll pay back per month. Having a gf is also pricy lol
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    I get about £1300 a month salary. My set outgoings (excluding food) are about £450 a month. In theory I should be saving loads, but the maximum I manage to save in a month is £500 and it’s VERY boring. I don’t live near my friends and most things seem to cost money. I got more disciplined with food shopping and buying lunch and coffee etc, and tried to cut out buying clothes unless absolutely necessary. I’m relaxing my savings targets because it’s just too boring for me. I also usually put my money away straight after payday and try to live on the rest which always results in me checking my account frequently and often moving a bit of money back at the end of the month, so I’m switching back to moving whatever’s left at the end of the month even though that usually results in me spending a bit more money because it eases the day to day stress of having to think about saving all the time. I often end up putting unexpected purchases on my credit card because I’m trying to hit my savings target which I then have to pay off which doesn’t even make any sense! Although luckily I have very little debt, I only ever have a max of a couple of hundred quid on my credit card at any given time.
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    My income fluctuates massively from month to month, I literally earned half in January what I did in December, so it's pretty tough sometimes to save a set amount each month and plan around it. Generally, I don't save, I pay £1500 a month in bills and between that and my typical expenditures I'm sort of just getting by. Need to sort it, working on it.
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    I save £800.00 a month, although I also have a house I rent for the same amount (pays for itself), which is an investment, so you could say I save £1600.00 a month. I also have around £2k in shares.

    I'm 23 and not on an awesome salary (just under £1500 a month). I have just over 10k saved, aiming for around £20k saved at the end of this year. I live at home, and my monthly outgoings are minimal. I do suffer in terms of my social life because I'm so frugal, but I'd rather suffer for a few years and then be financially free and worrieless, compared to suffering to save forever.

    Also I didn't go to uni.
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    Live at home on zero hour contract so savings are a myth.

    Hopefully it will be possible when I find full time work
 
 
 
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