Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: JamesV6CDX on 23 July 2008, 18:54:04
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Now I'm in a full time permanent post and not contracting, It really is time for me to start saving more seriously.
Question is - what is a reasonable percentage of your monthly salary to put away, after bills and monthly train tickets are paid for in advance?
All I will need money for is lunch while at work, petrol to go anywhere I want and general living!
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I suppose it depends how much is surplus.
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I try to put away each month the differencr between my monthly wage and what's in there after my wages have gone in.
Invariably becasue I'm married and have two 20+ kids one still living at home the amount put away each month is closer to £0 than I'd like but that's what I do :y
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...at this moment in time James (economically) as much as you can without compromising quality of life ;)
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...at this moment in time James (economically) as much as you can without compromising quality of life ;)
Yep, i have to agree :y
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Thing is, I need to re-evaluate my quality of life. If I live the life I want, I'll run out before the next payday ;D
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Thing is, I need to re-evaluate my quality of life. If I live the life I want, I'll run out before the next payday ;D
Wouldnt we all :-X
But its tin hat time......were in for a very bumpy ride financially so best to "stock up"
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Look at how much you could miss a month....and not really notice a diiference.......ie would you miss £100/month? If not thats £1200 a year saved up :y
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With my wife's wage we save about £200 a month through her work and she gets it in the november so just in time for christmas.
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i am currently saving.... every single penny i dont need to spend
paying only for necessities at the moment, and doing quite well
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
sound like you need to get yourself a wife kid and a mortgage ;)- far too much disposable income there for my liking young man ;D
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
sound like you need to get yourself a wife kid and a mortgage ;)- far too much disposable income there for my liking young man ;D
Ohh i do spend! Don't you worry:
Slovenia for a week in March
Spain for a week in June.
Motorbike CBT
Snowboarding Hobby! :)
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
sound like you need to get yourself a wife kid and a mortgage ;)- far too much disposable income there for my liking young man ;D
Ohh i do spend! Don't you worry:
Slovenia for a week in March
Spain for a week in June.
Motorbike CBT
Snowboarding Hobby! :)
just jelous kid - i have a good month if i don't go too far into overdraft at moment :'(.
75% of wages goes straight into joint AC to pay bills and the rest is fuel for the V6 & paying a loan back etc :'(
get paid on friday though so looking forward to taking wife out for a few drinkies - 1 night out a month now we got little nipper :y
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
sound like you need to get yourself a wife kid and a mortgage ;)- far too much disposable income there for my liking young man ;D
Ohh i do spend! Don't you worry:
Slovenia for a week in March
Spain for a week in June.
Motorbike CBT
Snowboarding Hobby! :)
just jelous kid - i have a good month if i don't go too far into overdraft at moment :'(.
75% of wages goes straight into joint AC to pay bills and the rest is fuel for the V6 & paying a loan back etc :'(
get paid on friday though so looking forward to taking wife out for a few drinkies - 1 night out a month now we got little nipper :y
I am saving hard for a deposit for a house :)
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as mentioned, it all depends on your personal circumstances, and what you have spare after basic living costs.
Personally my savings varys per month, because my on-call rates change my pay.
I generally save between 35-50% of my monthly packet, last month it was 50% this month more likely 45%.
sound like you need to get yourself a wife kid and a mortgage ;)- far too much disposable income there for my liking young man ;D
Ohh i do spend! Don't you worry:
Slovenia for a week in March
Spain for a week in June.
Motorbike CBT
Snowboarding Hobby! :)
just jelous kid - i have a good month if i don't go too far into overdraft at moment :'(.
75% of wages goes straight into joint AC to pay bills and the rest is fuel for the V6 & paying a loan back etc :'(
get paid on friday though so looking forward to taking wife out for a few drinkies - 1 night out a month now we got little nipper :y
I am saving hard for a deposit for a house :)
that'll be the end of snowboarding - you'lll be spending all your cash down B&Q :D
good luck :y
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got a least a year to go before i will think about buying yet. so plenty of time to hit the alps! ;)
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got a least a year to go before i will think about buying yet. so plenty of time to hit the alps! ;)
prices might have droped enough for you to get a foot on the ladder by then :y
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To save you beng tempted James, send any spare cash you have to me and I will "invest" it for you. :y
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what are savings ? ;D
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If you are going to try and save .. first place to put your cash is in an ISA - this will earn you tax-free interest.
You can put up to £3600 a year into one of these.
It's the only way to get interest without paying tax on it.
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One thing to consider is saving in a pension scheme if you are in one. Just putting an extra one percent of your salary voluntarily in for the next 40 years will make a big difference to your pension. Course you might not want to do this for:
Might die before seeing it :'(
Can't get your hands on it till you are 50 or more :o
Darth Vader (or his successor) may change the rules and take it off you. :'(
varche
PS 40 years is just a guess it might be 60by then!
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James there are some good regular savings accounts out there (eg Halifax) that you can fund on a regular monthly basis and pay very good rates of interest. You can set the amount that goes out and set it up as a standing order to maintain discipline..
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It's a good question - if you save and we hit recession then almost certainly inflation will go up, maybe big time.
At which point your savings will be eroded.
My wife and I have been told we should be saving by:
Increasing pension payments
Starting ISAs
If your employer has a decent pension scheme then it's worth getting involved assuming they will be contributing a %age in - but effectively that money is not accessible short term, and beware lack of flexibility to transfer should you leave your current employer.
What percentage of wages to save?
As a bad saver I suppose I'd suggest start with a lot, if you can manage that's good, if not reduce until the pain stops!!
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I filled in an online form for a Isa account with my bank so i can save for the future and i am just got to wait now to see if it goes through....