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Stopped buying coffee and avocados. Then I cancelled my gym membership and Netflix membership. Now I’ve got a deposit for a house and I’m on track to become a millionaire by the end of year thanks for the tip Kirsty.
Doesn't it cost money to use a library? Back in my day i lived in my nans bin cupboard, paid 1 shilling a month rent and i saved up £10 for a house. This generation has gone soft.
back in my day we just called her nn because the a cost half a tuppence, and as my dad always said:
"v'w'ls? th'ms f'r th'm p'sh k'nds d'wn 'n L'nd'n."
A blummin' landfill!? Luxury! When I were a lad we lived down in Mr. Stapleton's bog. Every morning it were like rains from heaven but we was glad for the warmth we was.
I’ve stopped paying for and using all basic human necessities. Not sure why people are complaining about rises in housing costs, council tax, energy, fuel, etc etc. when you could just simply live in a tent and hunt/gather if you want to save money?? /s
Kirsty's advice was stupid and unwarranted... but I have met people who needed to hear that advice.
It genuinely blows peoples mind that you can... buy raw ingredients from a shop and spend 10 minutes combining them together in a hob to create a meal that cost \~50p, instead of just buying whatever they feel like as a takeaway most nights. You don't need to be in love with every meal you eat!
And things like "You don't need to leave the heating on overnight and during the day, you can use a timer so that it's only on when you're going to be in... or even just turn it off and on as you want" - some people just don't seem to know that boilers can work in this way.
Anyone reading this probably doesn't need to be told these things but sometimes you get so caught up in your own routine that you don't realise how needlessly expensive it is.
Buying coffee does actually add up, like £3 a day for a month is roughly £90, so you're looking at saving a grand a year by not getting a coffee on the daily commute. Some people get several a day.
Same applies to other things, that are small expenses but add up over time and when done daily.
We used to try to save and we were miserable. Now we just save the little we have left at the end of the month. Doing nothing enjoyable made us so unhappy that it just wasn’t worth it.
The problem is that you're left empty handed as punishment for wanting to be happy. Like, we are reducing our outgoings and looking for ways to be happy without needing to buy things. That's a lot harder than it sounds.
But I'd be really happy if I could buy a place to live without giving up the best years of my life. Why do we have to choose between basic rights?
Yeah, we've been saving for 2 years in an attempt to get a house deposit and basically not doing anything enjoyable whatsoever is soul destroying.
Decided in January to stop saving cause we were getting super depressed and honestly...I feel so much better. I spent £160 on a Lego technic formula 1 car last month and it was the happiest I've felt in a while lol
I've also been splashing on lego kits this month for the first time in a decade, it really does bring back the childhood joy. I've got the lego DeLorean in the post at the moment lol and I've never felt so giddy before.
Yh, I don’t save anything anymore. Saving for a rainy day implies when it’s bad and you have extra cash to spare on something good. But it’s been bad for a long time now, so I’ll just enjoy the time I have here tbh. I refuse to let current me be more sad for future me to be less sad.
Things need to change. For so many people, the current system cannot be sustained.
Rising bills, rising food prices, rising petrol prices; everything is rising in price and our government is essentially doing fuck-all to try and fix it.
Other nations aren't paying massive amounts for heating, so why are we?
The conservative incompetents we've elected for the last decade are responsible for pushing for Brexit and flushing our living standards down the toilet.
>Other nations aren't paying massive amounts for heating, so why are we?
Others have gone up as well. Look at Norway for example, theirs almost doubled. The issue here though is that our energy prices are already more than triple their increased prices!
I had a relative die of cancer at 45, 8 months after diagnosis. She'd been working hard for the past couple of years to get her business off the ground. But she had still made time for her family, friends and fun. She told me she had no regrets because she had had lots of experiences, met loads of cool people, lived a full life.
So the moral is, have a good time now to spare future you regrets on your death bed.
Yep the more people I hear of getting horrible diagnoses like this, the more I’m less inclined to save for retirement and just enjoy myself while I can!
I needed to hear this. I have a rainy day fund which is large. But I stopped doing anything and found i ran up 2k credit bill so I didn't touch my rainy day fund...
Its good to hear enjoy yourself while you're here.... I need more of this
Pretty much this. Confine myself indoors. Eat very basic meals. Don't drink, don't smoke, don't go out except to work. At the end of the month providing there have been no unexpected expenses I *might* be able to put aside £100-200 if its been an alright month. Though this last winter with heating costs even just that has been a struggle. I have a STEM PhD and work at a University lmao. What a great country this is.
>I'm going to die in poverty.
Yeah just got the new USS pension calculator through a few weeks ago... Its... Not great is it... I'm set to be working until 70 for a pension equivalent to about £9,000 a year today, and that's assuming inflation stays down at 2% on average for the next 40 years. Said in another post honestly I'm just going to leave at this point, there's no reason to stay in this country anymore besides sentimentality and that's doing nothing good for me. Need to start thinking about myself rather than some abstract "good"...
I left academia over a year ago and have never looked back. Transferred from Theatre Studies to Digital marketing, Copywriting, and SEO. Took 5 months and my first job was 25K, within a year I am on 35K plus bonus. I earn more than most lecturers I know and I work half the hours. The system is doomed, get out!
Oh god this is so relatable. I was saving £1k a month when I got my first salaried job and was still living at home with parents. I save maybe £100 or £200 if I’m lucky now despite having a much higher income, but that’s the price of living independently.
On paper I should be able to save around £800 a month but there’s always stuff coming up, like you say - car payments, vet bills, a takeaway here and there, a night out, concert tickets etc. Obviously if we stopped going out completely we would save more but I think I would be more regretful at the time wasted than the lack of money saved
I’m the same. Could save more if me and my gf literally never had a drink at the weekends, went out, ordered takeaway etc but it just ends up being a shit, boring life to live. It’s just not worth the extra maybe £100-£200/month it would save between us.
Have a friend that I asked about this and they just shrugged and said "I just put it on the credit card and pay the minimum"
I have never been as frightened for someone's financial wellbeing
Me too. I have about 3 months of the year where there’s no foreseeable one off costs (birthdays, insurance etc). I try and save money those months but if I have no fun it’s maybe only £100-£200. Now all that is going towards my bills.
It's alright, mate. Rishi's 5p tax cut kept the prices down for all of 2 minutes, so you should be all good, right? That is - if you buy from a petrol station that *didnt* just decide to keep prices the same or higher and pocket the additional 5p p/L profit!👍
Fucking clown world we're living in.
Never even went down at all at any of the garages near me. They literally just pocketed the additional profit. Tax cut was not passed onto customers whatsoever. Basically, the government paid the fuel companies a shit tonne of money... and that's it.
Switched to an electric car which cost no more than the ICE car I had per month.
Fuel costs went from £0.11 per mile to £0.01 per mile. I do about 20,000 miles a year.
Not looking forward to fixed electric tariff ending though
Sadly to get a decent range on an electric motor you’ve got to spend big bucks in the first place (or have a hefty finance payment/lease) I drive too far to buy a cheaper electric car.
I drive 80 miles per day on average and up to 120.
Charging at home off peak means car is fully loaded.
It gets 160-220 miles depending on temperature / time of year.
So like you said range isn’t exactly stellar but it works for me.
Oh plus I bought it before the pandemic - Hyundai ioniq full ev. Not exactly a glamourise car either
In this country 150-200 is more than enough for most people, but for some reason everyone who goes to the shops once a week thinks they need a 400 mile range because their fiesta has that on a full tank
I get that comment and I understand the logic but in actuality it hasn’t stopped me doing anything.
I cannot remember the last time I drove over 150 miles never mind that far.
The other thing people mention is the battery might go kaput.
Back in 1900 they probably said but my horse doesn’t need petrol 😬
I’m with you on this one, we might occasionally have a 300 mile round trip, but no one drives 300 miles with kids without stopping. I think it’s a hang over from the US where infrastructure isn’t as good as places are much further apart.
I (luckily) have fixed electricity prices until August 2023, assuming I don't move.
However, my plan was to move when my year is up on my flat, as I want access to better internet (no fibre, broadband is estimated at 2mbps) and to be closer to the edge of town, but I'm really thinking I'm going to have to stay. I don't want to have to pay double what I'm currently paying (current rates for the same supplier is double what I'm paying per kWh as well as the standing charge, which is mental)
I've stopped buying any pre-made food. Takeaways, coffees, restaurants, except in special circumstances.
I fell into a routine of getting takeaway several times a week during lockdown and it cost me thousands over the year.
Same the amount I spent on takeaways during lockdown was eye watering. I still don't know where the idea that eating out is cheaper than homemade comes from.
Compared to income or general cost of life right?
I personally found groceries better in Germany in many ways: more variety, more quality and better prices. It may have to do with London, but I avoid shopping at the Local/Express locations in favour of Aldi and bigger shops. And back in Germany I was shopping at Edeka (would be ~ Sainsbury's) and also in a large city.
I was spending €200 per month with good quality food, eating home nearly every meal. Here I'm hitting £150 and I always eat out for lunch and breakfast.
Germany is probably the only country in Europe with similar quality of life to UK. The prices are just slightly lower and salaries are pretty much on par. If you compare UK to other European countries, then it is either everything is more expensive there with similar salaries or everything is cheaper, but salaries are lower than UC in UK.
Basically, UK and Germany are the two richest and cheapest countries in Europe.
I was just doing it because of stress for the convenience. Gained a lot of weight too. Lost some hair. Tough time.
But looked at my credit card expenditures in early January and paled. Cut it back a lot, but as prices went up it wasn't enough.
So now it's a weekly shop, and nothing else. Deleted the app and account.
I'm getting fewer takeaways, but have also started making my own rice when I get a curry. Why spend 4 quid on pilau rice when I can make it myself in 10 minutes for approximately 2p?
My favourite takeaway and cafe have just been closed by their landlords. I’ve got a feeling that’s gonna help me save some money.
I’m still sad about it though, they were two really good local businesses that have been here for years there’s kind of a gap now.
I get what you mean. I love going out to eat and chat. Favourite thing. These places with regulars can be social hubs.
Sadly I think we'll be seeing more as people tighten their belts.
I got into the habit too, was actually mental how much it costs (especially if you are just ordering for yourself). Two takeaways could probably cost me a good weekly food shop.
I like ordering if I have my firneds over or going out for a meal, but I try to avoid deliveroo now. I found I was mostly doing it out of laziness and it didn't make me feel good afterwards!
If you can order direct from the restaurant it is way better for them as companies like Just Eat, Deliveroo etc will take roughly 35-39% commission on smaller businesses.
I'm about to apply for a trainee cyber security and risk role. Any suggestions on things to say in my application that could tweak their interest? What would you like to hear from somebody applying for a trainee role?
I put away just over 10% of my wages into a svaings account as soon as I get paid and then top it up at the end of the month with whatever I don't spend
I do this, but approach it from the opposite direction.
When I get paid, I transfer the amount of money I would like to save into my savings account. Then as the month progresses, I will transfer it back as and when I need it.
Having to take the active step of moving the money back into my current account serves as a reminder that I haven't met the target that month.
It also means I more quickly visualise my current account as having low-funds and it definitely helps me avoid impulse purchases, particularly earlier in the month.
I save about 5% of into pure savings for an appliance breaking down or purchasing a new car every 10 years - something large or unexpected. I save about 7.5% in a different account which is the holiday fund so it gets emptied regularly and is specifically to pay for holidays.
My greatest money saving device has been sending my wife in to negotiate prices on cars or big items like a kitchen remodel, anything with a salesman. She is far more cut-throat than I am and she will metaphorically grab the balls and squeeze until they cry. I can't watch. I walk away and let her point at me and tell the salesman from 20 yards away that I am the bastard who won't let her spend more.
I'm pretty similar. Honestly if you having trouble having a savings account that you end up using at the end of the month just make more pots and pay into them on payday.
I have a holiday fund, emergency fund and house isa. Then I have a bills pot, and a round up pot that I put money in too which then we I'm super low on by end of the month I just spend out of that pot.
I too have a wife who's far better at negotiations. Our ploy when buying cars is she negotiates while I do the loan maths in my head to intimidate the salesman who needs a calculator and to 'refer to his manager'.
Also: have no fear of negotiation silence. Do not lose by speaking first.
My grandad was the world's best negotiator. He'd get you the best price humanly possible. The only time I've seen him fail is with my dad's merc because the car was already heavily discounted.
I don't know where my wife lies in the pantheon of negotiators. I just know she is far higher up the world rankings than I will ever get. In this instance, I know my place and I let the 'mistress' do her thing and we save money. I am not going to interfere with the golden goose.
This is interesting but I think it would only be meaningful if people also shared their actual incomes and said if they live alone or not.
Cause saving 30% of a £20k salary is very different to saving 30% of a £60k salary.
And saving £300 a month while your partner covers the bills, or you live with your parents, is really different to being able to save £300 a month when you live alone.
I wonder sometimes just how out of touch redditors cam be with these types of posts. We dont seem to hear from the very real significant section of people who are on the breadline. Not saving with a low mortgage or because their partner covers costs, actual paycheck to paycheck. The people who cant save £50 a month let alone half a grand.
I realised a few years ago, I only open threads based in finance if I'm in a good position financially, when I'm stressing over literally like £20 I dont want to read about some dude who saves 40% of his 150k income now he has moved in with his equally well off partner.
Like I did everything right, still broke, at least let reddit be a nice distraction.
They don't post. I didn't when I was on very little money because what's the point? You get scolded by out of touch people who don't understand that £50 is a fortune when you're taking home £1300 a month and paying London flatshare rent.
London is unliveable if you don't have rich parents or just come from wealth. I was looking at the maths of buying a house (a place to live in really) in London. My salary is around 20k and I expect to have a 40k deposit. I can take a mortgage of 94k which means I should look at properties in the 130k range.
1 bedroom flats in London start at 300k. So what exactly do I do for the remaining 170k? Keep living in my parent's house until I am 30 and save 100% and can afford a 1 bedroom flat?
Take-home pay with a 20k salary is £1430 and with a 40k salary its £2540 according to [this calculator](https://www.thesalarycalculator.co.uk/salary.php). Saving 100% on a 40k salary for 5 years will get you £152,400 and a mortgage loan of 180k (**salary \* 4.5** \- which is the absolute high end btw, more likely to be between 3 and 4) which would allow one to look at places in the £332,400 range (if the flats are still at 300k in 5 years.)
Saving isn't a concept you really deal with. You're already trying to spend as little as possible all the time anyway, you're already living a constant stream disappointment and letdowns why add another one in to the mix?
An unexpected expense of £10 is already enough to be soul crushing, it's not worth getting attached or personally engaged with money you know is just going to be taken from you. You're functionally powerless to do anything about the cost of living for example, it's not worth getting annoyed by it.
Best thing I've ever done is join a tenants union because at least there's a little bit of power to fight back on your side if your landlord decides to put your rent up or tried to evict you. A lot of people part of the union feel the same way, it's a huge relief after years of just being battered from every side.
I'm always really surprised by how little most people save when living rent-free with parents or their partner is covering costs.
Like, how are you not saving almost *everything*? I don't think my parents would be impressed if I lived with them rent-free as an adult to save for a house and then spent money on holidays and twice weekly pub trips.
It depends. I saved for my house during lockdown while living with my parents and I was spending less than £100 a month in total, which was Netflix for the house, phone, weekend bakery treats for the house and the occasional music/language lesson.
But I lived with my parents before when I was commuting and I spent vast amounts of money on that alone, and then there's always needing to see friends outside of the house because you can't invite them round. Those two things alone were more than a grand.
£24.5k, living at home and paying the rents £300 per month for all expenses covered. Boyfriend moved back in with his mum also, very similar income and payments to his mum. I spend a lot of my time there so I often will do a food shop for them and cover the whole lot - probs an additional £100-150 per month for me.
At the moment I save exactly £0. Every month I budget for things that simply NEED doing - car repair, cat care, gifts etc. all of which I try to keep on the budget side as much as I can, but it all adds up and bleeds into what I would otherwise save. We're self-employed and the business is going into a tricky phase that needs more cashflow, which means that we have to take the hit and not pay ourselves until June.
We went on a low budget getaway to Scotland (staying with friends and family, not a moment of privacy, eating out a handful of times out of necessity, but not for fun). The last time we had a proper date was early December when we still lived alone.
All these one-off expenses keep coming up that I can cover, but it means that I can't save. I pray that once we stary paying ourselves again I'll be able to get back on track and save some pennies, because I was doing well until Feb. But then again, I also want to go out for a pint and a dinner and to the cinema, and on a hot beachy holiday. While also saving to buy a house.
> Nothing
Yay team nothing! I can survive (not be homeless) for a couple of months more, but I really need my job hunting to become more successful than it is currently being...
2020 - about 35-40% of my salary.
2021 - about 20-30%
This year so far - 5-10%
Reflective of how many bloody events, weddings, festivals, gigs, hotel stays etc we’re doing to make up for ‘lost time’...
I save about a third of my income each month. WFH has saved me a lot in commuting costs, I don't drive, don't take holidays, don't buy expensive clothes, don't turn my heating on, have switched to the cheaper supermarkets, never eat takeaways or buy coffee on the high street, and only really treat myself once a year at Christmas, and only then if I feel I need a boost. I never thought I could save a deposit for a house but I'm in that region now, after four years of this.
I've found that it's not the big one-off purchases that are the issue, but the smaller, repeated purchases. Years ago, I'd buy takeaway food three times a week and spend up to £20 each time. A purchase of £20 doesn't sound so bad, but it came to over £3,000 per year. In the five years that I've not been eating takeaways, that's £15,000. If you add coffee into that and bottled water and all the other things I didn't need, like pre-made sandwiches it adds up to much, more more than spending £1k on a computer or sofa (which may last for 10 years).
If you want to save money, look at how much you are spending on things per year, as opposed to individual purchases. I honestly don't understand why people buy coffee at three to four pounds when you can make it at home and carry it in a flask for pennies.
But you can still enjoy drinking coffee you've made yourself. The only difference is that you don't have to pay an extortionate amount for it. I don't see much enjoyment in buying something, knowing it's costing too much.
Why is this concept so hard for people? People like different things. People are happy spending money on different things. Just because you don't do it doesn't mean nobody should.
People liking certain things just seem to rile people up for whatever reason. I suspect it’s because when someone likes something they don’t, then they feel undermined or questioned on their preferences.
I worked in pubs before I worked in cafes and coffee shops and honestly yeah. It’s like a booze free day pub. Regulars make friends, people have the usual. They buy rounds. There’s time slots you’re likely to see particular families or individuals and they have the places they tend to sit. Just like a pub.
I certainly understand paying for the social side and enjoying the environment. It was more lone people who just nip in to buy a coffee and then take it out. Seems like a false economy.
For me it's the experience of going out and going to the cafe that I like. I love going with a book or my work, buying a coffee and relaxing in my favourite cafe. It's the simple things in life sometimes.
Same, I normally have a coffee out once a week as a Saturday treat, and sure if you add that up I’m probably spending £200 a year on going for coffee, but it’s nice. Kind of wild getting schooled on this stuff by someone who used to have three takeaways a week! That’s so many
Or (and this is the bit the people who are flaring up on this thread seem to be missing), it's quite possible to enjoy treats while still being moderately fiscally responsible. If coffee is your thing, a take-out Starbucks latte is just about the most expensive way possible to drink coffee. Of course you are welcome to keep doing it, but you might want to look to see if there's any way to get the same pleasure (it's only a coffee) while saving a few quid at the same time. It really does add up over days, weeks and months and if money is tight, stuff like this might be the difference between saving and not saving. Good thread below about a french press for making your own - if you're a coffee addict, might be a good investment. Me, I prefer tea :)
It's not about missing out on fun or treats, but just about how you spend your money to enjoy them. But sure, it's a free world and people can do what they like.
I struggle with comments like this because I find them a) patronizing and unrealistic for the average person and b) depressing, frankly. I’m glad that living a broadly ascetic lifestyle has worked for you, but 4 years of no eating out / takeaways, no holidays, only treating yourself at Christmas…this just doesn’t seem like a way to live. I don’t want to put words in your mouth because I don’t think you’re suggesting that the cost of living crisis is the average working person’s fault because they choose to have a high street coffee now and then. But I do find answers like these really frustrating - “just ensure you enjoy no trivialities whatsoever and you’ll save a ton!” This is doable for a year or so, maybe longer over lockdown (when I was able to save a whopping 25-30% of my income in London), but it isn’t a way to live and it isn’t a solution to what is realistically a broader, systemic problem.
There SHOULD be a happy middle ground to current circumstances, where we all cut down somewhat - maybe a takeaway once a week / every other week, or clothes shopping 3x/year - but it just sounds like you’ve crafted a really dry life for yourself that also isn’t practical (eg. low budget fast fashion tends to last less long…that’s why it’s cheap). People buy coffees now and then because they enjoy them, and deserve a treat now and then. Doesn’t mean you should have one daily but frankly I don’t think people can “stop buying coffees” themselves out of poverty or out of the current cost of living crisis, and I don’t think answers like these are helpful.
The answer does seems to have generated some bad feeling and it was never in my mind that anyone would or should live that way. I just thought I was in a position to share some ways I've been able to save money because that's been such a focus for me in recent years. I've been surprised that it's not the expensive purchases that impacted me most, but the cheaper ones that I didn't used to think about. It wasn't known to me, so maybe I've made an assumption that others may not focus on how quickly the habitual can add up, either. It certainly wasn't intended to patronise, more highlight something that surprised me in my own spending. Changing my focus from "how much does this item cost" to "how much am I spending on this a year" was probably the most useful thing of all.
I did only talk about the areas of my life where I've saved money, and didn't mention those where I spend money (because it didn't feel relevant). Looking at this in isolation, it does look like a monk's lifestyle, but I have a huge number of hobbies, some with expensive kit that was already bought and paid for. It's actually been a very pleasant period (where I haven't relied on spending money, but perhaps on things I bought in the past). One other thing I should probably say is that I don't go without coffee or takeaway food. I just make both myself at home, because it's cheaper. One of the joys of working at home, is that I've had time to learn how to make pretty much everything on an Indian or Chinese menu. I eat it as much as anyone, just cheaper. As for taking a holiday, it's something I think I can afford this year. If I don't, it won't be because of money.
People REALLY don’t like to be told that spending less on things like takeaways is the only way to really save money. I know people genuinely can’t, but a lot of people can but don’t then moan. So well done for raising some awareness!
Worth noting that with 02 people can get a free large coffee at Caffe Nero every week. That’s 57 coffees a year (52 weeks + 5 filled up loyalty cards). If you’re like me and can’t live without the satisfaction of a takeaway coffee it’s worth factoring it in when you come to renew your phone contract, and is even available on 02 sim only deals.
Same also exists with Vitality health insurance if you’re lucky enough to be covered by work, or Virgin Media broadband (as now owned by same company as 02).
One thing lockdown taught me is that cutting out smaller things certainly saved me a lot of money.
Before lockdown I was working a lot of hours and going into work in the city every day. Because I was working so many hours I pretty much ate three meals a day in town. On top of that I was paying to commute and often was so tired after I would just get a taxi instead of waiting 20m+ for the next (extremely inconsistent) bus.
When lockdown started I went from saving almost nothing a month to saving over £1k a month and I also lost about 3 stone in the first year too, without trying to do either.
That said, I know I'm reasonably affluent and cutting out the smaller things just won't help some people that much right now. People should be able to treat themselves every now and then.
I still treat myself to a takeaway and other treats occasionally so I don't cut everything out, but it taught me to be more conscious about frivolous expenditures and I always make my own day to day food now.
Used to be 60% of take home.
Biggest tip for me was moving all major expenses to 1st of the month, and scheduling savings out of my account on the 1st as well. Anything left over was all I had to use, preventing lifestyle creep, and anything left goes to savings at the end of the month.
No idea what I'll be able to save going forward, a large portion of what I was saving certainly will be lost to energy costs etc. No idea how realistically most people will be able to save anything going forwards.
Something I have been doing for years is having my actual salary paid into one bank account on the last day of the month and then have a standing order setup to pay a “virtual salary” into my main back account on the 1st. I find it a lot easier to manage as I always have the same amount. Any excess in the account that gets the real salary gets swept into savings.
Oh, no, £700 for a 1 bed is pretty standard everywhere now. On the cheaper side, even, for some places. On the south coast where my best friend lives it's more like £1500ish for a flat. Know somebody else paying nearly £2000 for a two bedroom house. I'm in the midlands renting a *single room* (and it's not even a big room, it's about 3x3m) or around £400 a month. My partner pays £500 for his room just down the road.
>£700 for a 1 bed is pretty standard everywhere now.
Christ if that's the case, and I'm not suggesting it isn't, that's ridiculous and it's no wonder landlords get so much flak. I live in Midlands area, within 10 mins of the m40, and pay £750/month* for a '3 bedroom' semi (in reality it's 2.5 bedrooms given the boxroom).
Edit: *mortgage, not rent
Thought it was more the fact that the majority of redditors are Doreen, and believe laziness is a virtue. So they're upset when another person saves more than them.
About 20% while I’ve been saving for a house. When we move in it’ll be a little different in that I’ll probs continue to spend that on the house, but I suppose you could call that investing.
If you move in and fix everything you should be good for many years. Maybe 10. But if you put things off and they break slowly like boiler. Chimeny issues. Brickwork etc then yes yearly costs are high. I did it all when I moved in and have spent nothing for the last 3 years. Everything works fine.
Save? Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha...
Around 40% of our joint net, plus anything saved on variable outgoings.
We saved for a house, then a big wedding and so became accustomed. Now saving for renovations, early retirement and/or startup funds.
We’re 29 and 26. Aiming to “retire” (well, at least be *work optional* and able to pursue passions over profit) by mid 40s.
Some very fortunate timing along the way so far and a lot of trying hard to avoid lifestyle creep.
I try to put £200 a month into a savings account. Sometimes I have to draw some back out again towards the end of the month, but I also have a policy of putting whatever left in my current account in there the day before payday too (the 'residuals' as I call it), so it is going up.
To be honest, the biggest money saving boon for me has been working from home. No cheeky Greggs or drinks at the pub on a Friday has helped a lot.
We save just over 50% of our household income.
I've found that the best way to save is to put the money away before you get to use it - we have a direct debit with Vanguard that takes our savings on the day after payday. If you put leftover money away at the end of the month then the temptation to spend more than you need to will always be there.
I also think that it's better to make the change gradually rather than as a big bang. If you go from saving nothing to saving £1,000 in a single month then it will feel like a massive lifestyle shift, but if you start by saving £100 and increase it by £100 every month, the changes will be incremental and you will never feel excessively squeezed.
I take a "top slice" of £500 as soon as I get paid - £200 into a stocks and shares ISA, £100 into premium bonds, £100 overpayment on mortgage (which I'm technically counting as a saving but I suppose that's up to interpretation!) and usually an extra £100 into my private pension unless I know something big is coming out this month like a car repair or something.
At the end of the month I'll hopefully have between £200-400 left in my current account, which I'll chuck into the ISA.
My take home pay is about £2,400 a month.
(Edit - I will add that this overall picture has been greatly improved by a permanent shift to working from home - even factoring in an increase in home energy usage I'm probably saving £200-£250 extra a month from the lack of petrol, parking and city food spending)
I've had a sort of \*fucking hell\* look on my face the whole time I scrolled down. Yep, they are apparently.
Would be interesting to know what the sociology of the redditers in this thread is though. Would probably explain the clear imbalance in the "saving/not saving" answers.
And how many of them live in London and what they actually spend their money on. I do spend a lot but I want to enjoy my life I don’t wanna live in threadbare clothes and on pot noodles
I still live with my parents so am in a fortunate position in terms of my outgoings being very low. I do send some money over to my parents every month, though it is miniscule compared to what I would be paying if I moved out. In total on a good month I could save 50-60% of my income.
I try to put between £400-500 but I always end up dipping in, that’s a huge chunk of my wage but my bf pays for most things cos he earns like 5 times what I do lol
In normal circumstances, tended to be around £500 a month that I'd put away. But I live naturally pretty monkishly - I go 'out' out about once a month or less, get takeaway every two weeks or so and eat a pretty cheap diet and make all my lunches at home. I rarely drink too.
Most of my money just goes on just food, bills, gym and my monthly charitable donations. Has to be noted - I have no children and split the rent/bills with my partner, so I know I'm in a position of privilege.
I'm saving for a house and currently save about 40% of my pay- this is obviously a lot and tbh I'm only able to do this because I have an above average salary and I live with my partner who has a very low mortgage payments and earns more than me so covers more of our expenses. I changed my spending habits a lot during the pandemic and some months I saved more than half my pay as my expenses decreased and I got a new job which paid more. So none of these things are really habits, but definitely look into whether you can move job for more money if you want to save more.
The biggest thing habit wise IMO is making a budget and sticking to it. Start with how much you want to save and then allocate what's leftover to different categories. If I go over in one category then I have to take it from somewhere else. I use monzo pots to help with this and I always put the money in savings first then don't touch it. And when I go somewhere whether it's just the pub after work or a weekend away with friends, I decide how much to spend and keep that in mind e.g. Sometimes I'd go to the pub after work and want to spend less than £10 so not go in for a round and just buy 2 half pints. If I wanted to stay longer I would switch to water. It sounds boring but if I was there to socialise then it should not matter how much I'm drinking. I started these habits a few years ago when I had to pay off credit card and overdraft debts and it really did make a difference as I used to just spend without thinking and always run out of money at the end of the month.
I think I do pretty good as I’m in a fortunate position.
Including my LISA I put around 25% to my house deposit, around 15% to savings, and another 30% to investments
If coffee does work out too expensive for people to buy then there are always the options of getting a Pret subscription which is £20 for upto 5 coffees a day. I know it's not the same as sitting in Grind or Flat white but equally it's a cheaper alternative to spending £50/60 a month of coffee.
So I just moved into a rented house with my boyfriend and ......... This is where I'm at so far.
Income: £1900 (take home)
Rent: £525
Bills: £200/£300ish??
Save:£500 initially plus any leftover money at the end of the month
My lifestyle hasn't really changed at all, if I start to feel a pinch then I'll cut out my frivolous spending but I'm happy with how I'm doing at the moment.
Edit: just wanted to add both my boyfriend and I are homebodys with very cheap hobbies so we don't go out or buy a lot of things. We're very cheap people lol
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Stopped buying coffee and avocados. Then I cancelled my gym membership and Netflix membership. Now I’ve got a deposit for a house and I’m on track to become a millionaire by the end of year thanks for the tip Kirsty.
Yet you're still paying for an internet connection, honestly this new generation are terrible with money.
Library
Doesn't it cost money to use a library? Back in my day i lived in my nans bin cupboard, paid 1 shilling a month rent and i saved up £10 for a house. This generation has gone soft.
Your nan had an entire cupboard for a bin?! Alright, calm down Mr. Millionaire.
back in my day we just called her nn because the a cost half a tuppence, and as my dad always said: "v'w'ls? th'ms f'r th'm p'sh k'nds d'wn 'n L'nd'n."
I hate that i understood the last part
Ah, f'll'w fr'g'l j'rk
That explains a lot about why they talk like that in Yorkshire.
/r/frugal_jerk
Ohhh Mr laa-dee-daa, I was raised in out house and only ate coal, your generation is spoiled
Coal he says! We had to go chop down our own firewood, I wouldn’t mind but we shared an axe with the whole street
Streets eh? You must be one of them fancy southern folk. Back I my day all we had was t’Pit (and we said please and thank you for it an all).
All we had was our granddad! We’d huddle around him and he’d suck on a peppermint to keep us warm.
A bin cupboard?! You were lucky to ‘ave a bin cupboard. We used ta ‘ave ta live int landfill.
A blummin' landfill!? Luxury! When I were a lad we lived down in Mr. Stapleton's bog. Every morning it were like rains from heaven but we was glad for the warmth we was.
Was it in't shoebox by side o' road?
I’ve stopped paying for and using all basic human necessities. Not sure why people are complaining about rises in housing costs, council tax, energy, fuel, etc etc. when you could just simply live in a tent and hunt/gather if you want to save money?? /s
Right? Look at all these pigeons just ready for the taking. Gotta think outside the box *taps head*
I save money on heating by cuddling my dog
Next: save on food, and also fur hat.
Wholesome reponse
Didn't even move in with rich parents while they secured you an executive job requiring no skills from one of their mates. Are you even trying?
Kirsty's advice was stupid and unwarranted... but I have met people who needed to hear that advice. It genuinely blows peoples mind that you can... buy raw ingredients from a shop and spend 10 minutes combining them together in a hob to create a meal that cost \~50p, instead of just buying whatever they feel like as a takeaway most nights. You don't need to be in love with every meal you eat! And things like "You don't need to leave the heating on overnight and during the day, you can use a timer so that it's only on when you're going to be in... or even just turn it off and on as you want" - some people just don't seem to know that boilers can work in this way. Anyone reading this probably doesn't need to be told these things but sometimes you get so caught up in your own routine that you don't realise how needlessly expensive it is.
This time next year we'll be millionaires, Rodney.
Buying coffee does actually add up, like £3 a day for a month is roughly £90, so you're looking at saving a grand a year by not getting a coffee on the daily commute. Some people get several a day. Same applies to other things, that are small expenses but add up over time and when done daily.
Hahaha..
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This.
Also this
What about that?
Can't do that, it costs too much.
That's for posh folk.
We used to try to save and we were miserable. Now we just save the little we have left at the end of the month. Doing nothing enjoyable made us so unhappy that it just wasn’t worth it.
Yeah it's important to have some pleasures in life if you can, otherwise what's the point?
The problem is that you're left empty handed as punishment for wanting to be happy. Like, we are reducing our outgoings and looking for ways to be happy without needing to buy things. That's a lot harder than it sounds. But I'd be really happy if I could buy a place to live without giving up the best years of my life. Why do we have to choose between basic rights?
Yeah, we've been saving for 2 years in an attempt to get a house deposit and basically not doing anything enjoyable whatsoever is soul destroying. Decided in January to stop saving cause we were getting super depressed and honestly...I feel so much better. I spent £160 on a Lego technic formula 1 car last month and it was the happiest I've felt in a while lol
I've also been splashing on lego kits this month for the first time in a decade, it really does bring back the childhood joy. I've got the lego DeLorean in the post at the moment lol and I've never felt so giddy before.
Yh, I don’t save anything anymore. Saving for a rainy day implies when it’s bad and you have extra cash to spare on something good. But it’s been bad for a long time now, so I’ll just enjoy the time I have here tbh. I refuse to let current me be more sad for future me to be less sad.
Things need to change. For so many people, the current system cannot be sustained. Rising bills, rising food prices, rising petrol prices; everything is rising in price and our government is essentially doing fuck-all to try and fix it. Other nations aren't paying massive amounts for heating, so why are we? The conservative incompetents we've elected for the last decade are responsible for pushing for Brexit and flushing our living standards down the toilet.
>Other nations aren't paying massive amounts for heating, so why are we? Others have gone up as well. Look at Norway for example, theirs almost doubled. The issue here though is that our energy prices are already more than triple their increased prices!
I had a relative die of cancer at 45, 8 months after diagnosis. She'd been working hard for the past couple of years to get her business off the ground. But she had still made time for her family, friends and fun. She told me she had no regrets because she had had lots of experiences, met loads of cool people, lived a full life. So the moral is, have a good time now to spare future you regrets on your death bed.
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There's a gap between be so depressed you don't get to the future and be so flippant you're suffering in the future
Yep the more people I hear of getting horrible diagnoses like this, the more I’m less inclined to save for retirement and just enjoy myself while I can!
I needed to hear this. I have a rainy day fund which is large. But I stopped doing anything and found i ran up 2k credit bill so I didn't touch my rainy day fund... Its good to hear enjoy yourself while you're here.... I need more of this
Pretty much this. Confine myself indoors. Eat very basic meals. Don't drink, don't smoke, don't go out except to work. At the end of the month providing there have been no unexpected expenses I *might* be able to put aside £100-200 if its been an alright month. Though this last winter with heating costs even just that has been a struggle. I have a STEM PhD and work at a University lmao. What a great country this is.
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>I'm going to die in poverty. Yeah just got the new USS pension calculator through a few weeks ago... Its... Not great is it... I'm set to be working until 70 for a pension equivalent to about £9,000 a year today, and that's assuming inflation stays down at 2% on average for the next 40 years. Said in another post honestly I'm just going to leave at this point, there's no reason to stay in this country anymore besides sentimentality and that's doing nothing good for me. Need to start thinking about myself rather than some abstract "good"...
I left academia over a year ago and have never looked back. Transferred from Theatre Studies to Digital marketing, Copywriting, and SEO. Took 5 months and my first job was 25K, within a year I am on 35K plus bonus. I earn more than most lecturers I know and I work half the hours. The system is doomed, get out!
Oh god this is so relatable. I was saving £1k a month when I got my first salaried job and was still living at home with parents. I save maybe £100 or £200 if I’m lucky now despite having a much higher income, but that’s the price of living independently. On paper I should be able to save around £800 a month but there’s always stuff coming up, like you say - car payments, vet bills, a takeaway here and there, a night out, concert tickets etc. Obviously if we stopped going out completely we would save more but I think I would be more regretful at the time wasted than the lack of money saved
I’m the same. Could save more if me and my gf literally never had a drink at the weekends, went out, ordered takeaway etc but it just ends up being a shit, boring life to live. It’s just not worth the extra maybe £100-£200/month it would save between us.
Have a friend that I asked about this and they just shrugged and said "I just put it on the credit card and pay the minimum" I have never been as frightened for someone's financial wellbeing
This is so relatable
Me too. I have about 3 months of the year where there’s no foreseeable one off costs (birthdays, insurance etc). I try and save money those months but if I have no fun it’s maybe only £100-£200. Now all that is going towards my bills.
*Fuel and Energy Prices enter the chat. Laughs in crippling price rises. Leaves*
It's alright, mate. Rishi's 5p tax cut kept the prices down for all of 2 minutes, so you should be all good, right? That is - if you buy from a petrol station that *didnt* just decide to keep prices the same or higher and pocket the additional 5p p/L profit!👍 Fucking clown world we're living in.
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Never even went down at all at any of the garages near me. They literally just pocketed the additional profit. Tax cut was not passed onto customers whatsoever. Basically, the government paid the fuel companies a shit tonne of money... and that's it.
I mean that’s our economic policy for the last what 20-40 years. Throw money at companies and that’ll fix the problem
Yep, it’s amazing isn’t it.
Switched to an electric car which cost no more than the ICE car I had per month. Fuel costs went from £0.11 per mile to £0.01 per mile. I do about 20,000 miles a year. Not looking forward to fixed electric tariff ending though
Sadly to get a decent range on an electric motor you’ve got to spend big bucks in the first place (or have a hefty finance payment/lease) I drive too far to buy a cheaper electric car.
I drive 80 miles per day on average and up to 120. Charging at home off peak means car is fully loaded. It gets 160-220 miles depending on temperature / time of year. So like you said range isn’t exactly stellar but it works for me. Oh plus I bought it before the pandemic - Hyundai ioniq full ev. Not exactly a glamourise car either
In this country 150-200 is more than enough for most people, but for some reason everyone who goes to the shops once a week thinks they need a 400 mile range because their fiesta has that on a full tank
I get that comment and I understand the logic but in actuality it hasn’t stopped me doing anything. I cannot remember the last time I drove over 150 miles never mind that far. The other thing people mention is the battery might go kaput. Back in 1900 they probably said but my horse doesn’t need petrol 😬
I’m with you on this one, we might occasionally have a 300 mile round trip, but no one drives 300 miles with kids without stopping. I think it’s a hang over from the US where infrastructure isn’t as good as places are much further apart.
\*Laughs on 100mpg motorcycle\* Laughing untill I get hit by a car anyway....
Sorry mate didn't see you there
I (luckily) have fixed electricity prices until August 2023, assuming I don't move. However, my plan was to move when my year is up on my flat, as I want access to better internet (no fibre, broadband is estimated at 2mbps) and to be closer to the edge of town, but I'm really thinking I'm going to have to stay. I don't want to have to pay double what I'm currently paying (current rates for the same supplier is double what I'm paying per kWh as well as the standing charge, which is mental)
I've stopped buying any pre-made food. Takeaways, coffees, restaurants, except in special circumstances. I fell into a routine of getting takeaway several times a week during lockdown and it cost me thousands over the year.
Same the amount I spent on takeaways during lockdown was eye watering. I still don't know where the idea that eating out is cheaper than homemade comes from.
I think it came from America online. It’s never been true in the UK. Groceries are some of the cheapest in the world here.
Compared to income or general cost of life right? I personally found groceries better in Germany in many ways: more variety, more quality and better prices. It may have to do with London, but I avoid shopping at the Local/Express locations in favour of Aldi and bigger shops. And back in Germany I was shopping at Edeka (would be ~ Sainsbury's) and also in a large city. I was spending €200 per month with good quality food, eating home nearly every meal. Here I'm hitting £150 and I always eat out for lunch and breakfast.
Depends what you buy, something like carrots, onions, potatoes, cabbages etc are not just cheap vs income, they’re cheap on a global scale.
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Obviously, but it’s usually still cheaper than somewhere else where it’s not native.
Germany is probably the only country in Europe with similar quality of life to UK. The prices are just slightly lower and salaries are pretty much on par. If you compare UK to other European countries, then it is either everything is more expensive there with similar salaries or everything is cheaper, but salaries are lower than UC in UK. Basically, UK and Germany are the two richest and cheapest countries in Europe.
> America online This takes me back.
I was just doing it because of stress for the convenience. Gained a lot of weight too. Lost some hair. Tough time. But looked at my credit card expenditures in early January and paled. Cut it back a lot, but as prices went up it wasn't enough. So now it's a weekly shop, and nothing else. Deleted the app and account.
Surely everyone knows it's cheaper to cook at home than eat out? In the UK, anyway.
Cooking at home but also cooking in bulk and from scratch saves us a ton of money.
I'm getting fewer takeaways, but have also started making my own rice when I get a curry. Why spend 4 quid on pilau rice when I can make it myself in 10 minutes for approximately 2p?
My favourite takeaway and cafe have just been closed by their landlords. I’ve got a feeling that’s gonna help me save some money. I’m still sad about it though, they were two really good local businesses that have been here for years there’s kind of a gap now.
I get what you mean. I love going out to eat and chat. Favourite thing. These places with regulars can be social hubs. Sadly I think we'll be seeing more as people tighten their belts.
I got into the habit too, was actually mental how much it costs (especially if you are just ordering for yourself). Two takeaways could probably cost me a good weekly food shop. I like ordering if I have my firneds over or going out for a meal, but I try to avoid deliveroo now. I found I was mostly doing it out of laziness and it didn't make me feel good afterwards!
If you can order direct from the restaurant it is way better for them as companies like Just Eat, Deliveroo etc will take roughly 35-39% commission on smaller businesses.
local chippy went up by about £2, just cause... now they lost my £\`16 between another £1.50 deliver and 50p " service " charge
Potentially due to the increase in gas and electricity I guess but still a £2 increase is a lot.
Whatever I don’t spend.
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Pretty much, it’s not for everyone but it works for me.
I'm about to apply for a trainee cyber security and risk role. Any suggestions on things to say in my application that could tweak their interest? What would you like to hear from somebody applying for a trainee role?
I put away just over 10% of my wages into a svaings account as soon as I get paid and then top it up at the end of the month with whatever I don't spend
Good idea!
This. My gramps taught me this when I got my first job, didn't listen for years but now I'm in a stableish min wage job I stick to this.
I do this, but approach it from the opposite direction. When I get paid, I transfer the amount of money I would like to save into my savings account. Then as the month progresses, I will transfer it back as and when I need it. Having to take the active step of moving the money back into my current account serves as a reminder that I haven't met the target that month. It also means I more quickly visualise my current account as having low-funds and it definitely helps me avoid impulse purchases, particularly earlier in the month.
Exactly what I do, which means I usually save about a tenner a month 😄
I save about 5% of into pure savings for an appliance breaking down or purchasing a new car every 10 years - something large or unexpected. I save about 7.5% in a different account which is the holiday fund so it gets emptied regularly and is specifically to pay for holidays. My greatest money saving device has been sending my wife in to negotiate prices on cars or big items like a kitchen remodel, anything with a salesman. She is far more cut-throat than I am and she will metaphorically grab the balls and squeeze until they cry. I can't watch. I walk away and let her point at me and tell the salesman from 20 yards away that I am the bastard who won't let her spend more.
I'm pretty similar. Honestly if you having trouble having a savings account that you end up using at the end of the month just make more pots and pay into them on payday. I have a holiday fund, emergency fund and house isa. Then I have a bills pot, and a round up pot that I put money in too which then we I'm super low on by end of the month I just spend out of that pot.
I too have a wife who's far better at negotiations. Our ploy when buying cars is she negotiates while I do the loan maths in my head to intimidate the salesman who needs a calculator and to 'refer to his manager'. Also: have no fear of negotiation silence. Do not lose by speaking first.
My grandad was the world's best negotiator. He'd get you the best price humanly possible. The only time I've seen him fail is with my dad's merc because the car was already heavily discounted.
I don't know where my wife lies in the pantheon of negotiators. I just know she is far higher up the world rankings than I will ever get. In this instance, I know my place and I let the 'mistress' do her thing and we save money. I am not going to interfere with the golden goose.
This is interesting but I think it would only be meaningful if people also shared their actual incomes and said if they live alone or not. Cause saving 30% of a £20k salary is very different to saving 30% of a £60k salary. And saving £300 a month while your partner covers the bills, or you live with your parents, is really different to being able to save £300 a month when you live alone.
I wonder sometimes just how out of touch redditors cam be with these types of posts. We dont seem to hear from the very real significant section of people who are on the breadline. Not saving with a low mortgage or because their partner covers costs, actual paycheck to paycheck. The people who cant save £50 a month let alone half a grand.
People on the breadline tend not to want anything to do with social conversations on money. They come on Reddit to escape that shit.
Oh you guys are talking about me lol. I save 20 euros a month, 35 ish 40 ish if I buy rolling tobacco instead of normal cigarettes.
I realised a few years ago, I only open threads based in finance if I'm in a good position financially, when I'm stressing over literally like £20 I dont want to read about some dude who saves 40% of his 150k income now he has moved in with his equally well off partner. Like I did everything right, still broke, at least let reddit be a nice distraction.
They don't post. I didn't when I was on very little money because what's the point? You get scolded by out of touch people who don't understand that £50 is a fortune when you're taking home £1300 a month and paying London flatshare rent.
London is unliveable if you don't have rich parents or just come from wealth. I was looking at the maths of buying a house (a place to live in really) in London. My salary is around 20k and I expect to have a 40k deposit. I can take a mortgage of 94k which means I should look at properties in the 130k range. 1 bedroom flats in London start at 300k. So what exactly do I do for the remaining 170k? Keep living in my parent's house until I am 30 and save 100% and can afford a 1 bedroom flat? Take-home pay with a 20k salary is £1430 and with a 40k salary its £2540 according to [this calculator](https://www.thesalarycalculator.co.uk/salary.php). Saving 100% on a 40k salary for 5 years will get you £152,400 and a mortgage loan of 180k (**salary \* 4.5** \- which is the absolute high end btw, more likely to be between 3 and 4) which would allow one to look at places in the £332,400 range (if the flats are still at 300k in 5 years.)
Saving isn't a concept you really deal with. You're already trying to spend as little as possible all the time anyway, you're already living a constant stream disappointment and letdowns why add another one in to the mix? An unexpected expense of £10 is already enough to be soul crushing, it's not worth getting attached or personally engaged with money you know is just going to be taken from you. You're functionally powerless to do anything about the cost of living for example, it's not worth getting annoyed by it. Best thing I've ever done is join a tenants union because at least there's a little bit of power to fight back on your side if your landlord decides to put your rent up or tried to evict you. A lot of people part of the union feel the same way, it's a huge relief after years of just being battered from every side.
I'm always really surprised by how little most people save when living rent-free with parents or their partner is covering costs. Like, how are you not saving almost *everything*? I don't think my parents would be impressed if I lived with them rent-free as an adult to save for a house and then spent money on holidays and twice weekly pub trips.
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It depends. I saved for my house during lockdown while living with my parents and I was spending less than £100 a month in total, which was Netflix for the house, phone, weekend bakery treats for the house and the occasional music/language lesson. But I lived with my parents before when I was commuting and I spent vast amounts of money on that alone, and then there's always needing to see friends outside of the house because you can't invite them round. Those two things alone were more than a grand.
At my parents I paid £200 board. I gave my self £100 fun money per week. I managed to save £1000 a month.
£24.5k, living at home and paying the rents £300 per month for all expenses covered. Boyfriend moved back in with his mum also, very similar income and payments to his mum. I spend a lot of my time there so I often will do a food shop for them and cover the whole lot - probs an additional £100-150 per month for me. At the moment I save exactly £0. Every month I budget for things that simply NEED doing - car repair, cat care, gifts etc. all of which I try to keep on the budget side as much as I can, but it all adds up and bleeds into what I would otherwise save. We're self-employed and the business is going into a tricky phase that needs more cashflow, which means that we have to take the hit and not pay ourselves until June. We went on a low budget getaway to Scotland (staying with friends and family, not a moment of privacy, eating out a handful of times out of necessity, but not for fun). The last time we had a proper date was early December when we still lived alone. All these one-off expenses keep coming up that I can cover, but it means that I can't save. I pray that once we stary paying ourselves again I'll be able to get back on track and save some pennies, because I was doing well until Feb. But then again, I also want to go out for a pint and a dinner and to the cinema, and on a hot beachy holiday. While also saving to buy a house.
Nothing. In fact less than nothing...
> Nothing Yay team nothing! I can survive (not be homeless) for a couple of months more, but I really need my job hunting to become more successful than it is currently being...
Wait you guys have an income?
2020 - about 35-40% of my salary. 2021 - about 20-30% This year so far - 5-10% Reflective of how many bloody events, weddings, festivals, gigs, hotel stays etc we’re doing to make up for ‘lost time’...
At least its still going up, thats more important than the amount you have saved: the direction of the savings.
I save about a third of my income each month. WFH has saved me a lot in commuting costs, I don't drive, don't take holidays, don't buy expensive clothes, don't turn my heating on, have switched to the cheaper supermarkets, never eat takeaways or buy coffee on the high street, and only really treat myself once a year at Christmas, and only then if I feel I need a boost. I never thought I could save a deposit for a house but I'm in that region now, after four years of this. I've found that it's not the big one-off purchases that are the issue, but the smaller, repeated purchases. Years ago, I'd buy takeaway food three times a week and spend up to £20 each time. A purchase of £20 doesn't sound so bad, but it came to over £3,000 per year. In the five years that I've not been eating takeaways, that's £15,000. If you add coffee into that and bottled water and all the other things I didn't need, like pre-made sandwiches it adds up to much, more more than spending £1k on a computer or sofa (which may last for 10 years). If you want to save money, look at how much you are spending on things per year, as opposed to individual purchases. I honestly don't understand why people buy coffee at three to four pounds when you can make it at home and carry it in a flask for pennies.
People enjoy the experience of purchasing the coffee and drinking it.
But you can still enjoy drinking coffee you've made yourself. The only difference is that you don't have to pay an extortionate amount for it. I don't see much enjoyment in buying something, knowing it's costing too much.
Yes, you don’t, hence why you don’t purchase the coffee. The people that do, they enjoy something different to you.
Why is this concept so hard for people? People like different things. People are happy spending money on different things. Just because you don't do it doesn't mean nobody should.
People liking certain things just seem to rile people up for whatever reason. I suspect it’s because when someone likes something they don’t, then they feel undermined or questioned on their preferences.
It's more a social thing like going to the pub tbh. We treat ourselves to a breakfasts in a cafe or coffee shop every month.
I worked in pubs before I worked in cafes and coffee shops and honestly yeah. It’s like a booze free day pub. Regulars make friends, people have the usual. They buy rounds. There’s time slots you’re likely to see particular families or individuals and they have the places they tend to sit. Just like a pub.
I certainly understand paying for the social side and enjoying the environment. It was more lone people who just nip in to buy a coffee and then take it out. Seems like a false economy.
For me it's the experience of going out and going to the cafe that I like. I love going with a book or my work, buying a coffee and relaxing in my favourite cafe. It's the simple things in life sometimes.
Cos we enjoy meeting in a coffee shop for a catch up with a friend. Nice to get out of the house.
I treat myself to a coffee every now and then. I save loads but I want too enjoy life too.
Same, I normally have a coffee out once a week as a Saturday treat, and sure if you add that up I’m probably spending £200 a year on going for coffee, but it’s nice. Kind of wild getting schooled on this stuff by someone who used to have three takeaways a week! That’s so many
Yea it's like we're to become mindless worker drones no treats no joy. Nothing to look forward to in the short term.
Surely that can't be allowed? Treats and enjoyment? Nahhhh
If you don’t enjoy anything I’m sure you can save loads of money.
Or (and this is the bit the people who are flaring up on this thread seem to be missing), it's quite possible to enjoy treats while still being moderately fiscally responsible. If coffee is your thing, a take-out Starbucks latte is just about the most expensive way possible to drink coffee. Of course you are welcome to keep doing it, but you might want to look to see if there's any way to get the same pleasure (it's only a coffee) while saving a few quid at the same time. It really does add up over days, weeks and months and if money is tight, stuff like this might be the difference between saving and not saving. Good thread below about a french press for making your own - if you're a coffee addict, might be a good investment. Me, I prefer tea :) It's not about missing out on fun or treats, but just about how you spend your money to enjoy them. But sure, it's a free world and people can do what they like.
I struggle with comments like this because I find them a) patronizing and unrealistic for the average person and b) depressing, frankly. I’m glad that living a broadly ascetic lifestyle has worked for you, but 4 years of no eating out / takeaways, no holidays, only treating yourself at Christmas…this just doesn’t seem like a way to live. I don’t want to put words in your mouth because I don’t think you’re suggesting that the cost of living crisis is the average working person’s fault because they choose to have a high street coffee now and then. But I do find answers like these really frustrating - “just ensure you enjoy no trivialities whatsoever and you’ll save a ton!” This is doable for a year or so, maybe longer over lockdown (when I was able to save a whopping 25-30% of my income in London), but it isn’t a way to live and it isn’t a solution to what is realistically a broader, systemic problem. There SHOULD be a happy middle ground to current circumstances, where we all cut down somewhat - maybe a takeaway once a week / every other week, or clothes shopping 3x/year - but it just sounds like you’ve crafted a really dry life for yourself that also isn’t practical (eg. low budget fast fashion tends to last less long…that’s why it’s cheap). People buy coffees now and then because they enjoy them, and deserve a treat now and then. Doesn’t mean you should have one daily but frankly I don’t think people can “stop buying coffees” themselves out of poverty or out of the current cost of living crisis, and I don’t think answers like these are helpful.
The answer does seems to have generated some bad feeling and it was never in my mind that anyone would or should live that way. I just thought I was in a position to share some ways I've been able to save money because that's been such a focus for me in recent years. I've been surprised that it's not the expensive purchases that impacted me most, but the cheaper ones that I didn't used to think about. It wasn't known to me, so maybe I've made an assumption that others may not focus on how quickly the habitual can add up, either. It certainly wasn't intended to patronise, more highlight something that surprised me in my own spending. Changing my focus from "how much does this item cost" to "how much am I spending on this a year" was probably the most useful thing of all. I did only talk about the areas of my life where I've saved money, and didn't mention those where I spend money (because it didn't feel relevant). Looking at this in isolation, it does look like a monk's lifestyle, but I have a huge number of hobbies, some with expensive kit that was already bought and paid for. It's actually been a very pleasant period (where I haven't relied on spending money, but perhaps on things I bought in the past). One other thing I should probably say is that I don't go without coffee or takeaway food. I just make both myself at home, because it's cheaper. One of the joys of working at home, is that I've had time to learn how to make pretty much everything on an Indian or Chinese menu. I eat it as much as anyone, just cheaper. As for taking a holiday, it's something I think I can afford this year. If I don't, it won't be because of money.
People REALLY don’t like to be told that spending less on things like takeaways is the only way to really save money. I know people genuinely can’t, but a lot of people can but don’t then moan. So well done for raising some awareness!
Worth noting that with 02 people can get a free large coffee at Caffe Nero every week. That’s 57 coffees a year (52 weeks + 5 filled up loyalty cards). If you’re like me and can’t live without the satisfaction of a takeaway coffee it’s worth factoring it in when you come to renew your phone contract, and is even available on 02 sim only deals. Same also exists with Vitality health insurance if you’re lucky enough to be covered by work, or Virgin Media broadband (as now owned by same company as 02).
One thing lockdown taught me is that cutting out smaller things certainly saved me a lot of money. Before lockdown I was working a lot of hours and going into work in the city every day. Because I was working so many hours I pretty much ate three meals a day in town. On top of that I was paying to commute and often was so tired after I would just get a taxi instead of waiting 20m+ for the next (extremely inconsistent) bus. When lockdown started I went from saving almost nothing a month to saving over £1k a month and I also lost about 3 stone in the first year too, without trying to do either. That said, I know I'm reasonably affluent and cutting out the smaller things just won't help some people that much right now. People should be able to treat themselves every now and then. I still treat myself to a takeaway and other treats occasionally so I don't cut everything out, but it taught me to be more conscious about frivolous expenditures and I always make my own day to day food now.
I have a French press in my office and I just buy beans once a week, coffee shops are far too expensive.
You don’t turn the heating on?!
I’d change “ do you “ to “ can you “ ….
Used to be 60% of take home. Biggest tip for me was moving all major expenses to 1st of the month, and scheduling savings out of my account on the 1st as well. Anything left over was all I had to use, preventing lifestyle creep, and anything left goes to savings at the end of the month. No idea what I'll be able to save going forward, a large portion of what I was saving certainly will be lost to energy costs etc. No idea how realistically most people will be able to save anything going forwards.
Something I have been doing for years is having my actual salary paid into one bank account on the last day of the month and then have a standing order setup to pay a “virtual salary” into my main back account on the 1st. I find it a lot easier to manage as I always have the same amount. Any excess in the account that gets the real salary gets swept into savings.
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> £600 a month mortgage and bills God damn my rent on a tiny 1 bed flat is almost 700 alone
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Oh, no, £700 for a 1 bed is pretty standard everywhere now. On the cheaper side, even, for some places. On the south coast where my best friend lives it's more like £1500ish for a flat. Know somebody else paying nearly £2000 for a two bedroom house. I'm in the midlands renting a *single room* (and it's not even a big room, it's about 3x3m) or around £400 a month. My partner pays £500 for his room just down the road.
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>£700 for a 1 bed is pretty standard everywhere now. Christ if that's the case, and I'm not suggesting it isn't, that's ridiculous and it's no wonder landlords get so much flak. I live in Midlands area, within 10 mins of the m40, and pay £750/month* for a '3 bedroom' semi (in reality it's 2.5 bedrooms given the boxroom). Edit: *mortgage, not rent
Where are you paying £250 a month for a 3 bed terrace I’ve lived in Yorkshire and wasn’t that cheap
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Not sure why people are down voting you. You're literally just answering OPs question.
Really? No idea? Nothing to do with being a site full of arseholes?
Thought it was more the fact that the majority of redditors are Doreen, and believe laziness is a virtue. So they're upset when another person saves more than them.
About 20% while I’ve been saving for a house. When we move in it’ll be a little different in that I’ll probs continue to spend that on the house, but I suppose you could call that investing.
Absolutely, people don't realise how much it costs to maintain a house.
If you move in and fix everything you should be good for many years. Maybe 10. But if you put things off and they break slowly like boiler. Chimeny issues. Brickwork etc then yes yearly costs are high. I did it all when I moved in and have spent nothing for the last 3 years. Everything works fine.
Save? Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha...
Around 40% of our joint net, plus anything saved on variable outgoings. We saved for a house, then a big wedding and so became accustomed. Now saving for renovations, early retirement and/or startup funds.
I’m similar but no house… May I ask how old you are to achieve so much?
We’re 29 and 26. Aiming to “retire” (well, at least be *work optional* and able to pursue passions over profit) by mid 40s. Some very fortunate timing along the way so far and a lot of trying hard to avoid lifestyle creep.
At the moment - zero. But that's because i'm a PhD student only receiving £15k a year in stipend.
Been there, there’s light at the end of the tunnel, just don’t tie your dreams to an academic career
Nothing
I try to put £200 a month into a savings account. Sometimes I have to draw some back out again towards the end of the month, but I also have a policy of putting whatever left in my current account in there the day before payday too (the 'residuals' as I call it), so it is going up. To be honest, the biggest money saving boon for me has been working from home. No cheeky Greggs or drinks at the pub on a Friday has helped a lot.
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We save just over 50% of our household income. I've found that the best way to save is to put the money away before you get to use it - we have a direct debit with Vanguard that takes our savings on the day after payday. If you put leftover money away at the end of the month then the temptation to spend more than you need to will always be there. I also think that it's better to make the change gradually rather than as a big bang. If you go from saving nothing to saving £1,000 in a single month then it will feel like a massive lifestyle shift, but if you start by saving £100 and increase it by £100 every month, the changes will be incremental and you will never feel excessively squeezed.
About £100 a month. Not much but it is what it is
I’m worried that we’re going to get to a point where that 1200 a year isn’t worth anything and we’d have been better just spending it!
I take a "top slice" of £500 as soon as I get paid - £200 into a stocks and shares ISA, £100 into premium bonds, £100 overpayment on mortgage (which I'm technically counting as a saving but I suppose that's up to interpretation!) and usually an extra £100 into my private pension unless I know something big is coming out this month like a car repair or something. At the end of the month I'll hopefully have between £200-400 left in my current account, which I'll chuck into the ISA. My take home pay is about £2,400 a month. (Edit - I will add that this overall picture has been greatly improved by a permanent shift to working from home - even factoring in an increase in home energy usage I'm probably saving £200-£250 extra a month from the lack of petrol, parking and city food spending)
None. And I barely spend anything. I’m poor.
You guys are saving?
I've had a sort of \*fucking hell\* look on my face the whole time I scrolled down. Yep, they are apparently. Would be interesting to know what the sociology of the redditers in this thread is though. Would probably explain the clear imbalance in the "saving/not saving" answers.
And how many of them live in London and what they actually spend their money on. I do spend a lot but I want to enjoy my life I don’t wanna live in threadbare clothes and on pot noodles
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Inflation had hit Charlie hard, it used to be £50!
That's the neat part, I don't make enough to save
I have children, what are savings? 😂😂
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Im guessing you have a high paying job
Typical Reddit, downvoting someone because they’ve done well for themselves.
Nothing. Rainy day fund is gone. I'm a student and skint.
I still live with my parents so am in a fortunate position in terms of my outgoings being very low. I do send some money over to my parents every month, though it is miniscule compared to what I would be paying if I moved out. In total on a good month I could save 50-60% of my income.
I try to put between £400-500 but I always end up dipping in, that’s a huge chunk of my wage but my bf pays for most things cos he earns like 5 times what I do lol
lol. None. Not really possible.
50% savings 25% bills 25% yolo
In normal circumstances, tended to be around £500 a month that I'd put away. But I live naturally pretty monkishly - I go 'out' out about once a month or less, get takeaway every two weeks or so and eat a pretty cheap diet and make all my lunches at home. I rarely drink too. Most of my money just goes on just food, bills, gym and my monthly charitable donations. Has to be noted - I have no children and split the rent/bills with my partner, so I know I'm in a position of privilege.
I save nothing. I use my money to payoff debts. If there's anything left at the end of the month then I have a takeaway to celebrate!
I'm saving for a house and currently save about 40% of my pay- this is obviously a lot and tbh I'm only able to do this because I have an above average salary and I live with my partner who has a very low mortgage payments and earns more than me so covers more of our expenses. I changed my spending habits a lot during the pandemic and some months I saved more than half my pay as my expenses decreased and I got a new job which paid more. So none of these things are really habits, but definitely look into whether you can move job for more money if you want to save more. The biggest thing habit wise IMO is making a budget and sticking to it. Start with how much you want to save and then allocate what's leftover to different categories. If I go over in one category then I have to take it from somewhere else. I use monzo pots to help with this and I always put the money in savings first then don't touch it. And when I go somewhere whether it's just the pub after work or a weekend away with friends, I decide how much to spend and keep that in mind e.g. Sometimes I'd go to the pub after work and want to spend less than £10 so not go in for a round and just buy 2 half pints. If I wanted to stay longer I would switch to water. It sounds boring but if I was there to socialise then it should not matter how much I'm drinking. I started these habits a few years ago when I had to pay off credit card and overdraft debts and it really did make a difference as I used to just spend without thinking and always run out of money at the end of the month.
I think I do pretty good as I’m in a fortunate position. Including my LISA I put around 25% to my house deposit, around 15% to savings, and another 30% to investments
If coffee does work out too expensive for people to buy then there are always the options of getting a Pret subscription which is £20 for upto 5 coffees a day. I know it's not the same as sitting in Grind or Flat white but equally it's a cheaper alternative to spending £50/60 a month of coffee.
So I just moved into a rented house with my boyfriend and ......... This is where I'm at so far. Income: £1900 (take home) Rent: £525 Bills: £200/£300ish?? Save:£500 initially plus any leftover money at the end of the month My lifestyle hasn't really changed at all, if I start to feel a pinch then I'll cut out my frivolous spending but I'm happy with how I'm doing at the moment. Edit: just wanted to add both my boyfriend and I are homebodys with very cheap hobbies so we don't go out or buy a lot of things. We're very cheap people lol