I don't think there is a one size fits all to saving. The biggest factor is essential spending vs income. 10% saving just isn't possible for a big percentage of people at the moment IMO. Currently I'm not saving; I'm spending my savings, because my income is close to nil.
I got a pension statement last week and noted that I put more into my pension per MONTH when I was employed, than I have earned for the whole of the period since I became self employed to the end of the tax year. I am very "it is what it is" about it so far. Just had a tax rebate and spending half on a dining table for the new kitchen, and half on...life.
When (note I said when and not if - positive mental attitude, and all that!) I actually start earning a healthy amount, I'm planning on putting 30% of everything into a savings account for tax and once I've got used to that, I'll see if there is enough left for a pension contribution and /or general savings.
I used to save every month when I was employed. I've just done the maths and it was about 7% of my post-tax pay.
I do need to think about savings. At the moment I'm just putting aside 25% of each payment for tax/NI, which is usually more than enough, so I can save a little at the end of the year (or spend it, if I'm honest!). It feels harder to plan how much to save when your income is very unpredictable.
Me too! I feel like I really need to find a workable balance between paying off debt, saving for the future and actually being able to live my life, but I haven’t worked it out yet. (I suspect the first step is to earn significantly more money 😬)
I don't think there is a one size fits all to saving. The biggest factor is essential spending vs income. 10% saving just isn't possible for a big percentage of people at the moment IMO. Currently I'm not saving; I'm spending my savings, because my income is close to nil.
I got a pension statement last week and noted that I put more into my pension per MONTH when I was employed, than I have earned for the whole of the period since I became self employed to the end of the tax year. I am very "it is what it is" about it so far. Just had a tax rebate and spending half on a dining table for the new kitchen, and half on...life.
When (note I said when and not if - positive mental attitude, and all that!) I actually start earning a healthy amount, I'm planning on putting 30% of everything into a savings account for tax and once I've got used to that, I'll see if there is enough left for a pension contribution and /or general savings.
I used to save every month when I was employed. I've just done the maths and it was about 7% of my post-tax pay.
I do need to think about savings. At the moment I'm just putting aside 25% of each payment for tax/NI, which is usually more than enough, so I can save a little at the end of the year (or spend it, if I'm honest!). It feels harder to plan how much to save when your income is very unpredictable.
'I’m really good at paying off debts quickly, when I need to.....' - would love to learn this skill!
Me too! I feel like I really need to find a workable balance between paying off debt, saving for the future and actually being able to live my life, but I haven’t worked it out yet. (I suspect the first step is to earn significantly more money 😬)