Hi, is there anyone here based in the UK? What’s your salary vs how much you save? I feel like I’m doing an awful job of saving even though I’m on a fairly healthy salary of £55k. I aim to save 10% a month but I often end up having to transfer some of it back. Most of my spend is on essentials, I’ve combed through my budget and there’s no excessive spending that I can try and reduce. What am I doing wrong?

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I left the UK (Scotland) right before Brexit, so I know it's a different beast now. Even so, £55k is more than any of my UK friends currently make and they put a healthy amount into savings monthly. What is there in the essentials that can be downsized? Smaller place? Ditch the car?

Ok that’s useful to know. Although are they based in Scotland? I’m in London and so possibly a difference in cost of living etc? I felt very comfortable pre covid but my salary has hardly grown since and it feels like so much of a squeeze now.

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Here is what works for me: I have different cash pots. 1) baby funds 2)car repairs 3)miscellaneous 4)emergency funds 5)personal cash (little amount) 6) ISA 7)A separate fund for mortgage. (This is just an example) My bank allows me to open several cash pots.

After deducting my bills, I split what is left amongst all these pots every month. Depends on the level of priority. Some pots have more than the other.

While my salary might not be up to 55k, I’d say I still save. This is actually how my household income is managed.

Most importantly; you might want to consider what you spend money the most on, and ask yourself if it’s truly necessary. Avoid pressure!

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