I tried finding the details online on various websites but no joy. Just want to know if I am doing reasonably ok or do I have to improve?
How Much Money an Average Person Save Monthly?
LChandragupt on 09/07/2018 - 15:33
Comments
Agreed!
Are you Frank Ocean's brother?
The actual answer being $427 is just downright creepy…
Can one ask what websites you visited for this information before this post?
http://lmgtfy.com/?q=average+australia+savings+rate
Since I feel like being nice(r)..
The very first result on Google, no need to even click, is:
The average Australian is putting $427 under their mattress each month, according to a recent survey by Suncorp.
Full story: https://www.smh.com.au/money/the-average-australians-savings…
That amount is interesting and also quite low.
AWOTE for December 2016 is $1,533, after tax is $1,166.
Roughly….thats $4,664 per month on average.
So the savings rate for the average Australian is less than 10%? Doesn't sound right its that low.
This figure is believable when you take out rent/mortgage and other expenses (car, loans, credit card) averaged out over the year. About $5000 per year cash. Some will be higher and some will have none at all.
Less than 10% sounds about right.
https://tradingeconomics.com/australia/personal-savings
Australia's average personal savings ratio is right now about 2.1…. percent.
You think the average Aussie is saving more than 10%? A lot of people are living paycheck to paycheck.
There is something wrong when some one on $79,716 per annum pre-tax is living pay to pay.
Note we are using the term Average.
@tsunamisurfer: I'm not even sure what to blame.
The people for not knowing how to budget/save?
Culture for not encouraging saving (and instead glamourising consumerism?)
Banks and governments for providing such cheap credit?
@tsunamisurfer: Yes, what's wrong is you are using an average which is susceptible to outlying figures, such as small number of people earning large amounts of money, dragging the figure up to something which doesn't represent the average experience of people.
A better figure to use would be the median wage or savings which does not get altered by large, outlier figures.
But we are comparing Average Savings with Average income.
If we were comparing median savings with average income I would agree with you.
Thats why I made it clear we are talking average across the board.
The average Aussie earning an average income would be likely saving an average amount.
not much, be better than average!
How much do you save every month?
I recall a recent statistic that the average is around $400 a month. Also, what others do shouldn't have a bearing on what you do, if you want to save, or you have something you're saving toward, like a down payment perhaps, it's up to you what you feel is acceptable.
well… late twenties, 500 a week per rent 250-300 a qtr for elec n gas; 110 for mobile phone and internet
i was losing it thinking im not saving up enough (~1.5k a month) for a deposit for an apartment…
8537
Yes you are doing fine.
Literally everyone is different, of what use would it be to you?
10% of net salary goes directly to Orphan kids charity.
10% of net salary goes into a savings account with no cards.
80% of net salary sufficient to survive within means.This has been happening since I started first day of work, the entirety of father's work life and grandfather too (it was him that made us do it).
10% of take home salary is an extremely generous donation.
How long have you been doing it? Do you feel like you give up much for it/ holidays?
10% of net is even more generous!
10% of gross > 10% of net.
What point were you trying to make?
@MrBear: It actually works out to be the same - only difference is how much you actually donate and how much goes to tax.
10% of Gross would be: 10% of $1,000 = $100. Balance $900. Tax $180. Take home = $720.
10% of Net would be: $1,000 pay. Tax $200. Take home $800. 10% of $800 = $80. Keep $720.
I have been doing it for over 8 years now since first started work post-Uni. I don't feel like it's impacted me as it's money I've "never had" anyway. It's automatic direct debit that gets sent out monthly. I think most people can fairly easily live within 90% of their income and it's been ingrained in me that there's always people out there that need it more and live on far less.
Roughly 30% of our post-tax income goes to savings. We are dual-average income earnings living with MIL, so paying no rent.
Suppose it is because you are paying no rent - otherwise generally 30% is a very high saving rate !
It’s the level recommended by Barefoot ¯_(ツ)_/¯
If it wasn't for superannuation I would have no savings so if you're saving anything outside of superannuation you're doing well.
I put a little aside each month for annual expenses but year-on-year I spend everything I earn.
Slightly over 50% post tax income. Dual income married couple, renting, no kids. Saving aggressively to build our first home to our liking
How much are you currently saving per month?
What are you saving for?
Do you still live at home?
Is there frivolous spending you can cut down on?A common idiom would be 20% pure investment/wealth building savings. So that excludes holiday/fun accounts or emergency funds.
If you can save save 20% of your salary every year and continually reinvest it, for you that may be a house deposit. Then you are on a good path.
I save 25% of my income. Early 20s, no kids, renting.
Thats because the average Australian saves absolutely NOTHING!
Ask the banks. They have to go overseas to obtain finding for loans
The average Australian is living on borrowed money! FACT!!!!
NB: This answers OPs question and in no way reflects the situations of thrifty OBs
I only save in Super.
About $1550/mo.
You earn nearly $200K plus super?
There is room for improvement.