My contention is that true affordability is defined as something that – when paid – does not affect one’s finances in any measurably negative way. For example – one is still able to
- feed oneself
- keep a roof over one’s head
- pay bills for necessary items (e.g. heating)
- have some fun (a reasonable amount, obviously 😊)
If we can agree on this definition of affordability – I believe that any savings that one is making should start with the least amount possible: one pound per week, 10p a month, whatever is best for you. Then, once the principle of saving a truly affordable amount of money has been established, it might be possible to slowly increase the amount being saved.
I suggest that this is the opposite of the perfectionist-style “how much could you be saving” mindset that most media, most banks and society in general tend to push us towards. For instance: Banks’ affordability tests seem designed to determine how much they can afford to lend you rather than how much you can afford to borrow.