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How much money do you have in savings?

(48 Posts)
whiterose2011 Sat 20-Jul-13 17:55:33

Hope nobody minds sharing but I'm wondering about savings. We currently have about £25k in cash savings that we could access quickly (ie in ISAs etc). We are thinking about selling out flat and buying a house so would put all this into the purchase to bring our mortgage payments down. But, I feel quite uncomfortable about having nothing left in reserve. We both have good jobs that are as secure as any job can be but are by no means wealthy. The £25k is as a result of many years of saving. Do you have a minimum amount that you feel comfortable having in reserve just in case? Before I get flamed, I realise that we are very lucky to be in this position so please don't slag me for posing this question.

mrspaddy Sun 04-Aug-13 20:01:35

I have about 10 k of my own.. DH has a bit too. I am thinking of paying off some of the mortgage but worried about reserves/emergencies. I won't be able to save much anymore once baby/childcare fee's come into play. Also I would need some of this money if my car broke down and DH doesn't contribute to my mortgage as his is bigger even though tenanted.

wokeupwithasmile Sun 04-Aug-13 19:56:25

dandydorset. Hats off to you, you should be proud of yourself and I am sure your kids are too. So sorry to hear about your loss, it must be really hard.

cacamilis Sun 04-Aug-13 19:14:01

dandyDorset, you didn't come across as crass at all. I can't understand why you got a patronising reply. I though it was obvious from your post as a single mum to three kids you had been through a difficult time at some stage in your life. so sorry to hear you lost your husband and your kids their father.

mejypoo Sun 04-Aug-13 10:54:23

About £6K, started saving earlier this year when I fell pregnant with first. Both on professional jobs however hubby might be made redundant early next year hence the frantic saving!

Have also managed to fix mortgage for 3 years at 2.54% which gives us a bit of security.

Before this year we have never had any savings although lived a lavish lifestyle. Wish I had started saving earlier to be honest...

Sleepyhoglet Sat 03-Aug-13 19:42:04

Personally I have only about £6k, would have more but have spent a fair few thousand on my post grad training. I'm 26. My husband has more, about £30k, but a lot of that is in investment isas. It isn't for spending. He only started a pension in his mid 30s so that money is top up pension really.

mizu Mon 29-Jul-13 13:53:00

£5K - which is all we have saved for a house deposit at the moment. Neither of us earn much so it is hard to save £500 a month but we do it.

dandydorset Sun 28-Jul-13 22:25:52

emma,no i was not,i can tell you that paying of my morgage because my kids dad died is not something i would choose,no dad to help bring them up emotionaly or financialy,only my parents around,mum has alziemers

so yes i have no net in the partner or family way,thats why i want to add,my son wants to go to uni in 4yrs time its me that can only help

sorry if i came across as crass and spoilt,

but security comes in many ways,not just financial,anyway enough said

emma16 Sun 28-Jul-13 22:16:20

dandydorset, £8k in savings, £220k in equity & a single parent, i'm pretty sure your not that worried about adding to your savings and i hope you do appreciate there are a lot of people just about keeping their head above water & your not just posting that to rub salt into some people's wounds who aren't as lucky as you!!
We have £3500 in our savings pot & probably should look into putting it into something that earns some decent interest but rates are so low at the moment i wonder if there's any point?? Our mortgage is relatively small at £75k & my husband is lucky to have a very well paid job & a decent pension pot put away so far. We live quite a simple life with our 2 kids & have unfortunately experienced some losses of close family members that have come completely out the blue, therefore our outlook on life has changed a little. It's great to have a little pot for a rainy day, but also it's so important to live & enjoy every day when we're here & not constantly fretting about putting money away for the days that hopefully we see. It's a tricky balance but there's no point being the richest person in the graveyard & i know of people who had the big house, savings, money etc & ended up in care homes in the last years of their lives with people who lived on benefits, council houses all their lives because they just had all of that took off them to pay for it!! The people who didn't have the big house with equity, savings, still got it, but got it for free. Like i said, it's all a balance smile

dandydorset Sun 28-Jul-13 21:14:46

8k saved in various ways

single parent to 3

morgage paid of so about £220k worth of house

would like to add to savings but no way at moment,just breaking even at the moment

it is nice to have the safety net though,but understand alot of people just
about keeping their head above water

Doobydoo Sat 27-Jul-13 19:52:01

-Nowt...hope to rectify starting June 2014

32p

treacleturkey Sat 27-Jul-13 14:17:52

Although now have around £70-80k equity in my house.

treacleturkey Sat 27-Jul-13 14:16:11

Nothing.

2rebecca Fri 26-Jul-13 23:44:38

The value of houses I have had since first buying in my mid 20s has gone up faster than any savings would have.

2rebecca Fri 26-Jul-13 23:42:51

Offset mortgage and until recently very little in savings but have income protection insurance, have concentrated on paying off mortgage plus kids at an expensive age and better value for money spending than saving recently.
Things have improved so we've recently had more to save so are doing ISAs/ high interest accounts etc as the mortgage has reduced (we're getting old!)
I would definitely go for getting the mortgage down /offsetting over having alot of savings though, but I have to save money to pay tax twice a year anyway.

Becksteroo Tue 23-Jul-13 22:37:06

I have a similar dilemma. Savings= 40% of annual income. Im expecting my 1st child in 6 months but do not own my home and wonder if using all of the savings is worth the security of a permanent home. I cleared all my debt last year and am confident income will cover living costs plus some spare to save again.

SuedeEffectPochette Mon 22-Jul-13 21:38:39

You could have an offset mortgage. That way anything you "save" is offsetting your mortgage but if you ever needed the money again you could draw it back out. Savings are pointless as they earn no real interest, whereas if you offset you are "saving" at least 5% or so......

HystericalParoxysm Mon 22-Jul-13 11:15:53

*would not need

HystericalParoxysm Mon 22-Jul-13 11:15:34

Yes, ideally you would be we need the benefits system if you have enough savings. But you can experience problems if you are just over the savings threshold. In some cases money is better used to lower the mortgage rather than being kept in the bank.

Surely the point of having savings is so if you have an emergency you're not reliant on the (notoriously erratic and unreliable) benefits system?

brighttoenails Mon 22-Jul-13 10:52:44

Good point HystericalParoxysm, I was always careful to keep my savings below £3k (used to be the threshold) when I was on benefits/tax credits. When I became unemployed due to our employers going bust, I (and others) could get benefits immediately and housing benefit to cover rent while others had to run down their savings and couldn't get help for mortgages - they seemed worse off as couldn't claim anything. So depending on your circumstances, keeping so much in savings isn't always a good idea, especially if you have to do without a lot in order to put money by.

HystericalParoxysm Sun 21-Jul-13 22:54:52

Just be aware that under universal credit, having over £6k in savings will affect your ability to claim tax credits.

I have none but I pay a huge amount per month into a pension and would sooner pay off the mortgage early than have money sitting in the bank. I do have income protection insurance too.

Arisbottle Sun 21-Jul-13 22:11:45

I don't mean that we save 1/3 of our salary, rather that in our savings we have about 1/3 of our yearly income before tax.

Arisbottle Sun 21-Jul-13 22:11:02

About 1/3 of our yearly salary is saved for us.

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