Page 4 | Should I be worried about my savings?

Sosomuchpain · 2024-06-03T16:57:54+00:00

or lack thereof We’ve got 20k between us. I don’t know, it hit me today that some people might consider that incredibly low. Is it? Should I be putting my sole focus into building back up my savings. 2 adults 2 children (one nursery- 15 hrs) atm it’s a moderate focus. Spare cash goes towards travel and savings from my old financial advise days it was around 6 months living expenses in savings which I think that is. Am I flapping over nothing? (we just shelled out 40k for our htb and 20k for a new car)

ViciousCurrentBun · 03/06/2024 19:20

It’s the sort of question that really is irrelevant because for starters you haven't put your age or possible career projection. You also haven’t put what a years living expenses are for you. That’s the starting point to all budgeting with a % increase for inflation.

Original poster

Sosomuchpain · 03/06/2024 19:15

CheshireDing · 03/06/2024 19:10

I know you didn't ask for sympathy OP, my point was saying that you wouldn't get any from me.

Sorry but you come across as a bit bratty.

YABU . You have a good chunk of savings, you have just spent a good chunk of savings (you could have spent less than that but decided to get a warranty etc too).

No you shouldn't be worried. Yes you should be more aware and read the room.

My question was more on, if you were me, would you put your focus into building back up your savings and pausing all travel and holidays or basically don’t sweat it and carry on as is, gradual build up

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MuttsNutts · 03/06/2024 19:14

Some people will have more, some people will have less and some people will have nothing at all. We have no idea of your living situation, financial outgoings or anything else - how are randoms on the internet supposed to know how much money you personally need?

It sounds like you’re doing ok. There, is that better? 🤷🏻‍♀️

XiCi · 03/06/2024 19:13

ive seen different figures, that the average is 11k or 17k
So you already know you are doing better than average so why worry

ChazsBrilliantAttitude · 03/06/2024 19:12

OP seriously. You’d have to be living under a rock not to know how this post would be perceived.
Ideally people should have 6 months expenses saved up but most people probably don’t.
Those of us who are in a position to save should acknowledge that we are in a privileged position and take our queries to a dedicated money section or site perhaps.

CheshireDing · 03/06/2024 19:10

I know you didn't ask for sympathy OP, my point was saying that you wouldn't get any from me.

Sorry but you come across as a bit bratty.

YABU . You have a good chunk of savings, you have just spent a good chunk of savings (you could have spent less than that but decided to get a warranty etc too).

No you shouldn't be worried. Yes you should be more aware and read the room.

ssd · 03/06/2024 19:09

incywincyspiders · 03/06/2024 18:37

I absolutely hate these baity posts in the middle of a cost of living crisis.

Hear hear 👏👏👏

vodkaredbullgirl · 03/06/2024 19:08

Only nest egg is my pension, in 12 years I can retire.

Original poster

Sosomuchpain · 03/06/2024 19:05

incywincyspiders · 03/06/2024 19:02

@Sosomuchpain it is a baity post because unless you have been living under a rock you would absolutely know that many, many people would have no savings whatsoever. It's either baity or you are very out of touch. Which, given the current political climate, is quite worrying.

But people from different backgrounds and income levels can all worry about their nest egg. Especially given how much harder it is to save nower days

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incywincyspiders · 03/06/2024 19:02

@Sosomuchpain it is a baity post because unless you have been living under a rock you would absolutely know that many, many people would have no savings whatsoever. It's either baity or you are very out of touch. Which, given the current political climate, is quite worrying.

dolphinsmakemecry · 03/06/2024 18:59

Well I've got £700 savings and I'm approaching retirement age. So if I were you OP, no I wouldn't be worried. I'd be ecstatic!

Original poster

Sosomuchpain · 03/06/2024 18:59

NosyJosie · 03/06/2024 18:56

You’re asking how long your piece of string should be …. so this is a meaningless question.

It’s not for anyone to say if you should be worrying or not. Without knowing what you and your husband do for a living (clearly not used cars salesmen), risk factors etc, how on earth would anyone else be able to advise on YOUR comfort level?!

I think a 6 month buffer would be a good idea for most couples if it’s unlikely you’d both be jobless at the same time

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Could’ve sworn I said in my OP it was about 6 months expenses but I’ve just re read it and i didn’t . My bad.

we can’t guarantee we won’t lose our jobs at the same time. It seems improbable but it’s possible

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Temushopper · 03/06/2024 18:57

I’d say in general if you are spending enough less on a month to month basis to be able to save up for annual expenses and put something in long term savings you are fine 🤷🏼‍♀️

NosyJosie · 03/06/2024 18:56

Sosomuchpain · 03/06/2024 18:48

Didn’t ask for sympathy.

asked should I be worried

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You’re asking how long your piece of string should be …. so this is a meaningless question.

It’s not for anyone to say if you should be worrying or not. Without knowing what you and your husband do for a living (clearly not used cars salesmen), risk factors etc, how on earth would anyone else be able to advise on YOUR comfort level?!

I think a 6 month buffer would be a good idea for most couples if it’s unlikely you’d both be jobless at the same time

JanglyBeads · 03/06/2024 18:54

This, from www.money.co.uk/savings-accounts/savings-statistics
, suggests that a third have under £1K and two thirds have less than they need to survive for three months:

Original poster

Sosomuchpain · 03/06/2024 18:48

CheshireDing · 03/06/2024 18:45

What is your point OP?

Just here to show off are you and make others feel bad ? I think that is a very good amount of savings. I also think it's odd you spent £20,000 on a car (and then came on here complaining you had less savings)

Honestly, zero sympathy from me.

Didn’t ask for sympathy.

asked should I be worried

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Original poster

Sosomuchpain · 03/06/2024 18:47

Cnidarian · 03/06/2024 18:36

It really is true

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Could you link an article please, as I’ve only seen sources say 25% (obviously that’s not great either)

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CheshireDing · 03/06/2024 18:45

What is your point OP?

Just here to show off are you and make others feel bad ? I think that is a very good amount of savings. I also think it's odd you spent £20,000 on a car (and then came on here complaining you had less savings)

Honestly, zero sympathy from me.

Original poster

Sosomuchpain · 03/06/2024 18:44

GameOfJones · 03/06/2024 18:40

Spending £20k on a car that depreciates in value seems absolute madness to me if you're concerned about your savings.

General advice is to have 6 months of living expenses accessible in case of job loss, illness etc.

It was a necessary purchase as our other car was no longer fit for purpose.

the car itself was 18k, but then with like extras and warranty it was the best part of 20k. It’s not a fancy car and is 5 years old and the cheapest that met our needs, one that can fit 3 people in the back with 2 car seats.

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DildoHarding · 03/06/2024 18:43

incywincyspiders · 03/06/2024 18:37

I absolutely hate these baity posts in the middle of a cost of living crisis.

There's always an increase before an election. Bots commenting that it's not so bad because... savings, add in it not being true that very few have no savings therefore we must all be living the high life - job done.

Original poster

Sosomuchpain · 03/06/2024 18:42

incywincyspiders · 03/06/2024 18:37

I absolutely hate these baity posts in the middle of a cost of living crisis.

It’s not a baity post, people from all walks of life do worry about money

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AGodawfulsmallaffair · 03/06/2024 18:41

incywincyspiders · 03/06/2024 18:37

I absolutely hate these baity posts in the middle of a cost of living crisis.

Me too.

GameOfJones · 03/06/2024 18:40

Spending £20k on a car that depreciates in value seems absolute madness to me if you're concerned about your savings.

General advice is to have 6 months of living expenses accessible in case of job loss, illness etc.

incywincyspiders · 03/06/2024 18:37

I absolutely hate these baity posts in the middle of a cost of living crisis.

Cnidarian · 03/06/2024 18:36

Sosomuchpain · 03/06/2024 18:30

I don’t think that’s true,

ive seen different figures, that the average is 11k or 17k and as a PP said about a 1/4 have basically none

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It really is true