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Original poster

Should I be worried about my savings?

112 replies

Sosomuchpain · 03/06/2024 17:57

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)

OP posts:
Moreorlessmentallystable · 03/06/2024 18:36

Sosomuchpain · 03/06/2024 18:33

Around 3k (if we kept the youngest in FT nursery, which would be a questionable decision if one of us lost our jobs).

so we’ve got about 6 months, but tbh rather than go into savings one of us would just take any job.

we could just avoir manage As is on one wage (more so on dh than mine as he earns about £200 more a month)

Show quote history

I would say you are ok then but if you feel comfortable build it up to £30k, there are good rates on easy access savings at the moment too.

Original poster
Sosomuchpain · 03/06/2024 18:33

Moreorlessmentallystable · 03/06/2024 18:10

Depends what your outgoings are? I would feel comfortable with a year expenses as savings, some people say 6 months, but I feel like a year should be enough should you and/or your partner lose your jobs.

Around 3k (if we kept the youngest in FT nursery, which would be a questionable decision if one of us lost our jobs).

so we’ve got about 6 months, but tbh rather than go into savings one of us would just take any job.

we could just avoir manage As is on one wage (more so on dh than mine as he earns about £200 more a month)

OP posts:
vodkaredbullgirl · 03/06/2024 18:31

You be fine, just build it up again.

Original poster
Sosomuchpain · 03/06/2024 18:30

Redlarge · 03/06/2024 18:29

Most people don't have any. You are ok

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

OP posts:
Redlarge · 03/06/2024 18:29

Most people don't have any. You are ok

Original poster
Sosomuchpain · 03/06/2024 18:29

B1anche · 03/06/2024 18:07

HTB?

Help to buy equity loan, 20% of the cash value of the property

OP posts:
Whatsmyusername1235 · 03/06/2024 18:16

Whatsmyusername1235 · 03/06/2024 18:15

Well when you consider a quarter of UK adults have less than £100 in savings I would say you are doing. 🙄
Some people don’t even have spare cash at the end of the month

Doing ok*

Honourspren · 03/06/2024 18:15

Some people may consider that low, many would think it's a fortune, OP.

Whatsmyusername1235 · 03/06/2024 18:15

Well when you consider a quarter of UK adults have less than £100 in savings I would say you are doing. 🙄
Some people don’t even have spare cash at the end of the month

Moreorlessmentallystable · 03/06/2024 18:10

Depends what your outgoings are? I would feel comfortable with a year expenses as savings, some people say 6 months, but I feel like a year should be enough should you and/or your partner lose your jobs.

Testina · 03/06/2024 18:08

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

B1anche · 03/06/2024 18:07

HTB?

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