How much would you want in savings before you would relax a bit?

You can afford heating, and actually can't afford not to heat; you and your child need a warm home to reduce the risk of unpaid sickness time off and of getting expensive damp / mould in the house. It's worth breaking down what exactly you're anxious about; it sounds like on paper you're fine Your child needs food, a home, clothes; but anyone would get help towards food and housing at a certain point, so you just need enough to cover emergencies (boiler), unexpected extra costs (extra shoes / a filling), and a period of regular bills to tide you through to either a new job or benefits (say 3 months). It is not actually only you with ultimate responsibility; the welfare state is smaller than it was but it still exists. You need to logically take on board that you don't need more than that sensibly worked out emergency fund.

I think £17k is too much actually. £10k was always my minimum number; that gives a really good cushion for most potential issues. We did hit a lean patch once, but then only actually spent £4k of the emergency fund after all, because the budget is multiple simultaneous emergencies not just one. With the extra money saved - if you can pay some money off the mortgage then you'd get a mortgage holiday on the event of issues (direct saving on bills), but also not lose out on universal credit over the £16k if you wound up needing it later. If / when you've paid off the mortgage then it's good to top up your pension.

I can’t fathom having thousands in the bank and worrying about putting your heating on. Honestly.

You're missing the point. Not many, I struggled to have one year, but with the work situation the way it is currently, one year wasn't enough. Also, I didn't say you need two years salary. I said you need enough to cover your outgoings for two years. They are not the same thing.

OP you have a good level of savings. More than most people. You can afford to put the heating on thanks to your diligence. That's what savings are for. You will feel better if you can relax a little and enjoy life.

What are you actually saving for and how much will it cost? Surely that’s the ideal amount not some pie in the sky figure?

I'm a singe parent and don't really have any savings other than what I'm putting into kids ISAs, and making sure I have money for birthdays and holiday. Any extra money goes on overpaying the mortgage or into my pension, which is very minimal so needs building up way more than savings. I also have mortgage insurance. Universal Credit would cover my expenses if I lost my job, until I got another one. I guess I should really get some savings together. But it doesn't stress me out at all. Maybe it should!

Single parent although he's at uni now. I have £29 in my account to last until the end of the month. No savings. Shafted in divorce, still paying extortionate mortgage on marital home as I couldn't afford anywhere else, ex pays nothing to DS towards uni and I have disabled relatives living with me who contribute the minimum - but I can't really chuck them out on the streets.

I've had to use credit cards sometimes to buy food as in paper I don't qualify for any help.

I used to get a lot of anxiety about what would happen if I lost my job and lost my home - there's just not enough of a safety net. It's the fear of things escalating. I think I've just coped with a lot of difficult things so now I think I'll probably cope if something bad happend. (Not 'cope well' - just 'I'll probably get through it'...)

For most income levels you have a very good amount of savings. I would invest a little of that to try and beat inflation eroding it and if you own your own home think about investing in some things which help keep bills down (loft insulation and energy saving light bulbs are good options).

What is your housing situation? I need to have a cushion / my Dsis also single parent v happily lives completely hand to mouth

£17,000 is good op. I would take some out & leave at home as if you have less than £16k, you would get help if you lost your job.

Perhaps when they increase that threshold they can also increase every single tax threshold by the same percentage? Pigs might fly.

It’s not the money so much as the responsibility. Your savings are a really good amount but that doesn’t change the responsibility of it all.

Is there anything else you can do to help your self? Can you put more time into building your network? Can you check you are meeting your needs in terms of physical and emotional health. You are doing an awesome job but need to find ways to feel confidence in this. A friend joined a single mums group and I have seen her find her crowd and a few of them do all sorts of cheap but nice things together. The big win has been in her confidence which was low before hand due to her shitty ex and how overwhelmed she felt by being the only parent.

If you have £17k savings you do not need to be panicking. Most people in the UK have far far less.

Worrying can waste so much time and cause so much distress. Live for today, yes be sensible with your money but try and get some perspective. If you are so anxious see your GP.

Oh fuck off. Who seriously has 2 yrs salary in savings?

We have about 16k in savings. Would like it to be 20k

@baoap

This is the real issue, the sole responsibility to provide for your son. Where is his father in all of this, I presume he plays no part in DS's life. Let alone financially?

in some ways )if you're not together) this is the easiest option as you have total control over your & the child lives. But you also have total responsibility, it's tough.

I don't think there's any magic number that'll change that.

i think the best thing you can do really is write a list of your fears, then try to find ways to put things in place so you can worry less. Various kinds of insurance would help ?(life, terminal
illness, redundancy). Having named guardians for DS.

small things like accepting you and DS need & deserve to be comfortable & warm over the winter & that costs. Set yourself up best you can to keep the heat in & buy throw over heated blankets, dirt cheap to run, or oodies if that's more your thing. Cosy PJ's & bedding.

Accept some of your savings needs to be spent on being comfortable.

Big Hugs, it's not easy xx

It'll always be a bit more than you have got!

@NamechangeForthisquestion1

how much savings exactly do you think people should be able to sit on while getting benefits?

Are you renting?
Do you have a mortgage? How much is left on it?

Those are the biggest questions and to me the savings are meaningless depending on the answers.

Honestly, sounds like you’re doing great. The vast majority of brits don’t have a months expenses to fall back on.

We are a couple and now have about £10k, to us this is amazing. A few years ago we were heavily in debt living hand to mouth.

Yes, I completely agree-I’m not sure the OP has answered that?

£17k is great if the mortgage is paid off. If you still owe £350k on that or if you’re renting, then that’s quite a different picture.

This thread is so far away from
What most people have got.... basically fuck all.

I'm so relaxed now I don't have debt.

I keep £2k as an emergency buffer.

I have no need for more in cash than that.

If I had more I'd use it to overpay the mortgage

Doesn't it really depend on the housing situation? I have around £10k which I'm ok with but I'd only be comfortable with my mortgage paid off.

If I was renting I'd want a lot more.