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AIBU?

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Original poster

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

90 replies

baoap · 20/08/2024 14:05

I’m feeling so stressed and to be honest I can’t remember when I wasn’t stressed about money. I’m on my own with ds (5) and since he was 2 I’ve pretty much obsessed about feeling more secure. I have managed to save 17000 but our basic expenses are 1,500 a month. I can only save 300 a month at the moment and often it gets wiped out for example last winter with a huge heating bill that just couldn’t be avoided. I feel miserable living like this. I sometimes wonder what amount I’m trying to get to that would make me feel better, I guess 50 or 100k but that’s obviously not going to happen.

OP posts:
Original poster
baoap · 20/08/2024 14:55

Really kind thank you for saying I am doing well! I feel like I’m doing absolutely rubbish most of the time! I wish I could stop this constant panic but it’s always there

OP posts:
DarlingClementine85 · 20/08/2024 14:52

Wow you're doing well! I'd love to have that level of savings. Two kids here, husband works full time and I'm around 2 days a week. I'd say we have three months of expenses saved and I thought we were doing ok! Two years expenses as a PP said would be about £60k.... How would you even begin to save that much as an average person with one salary?!

Confused118 · 20/08/2024 14:46

A lot of that depends on whether you're paying a mortgage or loans etc within your £1500?

Chocolateorange22 · 20/08/2024 14:44

We have just enough to cover bills for three months if DH loses his job. Ideally I'd like about 20k savings but I'm PT at the moment so it's the odd £100 here or there that goes into it. Once I'm back FT then I'll definitely be able to contribute a much bigger sum to the pot to increase it.

Flossyts · 20/08/2024 14:42

I’d feel ok with 3 months expenses. BUT as a single person also made sure I had decent life/illness cover. Also do you have a pension?

sounds to me like you can definitely relax a little op. Well done saving so much - that’s an amazing effort on one persona salary x

ShesRunningOutTheDoor · 20/08/2024 14:31

If you have more than £16k savings and say lost your job, you wouldn’t be entitled to any universal credit etc.

Original poster
baoap · 20/08/2024 14:30

Thanks I am 44. I don’t have anyone to fall back on no family etc so it’s very overwhelming a lot of the time. Dreading winter.

OP posts:
LittleBirdd · 20/08/2024 14:25

If you have £17k to fall back on you're doing ok for now.

Snoken · 20/08/2024 14:25

I have had some big unexpected bills recently so I am down to my last £7K now and there is another bill to come. I had managed to keep it over £10 the whole year until now but I am saving £400-£500 a month so if nothing else happens I will be back up to £10 in 6 months or so. My goal is to have £20K, that is what I can live off (cheaply) for a year.

CharSiu · 20/08/2024 14:22

You have left out one of the most important things, your age. You could be 25 or like my mate 49 with a 5 year old.

Pressure on single parents is always immense as sole provider. I was under impression that 6 months living expenses was considered good.

Backtrackingfuriously · 20/08/2024 14:14

Single parent with two teens and I have £6k in savings, which I'm not currently adding to. I feel fortunate to have anything, but would feel a lot more comfortable with twice that. It would see us through three months in an emergency if we really tightened our belts.

Original poster
baoap · 20/08/2024 14:10

I will never have two years savings just impossible

OP posts:
Ponoka7 · 20/08/2024 14:09

HappiestSleeping · 20/08/2024 14:06

It used to be that sufficient saving was defined as being able to live for a whole year with no income. These days, I'd be more inclined to think of it being better to havesufficient for two years.

What proportion of single parents is that realistic for?
It's more important to overpay your mortgage, have good insurance covers and minimal debt.

Ponoka7 · 20/08/2024 14:07

Have you posted this before? They say three months expenses. A lot of people have no chance of doing that. You are making yourself miserable. It's going to be a joyless childhood for your DS if you carry on.

HappiestSleeping · 20/08/2024 14:06

It used to be that sufficient saving was defined as being able to live for a whole year with no income. These days, I'd be more inclined to think of it being better to havesufficient for two years.

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