To feel utterly deflated that it’s ‘only 12k a year’ and to ask when is enough?

1k is amazing. Yes its 'only' 12k a year but its still 12k a year! Are you saving for something specific that will make the hard work worth it?

I voted YABU to feel deflated. Some might say this is a stealth boast!

Anything saved after debts are paid is good. Whether it's £5 or £50. £1k a month is an excellent start. It will all add up over time. You may need to dip into at times for an emergency but that's what's it's for isn't it. It sounds like you're sensible and on the right track. Keep going.

Ignore your brother. It's also wise not to share personal finance info with people.

I think it's amazing and gives you choices you wouldn't have otherwise. It's all relative but it's a huge amount for someone in debt or in poverty as many of us are. I don't know what your brother is trying to achieve but he should fuck right off with that.

You’re doing well, he’s projecting his insecurities on you.

Keep going, haters gonna hate!

Read this. https://www.raisin.co.uk/newsroom/better-saving-money/ you are doing amazingly. I wouldn't talk to him about money any more

He's an idiot! Congratulations on the amazing achievement of paying off that debt and saving 12k. If he isn't, I'm proud of you.

Yeah but what would happen if you needed a new boiler and had no savings? You’re still far better off by putting the effort in.

Everyone has different attitudes to money - he could have just made a comment in passing, or thought it was disappointing in general that money doesn’t go as far these days, or maybe he’s just pessimistic, or even jealous! - but whatever he meant, you’ll still have 12 grand at the end of a year and that’s miles better than nothing.

Your money is personal to you so keep on doing what you’re doing! It’s a great achievement, but not necessarily one to share!

Your brother is not being supportive and that is a very healthy level of saving - be proud of yourself. Maybe check out Money Saving Expert or see an independent Financial Advisor to make sure you are making the most of your savings.

That amount monthly is very creditable. A new boiler would be around £4k so you would still be doing well. I hope it's in a high interest account.

And in less than ten years will be well over £100k. Absolutely fabulous effort.

I think this is a huge achievement! It might be wiped out by a boiler or a new car or some other calamity but without it you'd having to take on more debt in those situations.
Make sure you are on top of savings rates to make make the most of your savings.
Every person that has £££££ in savings started is £1000 at some point. It's most important £1000 you save. Its the start of financial resilience and it's the start of a new approach to finances. Once you have savings and a habit of saving it grows and with compound interest you can really start to see the differences in a year or two

Half of my house deposit was saved scrimping every penny over 4 years. The other half was saved £1000 a month for a year. I had the advantage of being in a relationship with someone that was saving the same. It can make a big difference to your finances. Be proud!

Some people are too black and white- he should be seeing what a huge achievement it is and not commenting on it. You’re doing amazing op

It really is.

Fair enough. You seem very thoughtful.

You're doing brilliantly! I think very few people save that much each month. Many people don't get the opportunity to save anything at all.

When I first started saving, it was literally a tenner a month as that was all I could afford. I can afford more now but that is only after a few job changes etc!

You go girl and have a mighty life... :)

That's amazing on one income!

1. Your brother can fuck off
2. You are a shero
3. I just got a new boiler for £3k, but had to 0% finance it because I am not in the ace position you've worked to get yourself in, yet
4. Look at Dave Ramsey's Baby Steps. They will sort out your financial life. You're already a few steps in!

Im saving exactly £0 right now so you are £12000 ahead of me

Your brother is envious of you. He is probably £1k a month or more in debt (along with partner). People who have less than you are often like this. Jealous as hell. But he'd never tell you what his real circumstances are.

Good on you. It's a great achievement to do what you are doing. Enjoy the feeling and never discuss finances with anyone ever again. x

Well now you know not to discuss anything financial with your brother.

Better to surround yourself with positive people.

You're doing very well. Keep going.

You clearly have a very high income if you can save that much a month on top that of paying a mortgage and childcare out of a single income. So maybe your (mortgage free) brother is thinking you should be able to save more and forgetting that your expenses are higher than his. If he's generally supportive then ignore it and don't talk finances with him again.

Talk to an IFA about the best way to save and how much you should lock away. Everyone has different priorities and what is important to some people will be less important to you and vice versa.

In most cases but particularly if you're a high income household then saving into a pension is better than a S&S ISA for long term savings because you don't pay income tax on anything that goes into your pension which gives you (assuming your have a marginal tax rate of 40%) an 67 % increase straight away e.g. if you can afford to save £1000 out of your taxed income you can save £1667 out of your pretax income and it has the same impact on your bottom line.

At the moment you're probably still thinking about building up a cash buffer in which case put it into the highest interest savings account you can find until you've got a few months expenditure saved. Then reduce the amount you save there and let it tick over taking from it when you need but topping up smaller amounts regularly so it doesn't disappear entirely and start to increase your pension savings. S&S ISAs are good for midterm savings (min 5 years) since they are more accessible than a pension so how you split mid to long term savings between pension and S&S ISA will depend on your needs. All of those are more important than overpaying your mortgage, mortgages have low interest rates so will happily tick over with regular payments. But like Isaid, talk through your specific situation with an IFA.

@Haddenouggh you should be really proud of yourself. I suspect your brother is awful with money.

Just remember £12k a year for 10 years is £120k plus interest.

As you are paying a mortgage as well I think you can afford to review how much you save, as life is for living too. Cutting back to £500 a month is still £6k a year. Plus £6k to spend on holidays and treats making memories for you and your DC.

Also remember once your mortgage is paid off you then release more money that you can save/spend.

I think any lone parent who’s able to do that is winning. You are doing great OP keep going!