Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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

218 replies

Haddenouggh · 12/12/2024 21:11

I left a very abusive man when my child was 1. I claimed maintenance and worked myself into the ground to try and recover. My child is now 3 and I’ve paid off 17k worth of debt and since March I’ve been saving 1k a month. I know the golden rule is not to share details about finances but I was proud I had dug myself out of a hole and now have a few thousand saved too. My brother who is usually very supportive turned round and said to me that I had a long way to go before financial security as 1k a month is ‘effectively only 12k a year.’ Well yes I know that but surely it’s a start? I had envisaged slowing down the saving soon to do more stuff with dd, maybe reducing saving to 500 a month. After his comment I just feel totally deflated. I have a mortgage still but most people do my age.

I don’t need anyone to be kind to me and say I’m doing well if I’m not, I genuinely would like perspective on this and whether I am deluded that I was making a good start. I can’t physically save more than 1k so in some ways I guess it’s pointless asking but I feel so bloody fed up and suppose I know deep down that 12k a year isn’t life changing but given how much I’ve been sacrificing it all feels very shit. I never thought I would be a single parent and this has made me feel more alone.

OP posts:
Yellowbananasarebetterthangreen · 12/12/2024 23:23

So you've paid off 17k AND saved 12k this year? Thats 5k more than I earn. How can having paid all that off and saved all that in any way be considered shabby? Your brother clearly has no real idea/grip on reality. Ignore him!

SummerFeverVenice · 12/12/2024 23:22

He is being spiteful. £12k/yr is fantastic.

What I would take away from his comment is looking at what are you saving for now the debt is paid off? Key things I’d think of are an emergency savings fund (for the boiler scenario), holiday/fun stuff fund, child saving fund, and your retirement.

I think you could take that £1k/mo and put aside (only suggesting)
£100/mo holiday fund
£100/mo ISA for your DC- you can use to pay for activities and tutors as she grows up and then have a bit towards Uni costs when she reaches 18.
£300/mo to start building an emergency savings pot
£500/mo in a SIPP or other pension for your retirement

This is just a rough example. You’ve cleared the debt and can now think of savings goals. Even a small monthly amount adds up and it grows! Take time to find best interest rates and ways to make your savings grow.

Elphamouche · 12/12/2024 23:20

DisorganisedMummyTurningOrgnaised · 12/12/2024 21:28

OP is not just £1k a month you are saving, you’re also paying off your mortgage. You need to see that as a saving too - it’ll come straight back to you when you sell up. Then if you have a pension, that also counts as saving. £1k a month PLUS whatever is going into your mortgage AND a pension is very very VERY good!

Thank you for the comment about the mtg. I’ve never thought of it like that and as people who are basically starting again, but have continued paying out mtg every step, I now feel a whole lot better about our situ!!

OP, your brother is a dick. You’re doing an amazing job! And if he spent £12k on a boiler then he’s more money than sense!

Tahlbias · 12/12/2024 23:19

For you to be a single parent, have a mortgage and save 1k a month is amazing OP. Don't be deflated, maybe he is only looking out for you and being practical?

Standingontheedgeofforever · 12/12/2024 23:17

DragonFly98 · 12/12/2024 21:24

It’s a lot to save but not very financially savvy when you have a mortgage unless you are also overpaying a similar amount?

It depends on the relative interest rates.

We save three times as much as we overpay on our mortgage per month (tbh, we should just save the whole thing, it's just a historical direct debit overpayment) because the interest rate on our savings is currently higher than on our mortgage.

We're planning to clear our mortgage with the savings (plus accrued interest) when our term comes to an end in eight years.

Ubertomusic · 12/12/2024 23:17

I'm a single mum and I can't save anything, you're doing an amazing job OP! 😁

dontcrowdthemushrooms · 12/12/2024 23:16

I think £1k a month is an amazing amount. I earn a good wage but with debt repayments and other expenses I’m lucky if I save £50 a month. Good for you, enjoy it!

user1492757084 · 12/12/2024 23:14

You are doing amazingly well to save that amount.
You can look at investing in another property once you have a sizable deposit and a buffer for if the boiler bursts.

Cojones · 12/12/2024 23:12

OP you’re doing fantastically well. Don’t let your brother’s thoughtless comments get you down.

There were times when my two were small, childcare bills were huge and we only had £2k-£3k in savings because we just had nothing to spare to top them up. I lived in fear of some catastrophe happening and wiping us out. We got through it, things are better now.

sammyjoanne · 12/12/2024 23:11

I think you have done amazingly well. 12k is great achievement and is a lovely pot should anything go wrong in the house, or you need to get a new job etc. You are being very smart about it and should be applauded for that.

MzHz · 12/12/2024 23:10

You know the reason why we choose men who abuse us? The training from our parents/family.

@Haddenouggh ignore your brother
put some distance between you and him and only associate yourself with those who support and lift you.

Screamingabdabz · 12/12/2024 23:08

If I had £1000 spare to save every month I’d think I’d won the lottery.

Vcal2017 · 12/12/2024 23:05

Sounds like jealousy to me.

WonderingWanda · 12/12/2024 23:05

Haddenouggh · 12/12/2024 21:14

@SuperLoudPoppingAction I’m trying but he said things like ‘a new boiler could wipe that out’ etc… I know he’s looking out for me too but it just makes me feel it’s all been quite pointless

Tell him he's welcome to top it up if he's concerned it isn't enough....or tell him to fuck off somewhere and count his money quietly. I think you are doing brilliantly.

EwwSprouts · 12/12/2024 23:04

You are doing brilliantly. One third of adults have total savings less than £1000 or none at all.
https://www.money.co.uk/savings-accounts/savings-statistics

Sunshine1500 · 12/12/2024 23:03

It’s 12k more than me!

SidhuVicious · 12/12/2024 23:03

I don't think most people are saving £1k a month.

VestaTilley · 12/12/2024 23:01

I think you’re doing brilliantly; you’ve removed yourself and your child from a dangerous situation, have rebuilt your life and you’re saving money. You’re an inspiration to us all. Ignore your idiotic brother; £1k is loads.

DivaEx · 12/12/2024 23:00

Once all debt except mortgage is paid off you should aim to have 3 to 6 months of expenses in your emergency fund. So if you lost your job tomorrow you should have enough to survive 6 months without using credit. I think you're doing great OP.

Thinking2022 · 12/12/2024 22:58

i would be so so happy if only I could save £1K a month. Excellent work to have paid of a debt of £17K too. There will always be someone richer and someone poorer. Comparison is the thief of joy. I hope you will be able to push his remark aside and continue to save.

BlondeFool · 12/12/2024 22:56

Deflated? Come on. You know saving a grand a month is brilliant. I can't save £10 a month and live in fear.

GoldenLegend · 12/12/2024 22:54

I had a new boiler this year. Two bedroom house. It was £3K including labour. Your brother’s being a twat. You’ve done fantastically well.

GuestSpeakers · 12/12/2024 22:50

I can't save £12k a year and I live in a 2 person household. You're doing brilliantly!

mumedu · 12/12/2024 22:46

Rawnotblended · 12/12/2024 22:33

He’s a gobshite.

I'll second that OP.

mumedu · 12/12/2024 22:44

Deadbeatex · 12/12/2024 22:40

Comparing my situation to yours, not to "guilt" you but merely and only to try and change your perspective so you can feel positive and proud again. You can't compare yourself with others generally as you rarely have similar incomings and outgoings so best just to focus on yourself. Like you I'm a single parent so it's all on me, my ex has now stopped paying maintenance so it really is ALL on me, he also hasn't seen them in 8 months (see my username....!)

I currently have £3.42 in my account and £16.19 in cash. I've had to use a food bank in the past fortnight and I've had support from charities that means my children will have a fabulous Christmas along with what I've managed to put away over the past 12 months. I don't have a hope in hell of saving a 10th of what you have in the next calendar year. The following one though that 10% should be manageable.

If my boiler broke, I don't have savings to be wiped out, I'm fucked (well I'm not because I'm in social housing but hopefully you get my point and also highlights my earlier point about not comparing!) Any amount of savings is a safety net and you've already got £12k which is incredible, and you've done that yourself by your own hard work. This figure should also hopefully continue to grow, whether by the same amount, more or less each year.

Be proud of yourself @Haddenouggh , I'm certainly proud of you!

This is lovely, generous and kind.

Swipe left for the next trending thread