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

Doing well is an understatement, you’re smashing it! I thought I was doing well saving £350 a month lol

1k a month invested wisely in a stocks and shares ISA will in 20 years turn into something in the region of 400k, even on a 5% annual return. Not a sum your lovely brother can turn his nose up to.

That's amazing.

1st of all boilers don't cost THAT much.
Do you think your brother was discouraging you from reducing the amount you save each month? He might he trying to look out for you by saying save more.
I think you've done very well to save so much, and projected saving of 500 a month is great too! I'm sure you deserve to treat yourself and your DC

Never tell anyone about your savings.

They’ll go to you if they need a loan.

Just forget about what he said and keep doing what you’re doing.

Well done. I'd be paying as much as possible into the mortgage though, as the interest on that is costing you more than the interest you are gaining on your savings ( I Presume, not sure of UK interest rates). Look at a mortgage redraw account. All your savings go in there but you can take out whatever you like whenever ( above your mortgage payments) but whilst the money is in the redraw account it is reducing your mortgage interest payments. Just a thought.

I think this thread might be humble bragging. Most people can't save £1k per month and millions can't afford a mortgage either.

Wow, well done you, I would love to put that much to one side each month!!
I wonder if there's jealousy involved there op on your brothers part.
Keep up the good work

Keep doing what your doing Op.
You are doing brilliantly.

Stuff yer brother.

I don’t know anyone saving £1k a month! I save £500 a month. Plus £100 a month into my child’s savings account. I thought I was doing well!

Keep going but make sure you enjoy your life too - I think your £500 a month plan is a good one - you’ll have saved £30k (plus compound interest of a few £k) in 5 years.

You are fucking awesome and are doing so well!!! Honestly I’m older than you, I rent and can’t save even half of that (financial life ruined by an abusive relationship in my early 20’s)

hes just pissing on your chips, keep up the good work.

huh? why not? savings rates are generally higher than mortgage rates,so it's more financially savvy to save rather than overpay. additionally, this keeps money more liquid so if you have some form of emergency, you don't need to turn to credit or similar with very high interest rates.

you have been doing amazingly. There are some finance apps like Your Juno and Female Invest, you might feel reassured looking at them. Might also help to have a supportive community around you to talk about money with.

Both of them suggest having a ‘F*ck it fund/ Emergency fund’, which is up to 6-12 months of your salary. It takes a few years to get there, but is basically whatever your outgoings would be for you to survive if you cant work/want to take time off to do whatever you want. You dont need to break your back to get there, but work out how much it would take to save six months of your salary in three years. At the rate you are going that would be £36k in addition! You probably dont need to save that much.

Our boiler broke a few years ago. Cost £3K. I don’t think your brother knows what he is talking about.

Enjoy life with your daughter x

Wow!! I’m really so impressed. Well done - don’t listen to your brother. Just believe in yourself. Keep on going making that good life for yourself and your DD - am in awe ❤️

To put things into context I save maybe 200 - 300 pm and then dip into it through out the year for stuff like car maintenance, holidays, decorating etc and other unexpected expenses . Most of my friends are in a similar situation and this is the norm for most average earners. Your brother is a dick and you are indeed doing better than most and fantastically for a lone parent... Unless of course you are earning the average MN 'six figure salary?

Your brother is an idiot. You’ve done brilliantly and are doing waaay better than me. You should be proud of yourself!!!

Your brother is being an idiot you are doing very well to pay your mortgage and still save £1000 a month. Well done you! And as your grow in your career you might be able to save a lot more! Keep going, onwards and upwards!

Put it is a stocks and shares ISA and it will increase in value fairly quickly.

Most people can't afford to save anything at all. You are doing EXTREMELY well 😊

Why is he trying to undermine you? You're doing brilliantly! I feel pleased with myself if I manage to save £100 a month. Take absolutely no notice whatsoever. I'm a single mum too and some people men usually have no idea how bloody hard it is. Tell him that financial discussions are off the table.

Ignore him .
I think you're doing amazing! Well done you!
That's an incredible amount to save per month as a single parent!!!

A good quality new boiler would probably be 2 or 3 grand. You could buy a decent car for £12k. It's not much more to have the kitchen redone.

You’re doing better than me 😊 if you’ve achieved this in only 2 years then I’m sure when your child is older in school you will surpass yourself. For now, absolutely enjoy this time your child and make memories. You deserve it and should be so proud of yourself ❤️

Eh? A grand a month savings is mint.

Tell him he's welcome to add to your coffers if he wants and if he isn't, he can please shut his yap.

you have done amazing, generally if you have a very secure job ( ie public sector where redundany is highly unlikely you should have 3 months living expenses a regular job 6 months living expenses and a volatile job like acting or being self employed 12 months of living expenses most people calculate on bare essentials like no fun money if you lost your job you would not need childcare etc
12K is not enough to set you up for life obviously but it's an incredible start, please also make sure you are maxing out your pension contributions
I think you could start saving some of the 1K a month for fun like a holiday or a better car and keep adding 500+ but I would also say if you get a payrise from promotion ie above inflation try to save the increase and not fritter it on lifestyle creep
saving well can mean the option at 60+ to go part time or retire early etc a long way ahead i know but saving is always a good thing and just keep going,
By having savings you can save more as house and car insurance is nearly always cheaper if you pay it in one go rather than instalments, if you can save to buy the next car for cash without finance you save more still.
if your boiler breaks and you can pay for it without finance it costs less overall and you build your savings up again; much cheaper than having to borrow to pay for boiler.
I would not overpay mortgage or start saving for your child until your emergency fund is fully funded you have a good pension plan etc