To think it’s very bleak to be saving this and getting absolutely nowhere? What’s the point?

It depends who you compare yourself with. Everything is astronomically expensive now, I don’t know anyone who isn’t feeling the pinch.

When you say it won’t get better than £1500, would you not expect to get pay rises and be able to gradually increase that amount over time? You will be able to have a holiday but maybe you need a slightly more realistic plan for how long it will take to save for one. . Instead of expecting to save all of your £1500 towards a holiday, split the money into two pots/accounts - one for misc expenses and another for savings. Maybe for 1-2 months put all of the savings in misc expenses to get it to a good state and then a smaller amount each month from then on to keep it topped up and then the rest can go into your savings pot. When you reach a milestone -e,g a holiday, if you feel like your misc expenses buffer is too large, because you’ve been lucky enough not to need it, you could take a little out for holiday spending money or maybe a one off payment into an account for your daughter.

That way you have money aside for the inevitable unexpected expenses but you can also see a savings pot growing that you can use to plan a target date for when you can reach a goal e,g a holiday.

I can't save anything. It's just too expensive. COL has skyrocketed but my income hasn't budged. I'm grateful though; there are so many homeless people where I live! 😢

You are being ridiculous.

@Wehah you yourself have said that the 3k on the boiler is a one off and it is. Also having the trees felled at 1k also would be too. So it unfortunately has taken 40% of that fund.

By having savings has meant you haven't had to go into debt to maintain your house which is great news. Not sure of your timescales of saving but if it's been a year then you should have some buffer left.

It's unlikely that you will incur those massive expenses in the next 5 years. Sometimes life happens and it is up and down, but it won't be so bad next year. You are doing really well with your savings. Think about pp ideas on ISA etc,

People get financially secure by having a two income household. You're managing to run a household all by yourself AND somehow saving that much. That's the achievement right there. I'm not sure anyone ever really feels financially secure but you're doing amazingly.

With my health conditions I don't expect to reach retirement age so focus more on my family's current needs and wants. My bathroom is also more than 70 years old, my roof even older.

Windows and doors are expensive but it's good to have that much done.

Now, seriously it's not too late but you must start saving for a pension. If you are employed, your employer should have a scheme that you are enrolled in, unless you've opted out or maybe it's a small employer that might be exempt from the normal scheme.

If you are self-employed take the first step to start sorting out a pension. Maybe the bathroom can wait for a year, or the roof? You will get there in the end. But the pension is very important.

why wont you be going on holiday when you are saving so much????

I earn less then you save, dh slightly more, yet we manage a holiday

Oh come on now?
You must know that the ordinary person isn't able to save fifteen hundred quid a month?

I try to put aside £30 a month, but often only manage £20.

What planet are you on, that you don't see this?

Stealth boast OP?

I think the problem is @Wehah that you have an unrealistic goal . Your goal is 60k so you can pay the mortgage without working for a few years , very few people would ever manage to do that . Save in different pots £800 in not to be touched unless dire need savings and £700 in savings to pay for stuff . If nothing else goes tits up in 3 months you have £2100 to go on holiday etc .

This thread sounds suspiciously like the one where the OP was saving a similar amount, single parent and thought she was doing well then her brother came along and said "what if you need a new boiler" 🤔so am gonna with this is a humble brag? Sorry if not the same person but I immediately thought of that thread!

@Wehah So you have lost 3 months of savings, but you have been saving for 12 months. So that means you are 9 months in profit, which means your savings are continuously increasing. I get that mumsnet is generally inept when it comes to maths, but how do you not understand this?

There are so many people who had their boiler broke they'd have had to put it on a credit card. Same for the root canal. At least you had the money to look after yourself. You are still saving a good amount each month.

People working, paying their way and trying to secure themselves in this country are being shafted by the corrupt government and freeloaders

How does that work, @Anniedash , and what relevance does this have to the OP's issue?

Very few people can save that amount every month. Why on earth would you sacrifice a holiday just to keep saving. That's crazy. You need to enjoy life too. Save what you can but not at the expense of living

Thank goodness for those sagings. You are in a warm home with hot water, your dental health is improved.
and the trees that were causing problems have been removed.

life would be trickier had you not got the means to do these things.

Most of us are really struggling financially @Wehah, especially lone parents. I’m older than you and struggling to pay extortionate rent.

At least you’re buying your own home. But I guess the downside of that is the maintenance costs.

Keep going with the saving. A new boiler and trees that need attention are unfortunate one-off costs. Hopefully, your savings will start to build again.

Agree, separating the pots is the way forward. Try 250 into your household fund and Treats fund (holidays, etc), keeping them accessible (e.g. the ISAs where you can withdraw up to 3 times per year and keep interest). 900 to your buffer (in some kind of shares or pension) and 100 to charity. The last pot will help your abundance mindet massively, and the charity can reclaim tax.

Are you also saving into a pension, and if not, how are you planning to retire comfirrably?

Yikes, I think retirement is more important than a new bathroom.

I think people save by figuring out what needs and wants are. My bathrooms are both original (70+years old)… ugly I’m sure could be used to describe them but 100% functional. Do doors really wear out? I can’t say I’ve ever thought.. hmmm 🤔 those doors need replacing. Windows and reworking I’ll give you but even with the windows you replace a few at a time

My income is temporarily high right now, meaning I've saved a monthly amount similar to yours for the past year. It's all gone on new windows, doors, car repairs and rewiring my house. This coming year I'm in dire need of a new bathroom and a new roof so there will be nothing left in the pot. How do people manage to save a buffer - god knows? Inheritance? I certainly won't be getting any, with my parents needing to sell their home to pay for care fees. I'm in my late forties and have zero provision for retirement.

With respect, I think you need to take a step back and realise how lucky you are.

£1500 a month for "a year or so" is at minimum £18000. 18 THOUSAND pounds.

You've spent £3k on a boiler, £1k on trees and let's say another £2k on other stuff. That's £6k out of your £18k buffer. Even if you double that spend - are you seriously saying you can't go abroad with £6k?!

No you can't retire on it. But you're 40. That was pie in the sky anyway. But if you and your daughter can't go on holiday with whatever is left, then I don't know what to tell you. Most people either have a buffer of savings for the big spends (honestly can't believe you've mentioned the £90 increase to your insurance) or use credit and pay it back. You're in a supremely fortunate position due to your own good forward planning.

I think you need to get a different perspective. You are able to put aside £1500 per month. The outgoings you have stated are very small in comparison to your savings. Even £3k for a boiler is only 2 months savings. Keep on saving that £1500 and you will have a lovely secure amount despite the day to day expenses

It may not seem like this to you but that's a fabulous amount to be able to save. I think you're looking at it all wrong. You've lost a fraction of your savings on one off expenses.