To ask how people built up savings of £5k to £15k?

A mindset shift - I’m late 40s, single and realised a few years ago I need at least six months worth of essential expenses in case I arrive near shit creek!

Pay myself first - but as one or two people have said, that amount has to be realistic.

I work in health and social care, so there’s always overtime available and this has been handy to enable me to sometimes save a hell of a lot.

I got a lodger in the spare room. I'm lucky to not need the money, so save the rent instead.

Tiny little bits here and there. Not possible if there’s an emergency like vets car and so on. I’ve gone without all sorts over the years to save up small amounts instead. Under £10 a week sometimes but it’s worth it as I have a buffer.

Use YNAB. The theory is you give every dollar a job and track everything you spend. So, my aim is to budget three months in advance so that we always have a three month buffer. (Don't always achieve it not there at the moment.) We are saving towards DC universities: I have worked out how much we will be paying out and when and have put categories in for each child that I contribute to monthly. (Envelope theory of saving effectively you have envelopes for specific things that you put money into.)

I don't look at my bank balances to give me a sense of how much money I have to spend -- I look at YNAB. I would tell you we are a bit short at the moment, and we are in some ways (don't have full three months buffer; I don't have anything in the Christmas or summer holiday category; and we are choosing to rein in spending to make sure "priority" items are funded) but in reality we have over £10k in our savings account.

In other words, keep an eye on what we are spending and keep discretionary spending as low as we can manage so we can build up buffers for other areas of our lives.

There’s no earnings cut off here. I earn 52k and my dh earns 73k I think

together we pay over 3k tax per month

We had a loan and once we had paid it off, realising we didn't miss that money payment.

So we paid it into savings instead. We are a few years into doing that and it really adds up.

Yes to PP advice to always ‘pay yourself first’.

This advice goes hand-in-hand, with learning how to do a zero sum budget. Get that bit right, and you will feel like you have had a raise! You don’t need fancy software, although I did learn to do this with the help of watching YNAB content on youtube years ago (along with other financial wellbeing resources including books and many many hours of podcasts)

So how much are you earning then? I doubt it’s that much tax you’re paying if you’re receiving child benefit. What’s the earnings cut off for cb in your country?

1900pm mortgage, no childcare. I budget everything

I’m not in the uk but thanks for that…
but yes even if I was it turns out I would be. With the tax we pay I don’t see why we shouldn’t get something back tbh!

Something doesn’t add up if you’re earning enough to save £2.5k (incl holiday fund) per month but earning low enough to receive child benefit. Your outgoings must be tiny.

I take the money I don’t spend and then…..
save it!

All direct debits come out the day after payday. Small allowance for "food and fun" to last until next payday. Surplus goes into savings, with a small buffer for essentials. Having a split between "untouchable" savings and "rainy day" savings helped too. If there was an emergency or one off expense it came out of rainy day fund. No matter how small the untouchable and rainy day funds each were, splitting them psychologically prevented dipping into the long term savings ever.
Its been a few years since I needed to do this, but this is how I saved for my first house deposit on close to minimum wage.

On payday I look at the amount in my account, keep whatever I expect to spend in the next month and a further £500 and then transfer the rest to savings. If the likely spending is going to breach the £500 buffer, I take money out of savings but do so only just before I need it. Somehow the savings build overall. I don't save for anything specific.

It is having an income that is more than your outgoings and just discipline.

Putting money away at the start of the month and also putting away what is left over at the end of the month rather than just splurging it because it is "spare".
Both my OH & I were in share purchase schemes with our (different) employers. These were excellent for saving as the money was taken at source so we never saw it.

With it not being based on household income, a couple on £50k each can get full CB where a single parent on £60k won’t get any. If you’ve got two good earners and a small mortgage, absolutely doable. One earner and big mortgage? That CB goes on food and school shoes!

I got the Plum app and it auto saves for me - for example, every day it rains it saves £10 for me! And £10 when it’s sunny. I’ve saved over £10k in the last couple of years just with that. Little bits here and there consistently is what’s worked for me

As soon as I get paid I put 1k into my savings account every month. There is only me so it takes willpower.

Probably another example of how two good/medium salaries is way better than one high earner!

You can afford to save £2k a month and your child benefit - and people wonder why the benefits culture in this country causes outrage…

Every time the mortgage rate went down we continued to pay the same amount so paid it off before we were 50. That money then immediately went into savings every month. Along with anything left at the end of the month.
it helps that neither of us are materialistic so we’re huge spenders. Our main spending vice is meals/coffee out!

we are in Ireland but I have had this conversation before on here. I think even if our finances were based in the uk we still would get CB yes.

Transferring money on payday and using multiple saving ‘pots’. Having separate spaces means we have money specifically put aside for holidays/events/home/car so don’t automatically dip into our rainy day fund

Wow, genuinely amazed you can save £2k a month and are still eligible for child benefit!

Agree about putting money into savings on payday. Then when my pay rises came through (public sector so they were always late which meant backdated) I put the lump sum away into savings and then half the additional pay increase also went into savings.

Don’t forget the 2 months you don’t pay council tax (although I always put that towards the mortgage) but that can also go into savings as you won’t miss it.

Then shopping around for the best savings rates etc.