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Original poster

Do you all have few month of salary for savings ?

31 replies

Gibraltarlady · 21/08/2018 17:12

I’m on group on Facebook similar to money savings expert. The subject of one thread how many months of salary it is essential to have aside. I have 1500 to my name aside. I try to save but it’s hard being self-employed. I’m feeling completely irrelevant! One guy even say it’s important to aim for 12 months combined salaries in you are married !

OP posts:
CloudCaptain · 21/08/2018 17:14

We set aside a percentage of salary each month for a savings account.

NewYearNewMe18 · 21/08/2018 17:17

The average person in the Uk can only last 11 days on accrued savings and food in the house.

Bluntness100 · 21/08/2018 17:17

Yes we do, and my daughter in her first job after uni is also saving about 20 percent of her salary each month.

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General money
LaconicIcon · 21/08/2018 17:18

No. I live from hand to mouth.
Working poor.

AnnabelleLecter · 21/08/2018 17:18

Everyone's savings cushion will be different.
We're about to retire early and DH could be made redundant next year so we have a lot. Just after we bought our first home we had bugger all for the first year.

Therealjudgejudy · 21/08/2018 17:19

I have 3 months salary in my emergency savings account. My other savings account is for travel (and shoes Grin)

RabbitsAreTasty · 21/08/2018 17:19

Yes, we have savings enough to cover both of us being out of work for a few months. We are both self-employed high earners though.

When I was 25 I remember scrimping like mad for months and months to scrape together a one month cushion in case of the worst

In the end it proved easier to earn more than to scrimp more. I am fortunate to be good at things that can attract good money if you play your cards right. That said I have had to both work hard and work smart.

BitchQueen90 · 21/08/2018 17:20

Nope. Single mum on a low wage. I have £1k in a savings account for DS and £500 in my ISA for emergencies but I can't afford to save much more.

onemouseplace · 21/08/2018 17:22

Yes, we have at least 3 months salary, which probably equates to at least 6 months essential outgoings if not more.

DH is self-employed though and I'm not working at the moment.

theunsure · 21/08/2018 17:22

Nope!
I am asset rich and cash poor.
But have reorganised fiances recently with a house move and will be able to rebuild the savings cushion as outgoings have reduced.

For DH and I to have 12 months combined net salary savings we would need about £52k. We currently have 10% of that so quite a way to go!

However we have critical illness cover and a house we could sell (BTL) so I'm not overly concerned. I also have final salary pension so the future is well taken care of - it is the present that is not!

SoyDora · 21/08/2018 17:23

Not in cash but we do have it in shares/investements etc that we could cash in if needed.
We have about a month’s salary in cash.

BubblesBubblesBubbles · 21/08/2018 17:28

Bugger all. Just about to move.

Once we have moved this will free up 1/3rs of our wages which will go directly back into savings.

We’ve had a hard few years!

BadCarrot · 21/08/2018 17:37

From being married 28 years ago we kept 6 months salary for each of us in the bank. Always called it our "Fuck You Fund"; to be used when employers were being twats. Now in our mid 50's we're semi-retired. We've lived well but made careful financial decisions and been lucky.

OP - what is the FB group please? Sounds interesting.

MrsZB · 21/08/2018 17:41

We are both crap with finances and it makes me sad. So no, we don’t have much saved. I really want to get better with finances but don’t know where to start.

How do you get better at this stuff?

Tink1990 · 21/08/2018 17:50

I have about 6 salaries worth. Pretty scary.

BasinHaircut · 21/08/2018 17:59

I have enough money in savings to last me the rest of my life. As long as I die next Tuesday.

But seriously no, at the moment we have £1k exactly in savings, which is not even a week’s combined salary. This time last year we had about £6k, but we thought ‘fuck it’ and had 2 amazing holidays.....then the boiler broke and the car needed fixing, then we ended up having to buy a new car etc etc and we ended up with pretty much zilch left.

We have both just had pretty spectacular pai increases though and we are planning on saving all of the difference until we have at least 6 months salary for the higher earned in the bank again.

Lynne1Cat · 21/08/2018 18:22

I haven't got a week of savings!

PotteringAlong · 21/08/2018 18:23

Yes. We’ve got 8 months joint salary.

Istolethisusername · 21/08/2018 18:30

Nope. Not even close! We did have, But, I’ve just finished a years maternity leave so all savings went on topping up the difference between my SMP and usual wage.

But then again, that’s what we were saving for!

Think we’ve got about £800 left of the £10000 we saved but I get my first month back wages on Friday (yay!) so will start the building the savings back up again.

Murinae · 21/08/2018 18:33

Yes we have over a years combined salary in savings and a house that’s paid off but we are pretty old and starting to think about retirement.

Jane1727 · 21/08/2018 18:41

No. we just have a large amount of debt! Trying to get it down but probably won't be able to until we are no longer paying extortionate childcare

tomhazard · 21/08/2018 18:51

We have 3 months ish (of our combined salary) in a savings account for emergencies.

Instead of further cash savings we overpay our mortgage. If something happened to one of us or a job/s were lost we could potentially not make monthly payments for up to 2 years at the moment by adding the time back on. Different type of saving

BuggerOffAndGoodDayToYou · 21/08/2018 18:55

The equivalent of all my salary and some of DHs goes into savings each month. Currently saving for our next car.

Aw12345 · 21/08/2018 18:58

No... Realistically we probably have about 1.5 months in savings... 3 months is great but hard to have lying around...

Namelesswonder · 21/08/2018 19:05

4 months combined salary, which could stretch to 6 months with frugal living.