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Original poster

How much savings would you like to have?

41 replies

MonsteraCheeseplant · 27/09/2019 21:27

Ideally, like, when would you stop saving? How much is enough that you'd decide to stop saving and spend what you like?

OP posts:
MeanMrMustardSeed · 27/09/2019 21:29

I’d probably always want to be saving something. I think it’s healthier (in every way) to be living well within your means, rather than on the edge.

Blueshadow · 27/09/2019 21:29

I think £5000 would be about right for us. We have a fairly modest kind of life and that amount would feel like a safe cushion.

OoopsDidItAgain · 27/09/2019 21:30

Depends - if I had a mortgage paid off I'd like £50k then I'd stop saving. I don't have anywhere near that situation by the way!

Original poster
MonsteraCheeseplant · 27/09/2019 21:40

Yeah, it's me planning for a non existent future when i've paid off my mortgage, AND have loads of savings and THEN I can spend all I earn Grin. Sounds great!

OP posts:
DamnaThatOnesTaken · 27/09/2019 22:07

I would like to have 3 months salary for emergencies and then a separate account for saving up for a particular thing such as a holiday or an mot. Definitely don't have that unfortunately.

Belindabelle · 27/09/2019 22:38

I don’t think you can ever have enough savings. Maybe if I won the lottery then I might stop saving.

Kez200 · 27/09/2019 22:45

Theres no point in spending if you dont need to. Obviously if you want stuff, thats fine, and you can push the boat out if you have enough. But dont waste it as you never know, and retirement for those that are lucky can be long

Whatwouldbigfatfannydo · 27/09/2019 22:46

Considering the way we're going economically and politically, I don't think I'll ever feel comfortable to stop saving. I'm disabled and highly doubt I'll be fit to continue working past late 40s/early 50s. I need to save as much as I can for as long as I can!

Couldn't even guess at a number though!

cubesofjelly · 27/09/2019 22:46

I don’t think I’d ever stop saving.

Right now, I’d like to be able to save something like at least £5-10k (nowhere near that atm!). To know we have a really good buffer if something happens, and to gradually save up for bigger expenditure too (like holidays, paying for more expensive school stuff like residential trips).

Overall though, my ideal target is much higher. I would like a minimum of £45k to support the DCs when they go to uni/start an apprenticeship/get their first job, money to support them striking out on their own and getting used to managing their own rent, bills etc. I would also like a similar amount to support them with big life things, like if they get married. And then I’d like to have more again in general and for a buffer.

So that’s at least £100k! No idea how I’ll do that but hey, it’s the ideal in my mind anyway Grin that’s separate from pension savings, that’s my main longer term focus.

ToLiveInPeace · 27/09/2019 22:49

When I have enough to retire...

SweetPetrichor · 27/09/2019 22:51

I don't think I'd ever stop saving. You can never have enough savings. I would be unhappy and saving extra hard if I had less than 3 months wages. I'd always want to have at least that in reserve in case things go wrong temporarily. But other than that, I intend to keep saving a good chunk every month. It's better than frittering it away unnecessarily,

blue25 · 27/09/2019 23:22

I set myself a goal of 20k, but when I achieved it, I just kept saving. It seems pointless to spend money on things we don't need.

I want to retire early though, so I really need to save as much as possible to make this happen.

Gertie75 · 27/09/2019 23:33

5k.

Maybe the wrong mindset but I live for today and enjoy spending my money as I go along, I've known too many people die young or with thousands in the bank.

I plan to die in debt Grin

BottleCrow · 27/09/2019 23:38

£50j

PickAChew · 27/09/2019 23:42

More than we have now. We did have more but still tarting up the house we bought almost 2 years ago.

Lardlizard · 27/09/2019 23:42

5 mill

nocoolnamesleft · 27/09/2019 23:43

Enough to comfortably retire.

Lardlizard · 27/09/2019 23:43

Gertie do you actually plan to die in debt or are you kidding

nancyjuice7 · 27/09/2019 23:57

*Maybe the wrong mindset but I live for today and enjoy spending my money as I go along, I've known too many people die young or with thousands in the bank.

I plan to die in debt*

Andddddd this is why we had a recession

userxx · 28/09/2019 00:12

I'm a saver, don't think I could stop even if I didn't need to. I think £50k would be a nice amount to have in the bank. I've never spent money just for the sake of it.

BackforGood · 28/09/2019 00:50

I'm in the "I'd always save if I can" camp. If I don't need it myself, I'd love to be able to support my dc as and when.
I tend to save, as I don't like waste - can't see the point in buying a new gadget / implement / device if the one I already have still works, whereas some people like to be seen with the latest fashion, and replace things that aren't broken / worn out / defunct.

VanGoghsDog · 28/09/2019 01:02

I'd like at least £400k in my pension and £100k in savings, no debts, no mortgage.

I have no debts, no mortgage, £90k in savings and £200k in pension. So about £210k to go!

£500k at a sensible yield expectation would be £20k pa, and I could live on that (add in state pension at age 67 as well). I could also use the capital as I have no need to leave it to anyone when I die.

minesagin37 · 28/09/2019 01:14

Just savings without pension I'd like 50k minimum.

Milanimilani · 28/09/2019 02:15

I can’t imagine being in this position. At the moment, my focus is on paying off my debts and putting a little aside for a rainy day.

Milanimilani · 28/09/2019 02:16

I worry about who would be chased for my debts if I died owing money.