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Original poster

No savings but a happy life….. is it just me?

124 replies

CanICelebrate · 28/08/2021 13:25

I read a lot of threads about savings and I wonder whether we are alone in having pretty much no savings despite earning a fairly good wage (although not rich by mn standards!)

For context, we have paid off quite a lot of our mortgage, have life insurance and have good pensions (also I will inherit a lot although hopefully not for a long time), so we definitely have money in the future, just no savings account right now.

We spend most of what we earn on having a better life with our dc.
I have had a number of tragedies in life and my own childhood was tough at times, so life seems fragile. I want my years with dc at home to be as good as they can and so we spend what we have on holidays, school fees (with huge discount as I work there), clubs/ activities and days out in school holidays. We don’t spend as much on ‘stuff’ but more on experiences. I’m pretty sure when dc have left home we will save more.

Am I being irresponsible? I don’t feel it day by day as I have no debt apart from my mortgage and a small car loan and my disposable income is high enough to cover minor emergencies, but reading threads on here I wonder whether I’m in a minority.

OP posts:
ssd · 28/08/2021 13:27

See, its fine being smug about a happy life and no savings when you have an inheritance to come

penguinwithasuitcase · 28/08/2021 13:28

A pension is savings. Assets like a house are savings. You have plenty of savings.

LadyOfTheFlowers · 28/08/2021 13:29

I have absolutely no savings - panic over Xmas starts about now.
No inheritance whatsoever to rely on.
No property.
Live ok, but it's payday to payday.

Interested in this thread?

Then you might like threads about this subject:

General money
Original poster
CanICelebrate · 28/08/2021 13:29

I’m not being smug at all. Life is far from perfect!

OP posts:
FrownedUpon · 28/08/2021 13:29

I like the security of savings, including some easily accessible money. Each to their own though.

NormanSicily · 28/08/2021 13:29

You have a significant cushion to fall back on and are making a conscious decision to be carefree and enjoy life rather than try to save. Some people have no options at all but to spend every single penny that comes in and still rely on credit for basics.
I'm sure they are very happy for you and your situation and wish you all the best.

Original poster
CanICelebrate · 28/08/2021 13:30

@penguinwithasuitcase that’s what I thought - I think we have got savings, but I’ve read threads on here recently that have made me panic that I don’t save monthly in the way that many people on here seem to

OP posts:
BeaucoupFish · 28/08/2021 13:31

Should not rely on inheritance (assuming it is parents here) care homes are very expensive should parents ever need to live in one

Original poster
CanICelebrate · 28/08/2021 13:32

I really didn’t mean to come across as smug and I’m horrified that I have. I am not saying life is perfect at all, far from it.
We are not really rich - this thread is about what people choose to do with their money

OP posts:
Original poster
CanICelebrate · 28/08/2021 13:33

@BeaucoupFish I am not relying on it as I know care home fees etc can be high and don’t even like thinking about it. I mentioned it for context but probably shouldn’t have.

OP posts:
BeaucoupFish · 28/08/2021 13:36

Nearly £7,000 pm here !

Original poster
CanICelebrate · 28/08/2021 13:37

Sorry if I’ve come across as offensive - people on the other thread are saying how they’ve got 20k saving etc and it made me think about my situation which is very different.

Our house is small and in a cheap ish area and we both work long hours so although my position is privileged compared to some, we are not super rich. I am in my forties now and worrying about whether I should start to use my money more wisely.

OP posts:
Ifyouarehappyandyouknowit21 · 28/08/2021 13:37

You can't say for sure you'll have inheritance coming. I've seen this first hand with grandparents and care home costing 6k and 4.5k a month.

I don't think you're being smug but I do think you are running a risk not having any savings. What will happen if you need to repair the roof of your house?
What about if you lose your job? These things do happen unfortunately. We have at least 9 months worth of mortgage/bill payments in savings should the higher earner lose their job.

Money = security.

NormanSicily · 28/08/2021 13:38

But some people have NO choice. Choice is a luxury.

Original poster
CanICelebrate · 28/08/2021 13:38

@BeaucoupFish Shock

OP posts:
ComeonJulia · 28/08/2021 13:40

I find it rather distasteful to think your future will be fine as you will be receiving an inheritance.

If you’re having to life month to month to enjoy days out, holidays etc and not able to save as well as having experiences then I would of done a good state school and look at better paid jobs, although I appreciate a term time only job saves a lot on childcare for the school holidays.

BeaucoupFish · 28/08/2021 13:40

Well it’s actually ‘only’ £6,700 but it goes up every February, so not far off 😢

Original poster
CanICelebrate · 28/08/2021 13:42

@Ifyouarehappyandyouknowit21 thank you for understanding. The reason I mention inheritance is that, like pensions etc, it’s in the future whereas now I don’t have the money.
I think in my mind I think that when the dc are older I’ll have a lot more disposable income (which is true) and bits of my life have been so crap that I am now compensating by doing lots of things that cost money - like holidays with dc.

I think I might start saving and spending less in the next year as it has suddenly started to worry me recently.

OP posts:
MoonbeamSprinkles · 28/08/2021 13:43

I think the issue people are having is that having a house with equity and pensions are both assets so a kind of savings.
When people say they have no savings (and therefore the people most likely to click on this thread) they usually mean no assets either.

To answer your question though I would try and have a cushion so that If the boiler broke or one of you lost your job you’d be able to weather the storm.

GreenClock · 28/08/2021 13:43

You don’t sound smug. You’re just musing. It’s fine!

I’d think about building a small accessible pot of money if you can though OP. You can’t touch your pension until you’re 55, and equity release is pricey.

CorrBlimeyGG · 28/08/2021 13:44

Not sure about smug, but you're certainly ignorant to your privilege.

Many people have no savings, but they rarely have the income or circumstances to spend as you do. On that basis, you are irresponsible to not save and make provision for your future.

Original poster
CanICelebrate · 28/08/2021 13:45

@ComeonJulia
I’ve already said I regret mentioning inheritance. I know it’s not guaranteed and I hate thinking of it but I wanted to add all the context I could.

I am a teacher so I don’t think my earning potential is much more than I’m getting. I’m happy with how much earn and it’s not easy to just find a better paid job. I think I need to spend less and save more.

OP posts:
Original poster
CanICelebrate · 28/08/2021 13:47

@CorrBlimeyGG

I am fully aware of my privilege and I think I’ve said that in previous comments.

OP posts:
BeaucoupFish · 28/08/2021 13:47

I didn’t think you sounded smug either

Original poster
CanICelebrate · 28/08/2021 13:49

@GreenClock
Thank you. You’ve summed it up really well. I think I’ve always thought the future will be ok so don’t worry now whereas I do think I need to start saving now too.

I though chat on mn was a good place to muse and think aloud….. obviously not as i now feel like shit for posting this!

OP posts: