Savings question

[rebptpp]

I know it’s all relative to your outgoings so it’s hard to actually have a figure. But what do you consider to be comfortable enough to relax a bit? I’ve 8k savings and feel nowhere near this. I think if I had 50k in an account and a steady, even if low, income, I would feel relaxed. No idea how to get to that point though, the closest was 30k a while ago and even then I felt nervous.

Bump because I’d like to know too!

Enough to survive for 3-6 months if I lost my job..because hopefully in that time I would be able to find another job. 8k is probably a lot more than most people have in savings so well done.
There's no point keeping lots of money (say 50k) in savings because a) it depreciates in value due to inflation and b) over 16k you lose entitlement to universal credit should you need it in future.
If you have that much spare money you would be better off putting it in a pension or overpaying your mortgage, if you aren't doing that already.
You might get better advice moving this thread to the money matters section or look on Martin Lewis MSE.

My sick pay from work is crap, so I’m aiming to save 12 months worth of wages.

It depends on personal attitudes. I have £1k in savings and am not concerned.

I'd say £8k in savings is more than most have.

What’s the savings for?

Of you also have a good pension and no housing costs, that sounds fine.

If your savings need to cover retirement and house you - not so much.

At least 25k. That’s when I felt happy that I could cover any emergency.

We aim for a 6 month cushion so that if we both lost our jobs we’d have time to look for work and/or sell the house. Normally have 4 months in, but we’ve had a few months where only one of us was earning so certainly reduced stress.

Think of the types of emergency you could have and whether you could cover 2 or 3 of them.

I'd imagine 6 months living expenses would cover most issues.

But I wouldn't feel comfortable with that if it was my only savings. I am saving for planned replacements /upgrades and retirement too.

At £8k I'm sure you are doing better than most and shouldn't be lying awake at night worrying.

I have £50k , DH more. I'm on maternity leave so will be dipping into it to cover mortgage payments/bills etc during the unpaid portion.

Personally I like having 6months buffer to cover all bills and lifestyle

Op I agree with others, 8 grand is a really good amount,how old are you?

8 grand would cover most emergencys and I think it's a great amount.

I also think about 50 would be wonderful.
I'd be happy with 50 as well.
Enough to buy a new sh CSR, replace boiler etc..