How much do you have in your savings account?

[Eurydice84]

Just that, really. I am trying to save up for some big expenses (house renovations) but I am worried about blowing up the majority of my savings and starting from scratch again.

£150. That will be used by the end of the month and we start all over again.

Just shy of 9k but I’m now on maternity with twins and not going back for a while so ask again in a year!

Does anyone find the more you have saved up, the less you want to spend?
My parents have £400k in savings, from inheritance 20 years ago. My parents had very little money saved before that (even though dad was quite a high earner) but since getting the inheritance he won’t spend a penny on anything. It just sits there building up, they go nowhere and do nothing.

Nowhere near as much as I’d like to make me feel more secure, but we have holidays, nice cars, wonderful food, a lovely house, heat and kids who cost us a fortune. I probably should be more grateful for what we have than to worry about what we don’t and before you all start I’m nearly 63 have worked since I was 2 weeks short of 16, went back to work 3 months after my son was born and 3 weeks after my daughter was born and I can’t contemplate retiring until I’m 67 when, if they don’t move the goalposts again, I can get my pension 😂

We do have savings. Mainly in ISAs, investment funds, premium bonds and offset mortgage.

My personal savings that I have access to is £20k - at the end of 2020 this pot was 0 as we had building work and was using this to pay for builders, new kitchen etc

Surely the usefulness of the amount depends on your outgoings and planned expenditure? I've 12 months of salary in my current account and 20 years invested.

£36k and my husband has around £45k. The pandemic was really good for us in terms of not spending and we cut right down on our food shop etc too as we were worried my husband would be made redundant at the height of it, but thankfully not!

Around 77K - was over 100,000 about 4 years ago and then covid hit

Around 65k... single parent, late twenties... don't really know what to do with it tbh, obvious choice is buy a house as I currently rent, but all my family are in one area and I can't afford to buy here but don't want to move and be far away by myself. No shared ownership options either

Have you checked if you're entitled to UC, @ellie09 ?

You may be able to get help with your rent and childcare costs. Run the figures through the calculator here entitled to calculator you may be pleasantly surprised.

H, I had no idea you could make blank posts!

I posted 0 as that's what in my savings account, but a totally empty post represents it just as well I suppose.

Yes! I think I'm addicted to seeing the balance grow tbh

What’s a savings account? 😂

74p ….I’d love to have some of these amounts in savings but right now my income just doesn’t allow for it. I could definitely have made some better financial decisions in the past that might have allowed for it but I can’t change that now, I’m doing my best with what I have and that’s ok for me

100k realise how lucky we are,no mortgage but worked all our lives until we recently retired.

Around £35k
I’m hoping to increase it this year by being super careful with money…but I intend to do the same every year but never manage it!
I was lucky enough to live with my parents rent-free in my early 20’s, and had a decent paying job so put as much as I could away then. Now in mid 40’s and I add around £250 a month but end up using it on tighter months so it hasn’t grown that much.
I must say that I feel very fortunate to have this buffer as you never know what will happen in the future.

Some will have lower monthly costs than you - like me.

I earn less than you monthly, my mortgage is likely cheaper than your rent and I certainly don't need to pay for childcare for a 17 year old. Over the last 3 years, I've saved about £11k and another £2k ish in investments through work I pay £60 a month into. Before that, I had zero savings. Also live in the northern part of the UK.

Ability to save is dependent on your own situation. Mine and other people's is not helpful for you.

Savings? What’s that?

Mine is over 500k, I didn't think this was abnormal. I thought it be necessary to be able to retire. I thought the boomers generally did this so they could have a nice retirement.

Am I right? Are there others that hold this opinion?

Or do you think this could be a sign that future generations will struggle massively when they retire? If costs continue to rise, services such as health are privatised- I could imagine life is very expensive with no income.

This is making me reconsider my choices

@CharlotteWeb123 I genuinely cannot tell if you are being genuine or 'exaggerating for comic effect'.

If it is the former, do you really think it is not abnormal to have over half a million pounds in a savings account?

zero pound and zero pence

You think most people have £500k in savings to retire with?

Same as @Bpdqueen and also I did a bit of a laugh at your answer. We have sod all. There is absolutely nothing left at the end of the month to save.

No savings 😢 just debt. Never seems to be enough dosh

Still renting at nearly 50
as spent 20s going out and wish had bought when houses were 50k :(
You live and learn..