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.

I love this thread. Makes me feel ok !

😟

Yeah, completely and utterly hopefully, you poor thing 🙄

*hopeless

8k but that's to cover bills and expenses while I am on maternity leave for a year. Started with 12k and it is quickly decreasing :/ I might have to go back after 9 months of ML

I think there may be confusion between pension and savings.

A penny which is required to keep it open. I’ve got £3.11 in my current account until payday on the last working day of the month at which point I have to pay all my bills and will be down to even less than that I suspect. Still have to find £350 for my winter gas bill somewhere!

£3764 and seventeen pence!

What an eye opening thread - at both ends of the savings spectrum.

Two things stick out to me. First is that COVID had a massive impact financially - some positively, some negatively. The second is that those that were already struggling to save see even less prospect of it now. with the COLC

£400! I saved alot during covid but then spent it on house stuff and renovating the garden so its all gone. I don't like not having any money in savings so I'm making an effort to save more but it's hard. I wish I'd saved small amounts regularly from when i started working so I felt more secure now.

@CaraVann yes, we’re in a fortunate position to be able to save a lot per month, however we’re not mortgage free, retirement is a long way off. I’m very grateful for our current position but we’re not secure yet. As a result i have an overwhelming sense of responsibility not to squander our good fortune and fund spending very hard. We’re hoping to be mortgage free within 5 years and I'm hoping that will help me relax and enjoy life a bit more.

@WaddleAway @BarbaraofSeville

I suspected age to be a big factor with regards to savings. I consider savings to include investments as well.

I assumed there would be more people saying 100k+.

Mumsnet specifically seems to have many high earners, people sending kids to private school, discussions about big houses and big jobs. So this thread seems surprising

I think savings at retirement might be necessary for an ok lifestyle in retirement with the place the conservative gov are taking us all.

My house is probably more modest than most. I didn't send kids to private school. Lifestyle is ok. But saving has been driven by seeing advice about what is needed for a comfortable retirement

Just over £65k - joint savings. We’re saving so we can retire early (well 60!) before our pensions kick in.

Around 4 months worth of living expenses. After that not sure what would happen. We bought a new home, then cost of living crisis happened. Scary

About 28k in my savings account & DH has about 20k in his. I’m early 30s.

We’ve got about 350k invested too, which we’re not penalised if we withdraw, but ultimately it’s likely to go toward early retirement.

£240k but near retirement mortgage paid off with inheritance about 12 years ago

Mine is over 500k, I didn't think this was abnormal

You don't even realise how fortunate you are.

Most people don’t send their children to private school. Many people have modest houses and lifestyles. Very very few people have £500k in savings.

$110,000.00

The key thing, in my view, is to have enough savings not to have to have a fire-sale of invested assets at a bad time, if some need arises. Thus, now retired, I assess my annual expenditure, look at the gap between that and my assured income through The State Pension and other (small) pensions, and then keep 10 times that sum in cash. (or more accurately deposits). The logic is that if the market is poor (as it is now) in ten years there is a high probability that it will have recovered. In terms of back-up funds, as a minimum it seems sensible to allow for ten years in a care home (worst case - hopefully!) at a cost of (say) £750,000 per person, and, given that one will not then need a house, deduct the value of the property. Beyond this, a couple of million allows for expenditure on a few luxuries.

If I put it in to housing (currently in a flat) it would get me a very decent family home but no savings.

My point is perhaps there are people with the same total assets but savings are less important than housing.

Shows how crazy housing is now. For me savings give me peace of mind and I do feel fortunate to not have to worry. I thought other people would be making these trade offs while in bigger homes than me

We use YNAB so my savings (for "on budget" accounts) are all allocated to something, all instant access or regular savers and offset by a bit of 0% credit card stoozing for an expensive holiday at Easter.

We save in vanguard S&S ISAs to bridge the gap between retiring and the age we're allowed our pension (57 I think now) and for the DCs' uni costs and house deposits. About £35k in those and we pay £500 a month in.

This is the kind of advice I have seen before, which sets me behind what I thought I would ideally like to be comfortable.

So are you predicting £1.5m per couple would be ideal, with property included? And then for luxuries are you suggesting more in addition 🤔

I personally find this quite hard to get my head around so curious to learn more.

How do you think people will cope if savings are negligible as this thread suggests and privatisation continues? Do you think there will likely be a more socialist government or people struggling at home with poor health care and options?