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.

£4

I officially have £8.86 in my savings account. I have £248 in my current account.

But I did pay off my mortgage last week...

When I was young... a long time ago, I was made redundant from a job that I thought was "for life". This was a wake-up call, and I decided there and then to make sure that I had a year's expenditure (not the same as a year's income) saved, to allow time to find another job, if the one I had gained quite swiftly post-redundancy disappeared. Then, I thought to myself, well one year is OK - but five would be better, and worked really hard (freelancing as well as my main job) to achieve that. Once that was achieved, I thought to myself, well five years is OK - but maybe it would be better to save enough to cover me through to retirement - that way (assuming I put enough into a pension as well) I will no longer be at the mercy of an employer, who like all employers, doesn't care at all about me. This took a little longer. But I got there by the time I was about 55. So I retired early, and fifteen years later my expenditure is less than my income from investments. And I have yet to draw from my pension - registered at, and exceeding £1.5m. Anyone can do this if prepared to work hard, not waste money and invest surplus income wisely. And note that I have not skimped on holidays, and other "fun" things along the way. Anyone can choose whether to be "rich" (or at least well off) or "poor". I am amazed that so many choose "poor". Trust me "Rich" is better. Make your choice!

12k, but I need to use at least 9k fairly soon for house repairs. I'm desperately trying to increase savings because I've never had so much and it took such a long time to get it. It'll hurt so much spending it. I'm holding out for both more money and a boiler to actually stop working before I lay out.

About £3.5k in our normal savings fund. About £10k in a savings fund that is inherited money for our two small children (so we can't touch that unless the shit really hit the fan). So not much I guess, we were saving quite well a year ago (about £500-800 per month), however now with the cost of living and both working public sector jobs (pay freeze for 12 years) we struggle to save £100 per month. We have had large unexpected costs too within the last year. The days of fun holidays etc are over for us as we simply can barely afford our bills and mortgage these days.

Maybe a quid. Might be nearly £2.

about £400, had to empty it just before Christmas to pay for an essential but unexpected new bathroom (what started out as a hopefully quick and cheap fix unearthed a whole heap of problems). Now need to pay for a new garage door as hubby broke (literally) ours off the hinges so my thankfully weekly wages are building up to do that. We also need to replace our car as it’s be being increasingly unreliable, on top of everything costing more we just seem to have hit a spate of really expensive jobs that need doing and can’t be put off for too long 😩

How is knowing how much anyone else has in savings going to help you?

Thank you for sharing you journey

Not enough for peace of mind. Ex really screwed up the finances . Mortgage not paid off, no pension now, not able to work, too old to earn a decent wage. Out of my control, so try not to get too stressed.

Did you do it by earning money or smart investments? Any other tips would help

Are you including your personal pension pot there, or have you genuinely saved half a million quid for retirement in regular savings? Because you've missed out on £100k of tax rebates if you have.

4p. Kept transferring from my emergency funds throughout the month until payday. Definitely not enough for house renovations

Are you including your personal pension pot there, or have you genuinely saved half a million quid for retirement in regular savings? Because you've missed out on £100k of tax rebates if you have
More if a higher tax payer.

We are heading into retirement, so you'd expect that some (slightly obsessive) planning has happened around savings and pensions. We started when I went SE, with a bank loan of £7500, in 1990. I stuck money into my pension, from day one, paid the bank off quickly once I got into my earning stride. DC at 43, so not much into the pot for a few years. Then I found SIPPs, thanks to work, and decided that we would manage our own pension fund. We bought a small warehouse/factory building with a bit of a mortgage, and it has produced an income to pay off the mortgage and ever since, the rent our tenants have paid has built the fund, which also includes our child, now mid-20s, who qualifies for their own slice. But we had a tenant who stopped trading and didn't pay rent for a year, which cost us £50k plus in lost income and fixing the damages. When it's working well it is super, but it can go wrong, big time.

We follow the 3 months living expenses advice, so try to have 20k (Australian$) at all times.

£0 and £-1300 on my credit card. We are decent earners but spend everything on childcare mortgage loan and rubbish

Why was it a fortunate inheritance, didn't you like them?

Why am I wary of posts like these? Just fishing, for what, an easy article for a few quid?

About €500k but eating into it every month as DH not working and my income is low. Was higher. Want to do a big extension which will eat into a fair chunk of that. Will have a decent inheritance at some stage (hopefully not too soon).
I realise how extremely fortunate we are. If dh had his way a lot more of it would be frittered away by now.

One can dream I suppose!
You seem very detached from most people's reality!

Only just started saving again after wild breakup a few years ago and loads of his debt to pay off...yay

Saved 6k in the last year.

Partner has about 30k but he's been saving for the last 6-7 years.

Why would anyone ask, or reveal, on a public forum how much savings they've got 🤷‍♀️

Interesting thread.
££ I really don't know.
I don't know anyone as skint as some of the above. But then I never ask.
Ancient now (66) .
Can't walk much, volunteer teach STEM as an odd teaching asst at a local secondary. (A level "further maths" is a joke these days.)
Boiler's 40 years old ( I know cos I put it in and we haven't moved)
Still got some single glazing, rotting/rusting a bit
Car's 16 years old, about to be ULEZd off to the pale blue yhonda.
Tempting to buy a new car but I never go anywhere.
Wife has an old Clio but she prefers buses.

Pension pot's about £1m; with state pensions and mine when I draw it, will be £65kpa or so.
About 900k in the bank, but that could be 8 or 10, it's all spread around so I don't actually know.

"Planning to move" for about 10 years so that'll never happen.
Been to 60 countries, no wish to do that again, they get to be same-old.
Don't drink much.
Sex was, um, 1980's I think, never meant much.
This monitor I'm looking at has been flickering pink and green for 5 years, but I can still read it.

No kids.
When I stop the teaching thing I'll be bored. So I'll hang around dilapidating until I get sick, then I have some stuff stashed to save me a lingering demise.

I imagine many others are like me, but I don't know anyone much, to ask. I don't socialise. I don't "get" why some people do that.

Oh it flickers magenta, too.

3am and I have a powerpoint to do on thorium reactors. Which will never catch on, by the way.

The thing is though OP if its just sitting in the bank its devaluing. If you have the rennovations done properly it will increase the value of your house and thus your eventual net worth.