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Original poster

How much do you have in your savings account?

417 replies

Eurydice84 · 10/01/2023 15:36

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.

OP posts:
MaryBerrysCamelToe · 12/01/2023 05:10

I have a few savings accounts... a LISA which is half way towards a house deposit
A car fund to pay my insurance and tax in full each year and for mot/tyres etc
An emergency fund of £1000 for emergencies only

mickandrorty · 12/01/2023 05:27

user1474549564 · 11/01/2023 17:48

Well done you! How did you clear £15k and manage to save 3 months?? That’s really impressive!

Show quote history

Its not as impressive as it sounds, I started last year following Jordan page and using her tips and also doing surveys etc and cleared a few thousand but then we got an inheritance which is how we cleared the rest and funded the 3 months.

Jane1727 · 12/01/2023 05:58

0 - I just have debt.

Interested in this thread?

Then you might like threads about these subjects:

General money Savings & investments
WoofWoofWoofMudToys · 12/01/2023 06:04

BarrelOfOtters · 11/01/2023 06:57

There’s a premium bond thread with some good ideas on it and money saving expert website has a whole article on PB. At the moment they are not bad for savings instant access…but there’s probably accounts that would give you more. My bank is paying 7% on a regular saving of up to £300 a month for a year. (FD).

Show quote history

@BarrelOfOtters

tgats interesting, thanks for that. I have savings with FD & the interest is still very low, when I phoned them
up to see if they had a better savings account she said (in the nicest possible way, that I'd be better off putting it with another bank/investment as they coukdnt offer me anything that matches others out there. That was only a few weeks ago. Very odd.

mind you, it's been most odd getting interest payments that you could do more than buy a loaf of bread with.

WoofWoofWoofMudToys · 12/01/2023 06:13

bellswithwhistles · 10/01/2023 18:31

£1200 after paying my last gas/elec bill. Also owe £2k on credit cards. I know theoretically I should put the £1200 into the credit cards but mentally I feel I still need that small buffer (in case the washing machine breaks, leak in roof etc etc)

Would love to be able to save a decent amount each month. Impossible.

@bellswithwhistles

have you/can you put the balance of your CC onto an 0% interest card?

if you haven't/can't consider which emergencies could be paid by card & how much actual cash you really need at hand.

no point paying interest if you there's another way.

WoofWoofWoofMudToys · 12/01/2023 06:22

Pipsquiggle · 10/01/2023 18:53

These threads are fairly annoying as you don't have any context on age, income, household makeup, how long they've been saving and inheritance.

OP what do you want to get from this?

@@Pipsquiggle

No, what's annoying is people not reading the thread then asking 'asked & answered questions'

how much easier does MN need to make it, so you'll bother to at least read the OP's posts???

WoofWoofWoofMudToys · 12/01/2023 06:29

kenadams86 · 10/01/2023 18:58

£150 - starter saving in dec. but I'm in £10k debt so pretty irrelevant. I'm trying to make a conscious effort to stop spending all my money and be more sensible with money

@kenadams86

Have you gone through step change or similar or spoken to them yourself so that your debts aren't accumulating interest?

SnozPoz · 12/01/2023 08:10

I was told you should aim to have three months worth of your monthly expenses. That said I have spent most of my life with virtually no savings. Now I do.

WaddleAway · 12/01/2023 08:29

Dotcomma · 12/01/2023 00:16

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

Why not? It’s anonymous. What can anyone do with the information?

howmanybicycles · 12/01/2023 08:38

Stanex · 11/01/2023 20:16

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!

Sadly I don't think I have skills which anyone would pay much for and we already live a fairly frugal life. What do you think someone in my position could do to get there? I'd love to retire in a few years but can't see how I can make it happen - any advice would be great!

BarrelOfOtters · 12/01/2023 08:52

@kenadams86 if it’s trying not to spend money stupidly I really recommend money saving expert website. It really helped me sort out where I was in my head in attitude to money. And also, I’m supposedly an intelligent woman, that I’d been thinking in terms of monthly spend rather than yearly, so holidays, birthdays, annual bills, car servicing would take me by surprise.

i used an app that I put my annual income into and all planned expenses over the year, including debt repayment, and that told me how much I really had to spend each month. Then tracked every spend. It was eye opening.

I got out of debt similar level to yours and when on an average income and started saving in 2 years.

Ifeelsuchafool · 12/01/2023 08:55

£15k, which is £2k less than I had a year ago. Being 3 years off retirement and having less than £30k in my pension pot (years of not contributing and relying on, now ex, H's pension pot) and having been forced to give up my supplementary job earlier this year through ill health, the future terrifies me.
(Not do I own my own home)

Highabovethetrees · 12/01/2023 09:45

£14k in joint savings. We were in (slight) debt four years ago when I didn't have a job for several months after maternity leave so feel much more secure now. Also overpay mortgage by £300/month so that is also a cushion as we are therefore allowed to underpay if needed (hopefully not!).

LuckyStarz · 12/01/2023 10:14

@Ifeelsuchafool same here. Messy divorce etc. Nearly 60 and I have £30k in savings which includes a small pension pot. Also do not own my home, I have to rent as I can't get a mortgage. The future is scary.

Dinodigger · 12/01/2023 11:50

£52000

BornAgainCountryBumpkin1 · 12/01/2023 12:33

About £300.
Cover my car service etc in a few months & Dds birthday.

ohsuzannah · 12/01/2023 12:36

£100. Saving up for a vet check up for my elderly dog.

Bluehonda · 12/01/2023 13:47

Blimey you lot are skint!

Threads on the net evolve...
Someone asked so...
CUT YOUR CLOTH. Do an annual budget, allow a bit for contingency and don't spend more than that per month.
Use Moneysupermarket.
If you need more, find something you like to do, then it's not "work". The "money for nothing" woman just made £500+ from cutting up an old typewriter and making cuff links and necklaces. They're free on freecycle.
She uses t'internet to sell. You can do that or you wouldn't be here. There are youtubes to tell you how to do everything.

I made cash on the market - nothing clever just watch big trends and watch the news, don't be greedy. EG I put some in a China general fund when they said they were relaxing covid restrictions, about mid november. Google "china fund" - most are similar. Mine's gone up about 20%. It'll probably carry on for a while. China won't collapse overnight. Try a "theoretical" investment and see what happens. Don't risk more than you can afford to lose say half of at the death, but I've never lost more than ~10% on anything ever.

How much do you have in your savings account?
Bluehonda · 12/01/2023 13:49

You have to click the image to see the % axis.

BunchHarman · 12/01/2023 13:57

Did you come back to the thread again because you were disappointed no one bit at your 3am comment calling everyone skint @Bluehonda?

BitOutOfPractice · 12/01/2023 14:00

I have to say @Bluehonda that advising people who have said they have no spare cash to live, let alone save, to invest in the stock market is unbelievably crass.

BitOutOfPractice · 12/01/2023 14:01

And even though I'm not "skint" I am not prepared to accept financial advice from someone who doesn't know their bank balance to the nearest £100k thanks!

ofwarren · 12/01/2023 14:10

Zero

LuckyStarz · 12/01/2023 14:28

@BunchHarman yes I think that's exactly what they did. Lovely little ray of sunshine.

good96 · 12/01/2023 14:32

Seeing as I am not far from retirement - 5 years or so - my savings are more so a retirement fund on top of pension. I had 130k in there, but I’ve just put down 80k on a property investment purchase - we currently own two rental properties which will be sold once the current tenants have left. The sale of the properties combined will pay off the entirety of the investment purchase - block of flats - plus any works that need doing and other related costs. This should leave us with around 30-35 in the bank… but we should have a rental income of £78k a year before tax from the rentals.