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.

Enough to overpay the mortgage by 10% this year (max allowed). Trying to clear it as soon as possible. Money came through inheritance, wouldn’t have had it otherwise given how quickly the price of things is rising. In some ways, to me at least, savings are pointless if you carry debt. Savings that work for you are another matter but in general, I don’t like debt.

£17.5k we have saved for a house deposit. But with interest rates being so high we can’t actually afford the mortgage repayments on the type of house that we would have been able to this time last year. Which is a shitter.

About five times my annual salary. Mainly because we save my salary and live on DHs (classic mumsnet cliche high earner) and save his bonuses (apart from for our holiday spending) plus several unfortunate inheritances in the last few years.

About £30k yet my husband says we don't have enough to get our bathrooms done

£64k

I've about £80k - which is a big turnaround for me

I have had no family input, don't have a partner and 10 years ago was on the bread line

70k. Earn more than I need fortunately, so am able to save/invest around half my salary each month.

HumptyNumpty76 · Today 15:42
£4.75.

You have £4.00 more than me 😩

How did you manage to turn it around if you don't mind me asking?

1 year of mine and H salary together

I don't have any savings. My entire salary goes on mortgage, bills and food and not much left at the end of the month.

I don't understand the question, or how it relates to your thread title.

What I have in my 'savings account' doesn't really relate to my level of financial solvency, or whether it's sensible for you to do home improvements.

What is it you want to talk about?

Got a Masters
Negotiated better pay
Negotiated better bonus
(I also work very very hard - way over full time)

With said bonuses, I invested in the stock market. Lucky timing or whatever, but I made quite a bit there.

I also do not spend money on crap. I am not your 'keeping up with the Jones' type - I don't own anything designer other than what I have bought on Vinted.

Nothing earth shatteringly unique - but I think you do get a bit addicted (was going to say 'invested') in saving. After a certain point, it really feels worth the effort.

For the first time in my life I actually have substantial savings thanks to an inheritance (at 70 it’s about time 🙄)

1 bazillion pounds. I'm fortunate enough to live on DHS money and save my salary.
I mean...
£0.00 and 35K in debt. I'm a low earning single parent

Either could be true, neither helps you in way though

Aprox half my annual (base) salary

£1400 which feels low to me but we’re in debt on our overdraft by £2k 😆🤷‍♀️😳 I don’t want to use the savings to pay it off as I know we’ll just end up back in it again. It’s a common theme with us.

99p.

Am in a position to start building it up again soon but tbh we've got a lot of house renovations to complete which are priority.

In general I would like a buffer of about £500 but it was wiped out by Xmas and roof repairs.

£30k but it's earmarked to pay off my mortgage when my fixed rate expires later this year (usually I'd overpay but it's earning more interest where it is).

Having said that when I get there I might hold some of it back so I keep an emergency fund. We'll see.

These threads are always mad.

Everyone seems to either have 10 pence or £1,000,000.

The median household gross savings in the UK is £12,500 (up from £11,000 two years ago). But 25% of households have less than £2,100 saved.

From here: www.nimblefins.co.uk/savings-accounts/average-household-savings-uk

if anyone has a better source add it!

Somewhere between £1 and £1m.

How could what others have, with no context to their incoming/outgoings/life stage/current circumstances, ever be relevant?

Enough to cover my basic living expenses for roughly 7.5 years.

I don't know how I feel about these types of threads- there are so many ebbs and flows in savings, it really depends where you are in life doesn't it?
5 years ago I was so skint, no family money (still none), low paid job and pregnant, approaching stat maternity.

I now have (i think) £12k savings in different accounts but again, approaching stat maternity leave so that's probably going to dwindle a little over the next year.

Someone reading this thread might be in a particularly tight period of their life (not hard to
imagine given economy) and feel like everyone is more well off than them. Ask them again in a few years and they might have savings.

I'm basically trying to say it's not a fixed thing, it'll go up and down as you go through your life. What's the point in a 20 year old comparing their savings with a 50 year old etc.

It will do nothing of the sort. It does not seem to take much for posters to divulge their business. Yes I know that we are anonymous, but still. If this is of any use to you OP, I do not have enough😁

£2k emergency fund
£1k wedding fund
£6.5k waiting to be spent on our new bathroom