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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:
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

Natsku · 10/01/2023 18:59

About 300 euros. It was 800 but I had some big purchases that I was paying monthly on and I decided the other day that it was stupid to pay monthly with the interest and just paid them off from my savings. Its not long term savings though, it always ends up being used every couple of years for extra expenses that crop up (or last year, for a special holiday) but I'm thinking now of starting a separate saving account in a fixed term account so I won't touch it, to save longer term. Just need to find a decent account (and while at it, look for a safe fixed term savings account to put some of my DD's inheritance in. Slightly depressing that she has a lot more money than me though)

I do have about 150 euros in some investments thing, that my bank bonuses were going into, but its been going down in value so much I've paused the bonuses going into it now.

QueSyrahSyrah · 10/01/2023 18:59

£10,000 flat and over my dead body will I take a penny back out of it this month, it's taken a long, long time to reach that milestone.

Interested in this thread?

Then you might like threads about these subjects:

General money Savings & investments
Chwo · 10/01/2023 19:00
  1. Probably will be that for a couple of years at least.
BitOutOfPractice · 10/01/2023 19:03

icebearforpresident · 10/01/2023 18:00

About £1200. My mum passed away in 2020 and I was fortunate to receive a large inheritance of about £80k. I paid off my credit card and £50k off our mortgage, about half the total owed. £5k each into a saving account for my 2 kids and virtually all the rest went into some major renovations for the house. Part of me worries that it really isn’t much left but I’ve never had any savings anyway and DH has a good sum saved away if we need it. I think mum would be happy with how it’s been used.

I think she’d be pleased too. I’m so sorry for your loss but I think you’ve used the money so well.

Nchangeagain · 10/01/2023 19:04

@thunderstruckk so what realm is your salary in. . is it 4, 5 or 6 figures? Because saying 5x your annual salary could mean anything from 50K to 5 million...just for a ballpark figure?

Gemstar2 · 10/01/2023 19:05

While I’m finding this thread very interesting, it’s too subjective to be useful so I don’t think it’s the way to take away the “fear” of dipping into your pot. The way to do that would be to put 3 months’ worth of living expenses into a separate savings account and keeping that as your emergency fund. Do not touch that amount unless you lose your job and need it to live. Then open a savings account where you can have several savings pots within it for “sinking funds” with a few hundred pounds in each for either those boring expenses you know will come up - car repairs, white goods breaking, essential house repairs etc and any fun spending you anticipate this year Christmas, holiday, whatever. Then voila the rest you can use guilt-free for your renovations while knowing that you haven’t been reckless by using all your savings and you have the security of a buffer for if things go wrong. If you don’t have enough saved for both of the above then start there before you do your renos (unless they’re super urgent like the wiring isn’t safe or the roof is about to fall in, in which case reassess the amounts in the above).

EarringsandLipstick · 10/01/2023 19:05

thunderstruckk · 10/01/2023 18:35

@EarringsandLipstick

Honestly - it's sometimes still hard to fathom!! We wouldn't be in this position if we'd not lost so many family members in the last few years, that makes up the bulk of it. I'd say probably only 1.5 (still a lot I know) is from is actually saving vs the rest from being left money.

It's been a turnaround from being a student with no savings and debt to this in the last few years, helped by lucky job choices for me and my DH.

It's definitely not realistic without either inheritance or a high earning couple imo.

Ah sorry ... I don't think I read it right first time - I took it that you were able to live off DH salary alone & then save your annual salary & had amassed 5 x through saving.

I realise that's the full sum & includes your inheritances. I'm sorry for your losses, I know money doesn't make up for those.

BashfulClam · 10/01/2023 19:06

4 years ago I finally paid off my debt after 20’years. I have£7k in personal savings, DH has slightly more and we have almost £3k joint savings. I had a goal of £1000, then £3k then £5k. I now aim to have £10k which I’ll lick away and start building again. To be honest lockdown helped as I didn’t have my usual
commute costs, didn’t do anything or go anywhere so I saved a fair chunk plus I had s bonus which didn’t need to go ondebt repayment for once. We try
live quite frugally as I regret being in debt for all those years.

WestBridgewater · 10/01/2023 19:07

We’ve just had the hall, stairs and landing plastered as well as the loft insulated and boarded out. There’s £200 left.

RandomCatGenerator · 10/01/2023 19:07

20viona · 10/01/2023 16:08

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

What on Earth is he planning to do to the bathroom?!

thunderstruckk · 10/01/2023 19:16

@Nchangeagain I'm on a fairly normal salary for my job role (accountant). 5 figures. Savings are no where near 5m 😂 if they were I promise I'd not be on MN in my pjs on a Tuesday.

@EarringsandLipstick oh it's no issue - we do currently live on DH salary but that's a more recent development and the inheritances mainly pre date this 😊 so now saving my salary is what allows us to top up savings! Again not a normal situation by any means but 5 times annual salary is mainly due to inheritance rather than is being good with money.

GG1986 · 10/01/2023 19:16

4k, I've never had savings, but during the pandemic I worked every weekend doing NHS bank shifts and wasn't spending money going out etc so l finally managed to build it up.

maddiemookins16mum · 10/01/2023 19:18

Personal, just under 4K.
Joint - about 6K (need another 4k to do the home improvements we badly need).

WeAreBorg · 10/01/2023 19:23

Hoplesscynic · 10/01/2023 18:02

And how does knowing what random strangers have in their bank accounts going to help you?

Can't believe people are actually responding to these ridiculous threads.

Show quote history

Not sure if you know, but you’ve responded to this ridiculous thread x

LadyKenya · 10/01/2023 19:30

dutysuite · 10/01/2023 17:28

Saving have dwindled because of the cost of living just how the government want it

Yep, cannot be doing to have the masses too well off.

Fidgetbottom · 10/01/2023 19:30

We have £5.5k. Which was leftover from buying our first home a few months back. We have quite a few expenses to pay the first half of this year and then we will ramp up and put as much away as possible to cushion our remortgage in a few years. (We really really financially stretched ourselves for this house!).

Ideally I would want to have saved about £30k in the next 4 and a bit years.

grumpycow1 · 10/01/2023 19:34

£0 - childcare costs are killing me right now..

Notcontent · 10/01/2023 19:35

It’s not helpful to say how much I have @Eurydice84 but what I will say is that a couple of years ago I did spend all my savings on some renovations and it felt a bit uncomfortable. But it was worth it and since then I have made a big effort to save again.

PayPennies · 10/01/2023 19:42

Me £19k
Spouse £18k

No debt except mortgage.

StillWantingADog · 10/01/2023 19:46

Quite a lot but we are relying on it to pay off the mortgage in the future (offset mortgage)

NeedAHoliday2021 · 10/01/2023 19:51

£25k but owe 6k on interest free credit card (last part of the new kitchen) and will need a new car in the next 2 years so saving for that. That’ll blow savings to almost zero once we buy the car though.

HarryArry · 10/01/2023 20:00

73k in various accounts, I find it difficult to spend.

KevinsChilli · 10/01/2023 20:01

58k but it's from the sale of my house and will be buying with DP in next year, so majority will be gone on that!

Messyhair321 · 10/01/2023 20:02

I like to keep at least £10k in savings it makes me feel anxious if I don't have something as back up