Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

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:
rainbowlou · 10/01/2023 20:41

I don’t even have a savings account…

Blankspace35 · 10/01/2023 20:43

I dont even have a savings account

ShippingForecastMeditator · 10/01/2023 20:43

56p in one and 55p in the other, but have just paid out for the next round of house sprucing-up ahead of selling up and downsizing, so hope to get it back eventually!

Interested in this thread?

Then you might like threads about these subjects:

General money Savings & investments
Girliefriendlikespuppies · 10/01/2023 20:45

Currently about £5000 but about to use £3300 of that to get a new car 😕

It's taken me 5 years to save that amount.

midsomermurderess · 10/01/2023 20:49

Spread across various savings vehicles, £45k, £18.5k and £42K. Rainy day money and money to back up my work pension when I retire and till I get my state pension. Meaningless sums without any further context, so might as well be a tenner. These threads are daft.

Crayfishforyou · 10/01/2023 20:52

£11.34
Thats quite a lot for me 🫢

TheFrozenCanal · 10/01/2023 20:55

Nothing. I spent £80 on a plumber recommended by my neighbour, to fix the boiler. The boiler is broken and he isn't responding to messages.

CrazyLadie · 10/01/2023 20:56

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.

That's exactly what I have done 🙈😅 used every single penny I had buying my first house, luckily got accepted 2 weeks before Truss blew up the markets, but have nothing left at present, saving starts again on pay day 😅

Funkyslippers · 10/01/2023 21:02

RedBea it's really straightforward, just invest however much you want via the National Savings website. I have around £70k invested and win around £50 a month. However savings rates have increased so it might no longer be the best way to invest. Take a look at the Money Saving Expert website for the best savings accounts

BumpyaDaisyevna · 10/01/2023 21:03

I think its difficult to compare really. We have £10 savings when I can see others have 30-40k saved for a house deposit.

But we do have 50% equity and if disaster struck we could downsize or even rent - if we sold our house we would have £250k profit.

NeverDropYourMooncup · 10/01/2023 21:05

CornishGem1975 · 10/01/2023 20:33

Good lord, that sounds miserable. I think I'd rather be poor.

Show quote history

It's more miserable being poor and not being able to afford those things, either. Being able to build up the savings for the first time means that I'll be able to make a private dental appointment and get my eyes tested/new glasses, instead of being unable to pay the bills AND unable to sort them out.

Oigetoffmylawn · 10/01/2023 21:07

I have multiple savings accounts, the one with least in has 63p in it (to keep it open!) And the most is £4700. I think I have about £9k total but we technically owe the builders about £2k. I have kids savings accounts as well, totalling about £3k and then DH has some savings, about £5k. We're very lucky but similarly, we're also in about £15k of credit card debt! It's interest free so we're paying it off monthly before the interest free period ends.

Noneedtobemean · 10/01/2023 21:08

£600, it's the most that I've ever had!

Maverickess · 10/01/2023 21:10

About £1500 between two accounts.

Most of it was the ridiculous overtime at a care home during the pandemic, I already worked 40 hours a week at nmw and I lived to the limit of that so that gives an idea of how many hours I worked to have been able to save anything.

I would have more but I paid off some debts and overpaid things like gas and electric and rent to have a bit of a buffer, bought DD decent stuff for university instead of the cheap and cheerful she would have had and a decent coat and boots for winter for me.

I've never been in the position of having even the tiny back up I do now, it's now about a months salary for me (new job) and that puts into perspective how little it actually is compared to what I had to do to get it. I'm quite lucky that I got my new job as things started rising so although I've had quite an increase in pay in the last year, it's covered the increases so I'm really lucky not to be worse off and digging into those savings to live until they're gone, and also add a really small amount each month, for now anyway.

It's all relative, what I've got is unattainable for some people, would have been without the pandemic for me, and others would be horrified it's so low. It's the best place financially I've ever been in though and I'm grateful for that.

Museya15 · 10/01/2023 21:15

£2.45 until Friday.

MunchMunch · 10/01/2023 21:17

£1.91 thanks to Save the Change with Lloyds
😁

We are actually cash poor but thanks to dh buying collectible items (that appreciate in value quite quickly) and buying over the course of a few years we have about 30k worth of collectibles. He can sell the items very very easily if we really needed to (we've done this in the past) but we aren't struggling at the minute so hopefully he can continue to add to the items and then sell up at the right time. I won't say what the items are as it's quite niche so maybe outing for me.

FrostyFox · 10/01/2023 21:18

I posted my actual answer on page 1, but I just wanted to say this thread has really helped me.

We’ve got savings now but struggled financially for years. I’ve recently got myself into a bit of a depressive funk about various things and had been really beating myself up for not getting things sorted much earlier. This thread has reminded me that we are really lucky and that I need to stop imagining everyone else somehow has it more sorted.

moosel · 10/01/2023 21:30

£2 in my help to buy ISA I opened because Martin Lewis told me to.

Beezknees · 10/01/2023 21:31

£5000ish. I get Universal Credit so I have to keep my savings below the threshold for claiming.

mummytippy · 10/01/2023 21:32

@Funkyslippers

My parents swore by them. Bought them back in the late 1960s and continued to add to them. I'm tempted but have been advised that due to inflation Premium Bonds aren't the best investment currently... although there is the chance to win the big prize.

Martin Lewis did a piece on them before Christmas where he equated it to a low interest rate.

808Kate1 · 10/01/2023 21:37

@NeverDropYourMooncup Short term pain for long term gain. X

bloodyeverlastinghell · 10/01/2023 21:40

£1.20 I had £2k but then car died and I took out a loan to buy a new to me car. I need a car to work. Spare cash goes straight to paying down car loan. It’s my only debt apart from mortgage though.

Rawroink · 10/01/2023 21:41

We have around 5k at any time, I don’t know if it’s classed as savings as we have it for expenses when needed, car repair/service over 1k, house maintenance, holidays
we can meet the cost of all other expenses each month from salary

Lordofmyflies · 10/01/2023 21:44

About £15,000 but I've already paid for our holidays for this year and work that is due to happen on the house so hopefully no more big outgoings this year.

NooNooHead1981 · 10/01/2023 21:55

One pence.

Pretty pathetic really as I squander any spare money I get after the child allowance and about £300 a month I also get. I have about £500 to live off a month and don't have much left over for any extras or savings really once they are paid.

Yes, in a lot of ways I'm very fortunate to have support from family and my DH is the main earner so I'm a SAHM at the moment but we are definitely not well off.

If I had any savings, they would be very little as we'd probably need them as the cost of living keeps increasing.😳