What amount of savings would you need/want to have before you stop saving?

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Basically the question in the title. Is there an amount you would be happy with before you would start living a little more etc? Just starting to question why we keep saving so much and wondering if we should stop for a while and be a bit more spendy?

I always think that being a saver is ingrained in a person's mentality.

If you are of a mind to save then it's almost impossible to stop.

I agree with @IvedoneitagainhaventI

That said, as I age, there does come a point where I start to think that there isn't much point, so if I ever get to the point where I have sufficient not to ever have to worry about money again I would probably stop. I don't know how much that would be though. And I am nowhere near it now.

Depends what you are saving for I suppose.
People save to buy a house, for retirement, for a rainy day.
Advice used to be to have enough to cover outgoings for 3- 6 months to allow for loss of job etc.

I will never not save but I’m happy to adjust that amount to do other things when needed

Ideally I’d have 6 to 12 months wages in a bank account, just incase. Then I’d save and use separately for Xmas/holidays etc.

So what would be the sufficient amount?

I think I will always save, but it's never to the point where I think it's impacting how much I enjoy my life. If anything, I should probably save more, and keep telling myself that.

How much are you currently saving a month, OP (if you're happy to share)? What thingd would like to spend money on, that saving is preventing?

I have more than my 12month salary. I’m thinking this.

We save 2k per month and 500 into holiday funds.

I don’t think I’ll ever stop saving, we want a decent retirement and also money for DCs house deposits and help with uni/weddings etc. we currently have around £80k in savings and add to it every month. We only keep around £8k accessible though. I also make sure we have a comfortable lifestyle as well as saving, so we don’t save as much as we could now I think we have a nice level of savings.

Yes.We also save the cub for the dc so there’s 140per child per month for them.

so in all we save 2780 per month.

I'll stop saving when I retire and when i have enough to get DC through uni. Hopefully the more I save the earlier I can retire. Like others I think it's too ingrained in me and it's not an either/or, I can save and enjoy life. I find overspending or spending for the sake of it wasteful really.

3 years of care home fees.

I’m extremely capable of spending so that’s not the issue. But having faced the prospect of being unable to move my mother frim
a hellhole because she didn’t have enough cash to have a choice (eventually resolved), that’s what I have in my head as ‘enough’.

I would need to have paid my mortgage and have about a million in my pension pot before I could slow down on savings.

That's a piece of string question. Ideally you'd have a years salary quite easily accessible, then savings for DC, short term savings for holidays, Christmas, annual car costs etc, then medium term investments, plus pensions etc. It's such a complex issue, not a "I'd save 10k then spend the rest" sort of issue.

My 'sufficient' amount has changed - well, increased. I think because I'm in the habit of saving so, although I do spend it, the level goes up and so my idea of 'sufficient' goes up too.

Currently i have a year's salary saved which is the most I've ever had, although I've committed 20% to a holiday of a lifetime. I'll be rebuilding those savings to that year's salary again afterwards.

Would never stop. But we have agreed spending goals that we save towards too.

I’m not sure exact amounts make sense here, the X months of income is more relevant as everyone’s circumstances are different. It also depends how that income relates to your outgoings (are you borderline or way above or below). Obviously if you’re currently saving your outgoings are clearly below.

Then it also depends on the rest of the picture. Are your pensions on track? Do you have sufficient equity in your house that you could always sell up without going into negative equity if things went really pear-shaped (eg losing job while property market was really bad and you were forced to sell at a loss)?

I’m quite risk averse and 12 months of income makes me feel comfortable, given we live well within our means and could cut back on some stuff if absolutely necessary. But our pensions are ok and we could stand to make a loss on the house if the worst should happen.

I started with working towards 3 months take home pay. Now I’m heading to retirement it’s a year’s take home pay.

I am 55. Let's say I expect to live to 85 give or take. My monthly burn is approx 5k plus or minus, so that would be about £1,800,000.

That assumes that the end of my mortgage brings a lower burn rate, and takes into consideration that I might live a bit longer. If I don't, I am quids in (albeit completely uselessly).

Since I don't have the £1.8m now, every month that goes by reduces that amount by £5k, and even then, I can't see the two lines meeting during the rest of my life.

I know there are other variables, interest rates, downsizing, moving area etc, but there are also health care needs etc too.

Nope! There is no amount.

No fixed amount, I'd love to have 100k in savings though. Not even at 1/10 of this amount.

This is fascinating to me. I’ve never saved anything nor do most people I know. The idea of having thousands spare to put away… I only earn 3200 which I barely get to the next month on. DH is self employed and can earn more but also less, his tax bill alone is crippling.

I don't think I'd stop saving. Whatever isn't spent in my lifetime will go to my kids.