How much money would you like in your savings account to feel comfortable?

[Blondiebeachbabe]

Just that!

Until about a month ago it was around £2k but I’ve since sold a property so I have significantly more.

About 10k more than whatever is in there right now. Not joking, the comfortable-meter seems to go up the more I have. I used to think 5k, then when I had 5k I felt like I needed 10k to feel comfortable. Now I have double that but I feel like i need another 10k to feel truly comfortable. Motivates me to save.

You should be investing a large chunk of that. Depending on how long youve had it for it could be worth a lot more. Some of my stocks and shares have doubled or tripled in the last few years

Already feel really comfortable thanks to DH job and big bonuses. Not saying how much though!!

Four months of living expenses to not feel worried. Much more than that to feel comfortable.

In an ideal world I would say 10k as that would cover most major issues for house and car. In my real world I try to have 1k for any breakages such as washing machine/fridge .

About £500k although not all would be in savings - as much as possible would be in legitimate tax avoidant products like pensions, ISA’s and Premium Bonds. Only £100k would be kept as liquid savings.

I grew up in a household which would have been living pay cheque to pay cheque. I remember the worry every time the car went to the garage or a tank of heating oil needed buying.

I have about 30 months net salary in savings and that definitely feels very comfortable to me. I'll keep saving because I want to bridge the gap to pension age. And I might spend a good chunk of it on a deposit for a bigger house or similar. But ideally I'd really like to keep at least 6 month's worth of income even then. And the thought of spending anything makes me nervous, but I also know you only live once and so one has to balance the desire for extreme financial prudence with trying to live as well.

@Soontobe60 im in your place years ago . Expensive divorce , high mortgage , kids at home , never anything to spare and although I earn well I’m deep in debt and no savings . Im
Also nearly 60!
I just hope to be out of it one day and be like you

@susiedaisy1912 I hear you loud and clear . Just on the white goods replacement thing I insure my white goods with domestic and general ( sounds like I’m advertising for thrm but I’m truly not !) I pay a small amount per appliance each month and repairs and replacements are free . They’re really good and I’ve had replacements on each appliance over the years . It gives me peace of mind too as my fridge freezer alone is huge ( used to have lots of kids at home ) and Wouid have seriously been a nightmare financially to replace

€20,000. I have more than that now and feel comfortable so don't resonate with those saying it's always more than you have.

Keep chipping away x

I'm a single mum to two teenagers, currently have £23k in savings (split between cash ISA and easy access) and will have another £10k coming to me in 6 months' time. I think when that is done so I have £30k in ISAs and £3-5k in easy access, I'll feel fully comfortable.
What I would like, which is a different thing, is to have £50k. I'll get there!

6 months bills, which I think I pretty much have right now (my bills are low though as I own my home and car outright)

These responses have really shocked me! Seems like loads of people think that having £20k plus is normal!

Thanks I’ve actually done this with the washing machine.

I have a goal of £100k in savings. Currently at £50k. I lost a lot in a split a few years ago and as a result I’m not really sure I’ll ever feel relaxed about money again. As kids are about to go to uni, I’m not really going to be able to save much at all now

A full year's wages would be nice. As it is, I am worried about not being able to afford an MOT failure and the resulting repairs next month.

It probably is in terms of the statistical norm. Loads of people especially older generation have decent savings.

I have gone from being poor to comfortable.

No matter what is in my account, I always think I'll feel more secure at the next milestone. Not sure if it was my upbringing where we went without a lot, or if it is just human nature.

I have over 150k in savings but I do not own a house. (This is what I’m saving towards). I’ve also been in debt and struggling and this safety net massively helps.

£18k

I agree OP...I currently have £1000 in my own savings account and just under £4000 in my daughter's children's savers account (I transfer my child benefit payments to this account every month)
Currently paying off an interest free credit card at the moment (thanks to car and boiler repairs!) so adding more to my savings account has been tricky/non-existent!

20k will be roughly 6 months take home pay for a lot of people, which is the recommended amount to have in cash as an emergency fund.

It depends on where you are in life though. After buying my first house I was left with about 3k in savings, which is probably the lowest it’s been in my adult life, and definitely didn’t feel comfortable.

IMO the importance of cash savings varies according to a number of factors. For example, how long you’ve been in your job and how much redundancy pay you would get if you lost it, whether or not you own a property and have potential maintenance costs, how much you have in your mortgage overpayment reserve etc. There’s more to feeling financially secure than just cash savings.

Having been there once before, enough to cover 6 months salary fully.
It gave me the freedom to leave an awful job.