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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much savings you have

367 replies

mrsshears · 05/09/2011 13:55

nosey old bag emoction

OP posts:
eurochick · 05/09/2011 14:18

We have a mortgage on an uberlow tracker rate so we prefer not to pay the savings into it at the moment.

thinbridewaitingtogetout · 05/09/2011 14:18

Not a bean! Although i would of had 3.5k saved by now since jan had i not spent it on my up coming wedding!

Darn it.

froggydoo · 05/09/2011 14:19

Wow can't believe how many of you have HUGE savings! We have £2000 in shares and £400 in hard cash money.

But we need to spend about £5000 doing up the house. So our savings disappear as soon as they are built up Sad

Morloth · 05/09/2011 14:19

As I said, we have a mortgage which is bigger than our 'savings' so to be honest I don't actually view that money as savings exactly, we just haven't tied it up with the house as we have no need to because of the offset arrangement.

In reality we have a great big debt, but as the house is worth way more than the mortgage that doesn't bother me.

hoovercraft · 05/09/2011 14:19

Bloody glad this is anonymous. Joint income or us about £56-£60K

minxofmancunia · 05/09/2011 14:20

None, we're still paying off debts, think it's more important to get them paid off and then we'll be saving up briefly for an extension.

Before i went part time i always had a couple of months salary saved but can no longer afford it. We have a big mortgage and have never had any financial help from our parents.

We have a significant amount of equity on our home though, we make overpayments rather than save so that it will be paid off by the time dd is 16. our mortgage and childcare are our main outgoings, if we didn't have them we would be fairly well off which is why it makes more financial sense to try to get the mortgage down. there's no point having savings if you've still got debts to pay off which includes a mortgage.

ViviPru · 05/09/2011 14:20

saying you have £40k stashed away but if your joint income is £200k a year then that's totally different than if you have £40k but income is £20k a year. IYSWIM

I agree niceguy2, thats why I stated mine as a proportion of my yearly income. You're right - its totally relative to income.

Alibabaandthe80nappies · 05/09/2011 14:21

25% of annual post-tax income, plus we are a year ahead with the mortgage so we could take a year off paying that if we needed to.

Kladdkaka · 05/09/2011 14:21

All of my savings are currently invested in debts.

Runoutofideas · 05/09/2011 14:22

We have about 6 months of DH's salary as savings. I am SAHM at the moment but looking to get a job once dd starts school (next week - eek!) and that will mostly go into the savings pot. We do have an interest only mortgage though, so the savings are building up to pay the mortgage off in 20 years time. DH would rather have access to the money in the meantime though - just in case he loses his job etc - rather than paying a chunk of the mortgage now.

trice · 05/09/2011 14:22

I have no savings. I had one hell of a rainy day and used up the rainy day fund. Hopefully can start building up again.

minxofmancunia · 05/09/2011 14:23

we're several months ahead with the mortgage, my main issue is getting rid of it, and if the worst does happen then we still have our home.

Morloth · 05/09/2011 14:23

We have shares as well.

niceguy, really given the income we should have more, but we have had some huge expenses lately with moves and houses etc so it has dropped substantially. I need to get my act together and stop wasting money.

Luck has played a huge part, we both seem to have the most amazing luck.

DoMeDon · 05/09/2011 14:23

No mortgage and about a years salary in savings.

I have always saved- was young when I had first house deposit and am lucky to have no mortgage - although lucky isn't the word really - first house deposit was inheritance from my mum's death and mortgage being paid off was from MIL's death Sad

Hullygully · 05/09/2011 14:25

None, we have a lovely big debt though.

hoovercraft · 05/09/2011 14:25

I just realised our savings = what we owe on the mortgage.
So according to morloth's theory, we even out and have no savings.
(except the large penny jar)

Ambi · 05/09/2011 14:25

£8K though I feel we need much more as that's our emergency stash. I want a nice holiday and a new car and to finally do up our house, but will have to wait til next year.

MackerelOfFact · 05/09/2011 14:26

Around £30k. We rent and have never had a mortgage. The savings will eventually form a deposit for a house, if all goes according to plan. Now is not a good time as DP is about to go back to Uni to retrain.

hairylights · 05/09/2011 14:26

At the moment I have got one month's salary in savings. I am going on maternity leave in January -my savings will go during that time, and I am re-mortaging my house (which I don't live in) anyway (for other reasons) so am releasing some equity.

After ML I will start saving again.

MugglesandLuna · 05/09/2011 14:27

We have a rainy day fund of about 5k.

We are paying off our Mortgage as soon as we can, so instead of saving we pay extra each month to the mortgage company.

JodieHarsh · 05/09/2011 14:27

Not tuppence to rub together

Does my piano count? And DH's aunt's Mont Blanc pen?

usualsuspect · 05/09/2011 14:27

none

Grumpla · 05/09/2011 14:30

We've just spent all of our savings on a new bathroom. The old one lacked a bath.

So now I have about £76 left over Sad

I usually try to have at least a few months salary saved up but as I work part time it isn't usually very much. DH saves for his tax and every time there is the tense calculation of whether there is enough in the pot to pay it! Any leftovers (rare) go into savings account for DS.

jimswifein1964 · 05/09/2011 14:31

About 10% of our joint annual income.
Until we bought this property, I had 99% of the money I've ever saved since childhood, but it all went on the deposit - couldnt have moved otherwise.

PicaK · 05/09/2011 14:34

2k. Just under a month's income at the moment.