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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:
Sn0wGoose · 05/09/2011 14:36

This is fascinating!

We have a whopper of a mortgage, and about 5k in savings that we just don't touch (disaster fund). That's about 20% of our yearly take-home pay (though my maths is pants)

We try to save each month by some automated savings thing, but tbh we end up using it every year on some unexpected house problem so our savings aren't really rising...

Cocoflower · 05/09/2011 14:36

All those with massive savings... inheritances?

None thanks to a recession (no income for six solid months), a house move (20k fees alone) a wedding and a baby.

A bit scary but we do have a lot of equity in the house.

Morloth · 05/09/2011 14:39

No inheritances here, no family money at all, just lots of long hours, watching the outgoings and as I said plenty of good calls/luck over the years.

JennaTailor · 05/09/2011 14:40

I earn 42k and have about 30k savings. No mortgage, no debt. I have saved £500 a month for 7 yrs (also brought a new car and moved house - so spent some there). Live in London.

GirlWithTheMouseyHair · 05/09/2011 14:41

we have about £4K, because that's what DH got for his bonus this year, prior to that nothing. And we were intending on spending half of that at least travelling next year, but now emigrating for a few years instead and want to make sure we come back with more savings in case we struggle finding work initially. But then I earn nothing (even when I get a job is never even covers the childcare).

DH starts paying into his pension for the first time ever at the end of this year (he's 30) and it's unlikely I'll have a pension fund for at least the next 10years (I'm 28)....stoopid idea to have a career as a struggling artist. Hoping DCs will become millionaries by the time I'm old

JennaTailor · 05/09/2011 14:42

When I say I have no mortgage - this is because I rent.

emsyj · 05/09/2011 14:44

We have two mortgages - the house that is rented out has a mortgage of about £110k on it (house is worth about £135/140k) and the house we live in about £185k (worth £250k - just paid off a chunk to get into the 75:25 mortgage ratio bracket).

The savings we have are a hangover from our London days. We spent 2.5 years there and in that time we paid off my student debt of about £30k and saved £100k, out of which we paid for my (nice) engagement ring and our wedding, plus a £40k deposit on our house. We have £40k left now and we're not adding to it at the moment as I am starting a business. My salary pretty much goes to pay for my business start-up and DH's pays the mortgage, bills etc.

Total family income at the moment about £85k including DH's bonus.

Agree this is a fascinating thread!

eurochick · 05/09/2011 14:47

Cocoa no inheritance for us, but both my husband and I are lucky enough to have well-paid jobs and unlucky enough not to have children yet so there have been no reductions in income for mat leave, etc.

I've always been very conservative with money. Even as a child I saved loads.

enjoyingscience · 05/09/2011 14:47

About 2k of my own, 5k of joint and I think DP has about 4k. The equity in the house has gone down to squat (well, almost. Mortgage of £112k, and could sell for about £130k. Bought for £157k in 2007 )

We really want to move, so really need to save!

Cocoflower · 05/09/2011 14:47

How old are most people with these savings?!

2littlegreenmonkeys · 05/09/2011 14:49

None Sad
We did have about 4k until the boiler gave up the ghost and our roof needed reproaching. I was heavily pg with DD1 and on mat leave and have since had DD2 and not gone back to work. Hopefully once the DD's are in full time school we will be able to save the majority of any wages I am bringing in.

HairyGrotter · 05/09/2011 14:50

Zilch, I'm a mature student and summer saw my savings being wiped out in order to survive...will have to start saving again once my Student Loan comes in

emsyj · 05/09/2011 14:50

Not sure who that's aimed at Cocoflower but I am 32, DH is 30.

shakey1500 · 05/09/2011 14:50

We own our house outright so no mortgage or rent and have about £7k in a savings account. It used to be more but dh was out of work for about a year on and off. We will be building it back up significantly now he's working again.

We don't have a mortgage as we bought a 3 bed flat in London in the year 2000 for £92k, sold it at the peak of the market for 250k in 2007 (juuust missed the crash), relocated and were able to buy a 5 bed house in Wales outright. Sounds glam but it's a shithole really Grin Looking to move early next year.

2littlegreenmonkeys · 05/09/2011 14:50

re-patching not reproaching Hmm

AbsDuWolef · 05/09/2011 14:52

About half a month's salary. I've just started saving for our wedding, so that's where it's all going. Before that I was trying to pay off as much as possible of student debts as I'm hoping to clear it by the end of next year. I do have two pensions (one with old employer, one with new) and some shares that I get through work (comes out before salary is paid so I don't "notice" it IYSWIM).

Once wedding and loan are out of the way I will be saving like a MANIAC

Morloth · 05/09/2011 14:52

I am 34, DH is 36.

Cocoflower · 05/09/2011 14:53

emsyj

Nice one! Though your not that much older than us so I am quite awe you saved that much so quickly!

I wish I had been much better at saving back when we were doing rwally well. The amount of money I wasted on rubbish... grrrr!

ruddynorah · 05/09/2011 14:55

Our £20k is just under 6 months joint salary. We do have mortgage left to pay, but we make a 50% overpayment each month so that's coming down fast. It's on a low tracker rate which is less than the savings earn.

Pippaandpolly · 05/09/2011 14:56

Our combined (pre-tax) income is about £60k and we have about £25k in savings. No debts (except DH's student loan). Depressingly, it isn't enough for a deposit round here, and probably won't be for another couple of years. By which time doubtless banks will be demanding 50% deposits just to make me cry Angry

ruddynorah · 05/09/2011 14:56

I'm 30. Mine is inheritance.

moonbells · 05/09/2011 14:56

I have a few month's salary stashed. And a leaking house...

hoovercraft · 05/09/2011 14:57

No inheritance for us. We are both in our 40's but we only started saving for this current amount three years ago. Previous to that we used a large savings to pay for the house we bought before the one we are in now outright. That cleared us out, then we saved again. (i think my timeline is right there Hmm)

Pippaandpolly · 05/09/2011 14:58

Oh and we're both 28. And £15k of the savings were inheritance from DMIL. So really we've only saved about £10k ourselves since the wedding 3 years ago.

Whatmeworry · 05/09/2011 14:58

What you have saved depends on lifestage, as you enter into the whole child thing you are at your poorest and get better as kids become independent/ house is paid off/etc

My DF always said keep 6 months running expenses in reserve and pay down debts. Thats what I try and do now, but when we/kids were young it was hand to mouth