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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask how much savings you have

367 replies

mrsshears · 05/09/2011 13:55

nosey old bag emoction

OP posts:
dreadbacktoschool · 05/09/2011 22:04

For those who asked for tips on large savings and being mortgage free and in my case building a BTL portfolio too.

I have written down everything I have spent in accounts since I started babysitting/paper round age 13 and still do so. Even the smallest amount is logged. Even if you do nothing further with the accounts just doing this is enough to make you think if you really need something.

Luckily for me I also love bargains so for example I genuinely prefer all my clothes to cost a maximum of 50 pence from a boot sale. I dont really have any desire for any new material possessions and I dislike shopping which helps and I can never think of anything I want for xmas or birthday. This is just my personality and always has been, my siblings are very different despite the same upbringing so I really think it is just chance how much you like consumerism and am sure it would not suit most people but I am very happy, busy and fulfilled without spending loads.

I am proud to have never had any help or inheritance. I always did the maximum SAYE share schemes from first starting work after graduating when virtually no one else in the company did so despite being risk free but luckily it actually proved to be a very good investment. I have always believed that investing in period property that needs renovating rather than new build is the best route and it has worked for me but then I love renovating property as a hobby but again it is not for everyone.

inspireme · 05/09/2011 22:28

Have about 1 months salary (2k) but am currently on maternity leave and stat mat pay which is crap so have had to dip in to my savings already. Spent 25k on a wedding 2 years ago so that wiped us out, and have been building a house since the wedding so any extra money has went on that reckon we've spent 20k of our own money on house since.

We are 28 and 29.

So1337 · 06/09/2011 00:14

We have around a year's joint income, and a smallish mortgage and no other debt- we are trying to move to a bigger home atm, and need a hefty deposit as our multiples are not fantastic, also DH has no pension provision, so some savings is towards that.

We are pretty frugal, and have been saving for years. Neither of us is materialistic, we run one v economical small 2nd hand car, haven't been abroad for several years, don't go out ever often as have v small children.

swingingcat · 06/09/2011 00:27

Not a penny saved, got about 40k of debt, no pension pot, no property.

We have 3 teenagers.

Sookeh · 06/09/2011 00:42

I'm 24 with no savings to speak of. I really worry about it Sad

TheSecondComing · 06/09/2011 00:52

This reply has been deleted

Message withdrawn at poster's request.

madhattershouse · 06/09/2011 01:05

Nothing, nada,nil! Rent house, credit card debts and never go out. We WILL someday. If I had anything of value I'd sell it for a good knees up right now (really need cheering up). Oh well Sad

Claxonia · 06/09/2011 08:45

I wouldn't say I mananged to save because of being frugal particularly. It was more that I got into the habit as soon as I started working (£50 per month or something) and then didn't let my cost of living increase proportionally with my salary as I started to earn more. Also, always had a direct debit to move the amount allocated for savings from my current account at the beginning of the month so I wasn't tempted to spend it all! My husband and I also view the capital from the sale of our house as completely off llimits in terms of spending.

dribbleface · 06/09/2011 09:48

oh bugger - should have saved more!

DH 35, i'm 34, we earn about 46k a year between us, own 10% of our house (worth about £165K - also brought at wrong time!). We have about £3K in savings - soon to disappear as DC2 due in 4 weeks and only SMP.

Scheherezade · 06/09/2011 10:45

I have a savings account, with about 50p in it.

eurochick · 06/09/2011 10:55

To those asking for tips, mine would be to work out what you can afford to save each month and set up a standing order to put it into a savings account as soon as you are paid, rather than putting in what is left at the end of the month. As soon as my salary is paid two payments go out - one into our joint account from which the mortgage and household bills are paid and one into my savings account. Some months I don't spend all that is left. So once my current account starts to build up, the excess there gets swept into my savings account too.

Bumblequeen · 06/09/2011 11:22

This reply has been deleted

Withdrawn at poster's request.

Bumblequeen · 06/09/2011 11:30

This reply has been deleted

Withdrawn at poster's request.

RumpledTitSkin · 06/09/2011 13:25

I'm in the same boat as you two Bumble and Swinging Cat and I'd encourage you to go see the debt free wannabe forum on mse. It's full of useful advice and friendly people (so far) that are in the same boat or worse.

The one thing that jumps out at me is to urge you not to consolidate.

I've been looking at snowballing which seems like a much better way to go if you can. Def worth a look anyway.

Bumblequeen · 06/09/2011 14:28

This reply has been deleted

Withdrawn at poster's request.

swingingcat · 06/09/2011 15:09

I approached all of the lenders directly and managed to negotiate that all interest would stop and we would pay an agreed sum, which we are able to maintain at present. Out credit rating has been effected because of it but it was the best option for us.
MSE is a wonderful site.

OnlyHappyWhenEating · 06/09/2011 18:25

joint earnings of approx £67K, mortgage of £160K (two houses, one which we rent out, jointly worth approx £300K) and savings of approx £45K. both 33 and no kids (yet). we save a lot because we don't have a car, no fancy phones, we cycle everywhere (so no travelling costs), don't smoke etc!

mamasunshine · 06/09/2011 18:38

Very depressingly not a penny. Have about 3000 pounds worth of debt. Rent our house, no pension started...dh 33, I'm 28, 3dc's under 4 - scary stuff. However hoping that once I start 'earning' again and dc's go to school we'll be able to start saving.

Olifin · 06/09/2011 18:53

Fuck-all savings and a fair bit of debt :)

monkeyfacegrace · 06/09/2011 19:18

Im so depressed. Im 24, DH is 32.

We lost circ 30k in equity on our house, so now owe £135k on a house which is currently on the market for £120k.

FIL has lent us a bit of a deposit on the next place, so we can move as we need to.

I owe £40k on credit cards/car finance/to my dad for the first house deposit.
DH owes about 5.5k on credit cards are he is a bleedin spending machine.

No pension, no savings. Household income around £35k, and no chance of it increasing.

I dont sleep at night. I DREAM of just getting a touch of equity so I can drop our mortgage payments from 6% interest.

FrenchLimeBlossom · 06/09/2011 20:34

I'm 34, DH is 40, we have one DS. Currently on mat leave but usually have annual combined income of approx £110k.

We have about £200k equity in the house and a mortgage of £200k which is our only debt. We have cash savings of £20k and shares of about £20k (currently slightly less but we are hoping they'll go up!). DH has an endowment policy due to mature in 2 years which should pay out a minimum of £45k which we intend popping on the mortgage. I have a pension with work.

We run two third-hand cars, have Sky and broadband and each have a mobile phone, will have childcare costs of approx £1150 pcm from December, shop in Waitrose (or Ocado) and at our local farmers' market or deli, don't have expensive holidays or designer clothes - but we do like decent food and wine, we like good quality items which will last whether they are shoes, bags or prams (so our initial outlays are always pretty high but the cost per use tends to be low), and we have tended to spend a fair amount on hobbies, eating out etc. That will likely change now we have DS!

We had been saving a minimum of £1000 a month until DS arrived, hopefully when we remortgage we will still be able to do this even with the childcare costs as I'll be back full time at work.

We've had no inheritances or parental hand-outs other than my parents surprising us with a contribution to our wedding costs after the event - we'd already paid for it all from the profits on the sale of my flat when I moved in with DH and had not expected any assistance but they felt afterwards that they'd had such fun they wanted to help us out, so we bought one of the cars and our dinner service with their contribution.

purpleprudence · 06/09/2011 21:27

Some context . I'm over 50 , took early retirement from civil service 2 years ago after 30 years , never earning more than £20000 . I now live on £15000 pa and manage very well despite having a teenage child to pay for. Ex left 2 years ago , just as I retired (great timing) and pays £200 a month maintenance for his daughter , nothing for me as we were not married . We owned the house jointly , mortgage paid off , but he has signed it all over to me , it's now worth about £200000. I have savings of about £100000 , from being careful all my life , and not living lavishly . No inheritances , trust funds or lottery wins , just hard work and being sensible .

DrCoconut · 06/09/2011 21:39

Have just spent most of it on maternity leave as SMP is so crap.

ThierryHenryismyBoyfriend · 06/09/2011 21:41

About 6 months salary.

NonnoMum · 06/09/2011 21:45

No savings.

Third baby saw to that. Smile

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