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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How much do you have saved

324 replies

Sergio4 · 31/05/2018 23:20

And how much of your salary do you save every month?

I have about a thousand saved and save around a few hundred a month as I am looking for a better job

OP posts:
BigPinkBall · 03/06/2018 08:40

@2ManyChoices there’s no such thing as a joint isa, isa stands for individual savings account.

Mesoavocado · 03/06/2018 09:09

Wow crazy amounts here.

I save between £0-150 per month. No debts. No mortgage but sometimes that’s all that is left over after everything

I have a decent pension though my DH does not so he can never retire!

LifeBeginsAtGin · 03/06/2018 09:25

Case in point, young lad just teamed up with me at work, His grandfather who had saved his entire life (£75K) developed dementia, Grandmother couldn't cope so it was decided he should go into care. The £75K was used up in 2yrs and GF sent back home in a much more deteriorated state despite his GM pleading that she couldn't cope. They are now challenging for their house to be seized and used to pay further care.

This is why it is important to see a financial advisor and accountant so that assets are secured properly. It's nothing illegal and it's what all the super rich do.

LifeBeginsAtGin · 03/06/2018 09:28

You need at least half a million in your pension pot for a decent retirement so I'd urge everyone to put as much as possible away.

Coolaschmoola · 03/06/2018 09:32

Currently in a bit of a cash flow situation, so about £300 in the savings account. We both have good pensions though, own one house outright and have about £70k equity in the other so on paper we're good.

ScaredPAD · 03/06/2018 09:34

Half a million 😂

PhyllisWig · 03/06/2018 09:52

Just added it up and there is around 20k I could use in an emergency but 'our' savings are around 6k of that and the rest is dds and dhs (he is a sahd and has his own separate, no access saving account).

We save around 700 quid a month into various places including kids, dhs account, a day to day savings account which mostly covers car bills, birthdays etc and a 'long term' savings account which I try not to use but do dip into when required.

I have a reasonable work pension but it's not final salary. Dh also has an ok pot from when he used to work but again nothing v good. We are into the last 2 years of the mortgage though (are early/mid 40s) and have a lot of equity in our house so as son as the mortgage is gone, it's hell for leather into pension/savings.

LittleMermaidRose · 03/06/2018 10:06

Around £80 a month. It's not much, but it's all I can afford.

EdinburghMummy22 · 03/06/2018 10:13

Some people don't have anything left to save each month!!!

FinallyFree123456789 · 03/06/2018 10:56

£200 in savings for myself
£150 in savings a month for dd

Currently in a low paying job that I hate. Have just been accepted into uni to retrain so fingers crossed 3 years down the line things may change! :-)

tomhazard · 03/06/2018 12:00

Half a million in a pension is so unrealistic for so many people.
I have 6.5 years of a teachers pension, had an almost two year break while living overseas, then had a new pension start in Jan this year with my new employer. This is a good pension where I pay in 7% and they pay in 11% but I doubt I'll be working there forever and I strongly doubt that I'll have half a million in a pension by the time I retire.

Maverick66 · 03/06/2018 12:07

NOTHING!

Dh self employed.

Invested in property as a pension.
Properties are now in negative equity with NO realistic chance of them making their purchase value. So it really is one BIG mess!

3luckystars · 03/06/2018 16:57

HALF A MILLION!! Shock

laurG · 03/06/2018 18:25

I live in London. My housing costs are so highly I can save much. I put £230 into my pension. I had been putting £200 in to a isa and £100-200 into savings, but I’ve had to put all of it away to cover short fall in my statutory maternity pay which won’t even cover my bills. Once child care costs start I doubt I’ll be able to save anything but my pension. I’m really terrified tbh. I’ve never been broke before. My only hope is that house prices start to rise. We have made quite a bit on our home already.

Johnnyfinland · 03/06/2018 20:35

Oh do fuck off with the half a million pension. You know that isn't possible for many people, it's not through choice they don't have that or the means to do it! Most people of the millennial generation won't have anywhere near that, wages aren't rising along with the cost of living and entry level jobs dont pay enough to be able to afford the pension scheme. So once you can afford to start paying in its extremely unlikely to end up anywhere near half a bloody million

mindutopia · 03/06/2018 21:01

No set amount per month, currently on mat leave so there’s no saving any of that anyway, but have about £2500 currently in my savings. We save bits here and there when we can particularly as dh is self employed so some months he makes like £500 and other months could be £10,000 depending. We have some investments totalling about £100,000 but obviously could lose it all tomorrow if economy all goes to shite.

Cheeseislife · 03/06/2018 21:12

Have a house deposit saved, adding £1500 a month to it. When we find a house god knows what we'll be able to save, and we've only minimum contributions into pensions each 😕

2ManyChoices · 04/06/2018 13:30

bigpinkball it's my isa, we both pay into it, and will use husbands when mine is at capacity, 22k.

Hortonlovesahoo · 04/06/2018 13:37

I used to put £100 in my savings account, £100 in my daughters savings at the start of the month and then pay for food / bills etc. I’d then use anything left to pay stuff off like student loan (trying to over pay to get it paid off quicker).

Pension comes out automatically through work.

eazycloth · 04/06/2018 13:38

We have about £70,000 between us (all money is ours but we have it in seperate names equally for premium bonds etc). I also have about £800 in my online account that i use for treats, gifts etc but that isn't long term savings.

We don't have kids though and tend to live below our means a bit. DH feels anxious unless he has a years salary in the bank, but I am a bit more relaxed about money, you can't take it with you!

However I know many are not in a position to save anything.

midnightmisssuki · 04/06/2018 13:46

i wont say - but its enough, husband is an ex-banker and we have property. My salary - most of it goes on school fees 1 toddler and one child in kindergarten. I save maybe a few hundred a month depending on outgoings (food shops etc)

And to the poster who said they would be dubious of people having more than £1 million in cash saved - i know more than a handful who have much more than that in cash saved - its not as unusual if you meet people high up in banking or people that own their own businesses.

Alarae · 04/06/2018 15:46

If you had asked about a month ago, I could happily say just over 6k.

We've moved house however so that was swallowed up on the extra purchase price.

Now I might have 1k in savings as I'm starting over, but technically none as I've opened up a 0% card and put our holiday on it.

happypoobum · 04/06/2018 16:47

I save £250 a month into Premium Bonds as I think it's a fun investment whilst interest rates are so low. Probably have around £32k in bonds.

Once my current house sale goes through I should have about £60k left over once my new house is bought (downsizing) but I won't save all of it.

Some of it is for holidays!!! Grin

BigPinkBall · 04/06/2018 17:22

@2ManyChoices cool, I worked for a bank and you’d be surprised how many people think they’ve got a joint isa, but then if they separate or one of them dies they get a shock that they can’t access the other’s isa.

chickydoo · 04/06/2018 17:34

I think the half a million in a pension fund is scary but sadly accurate
If you and a partner decide to retire at 65 ( hopefully)
If you both live for another 20 years (entirely possible) then between you 500k would allow for 25k a year for 20 years between you. Not much really. If one of you needs nursing home care, then there won't be much left from that 25k a year.
Of course any state pension would boost that up.
It is a scary prospect and there will be many more pensioners in poverty in years to come :(