How much do you have saved

[Sergio4]

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

We bought a 'doer upper' in order to afford a decent size family home. So we save save save. Then spend it all on a project. And repeat. 2 more tats of that, maybe 3 and we'll be done. Then we can save save save to clear the mortgage payment earlier. Then we can save save save for retirement.

We have a second property (by circumstance not by choice) that we rent out. That 'saves' every month as we pay off the mortgage. Ultimately that's my pension or our savings for helping the kids.

We'll never be 'wealthy' best j can say is we are comfortable. I feel fortunate not to be living hand to mouth and being able to just buy stuff if I want it (within reason).

What are you all saving FOR? Is it old age or have you something in mind for it

Cash savings are for immediate needs - new washing machine, roof needs repairing, and as a cushion in case of redundancy (I have income protection and critical health insurance, but they're only going to go so far)

ISA investments are for medium term savings. We used these for IVF, and are there for things like if we move house - where we wouldn't need liquid funds for immediate use, but where we could plan ahead to liquidate based on the markets

Pension is for retirement

@3luckystars I can't speak for anyone else but I'm saving because I don't want to live in a bus stop in my old age. My parents aren't well off, I'm single, and although parents have me in their will to inherit the house im mindful of the fact it might all have to go on care home fees if they needed care

When we save there’s basically 3 pots. One is immediate emergencies (boiler/car/white goods breakdown) - I like this to be at least £1000, but ideally £2000, 2 is for specific luxuries - holiday/home improvement etc, 3 is for long term security- so mortgage or pension overpayments. Once DS2 gets his free hours we’ll probably put £200 in each pot per month.

I realise how fortunate we are, and would never judge those without savings. I would probably judge people who are more secure with reasonable incomes who don’t save though or who ‘fritter’ with little security as I think it’s irresponsible.

Fuck all because of bastard childcare which is as much as our mortgage payment. Doomraider will be pleased to know that I pay £145 per month into my public sector pension (with an additional 15% contribution from my employer) and we have a mortgage so we won't be too much of a drain on society as we age

Doomraider, you're not too bright are you? Are you Theresa May? Some people earn only enough money to live on. Some people are so poor they have to choose between food or heating. 🤦🏻‍♀️

I save nothing and I have no savings at the moment.

6 years ago became a single parent with 2 dcs. Ex paid no maintenance. Couldn't afford mortgage so sold and half the equity became my savings.

Remarried 2 years ago and bought house from my Dad. Gave us 25% discount and DH and I put our savings as deposit. Used rest of savings to do 3 bathrooms, carpets etc as house (detached although slightly run-down in SE/commuter belt) needed sprucing up. Also extended personal loan and borrowed £7k of mum for improvements.

Now we are in paying back mode. Mum will be fully paid off in 14 months, loans not long after. Mortgage is high (4×joint) but low interest rate. House is valued significantly higher than 2 years ago.

We both pay into pensions. Mine is particularly good (TPS) and we are both on track to get full state pension. Children have several thousand in CTFs.

In a year we plan to sell up and move to a more rural part of the world, debts will be cleared, earnings the same, and we can start saving for the future.

Probably not ideal and I know I've been lucky to have such supportive parents. I've never been brilliant with money (altough not awful either) but have always worked and am on an ok salary. I don't spend much and am in now way bothered about having a new car/designer clothes or getting nails done.

I applaud people who have worked hard and have substantial savings but it doesn't give you the right to look down your nose at those who don't.

Who is looking down their noses at anyone? This is your take on it.

Not everyone is cut out for university education and high flying careers. Some people don't have the academic potential. It's just a fact

Exactly. So there will always be the haves and the have nots
But what @LifebginsatGin was saying is that some people do put in more effort to earn more money. Everyone knows what jobs pay. If you want to earn squillions you don't become a nurse or a teacher then bleat about low pay do you?

What I'm saying is that for a large group of people who have had higher education there are choices. You choose a career that has prospects or gives you satisfaction. or both maybe.

As always on MN the real vitriol comes from people who appear to be jealous of others who have more. But they don't appreciate the hard work it's taken to get there , the sacrifices, the 16 hr days some people put in so they climb the corporate ladder...the moving across the country to find work, or even overseas....these are choices some people make.

I'm really curious about what age the people who commented here are!

I'm 26. Have about £14,000 saving and my car. Saying that I only work 2 days a week and my salary is 12k and hoping once I change careers I can work full time and earn more. 😊

£500, that's quite good for us!

We have around 18k in savings. This isn't enough but it's enough to have an emergency fund and a cushion. We plan to increase this significantly over the next 12 months.

About a grand a month, we're saving for a deposit. I'm incredibly lucky, I know this, I've been so poor I've not eaten so DD can, not bought gas and sat in the dark. A lot of people don't choose not to save, they simply can't.

@TassleGirl

I'm 29. I should have included that in my comment!

Fuck all. We live hand to mouth, I basically just about manage to pay all the bills, run a car and feed us all and just about manage to pay any extras for the kids each month. All the money I have in the world right now is £160 for the next two weeks.. When my exh left me i couldn't pay the mortgage on my own so house was repossessed and as he went bankrupt the whole of the mortgage debt was left on my shoulders as the house was sold for Nearly 40k less than the mortgage. All my spare money goes on paying this debt and credit card debt from that period.

It's so sad to see how many people struggle financially after divorce etc but I'm sure everyone is trying their best.

When I worked full time I used to save loads and being very strict on not spending too much on myself. I didn't have nice clothes or a car or went on holidays and I have to say it wasn't worth it! It's just money! It matters a lot of course but it's not everything.

Last year spring time I went from working 5 days to 2 days. Eek... but I went to fuck this mode (oooppss) last summer I went on 4 holidays abroad, 3 ski holidays and started eating out a lot, bought nice clothes! Of course I started chipping away from my savings and you know what I don't care! I had a year in my early 20s when I did what I wanted.

Now I'm ready to start working full time. I can't wait to earn more again but this last year was worth it. And I saved nothing.

I'm going to say people who have money enjoy it and have fun. And people who struggle with money should just remember at the end of the day it's just money. It's important but not everything.

Abigail the anger is not at posters being succesful. Its at theposter on the first page insulting anyone who doesnt save.
Jesus you would think people earning these massive amounts would have some ability to think.

Gin - You seem quite thick. Is this the extent of your debate? Name calling? Then it is you who is thick not me.

I didn't come to debate, I came to respond to tour ableist comments.

I'm not thick, actually. Far from it. But then, I also see disabled people as normal humans.

@TassleGirl I'm 36. A fair whack of savings has gone on fertility treatment (nearly £50,000 on IVF so far, sadly no baby)

Currently we have 1000 but most of thT will go on holiday spending money and car service and MOTs... I put £200 a month into 'savings' but it's more the pot for expensive stuff that crops up so it never accumulated into much....life is for living! I genuinely dont worry about being old and skint as you never know what's round the corner and I love going out for meals and drinks and treats.
We have paid off our overdrafts don't have a credit card and put money each month into child trust funds so not totally irresponsible but hopefully I can't work till about 70 and dh has a decent pension and once the kids are older and I'm earning a bit more we will save more

What ableist comments? Are your trying to turn the conversation that way?

About £6k but that’s all ear marked for family court fees for if/when abusive ex takes me to court. I’ll have to borrow the rest off family

No, Gin. You turned the conversation that way.

@doomRaider how much of your money/properties came from inheritance/family money? Fair enough if you and your DH have earnt every penny yourself and never had help, but very few people manage that.

I make just over £1000 a month, in a FT job that I actually get a good wage for at the level I'm at in the area I live in! Yet I only scrape by month to month, I've had to fend for myself as soon as I hit 16, in every sense, I've never had money spare - never been on holiday, don't go out much, never owned a car and nothing in my home is worth more than £200, only me and DS in to pay for - so how exactly am I being irresponsible? I have a £50 budget a week that has to cover travel, food, gas and electric. I have £0 savings right now, and I've never saved more than £2/300. I don't own a home and probably never will, also no family to expect inheritance off. How I'll look after myself in old age I don't know, I have a pension that won't amount to much, I'll probably cart myself off to a clinic or never stop working.

Well, that's me feeling pretty shit about a situation I always feel shit about.

About £4000 at the moment but that's to pay tax/national insurance for last year when I was self employed. I'm hoping I've oversaved a bit tbh as I've just had a couple of big bills for the car. Other than that don't have any, have decent (ish) pensions and hopefully the mortgage will be paid in about 8 years by the time were 40 so hopefully will be able to save more then and be a bit better off then.