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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much you have in savings...

224 replies

MakeAHouseAHome · 09/10/2018 20:25

We have just transferred virtually ALL our money over to our solicitor for our first house. I have gone from having nearly £60k to much much less than that.

I know everyone does it haha, but just feeling un-nerved at losing that nice safety blanket and I will be immediately starting to build it back up again.

Just interested in how much people have in their savings accounts?

OP posts:
Lockheart · 09/10/2018 22:27

@MasterSensei - I’m not in that situation myself but to give you a few examples off the top of my head; future school fees, to have a bloody good retirement, to take early retirement, to pay for a nice care home or to pay for private carers, to put down house deposits for adult children, to pay childrens tuition fees so they don’t have to worry about student loan debt, hell even just to allow them to buy a massively posh holiday home in Monaco if they wanted to etc etc.

No, you can’t take it with you when you go, but life can suddenly get expensive in a number of ways, and if you have the means to put that much aside then I think it’s very wise to do so.

Foofloofah · 09/10/2018 22:28

£0

Fablesfairytales · 09/10/2018 22:29

No savings except my daughters small savings account. Home owner for nearly 5 years. 6 month old. Single parent.

BMW6 · 09/10/2018 22:30

Until yesterday over £20k, decided to pay off the mortgage entirely so now back to around £7k.

Fate32 · 09/10/2018 22:33

It is woodland and approx 45 acres

AnnabelleLecter · 09/10/2018 22:35

A lot. Plus a lot more in investments.
That's because I am 50 and DH is a tad older and we have had a long time to accrue savings/pensions/equity etc.
We have also inherited a fair amount- again generally more likely to happen as you get older. And had monetary gifts from rich elderly relatives who want to avoid inheritance tax. We want to retire early and live as well as we do now.
Years ago we were as skint as all the other people our age (who are now living in mansions/have second properties/lots of holidays etc)

Fate32 · 09/10/2018 22:38

DieAntwood
"@Fate32 does your land have planning permission or is there a lot of it?"

It is woodland and approx 45 acres

PookieDo · 09/10/2018 22:39

About £700 and that’s the most I’ve ever managed but only took a couple of months since I started working 70 hours a week. I’m in the phase where my career is about to take off properly but I won’t see the real benefit for a couple of years. I have finally begun to earn enough to get off tax credits
I’m a single parent never went to uni, never had help from my parents and had to work from the bottom up

Benjaminbuttonschild · 09/10/2018 22:40

@SandysMam as PP have said it's usually 10% of the remaining balance (not the original loan value) but check the paperwork or call you're bank if you are not sure. I set up a direct debit with my mortgage bank to overpay by £250 per month. I'm well within the 10% threshold so I don't incur any charges. If I went over the threshold I would be subject to early repayment charges. So I avoid this.

Also it's worth noting that if you do decide to overpay the mortgage, some lenders will reduce your monthly payment instead of the term. I have known some lenders who reduce the monthly payment as opposed to the term unless they are specifically told otherwise. So that's worth bearing in mind.

It may be worth ringing up your mortgage provider and obtaining the facts or checking your paperwork. But it is worth overpaying your mortgage as it reduces the amount of interest you pay month on month and chips away at the capital too (handy for getting a better LTV).

Also, check which has the greater interest rate - your savings account or your mortgage. Then put money toward whichever has the greatest rate to reap the financial benefits.

Sorry, thread derail Blush

Housingcraze · 09/10/2018 22:43

Roughly 22k from inheritance but with new house needing a lot of work it won’t be

zebrapig · 09/10/2018 22:44

Nothing. It all went to the solicitor on Friday to pay for our house.

brimfullofasha · 09/10/2018 22:46

Nothing

Rollercoaster1920 · 09/10/2018 22:52

2 months salary. I'd prefer 6 months as a safety net incase I ever got fired!

Stating figures is pretty pointless - surely it depends on your committed outgoings (if a safety net) or intended use of savings? I like the retire and drink champagne target!

NeverTwerkNaked · 09/10/2018 22:59

Ignore the people crowing about their frugality op. There’s a balance to be struck between enjoying life now and saving for the future.

We have about £7k after a recent house move, but that’s to be expected after buying a house! We will strike a balance between overpaying mortgage/ saving / enjoying life now.

LemonysSnicket · 09/10/2018 23:02

-£2k

I have an overdraft and everything I save is going towards paying that off. I now have £15 to last 10 days 😂😭

VanGoghsDog · 09/10/2018 23:16

Funny how people assume those of us who have saved don't enjoy life. I do. Though I had leaner times than I'm having now. But it didn't stop me enjoying life.

I certainly wouldn't enjoy life if I was worrying about losing my job, not being able to pay the mortgage, getting ill, being in debt..... saving has meant those things are no longer a worry for me.

NeverTwerkNaked · 09/10/2018 23:26

I’m not assuming anyone in particular doesn’t enjoy life. Some of you may. All I am saying is that frugality taken to the extreme is just as unhealthy as being a spendthrift. Striking a sensible balance is key.

SerenDippyEggs · 09/10/2018 23:33

I have sweet fuck all!

MissConductUS · 09/10/2018 23:38

Is it just me, or does anyone else's fanny shut tight if a man describes himself as "frugal"?

There's a difference between being cautious and deliberate with money and being cheap. When I met DH he owned his townhouse, drove a nice Honda and always took me out on nice dates and dinners. He was also living below his means and saving quite a bit. He had a plan and stuck to it, but has always been quite generous and giving. It is possible to strike a healthy balance. Our net worth now, about 6-8 years ahead of retirement, is well into seven figures.

VanGoghsDog · 09/10/2018 23:39

@NeverTwerkNaked. It wasn't your comment I was referring to.

LondonLassInTheCountry · 09/10/2018 23:39

Nothing and in debt.
Boo

Dontsweatthelittlestuff · 09/10/2018 23:42

I am mortgagee free and have invested my late husbands life insurance payout to provide a top up for my pensions and part time earnings.
I could have given up work and lived off the capital as it is enough to last what is left of my lifetime but I would rather work.
I am financially secure but don’t waste money. I don’t need or what expensive clothes, bags, car or holidays.

But I am in my 50’s and have had plenty of skint years and the money I have now comes from losing my husband. I would give every penny of it back if it would bring him back but that is an impossibility and at least he died knowing his family would be financially secure.

blue25 · 09/10/2018 23:49

We were frugal while saving for a house deposit & then an emergency fund & quite enjoyed it! We found we don't need to spend money to enjoy life. It sounds cheesy but going on walks, running, visiting the beach, having friends round, cooking etc all give us pleasure and don't cost much. Being frugal became a habit and now we find we don't want or need to spend lots.

Nightwatch999 · 09/10/2018 23:52

Why do you need to know?

MissConductUS · 10/10/2018 00:05

Why do you need to know?

She's doing field research for HMRC.