AIBU to ask how long it would take you to save 50k??

[balinesedancer111]

It's mine and my partners current target to save £50k which would be enough for a 15% house deposit and some left over for fees and furniture.

We have been saving now for 4.5 years and managed to save 40k between us so guess if I were to answer the question I would say 5.5 years in total. (Just to add no dc and cheap rent and generally cutting costs... rarely buy clothes, meals outside etc)

Aibu to ask you how long it would take to save 50k?

Just realised I don't know if this post will make it look like I am bragging, I don't mean to and I hope it doesn't come across that way, I know we are in a very very fortunate position to be able to save so much!

@Teateaandmoreteathink yours is more out 1k x 24 months £24k & the pp said 'just over 2 years' correct, no🤷🏻‍♀️

They are saving 50k not 24 😂

Never. I don’t earn enough to save.

I will check down the back of the sofa. That could shave a few seconds off the 50 years...

If we cut out our holidays and spa membership, keeping living costs as they are... just under 4 years. If we really saved hard, 2.5-3 years. However, I wouldn’t want to live like that unless I had to.

2 years, by myself. I’m pretty good with money though - don’t earn particularly high wage, and have been on a few holidays as well so haven’t missed out.

We are not in a position to save anything at the moment as DH is on a sabbatical and we have kids and a mortgage but in the past we lived on one salary and managed to save the other, so about five years, I reckon.

10 years if I save everything left over and nothing unforeseen happens.....

Have less than nothing left over, so owing more money all the time, so .....never?
But, good for you for saving, you've done really well.

2 years, by myself. I’m pretty good with money though - don’t earn particularly high wage, and have been on a few holidays as well so haven’t missed out.

You must earn a reasonably high wage. 25k net would be 40k ish gross. So even 10k net spending puts you on 54k+ gross if it is just you . About double the average.....

I have some more important questions.
How long would it take you to put on 2 stone?
How long would it take you to dig a 10 foot hole?
How long would it take you to take down your house brick by brick and then re-build it?
How long is a piece of string?

@Teateaandmoretea oh god I meant to press 4 😂😂

Never in my lifetime, probably!!

summerhouse I get that there is other factors to be considered hence why I was honest and stated that my rent is low and I have no dc. I realise that in 5, 10 years time etc it will likely take me a lot longer to save that amount or it wouldn't be possible at all.

Other posters have answered so I'm not sure why you are making out as if the question is impossible to answer? Most people are aware of how much they can save a month and therefore can reasonably predict how long it would take to save £50k?

About 6.5 years.

That’s saving £500 a month with my works sharesave scheme which gains you about 25% on your savings, so we’d only actually need to save £40k.

About 50 years!

About 3 years I suppose if we stopped overpaying mortgage and having holidays

Youmadorwhat

Our maths is now lined up 😂😂

About 4 years but possibly 3 if we didn't go on holiday or overpay mortgage.

2 if we didn't have childcare costs.

@Teateaandmoretea in my head I said oh we have nearly 2 years until we reach that target and then I pressed 2 😬

Pre-kids, or if we hadn't opted for independent education and a large house/mortgage, under a year. But, post-kids, school fees and a large house/mortgage, it will be about another 15 years. i.e. once they leave home and the mortgage clears.

Which I think nicely illustrates what a meaningless question it is, because it is all about the context, lifestyle etc. And we are in an incredibly fortunate and highly paid position.

Of course it's bragging. You're basically telling everyone how much disposable income you have and asking them to tell you how much they have. Great. Well done for saving 50k.

Why do you care though? Bizarre thread

10 to 11 months

But I specifically chose my job and the restrictive lifestyle it comes with with the precise view to save up as much as possible in the shortest time period.

1000000 years

50 years and I'll have a massive shopping spree on my 101st birthday