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!

Hmmm save what is that ....if we never went out or did anything for birthdays or school holidays the maybe just maybe we could save 4000 a year...though again things like new beds/dining table/sofa / towels/clothes/shoes etc etc etc always get in the way....oh to be able to save, really save each year would be my idea of heaven

On paper, two years. Unfortunately, I'm not much of a saver. 😳

About 5.5 years, but I'm retiring in 2.5 years, so I'll be properly skint then.

We're mortgage-free, if we were still paying our mortgage, it'd take much longer.

Dh and I saved £40,000 in 2 years prekids, both working full time as junior doctors. All work, no play. Living in rented.
Now we have two dc, one at private school and one starting in sept. I work part time. Last 3 yrs have had a nanny 3 days a week. Medical hours/nights/on call mrant nursery became infeasible.
Nanny plus school fees = no saving at all!
We could save a bit if not paying school fees, but the first school ds was at didn't work out, so plans have had to adapt!

It depends how you see it. To save the amount I needed, I bought a small place in a state, redid it, sold it - bought next step up and sold again. That's how I got enough deposit to buy a decent size house.

It's sad that for some posters a couple saving 50k in a few year is "rich". That's 25k per person, basically a bit over £500 a month over 4 years. It's not a huge amount.

Sorry OP you are right I did answer truthfully as well. My later post was a bit silly and unnecessary.

See dairy I read your post and thought good for you ...really no sarcasm. But I could only dream to send DS pto private school if his "didn't work" out...thank god at year 10 and in a great school things have worked out but the choice is/has never been there for the likes of us (disability within the family) Our choices have been and will continue forever more to be extremely limited. But we all make the best of what we have huh

We did it in 6 months before we had Dd. We were both working full time and had no child care expenses. We decided to live on one salary for the year. Obviously we were in a very privileged position.

Somewhere between 3 months and 33 years.

Stinkycandle

It's basically a bit over £500 a month over 4 years. It's not a huge amount.

LOL.

3000 gazillion years.

Hoppity I had to laugh at Stinky as well .... some posters need to be reminded sometimes their reality can be very different to others ...£500 is a HUGH amount to me and my family

Who knows, took us over 7 years to save £10,000 which was our house deposit last year. Both work full time, 2 DC.

Well, not counting pension savings, that’s about what I do have in savings, so... 20 years?

I save £50 a month with Credit Union and that's all I can afford.
Even then I'd be criticised by some people as my income is solely benefits. (Disability)

some posters need to be reminded sometimes their reality can be very different to others ...£500 is a HUGH amount to me and my family

and some posters need to be reminded that they are not the entire country.

It's amazing that you can't see the difference between someone with a little bit more cash than you, and the genuinely wealthy people.

Without childcare, holidays and non-essentials, many couple are more than able to save that - they just don't want to. People manage to find 20k for a wedding within a year or so...

Some have less, fine, but it's not such a staggering amount. Just look at the property prices, calculate a mortgage on them and you will realise that many people have a lot more than that.

4 years. Could half that if I stopped spending money on shit I don't need. And probably half that again if I didn't like fast cars!

You would have been better working out what % of your wages your target time limit would take and asking people how long it would take for them to save the same %.

60 years

I probably fritter £500 a month which I could save but you can’t take it with you

Never I dont even have savings.

In our current position, probably 50 years.
In a few years with all kids at school, if I saved the childcare fees my calculations put it in at about 5 years. Woooow!

Hmm about the time it takes me to blink, 50k.

Oh look 👀 another 50K

Before DC, a couple of years maybe?
Now i might aswell just chuck my money out of the window with the never ending stuff that needs replacing 😂

£500 is a huge amount to many people. After paying necessities I don't have £500 left, so obviously can't save it!
We could probably save about £1000 a year atm, so 50 years if nothing changed. But that's unrealistic so probably never.

10 years.