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!

Wow Stinky your empathy astounds me if you read my previous posts I am fully aware of others that have what they would consider adequate income but not wealth and that is cool with me. It was the phrase not a huge amount that had me. To many households to be able to save £500 a month is impossible and is a Huge amount...just because you don't see it as such does not make it a reality for many others

50 years

If I didn't spend a penny on rent or anything 4.5years

To many households to be able to save £500 a month is impossible and is a Huge amount...just because you don't see it as such does not make it a reality for many others

for those in full-time work, the average UK salary is £35,423
and I know what an average is.

I also know that the higher income are not stupid enough to be on PAYE and don't get included in these statistics...

Stinky
The average salary for someone in full time employment in England is £27k before tax. A “take home pay” calculator tells me that’s just over £21k after tax, or £1811 per month (which is actually very close to my household’s monthly income).
In my area, between £800 and £1k of that will be gone on rent alone. Factor in other basic living costs (utility bills, food, car etc) and there’s really not much left at the end of all that.
I budget down to the penny most months. Sometimes we have £20 we can hold back and bung into the DCs savings, some months we have nothing left over to save.
Your posts strike me as quite out of touch with how the average salary-earner lives

Come on OP, be honest - you ARE bragging.

I could save 6k a year if I saved everything after paying bills and food. I don't earn much. So, I could do it in just over 8 years, but it would be pretty miserable. Luckily, I already own our house without a mortgage so I don't have to save anything much.

more interesting might be how people would go about raising that sort of money. Any hints and tips other than no outside coffees, porridge for brekkie lunch and tea and charades everynight for however long it takes....

Well it would take me 5 years to even earn that so I should have it by the 12th never

If I spent absolutely nothing apart from rent and bills then I could save about £10k a year.

But I would lead a very miserable life. I enjoy holidays, eating out and things like getting my nails done. I save about £2k a year at the moment (not including my pension) and I'm happy with that.

Ten years. I’m a HLTA. If I didn’t buy anything other than food etc I could possibly save £500 a month. Exclude Christmas as I would need to buy extra food and presents. No holidays either.

On my own 9 years or so. With partner, uh 5 years maybe.
We just saved 10k for an actual purpose and it took us a year.
To be fair it wasn't overly difficult but in times past when children were small this would have been an impossible dream. I only got debt free a couple of years ago. Which proves how much children do cost 🤣

50k is a big sum. When we were saving for a house 20 years ago it took us a year to save 10k. We were paying a fairly high rent and paying full childcare for one child which was really expensive (about 300 a week) but we had decent jobs so we cut out every luxury - mags, coffees, presents, eating out, buying clothes - and did it in a year. I'm glad we did it then because when we were paying childcare for more than one child we paid out more than a salary and doubt we could have done it.

Your posts strike me as quite out of touch with how the average salary-earner lives

first of all: he average salary in the UK for men and women combined was £29,009, which includes those in both full-time and part work. For those in full-time work, the average UK salary is £35,423 and £12,083 for those in part-time.

I don't understand that MN fashion to pretend that everybody is poor. Yes, some families are really poor, some are struggling. It 's still strange to pretend that people who can afford to save a few hundred pounds a month don't exist.

Again, look at property prices and how quickly they shift. If families really couldn't afford to buy them, they wouldn't sell. If rentals were too high, people wouldn't afford to pay them. Holidays costing several thousands of pounds wouldn't be booked etc..

Why trying to pretend that people with a bit of spare cash every month don't exist?

Forever and still not manage it.

Pre kids, 2 years. Post kids, career gap and a return to work in a term time only flexi-job, approximately 18 years. Be ye not so stupid.

Well I earn just over £17k if I try really hard and just spend money on the essentials I can save £200 a month so working that out it would take me about 20 years 🙃 but the months I actually manage to keep the whole £200 in savings are rare

Stinky is on the wind up, ignore her.

or ignore huggybear who doesn't like people having a different view.

Probably about a million years

I just think you're being unnecessarily harsh. You must know £500 a month is a huge amount to a lot of people? Of course not everyone but it's insensitive to suggest it's a casual amount in 2019 Britain where people are using foodbanks.

stinky unfortunately I don't have to subscribe to "MN fashion to pretend that everybody is poor." We ARE poor but I don't and will never begrudge those who have more. Just those who have no empathy for those who have less

5 years if we saved hard.

Before mortgage and DC (like you op) probably 4 years. Now I have both mortgage and DC an unthinkable amount of term.
DH and I are moving abroad for 2 years to save quickly and be able to move to a better area in the south east than we are currently in

Stinky You are out of touch to say that £500 isn’t a huge amount.
I’m well aware that there are plenty of people who earn a lot more than the average salary, and probably could afford to put aside that amount every month - my parents are those people! My dad now earns upwards of £50k a year and my mum has run a successful business for 10 years. But they also have know the exact opposite of that. Well my sister and I grew up at a time where my parents didn’t have a pot to piss in. Even though they are now quite high earners, they still understand that £500 is a lot of money to most people