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!

huggybear
of course, it is huge for some people, but it doesn't mean it's huge for the majority! (again, pre-kids)

£500 for 2 working adults with no kids, I am sorry but no, it's not an horrendous amount. Realistically it's possible for many and it makes it more accessible than saying "saving 50k" out of thin air.

I'd say 7-8 years here, and was have to scrimp to do it that quickly. I think 50k is a huge amount!

OP yes YABU to start a thread which once again emphasises the 'haves' and 'have nots' and the big financial divide.

About 15yrs?

Not counting current savings, so just on income it would take a couple of years of careful budgeting. It's an odd question, though!

More than my lifetime. I'm currently 50 and have the most savings now that I have had in my life - £2000. I can't add anymore to that now as I earn just about enough to live on.

If I worked every single day for a year, I would have a grand total of around £38,000. Obviously, I don't work every day (I'm part time) and I also have living expenses.
So, a long time.

the time it takes for pigs to fly,unicorns as pets and fairys to land on my shoulder whispering where the money trees are.

When my grest-great-grandchildren have great-great-grandchildren of their own.

Or 5th June next year.

You choose.

@StinkyCandle

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...

Give it up luv. NO-ONE is agreeing with you or buying your bullshit.

A lot of people take out loans for thing like weddings, there are probably more people paying £500 each a month on loans and CCs than saving £500 a month

Now, it’s about 2 years.

In our old jobs, we were saving that every year.

Of course £500 a month is loads to some and reasonable to others. It’s relative and understandable. And relative means, despite saving the best part of £20k in a year without cutting back, I can still feel we aren’t providing the best for our kids as we can’t afford a 3 bed house here or private education for two. Of course that’s ridiculous but I’m surrounded by people who can clearly afford this lifestyle.

Currently if we saved hard and cut back on food bills and all the treats we have it would probably take between 3 to 3.5 years if our salaries didn't go up. But life wouldn't be fun with that.

@Teateaandmoretea

Yep pretty much, a little lower though for the day job.
It’s a great salary don’t get me wrong but I’m not rich! It still takes a while to save and grow. It is still effort to squeeze as much as possible out.
I’ve made a few sacrifices though to get here, it’s not all roses. Also, I do have some side hustles alongside the day job, and my position is very, very fortunate even if my peers wouldn’t want to do what I did! (Sell everything and move back home - I don’t buy lunches and don’t really need to replace any clothes or shoes, I repair everything I can, I have an old car that I maintain and I don’t have the latest phone or tablet, I pretty much only spend money on family and experiences at the moment, and I save everything else that I can). I cycle through bank accounts and savings so I make as much interest as possible.

We save £2,500 a month so 20 months. Could probably do it in 12 months if we really decided to priorities savings over investments, holidays etc.

Don’t see what impact that has on the OP, though.

Realistically about 20 years

HoppityFrog3
If it makes you feel better to imagine the whole country being penniless and luxury/holiday/property market being a urban legend, go for it.

It's a standard MN attitude to refuse to admit that your own lifestyle is not the standard for the rest of the world

@StinkyCandle

It's not just me with the 'correct' view that many people are brassick and MOST people cannot afford to save £500 a month. The majority of people agree, YOU are deluded darling - or chatting shit.. I am going with the latter.

HoppityFrog3
being right make you sound very bitter darling, why is that?

@StinkyCandle, ignore Hoppity. She’s just an angry person and has no concept that not everyone lives her kind of life.

@StinkyCandle I agree. This is such a weird MN attitude that absolutely everyone is or should be skinny as hell. That’s not the way economies work.

Just because some of the posters only know people who are broke doesn’t mean there aren’t people doing well.

As for savings, it would probably take OH and me about 2 years to save that once I get back into work later this year. There’s some debt paydown for me and we’re getting married and moving country in the next few months. Money will be slipping through our fingers for a bit until we get settled. So OP, this thread actually was helpful for me. It made me see that we aren’t too far off from being able to buy a house soon. :)

Skint, not skinny rather. :)

Agree bread eggy.

I think most household in UK would too. 500 spare...s
A month is a huge amount

500 a month for 4 years is 24,000