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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

212 replies

balinesedancer111 · 02/03/2019 18:18

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!

OP posts:
Idonotlikeyoudonaldtrump · 03/03/2019 00:07

Unachievable here. It would take years to save 5k.

3luckystars · 03/03/2019 00:13

Oh each

You meant 500 EACH per month. Apologies. I am tired and didnt see that bit.

I still think thats loads though, especially each. Its double loads.
(to me anyway)

TinselAngel · 03/03/2019 00:31

Approximately 50 years.

GiantButtonsAreMyFave · 03/03/2019 00:36

We moved back in with parents and saved 60k in about 3 years, we didn't have holidays abroad and cut all spending to a minimum. If we hadn't moved back in with parent's we'd have been saving for a long time.

It was a difficult period of time, saving and losing independence for that time but we have our own home now which is great.

Everyone's circumstances are different. We had to go without things and lead a dull life for a few years to get there, someone else might save that in 1 year with ease. You can't compare.

Rtmhwales · 03/03/2019 00:39

I saved $90kUSD (£68,000) in 15 months by myself working endless hours at age 26 abroad in the US but I chose to blow it all on a two year round the world trip, not a mortgage. Everybody's different and will take them shorter or longer.

YoungChrone · 03/03/2019 07:32

10years but, like others, it would never happen that quickly because we like to go on holiday and have a life or the car would break or something in the house would need doing.
We do have a mortgage and are not mortgage free either.

Nothinglefttochoose · 03/03/2019 07:38

Once again, COMPLETELY inappropriate for the AIBU thread!!!

Mummadeeze · 03/03/2019 07:44

It would take me 14 years of scrimping and saving. Am I prepared to that, no. Am I scared that I don’t have my own property for when I am old, very much so. No idea what the solution is :(

SayrraT · 03/03/2019 07:45

667 years at our current saving rate.

RedSuitcase · 03/03/2019 08:00

It does often seem on MN that being skint is some bizarre source of pride and only those who spend all their money/are lower paid are "realists" and those who plan their finances are close minded, arrogant types with no real understanding of the world.

It's always heavily implied (and sometimes just outright declared) that those who have more money are out of touch or don't understand what is like to experience hardship.

There's always going to be wealthy people who simply inherited and have never had to battle with any hard life experiences but that's about as accurate as saying all lower paid incomes are all lazy and benefit grabbers.

A lot of people have recognised where to work hard and put the time in, not spent their money on stuff they don't need and taken responsibility for their own circumstances. Life is shit and hard for almost all of us, that's not just reserved for those who haven't earned much money, or who have spent all their money.

Ibizama · 03/03/2019 08:10

I've just started fundraising so I can go abroad and have revolutionary treatment to stop the progression of my multiple sclerosis. My aim is to raise 50k. I'm hoping to do it in a year. The whole project is called Reboot Cath With HSCT. I'm hoping to raise it as quickly as possible

ambereeree · 03/03/2019 08:16

Around 2 years i think.

Fullofregrets33 · 03/03/2019 08:16

It would be impossible for us now as already got a house with large outgoings and 2 kids to pay out for.
The absolute most we could save is 300 a month (where we would hlbe penniless for the whole month eating beans on toast) so about 15 years

twinnywinny14 · 03/03/2019 08:17

We have £180 a month left after bills and food and fuel in the car, so if we could save that £180 a month it would take about 24yrs. But seeing as that has to pay for holidays, clothes, shoes, car bills etc it’s probably more likely to be never lol

spicygirl26 · 03/03/2019 08:18

To be honest, I can't see us ever saving that. Soon to be four children and two minimum wage jobs don't allow for much in the way of saving!

spicygirl26 · 03/03/2019 08:21

Lol at @StinkyCandle that £500 isn't a huge amount.

£500 on a one off basis is a life changing amount of money for us, let alone being able to save that every month

ChodeofChodeHall · 03/03/2019 08:24

About 35 years

Meretricious · 03/03/2019 08:27

I’m 50 well paid with no kids and no mortgage. I could probably do it in 2 years...I am saving to try and retire early.

NoParticularPattern · 03/03/2019 08:28

Surely it depends massivrlynon our circumstances and also your income? We have a total household income of less than £20k, we don’t have a mortgage etc as it comes with husbands job, but obviously still have food, some bills, half the council tax etc. Even if we had absolutely no outgoings whatsoever it would take us nearly 3 years, but on what we currently have spare at the end of each month it would take about 8 years, maybe 10 depending on what happens with jobs etc. But equally a 15% house deposit around here wouldn’t cost £50k, more likely around £30k which obviously changes how long it takes.

ChodeofChodeHall · 03/03/2019 08:30

It does often seem on MN that being skint is some bizarre source of pride and only those who spend all their money/are lower paid are "realists" and those who plan their finances are close minded, arrogant types with no real understanding of the world.

What an interesting perspective, I wonder what has caused you to believe this.

MamaLazarou · 03/03/2019 08:32

Surely it depends massivrlynon our circumstances and also your income?

Yes, which is why OP has not assumed everyone is in the same situation, and has asked people about their own individual circumstances.

Crimson72 · 03/03/2019 08:34

DH and I currently save £3.5k a year, so 14 years.

NoParticularPattern · 03/03/2019 08:35

But that’s if we were to cut all spending to an absolute minimum. But since the car would probably break down or there would be some other unexpected cost, job changes etc it would be far closer to 20 years to get to £50k than it would 10

Whackaguacamole · 03/03/2019 08:36

Our house deposit plus wedding cost that, did both at 28. Started work at 22, so 6 years. Not sure now as we earn more but have a mortgage

JollyAndBright · 03/03/2019 08:37

If we saved as much as possible, hardly had any treats, didn’t go out much or have any holidays, etc, we could do it in two and a half to three years.

But that would be miserable and we would hate it so we would never do that.

We’d more likely say we’d do it over 5 years and save as much as possible but still have a life.

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