To ask how much you have in savings and what you are saving for?

[Watermelonade]

Before anyone jumps on me, this is not a boasting thread. A few years ago we had nothing and felt like we were drowning, so now I am very cautious with money and save, save, save.

I have 8000 which is strictly for emergencies and is never touched.

Then I've just started a holiday fund which has a small amount of 550 in it.

What about you?

Fuck all now - all savings wiped out by the virus and all my work being cancelled, thanks for asking.

Nothing. And lots of money owed on my card due to the mortgage being reduced, not my spending.

DH and I have 40k. Not saving for anything specifically. Might buy a new (secondhand) car. Or use as deposit to buy another house.

@Hingeandbracket You didn't need to reply if the question offended you. I did state that I had previously been in the same position so it definitely wasn't a boast.

I don't understand why people start threads like this. What are you hoping to get from this?

@pinky then feel free to move onto the next thread. Why bother taking the time to reply

I’m not giving a figure because I don’t feel comfortable doing that but we have a couple of years income in case DH can’t work [SE) and a years school fees for each child. We also have shares that aren’t for anything specific but the money from those will probably boost our retirement income.
I might get a new car later this year but will probably finance it through the business

With dh probably over £100k, not exactly sure. I'm due some inheritance soon and his was inheritance as well plus about £40k savings. Not sure what to do other than I'm planning on retiring at 55.

9000, for our HTB mortgage.
500 in xmas fund.

I've read people should have 3 months worth of savings incase of redundancy etc so I need to start on that but not much spare cash for that.

I think we also need a car pot as our cars wont last forever.

What else do you think would be good to save for?

@2020hello 3 months is sensible. We also need to start putting a lot more towards overpaying the mortgage and retirement.

£413.45 ... I'm saving for a holiday :)

[quote Watermelonade]@pinky then feel free to move onto the next thread. Why bother taking the time to reply [/quote]
It's pointless. Nobody cares how much random strangers have in savings and half of the responses will be made up anyway.

Just under £8k, this is partially to bolster me during my PhD (awaiting funding decision), but was initially earmarked for holiday/s.

We have £2000. We had nothing before lockdown as we had recently moved and spent about £5000 of savings on the house. We have taken a mortgage holiday and I luckily secured full time work (wasn't working before) this is enough for 1 mortgage payment and council tax (we have a big mortgage!) and that will now stay there and hopefully be added to as I've never been so terrified of losing my house before! (It all kicked off for us pretty early finance wise before any government help was announced)

I’m genuinely interested in why people post this stuff. £8000 can be saved in a month by some, but is an impossible goal for others.

I find savings goals more interesting than amounts.

My goal (achieved) was to have enough to live off for 12 months. I felt this was a long enough cushion to make major charges (such as downsizing house) if I lost my job or was incapacitated.

On top of that, I wanted enough money for an emergency - the most expensive of which I calculated as being needing a roof repair or new car, so about £5K. If I rented, I wouldn’t worry about roof repairs, but I’d want to cover something like an emergency fund big enough to cover short notice relocation (deposit, moving costs, rent in advance, hotel for x nights if I had to get out immediately).

Now, my savings goals are retirement - I calculate what I need to retire early, per year. As I’m in my 50s, this is also my “what it I get made redundant and struggle to find work” fund.

There’s no point in me sharing the actual number, because it is personal to my income,

I think that if you are able to save anything, then one year of living (albeit frugally - I’m talking mortgage and food here, anc committed loan payments - no holidays and swimming lessons and new clothes) is a very comfortable cushion to have.

I think @Pinkyyy post was a useful contribution actually. Why are you asking? What do you hope to get from this?

I posted above my thoughts on savings, but I don’t see how just asking what you’ve got is helpful and more than vaguely interesting in a gossipy way, to anyone.

I had 1200 saved up for a frozen embryo transfer next year. But now due to the virus I've had to use it for bills, food, clothes etc.

I've got 7k. I'm saving for a house. I am lucky to live in a part of the UK where its still affordable.
I only got out of serious debt a year ago. Its nice to actually be able to contribute to one of these threads.

I don't understand why people start threads like this. What are you hoping to get from this?
Then why open it and read it and even spend time posting twice on it? You knew what it would be from the title.
Of course some replies will be false but that's no different to every other thread out there.

A figure is largely useless due to incomes varying, giving a percentage of your yearly income is better for a comparison.

I have three months wages in an account that is for emergencies only.

In an account I can touch I have around four months wages, it was healthier but my boyfriend has lost his job due to covid so I’ve paid his rent etc until he gets paid from his new job.

£800 currently. It was supposed to be a holiday fund but my job is at risk due to coronavirus so if I lose my job it will be used for bills. I bought my first house in January which wiped out all of my savings. Typical that a pandemic would arrive weeks later.

I had savings and then this year happened.

Now I'm starting again. I've saved 40 quid this month, but I'm still seeing if that's achievable or not and may have to take it out if it's not. We've been hit hard financially this year.

I'm saving to have a month's outgoings as an emergency fund and then I want to put 10 pounds a month into a bank account for my son. On top of that I have a lot of things around the house that need fixing and replacing and I need to save up to go see my parents when this is all over.

Many things to save for, very little money.

about 12k

About 45k if I include mortgage overpayment pot. About 19 plus share save if I don’t include the mortgage pot

About 15k but we've got to refurb the house. Plumber is coming soon and his bill will be approx 7k so that'll be half gone! Then we'll save a bit more and get the next job done.