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?

About 80k between me and DH, mostly his because he is better with money. Not for anything in particular but will probably go on house improvements. Our jobs are quite precarious though so may just be in case we become unemployed

£25k in trust for each DC, £32k in savings, approx £20k in ISA.
Saving for retirement and uni costs.

About 20k........mainly saving for dp inevitably losing his job unfortunately

I have savings but not for anything in particular. It helps me feel secure to have a buffer if I lose my job or the car dies etc.

Sometimes though, I think I should enjoy my money more and treat myself, like making the house nicer. I am probably a bit tight tbh!

50k but it’s being handed over to our solicitor soon to buy a house

So back to square 1 I suppose 😂

Usually I hate these threads as they make me feel shite. But I have so far 25k in savings for a house deposit. Aiming for 30k or more by summer. My goal is to buy my first house and a new car and then start saving again.

About £20.

Single parent student living solely on student loans.
I kind of regret attempting to retrain/better myself/get an education because financially I'm screwed.

I have 7 months net salary. I have been really lucky to add a fair bit this year (mostly no daily takeaway coffee and a distinct lack of new clothes). But I have always saved part of my salary to the credit union at work before I get money into,my bank account

. And another monthly savings by standing order which I treat,like a bill. I try to keep the credit union for holidays, Christmas etc and the standing order for more proper emergencies and rainy day funds.

We have enough savings, but I have opened a pot for a new computer or laptop. I've not yet decided what I need. My birthday is early summer so by then I should have enough saved, plus bday money and should've settled on what I want.

£9k. Rainy day find.

Fund

Well I signed up to the government's Help To Save scheme so I have whatever is in that, icky about 2k I think when it's done, plus the interest which should be another 1k. I can't remember the criteria but we get tax credits all our most at least be that for anyone on a low income. It's max £50 a month and you can withdraw it is you need it

£12k. We paid our mortgage off over lockdown (good timing) and have put money away since. Possibly going towards a new house, I have an access account with over a grand in for repairs etc. I’m due some inheritance when a property sells, but that’s months away.
Dh has ISA’s and stocks and shares (he dabbles). This goes up and down and have about £50k set aside.

For security reasons I'd never post anything about my finances on a forum!

Combined, savings of 9.5k, investments of £2k.
For a very brief period we had £38k saved. Pre lockdown, would have been a great amount to get us on the property ladder, however covid meant I've spent most of the last year out of work, its been a bit of a choice. Wevr just lived fairly frugally off of savings, except when H spends like a tit.

We will soon have the money saved again.
Also £4000 spent towards holidays i think may well be cancelled.

I hope to save an additional 24k this year to pay off the finance on our new car when it hits a year old, get rid of the monthly payment and hopefully use the money towards a deposit for a house and buy whilst neither of us are paying finance on a car.

I find threads like this interesting, I don't think there's any need to moan about them!

To those that are struggling, I hope things look up for you all soon.

I'm late twenties, and I have just under 25% of my gross (below UK average) salary saved, which I have built up in the past year. I had no savings at all before that. I now save around 25-30% of my take-home pay every month - split between the max into a HTB ISA and the rest into a cash ISA. I am planning to move some into a stocks and shares ISA soon.

I do have one credit card that I'm paying off, but it's a relatively small balance for a planned purchase, at 0% interest, and will be sorted before the end of the year.

My main savings goal is a house - which is hard going when you're single! - and I hope to achieve it by the end of 2023 realistically, although it might be sooner if I manage to keep saving well. I would like to buy and still have some savings left, rather than completely wiping myself out.

Some will get sucked into other expenses - I drive an 18-year-old car which won't last forever - and I have another medium-sized purchase possibly planned in the next year or so if the right thing comes along.

I follow a financial plan

Where you safe £1000 as an emergency fund, then any debts you have you pay off then your next savings is to have a fully fledged emergency fund of 3-6 months expenses x

I've withdrawn my savings to purchase some stuff for my baby so about £100 🤣

Right now 5k but that's probably all going to be used on mat leave because I'm self employed and MA is only £150 a week, and this was an unexpected baby so we didn't have much time to save with covid 2 other kids birthdays and Christmas.

And obviously baby stiff to buy and now I'm not earning.

As a single person all this post tells me is that I need a husband to have any proper savings.

Really this is just evidence that women's wealth really comes from men. Sad but true.

Wafer I was saving on a very measly salary in my first job out of Uni - I was earning under £9k annually, and was able to put £10/week into the credit union at work, by cycling rather than getting the bus (unless it was pouring!) to work. At the end of 8 months there, I had managed to gather just under £300, (as I had taken some out for necessary clothes) - but also paid rent, fed myself, shared petrol costs with then DP to get "down home" on regular weekends to our family, and joined a hockey club for fun and exercise. (Admittedly, DP tended to pay for cinema nights etc as he was earning a bit more at the time).

But we were not living together, and I had managed to carve out a decent life even on very low wages for myself, and put away a few pounds. But if I hadn't "paid myself first" (taken savings out of wages before they got to my bank account), it would have been VERY hard to do - I wouldn't have seen the point in trying to get to the post office for that little, and would have frittered it away on other things.

Over the years, as I moved job (and there was a work credit union here too), and got promotions, I continued with that effort. And I allow myself 1 or 2 paychecks of the new wages when I get an increase to treat myself, and then increase my credit union by at least some of the increase I have got - as I had been managing on the previous amount up to that point. There have been times, as prices have increased, that I had to cut back on savings again, but then I could increase them again when I next got a pay increase again.

Yes, DP became DH and we moved in together when we got married, but we each cover part of the household expenses (including DD), and each put money from our wages into savings. (We don't have joint accounts, but manage our own).

I have MORE because I have DH and he earns more than me, but I would still have savings even without him.

I’m very early 40s. Around 675k if i sum pensions, cash, stocks, commodities and crypto.

I only started earning really decent money about a year ago, this has been accumulated by saving and investing. Made plenty of mistakes - easily could have been a multimillionaire if I’d head some of my stocks from earlier in life 🤷🏻‍♀️

I don’t own a house - No regrets though in renting and going an alternative route to try and secure financial future. Although I can buy outright, at this point I’ve reached a critical mass of assets that means i feel I can get a better return elsewhere by diversifying than selling up and putting that quantity into the house. Dividends on shares cover the rent.

I think I’ve done ok so far - aim is to get to 55 with a maxed pension, and make work ‘optional’ by mid-late 40s by having enough outside the pension wrapper to sustain me until retirement age.

We sort of "flex" our pots. Cash gets moved to long-term after sitting a while in ready cash accounts.

Roughly, I'm saving for:

• a lump sum pension contribution
• a breast reduction and uplift post kids
• a new second hand car in five years
• deposit on next house
• equalising pension contributions during shared parental leave (essentially we agree that for the twelve months of leave our pension contributions will be the same regardless of our individual incomes)

We save for holidays jointly, and I use all monthly free spends on the holiday and go without in the holiday month.

All those are happening in the next ten years.

When my student loan is paid off that will go straight onto the pension pot.

(Obvs therefore zero debt)

I have 3 savings accounts. Account 1 is for household emergencies and I'm aiming for that to have 3 months worth of our joint earnings in it but it has half that at the moment.

Account 2 is Christmas/Birthdays/Holiday fund. It's not looking particularly healthy.

Account 3 is my self employed fund. I cashed in a pension for this. I want to go self employed and aim to save 6 months of my earnings before I take the leap. I have just over 4 months saved.