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?

I actually don't know how to calculate how much cash DH and I will need in retirement. We're 58/60 and want to retire in exactly 3 years when our youngest finishes uni.

We have an additional 'issue', in that we both have Superannuation cash overseas which we have no idea how to access without losing most of it in tax.

Our 'savings goals' for retirement included relocating to Spain, but Brexit has scuppered that; then buying a £65k motorhome to go long term touring in, but the 90/180 day likelihood has given us pause.

I don't know how much we have in savings, but it was a reasonable sum as it included an inheritance; however, I actually daren't look to see how big a hole Covid has punched in our investments.

However, I recognise we are in a better position than many.

Not much! I’ve got £1000 earmarked for driving lessons, test and theory which I’m quite excited about, hopefully be on the road by the end of the year which will make my life a lot easier!

After that I don’t save much because I’m in £4000 of debt which I pay £200 a month and I save £50 a month for Christmas.

I’m not let with loads after that but when I’m finally debt free I’ll have a bit more wiggle room and I’m due to start getting child maintenance soon (finally) so there will be a bit more spare cash for them.

I haven't managed to save anything since covid but hope to start saving again in January

I have different pots of easy to access, then some notice accounts/shares etc. My easy access is divided as:

I have three months take home pay in one (c£8k)

I have an emergency fund in another (c£5k)

Then I have generally savings for splurging/holidays (£3.4k) at the moment

I have 15K in an untouched pot for emergencies. Another 6k in an account that will go on roof repairs and a new front door this year.

My savings goals because of this Covid is to increase the emergency pot to at least 25K and save another 10k to landscape the back garden. Not sure how long that will take to save, maybe a couple of years if I’m careful.

Over a years wages, was saving for another house but not sure. I won't have the luxury of any inheritances so may need it for retirement

£0

Emergency fund of £10k

Car fund of £7k

Liquid investments of £50k targeted to retirement but can be accessed anytime.

Business account has tax bill money as that is not due to be paid till later on, plus has £1k emergency fund - very small business.

Mid 40's, own leasehold property, no mortgage. So at some point may need money for moving home or extending lease.

We had £890 which I was very proud of but yesterday I transferred it all to sort out a damaged fence and roof.
Lock down has helped me pay of my over draft so can save now save the money from that.

I think that "savings" is not a great word to use. All money should have a job, so it is allocated to being something rather than just general savings.

Anyone else view it like that, or am I weird?

£15k in readily available savings and investments. Did a lot of work on my place the last few years and now building up again as quickly as I can.

Goal is not for anything in particular: basically a safety cushion for the recession.

Once I get to about £30k - if continue at current rate, this will be in 6 months' time - I will feel more relaxed. Then I will use the money I would have saved/invested into overpaying the mortgage.

@nannynick

I think that "savings" is not a great word to use. All money should have a job, so it is allocated to being something rather than just general savings. Anyone else view it like that, or am I weird?

I don’t spend all of my savings every month, it doesn’t need to be allocated to purchase a certain item, experience etc.

About 12 months post tax earnings, 50% of that will be wiped out in the next month as we redeem our Help to Buy equity loan in full. The rest is mostly in our Stocks and Shares ISA's, LISA's or with NSI, they're long term savings (realistically for retirement).

In short term savings we have about 10K or so for the deposit on my next car and any major incidental household expenditure/ shit has hit the fan fund.

What do you mean by savings though? What I've got in an ISA or savings account? Shares/stocks? Pensions? Other investments? A large amount of our savings are invested, but then we have a reasonable amount for emergencies, a holiday fund (not being spent this summer!) and the money set aside for our new bathroom, I've also got a tax free childcare account I like to keep in good credit , which of those things do you count?

I had $3 left at the end of last month. Teacher, single parent.

Bit of abnormal situation as we are waiting to exchange and complete on a house, so we have an awful lot sitting in various savings accounts for our deposit.

Before that, still a lot because we were saving for the house and fees, but without the extra money we've pulled in recently, so probably about 60K.

12k - I’m not working at the moment so using it for living costs.

Not loads because we are massively overpaying the mortgage at the moment to get the interest down and so we have to pay less to the bank when we sell and move to a bigger place. Enough for about 5-6 months if we both got made redundant/sickness etc.

I kind of agree with the poster who said "whats the point of this post".

How on earth can you compare savings when we all have individual and different circumstances and our locations might be cheaper or more expensive? I live in a very high cost area so my outgoings will be more than someone who lives in a cheaper area. I also think this post is a tad poorly timed. At a time when so many are on furlough, have lost their businesses or been made redundant it just seems a bit, I dont know, insensitive?

We have about £200K in savings and investments. DS has various SEN so we want to have funds available for private school is necessary, if we send him we have to send DD too.

If no private school is needed we thought we would buy a holiday home in France.

£2.5k saving for a deposit on a shared ownership house.
£1.5k in DS1 savings account for uni (he's 4)
£10 in DS2s he's a baby so hasn't had any Christmases or birthdays yet.

We have a lot saved, though with recent events investments are not as good but was planning for retirement so it’s a way off. DH will retire in about 15 years. He wanted to buy a yacht and sail round the Caribbean. I want to buy a barge and traverse the waterways of the UK. Had agreed we may do this separately for a few months each with our sisters if they are game. I just hate sailing and heat. He also wants to follow England cricket team, which I will happily do. Though who knows what international travel will be like now though it’s many years hence. Looks like my barge dreams may have to be his.

We will also assist DS with a house deposit.

We have roughly enough cash to last 6 months.
If we sold our house we could live off the equity for a couple of years. That's obviously very much a last resort though!

I really don't understand why you are interested in how much other people have in their savings.

This post hasn't annoyed me at-all I just struggle to see how that information is interesting or beneficial

I once saw a frenemy of mine post her and her partner’s salaries on a thread like this. I mean, it wasn’t that interesting but I’m sure she didn’t know I’d identified her latest name change, and specifically wouldn’t have shared info like that with me.

You never know which posters have worked out who you are in real life.