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?

Around 9k in instant access accounts, 26k in shares (as of yesterday) plus more in longer-term investments.

We have one month of expenses. That’s saved in the last three-ish months since I went back to work from maternity leave. We’d used most of the savings during that time. Slow going as we are making big overpayments on the loans we needed for some emergency property repair, and our outgoings are high.

That doesn’t count investment accounts and non-liquid assets.

£21K. £5K is earmarked for our wedding but who knows when that is happening.

We want to build up savings of £24k that can pay our mortgage- £1020 and £1k for bills for a year.

@Floopsy

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.

Fuck, typo. We have 20K not 200k. Maybe if I say it often enough it will come true?

And @Valkadin proves the point really - OP, what use is it to you at all, to know that her husband can realistically plan to buy a yacht and sail the Caribbean from his savings?

I think between DH and I we have about 12 month’s net income, but we are very high earners so this is a lot. We’re saving to move house from a shared ownership 2 bed flat to a 3-4 bed house in London - we were about to start looking before the crisis. Once we’ve done that our savings will be back down to a few thousand emergency fund, and our outgoings will be much higher as we’ll go from a tiny mortgage to a huge one.

10000 which may not seem much but it’s amazing for us! I’m so proud that we’ve managed it giving where we started.

Not much, currently saving for car final payment, have about £400 of £1500 required saved. Will have the lot by this time next year. I tend to save for specific things and prefer to overpay the mortgage, which will be paid off in ten years when we are in our 50s, and have only been able to start saving/overpaying again in the last six months after going back to work FT. We saved up £5,000 between us in a year when we got married and always have a fund for holiday spending money. For emergencies if the current accounts can't cover it I have an empty credit card. If I got a large balance I'd transfer it to a 0% interest one or take out a loan.

Once I've paid off a current loan I'll be paying more into my pension. I can't just "save" for non-specific things and also like to enjoy myself as you never know what might happen. Lost an uncle aged 46, (I'm mid-forties) a cousin in his early 30s, and my mum had a heart attack in her 50s. We've both made wills and have life insurance. DH had a huge health scare last year and we could have lost him (he's 48). You just don't know what's round the corner - saving is good but so is enjoying the here and now!

The amount is irrelevant it’s more about people’s hopes and expectations for the future. One of my children died a few years ago and my family have had their own personal hell for the last few years which left me with MH issues that I have been battling so I need to have something to look forward to. I stopped working when she died and await DH retirement so we can have time together properly at last. He works really long hours as breadwinner now so I can devote time to our other child.

Around £10k in various accounts. Some is for DS’ future (although we could access it if we needed it) The rest is just for us to use as we need, we both pay in every month. Some likely to be spent soon as we are moving house.

We don’t have 3 months salary worth (although not far off), but I can’t be made redundant so less pressure there. And we both get 6 months full sick pay/another six months half pay, and both have critical illness cover.

I’ve got £2000 in savings just now, £1000 is an emergency fund and the rest is in Monzo in different pots for Christmas, car insurance, car tax etc. We just bought our first home and renovated it and we are expecting our first baby, I’m 20 and DP 24 so think we’re doing okay

I’m sorry for your loss, @Valkadin I’m certainly not having a pop at your plans or your wealth, or you sharing on the thread... just yours was the one that stood out we least relevant to the OP. That’s not a criticism of you for posting it - it’s genuine curiosity as to why people start these threads, and post on them.

About 300k - private school fees (2 SEN kids) plus help them out with deposits, uni fees etc.

I agree the amount is less relevant than how you plan to use it.

I am currently planning some home renovations. I am struggling with how much to take out of my savings for it and how much to put on the mortgage.

My job is secure, but I want to keep a decent savings cushion in case of emergencies. I have about four months salary in savings - might not raid it too much😊

It's not exactly savings but we have about £50k in a mortgage offset account- so it's really just that we owe less mortgage but are able to access that find in case of emergency.
In actual saving we don't have a huge amount - there is about 3k in the joint account, and there will be next to nothing in there soon as we are getting the garden done.
Any extra money we have goes to the mortgage offset - I don't see the point in having savings when you also have mortgage debt

As of today, about 412 toilet rolls, 96 tins of tomatoes, 61 tins of beans, half a bushel of flour, a gallon of hand wash and 4000 bottles of wine.

Hazel absolutely agree. I don’t have he offset ting, but overpaid my mortgage pretty aggressively for about five years. Didn’t really save at all.

My mortgage is now quite small so I refocused in the savings.

Age is a huge factor too.

£500 savings at 25, when you've just had all the expenses of buying your first home and the prospect of a working lifetime of making pension contributions ahead, is very different to £500 if you're 60-odd and no pension.

Lots

Saving for retirement and to give the kids house deposit.

We have 6 times annual household income in savings, and most of the house in equity- v. small mortgage to pay off.

Not much. Makes me feel sick.

No mortgage due to DH being an unlucky motorcyclist as a teen and now an amputee - his compensation was used to buy our home.

So saving is slightly easier for us compared to some, despite neither of us earning big bucks.
He's got £40k in national savings from the rest of his compensation and adding to it over 25 years. Shite pension though.

I've got teacher pension, a small AVC and £11k in National savings.
Across various accounts in my bank I have another £15k.

I'm saving for...
A new car
A holiday when we finally can go.
And just to know I have the safety of that money in my account.

I have a few months salary saved but some of that was earmarked for home improvements & new 2nd hand car this year but it's on hold until I know where I am with my job .
Im also due a holiday refund but I wanted to rebook for next year but again on hold for now.
I'm furloughed and a was waiting to hear if I'm to be made redundant.

We’ve currently got about 40K in “savings” that is earmarked for our DD - it was from some inheritance and we are hoping to keep it for Uni or similar things, but we have permission to dip into it earlier if needed for school trips etc.

For ourselves, we have about 10K that we have saved that we’d like to keep for emergencies, but that I suspect we’ll need to dip into for childcare in a couple of years (I’m currently expecting twins, and while I wouldn’t call them an emergency, we had budgeted on the assumption of 1 baby)

As @Ellisandra, says, it's about savings goals. I am comfortable with 6 months full salary for both of us and a good pot for ds for university/house deposit (although this has taken a bashing recently on the stock market). We have defined benefit pension schemes which will pay out circa two thirds of our current salary per year on retirement. My goal now is to pay down the mortgage as quickly as possible and keep rolling savings to replace cars, house renovations and holidays. There seem to be lots of people on these sorts of threads who give no thought to pensions until later in life and then it's too late to accrue a good pot.

@Valkadin .