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?

Xenia

You made it on your own, make your kids buy their own housing and fritter your cash. You earned it....

We have £7000 in our current account. We haven't saved it. My parents gave us it for a job that needs doing on the house. Trying not to spend it while we wait until it can be done.
We have, however, got £2600 in our holiday savings pot. Ive got a big birthday in 3 years and the goal is a big California road trip. I enjoy seeing it grow every month. It's the only time.ive ever had a savings account.

Some regular savings accounts ( opened before the interest rates decreased)

Some other savings

I pay into a pension & my employer also contributes into this

Saving for:
Tax bill
Holidays - when restrictions allow, probably next year
Some home improvements
Emergency fund/other

About 90k. Will be using some to pay off some of our M/G .Rest to be a Nest Egg for retirement .This was from an inheritance though.

What are we saving for - peace of mind, comfort, more options, retirement

About half a million. It will be used to supplement my pensions for a decent lifestyle.

10 years ago I walked out of my marriage with nothing. 4 years later I owed £4k due to legal fees and exh being a dick about selling the house. Since then I've managed to retrain, change careers, get promotions, buy (mortgaged) my own home. I save monthly for things like car expenses, holidays, Xmas as I can't face paying for these things all in one go. I also have retained my frugal living habits from during my divorce so have managed to accrue 3 months household expenses should the worst happen (say, like covid, job losses, loss of work-related benefits, child benefit and child maintenance). I'm saving for a new car and holiday too, everything being closed for the last 3 months has boosted this as I have been fortunate to be still working.

Enough for 6 months bills, mortgage etc in an account I won't touch. And then saving up for holiday, emergency dental care (I have a baby tooth still!), and house stuff which is now above £9k. I'm lucky as I can earn overtime which always goes into holiday fund, and I've not been spending much at all since WFH for three months so savings growing quickly. Very grateful for good employers

I am reading this with interest. Not the amounts but the thinking behind what is sensible to save as a proportion of income etc.

I am hoping to have 6 month's worth of living expenses for emergencies, a new car fund and add to the piano fund.

147 k in savings from an inheritence but all tied up so cant spend unless need it, I want to retire in the next 5 years so need it to just live when I no longer work

40k. Some is saved for my children and the rest will go toward moving house. I'm proud I've achieved this alone.

@Flittingabout I think that is a very sensible approach. Emergency fund is typically 3-6 months of expenses but some people have it higher - having been made redundant twice in two years I am a bit heavier in emergency fund than perhaps I should be, given it loses money due to inflation, though it gives security.

couple of hundred. Nearing retirement age, not much of a pension. But even though well qualified never earned much more than minimum wage.

We paid off our mortgage at the end of last year which used our savings pot. It's building up slowly now (work situation stayed the same in lockdown so we've saved) and we have about 6 months of living expenses now in our main savings account. We have a day to day savings account which covers big bills, Christmas etc which is looking pretty healthy for what it is as well.

DH has an isa and the kids have savings. I also have a bricks and mortar inheritance which I can't do anything with as it's shared but I view it as a pension pot. Oh and an actual pension or two as well.

We were planning on doing some work on the house but have put a hold on this for the rest of this year. Message from work is that we are in an ok position and no currently planned job losses but so so dependent on how the economy recovers. Christmas is our danger time so it's save as much as we can til then then see what happens.

I have £80,000 in ISAs, premium bonds and long term guaranteed income bonds. My DP has around £750.000 from an inheritance.

I'm saving for the future, for any unknown difficulties or for treats like holidays. We're also thinking about buying a holiday home or using the money to fund our early retirement.

Creeping towards mid 40's we are finally in a position where cash isn't flooding out faster than its coming in.

Finally mortgage free have enough in savings to enjoy today, be prepared for house maintenance, schooling til uni, car upgrades, holidays and plus an emergency fund for any inevitable crisis. If we survive the hangover from C-19 with health and full employment we will consider ourselves very lucky and consider a bolt hold somewhere in the country as a nest egg for retirement.

Me £29k dh £34k
We are saving to pay off our mortgage, currently at £30k we plan to pay it off in 18months time
But will save up more by then
I work part time on minimum wage and dh full time on £23k roughly but we are very careful with our money

Three months worth of bills/ living costs.

Frantically trying to increase this now to 6 months. I always thought we’d be ok if one of us lost our job, as we work in different roles in different sectors, so unlikely to both be out of work at same time, and I thought I’d never have trouble finding a new job even if for a bit less money.

But then along came coronavirus and in April I thought it was a real possibility that both the companies we work for would go under. Thankfully we are ok for now, using our current lower costs to save as much as possible.

There is enough to use a little more than half for a down payment and the fees for an affordable house(well below 'average' prices I've seen) and leave us with about 6-12 months of living expenses in an emergency fund + the kids' savings + employee retirement accounts.

We're not saving for anything specifically, we're just not spending it yet. The majority of my family's savings comes from inheritance after losing 6 people in just over 3 years. It's been really weird and surreal to go from being in a bit of debt largely because of caring for others and being wary of doing things that cost money to having sizeable savings. I've organized the accounts to try to manage them the best I can with the least stress, but beyond that I still struggle to think of it as ours. I say I'd like specific accounts for certain goals like many personal finance experts recommend - a trip I'd like in a few years, certain special occasions, but in my head it's still so connected with people having died and neither I or my spouse have ever had this kind of financial security before, it's just weird for us and so is just there. I update our finance sheets regularly, we talk about how nice that number is and how we'll arrange other things later, and then go about life - though we did finally get a decent hoover.

6 months worth of flat line expenses.

Are these savings with mortgage paid off too?

34k as well as pension savings. Mostly saving so I can retire early and go on lots of holidays.

We've recently moved and we've drastically reduced our monthly rent. We (me and 17 year old son) have really low income. When we moved we slipped into overdraft with moving costs etc. With lockdown we're one of those families who've managed to save as not having to pay for day to day costs of college and work, random clothes buying and impulse spends. I've only gone out to buy carefully planned purchases etc. I have about £5000 in savings. I've managed not to dip into that but fund large purchases (huge IKEA delivery - new beds etc) from my income. I get paid next week but still have over £400 in my current account. Next purchase is a shed

60k, not saving for anything but will need home improvements. Plus I might decide to move.

£1200. First time EVER I have had savings. Not because of Covid, I've just been frugal for the past year. Not even saving for anything in particular, but it's just nice if I see something for the kids I can just get it without thinking if I have to wait for pay day 😊