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?

PS. I had the £5000 already! I haven't saved that much over lockdown!

We had 6k before the virus, down to 400 and that will be gone soon so DH needs to get back to work ASAP or were in deep shit. Took us bloody ages to save it up as well but it’s got us through the last few months without starving or losing the house so we’re very lucky really. Still crap though

I have recently set up a 'Help to Save' account which is amazing!! Works out at around 23% interest. It's for 4 years (but instant access) max save £50 pcm. If I save full amount in first 2 years (£1200) I get £600 bonus. If I then save full amount for year 3 and 4 (another £1200) I get another £600. Sounds to good to be true doesn't it? But it is true

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

Please tell me you don't hold that in cash?

£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

These kind of comments always worry me hugely. I grew up in a chaotic house with this kind of attitude - any savings were earmarked for holidays, or gifts. It was meant well, but it would then mean that when things didn't go well, we had to go without the basics.

We keep 3 months of our combined after-tax income, though we bought a house a couple of years ago and needed to do more refurbishing than expected, so we ran it down a bit, but have now saved back up again. We then save for holidays etc on top. We were very glad of this when my DH became suddenly ill and had to stop work then return part time - we had 'good' income insurance but it still doesn't kick in for a while, or cover all the extra costs of having one parent very ill, from hospital car parking to babysitters for the kids

Enough to continue at our current standard of living for approximately 5 years without earning another penny.
Not counting new cars, house moves, serious illness, worldwide pandemic etc.

Then we can take a euthanasia pill.

We have three month's income plus a bit extra for if/when we go on holiday. We have our own business so have tried to keep this in reserve since we started.

In our other savings account we are saving to try and clear the mortgage - we've got 8 years left on it and the fixed rate ends in 3.5 years. Hoping to pay off a big chunk (or all) of what's left

Around £100k. Chunk of it was inheritance. DH grew up with his dad constantly loosing his job in the 70s and is fearful of poverty.
I would be happier if it was more to be honest but especially after lockdown and some poor health I want some nice holidays.

just over half my pre-tax annual salary in an instant access ISA. Not saving for anything in particular at the moment. And there's probably a couple of months worth of mortgage payments accrued in the account attached to that (it's an offset thing but i only use the current account for the mortgage money) so I guess that's a bit of a safety net.

throwaway account but long time user...
We don't have a house yet and not sure we'll stay in the uk given the economy (even though in Europe it's looking even worse), the weather and the declining value of education, so it's about 300k£ in cash isas and a limited company, 40k-ish£ in cash.
We're on one income at around 100k£, 2 kids. We spend very little (just food and rent with the occasional holiday) and save 3/4 of everything.

The goal is to buy a house in cash (which will drop expenses a lot, given rent+bills is 1.5k), keep spending low and try to start an online business to replace the income and semi-retire around 30 years old.

We have considerable savings but they come at the expense of not caring about new cars ( mine is 12 years old in the summer ) or annual holidays, latest tech, eating out etc. We don’t skimp on good quality food and I never stick to a food budget .

I save for no particular reason other than the security it offers . I didn’t have a comfortable childhood , we didn’t go without but it wasn’t comfortable and I don’t want that for my children . I worried about money as a child and it’s a horrible feeling .

Those who say you could die tomorrow have a point but tbf the chances are that you won’t . My children are already saving for university and their first homes . We will help them as much as possible with both .

At our current level of expenditure we could probably go without a salary for 5 years before running out :)

The plan is to use the money for a house though (currently in a flat) and whatever renovations that would include. Remainder would go in ISAs in passive index funds.

Unfortunately nothing and not in a position to even start 😩

about 110k. Not saving for anything but will prob pay off mortgage with it

About 8k. Most of that is there ready to pay for a new kitchen and other work around the house, which is currently part finished due to lockdown.

A lot but we are old and have chardonnay tastes and a champagne income.

Everything is paid for and expenditure covered by non earned income.

Why do people sit on so much cash? It's so wasteful to carry cash to this extent.

Half of what we had two and a half years ago (spent the redundancy, moving into long-term savings now).

Which means one of us is really going to have to find a job in the next couple of years....

I have a sixth-share in my mother's half of a house, but I have no idea how much the house is worth . The other half may well end up being spent on care fees. At some point in the next 20 years I might get 50k, maybe? It's not something I've ever relied upon.

Nothing now - a few hundred quid and no job. Am not panicking because my Dad can help me if necessary, and I don't have living costs, but it is depressing and there seem to be few jobs out there . I know many are in the same boat and much worse .

@intheningnangnong - well, in our case it was in case what has happened happened...

Presumably we should have put it into investments, but neither of us knows much about investments (except that between 2008 and 2013 some shares a society holds didn't pay out anything at all) and there were only 5 years between paying off the mortgage and the redundancy.

I second ‘help to save’ if you’re on a low income, if you save £50 / month in 4 years time you’ll have £4000 instead of £2000. You can have other savings too.

www.gov.uk/get-help-savings-low-income

I seem to specialise in getting down to zero - after my divorce as my husband got 60% I kept the house but had zero savings and big (over £1m) mortgage. Then at age 55 cashed in my pension to help the state provider for the poor - HMRC got about a third and the rest and my then savings went to the older children for housing...... then moved on to helping younger children. Eventually that process will be done (just 2 more years of law school to fund for the twins next and housing...) and then I can save up a bit of something for me for older age although I want to work until I die.

I have £12,700. I don't know how much my husband has. We are saving for a new bathroom and to pay off 10% of our mortgage.

I just checked, and this time last year I had £31.12 in my savings account and I didn't even have an ISA.

£12.5k in the mortgage deposit fund
£870 in my maternity leave fund

About 11k. Bought my flat last year so I'm glad I held enough back so as not to be starting again from 0. About £2.5k of that is for work to be on the flat and the rest is just for a rainy day.