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?

#intheningnangnong

For situations like now and to build up property Fund /investments so that we can generate an income if we become unable to work in the future.

Enough to retire early and have almost the same to live on as we currently do, until all our pensions come into payment.

About £40k and it's for my next home purchase

About £21k. To be able to buy a BTL as part of retirement planning. A few years ago I was able to dip into my fund and lend my DB £15k when his dream home suddenly came available and he had no deposit. I was so happy I was able to do that.

Another with about £3k (but it’s a S&S ISA, so it might be empty!) which is to take my OH to America for a milestone birthday in 2 years :) I suspect it’s not nearly enough.

I save pretty bloody hard, paying my savings “first” each month and often struggle through to payday, but I’m promising myself it’s only for 4 more years and then i should have enough and I can stop

About 20k in cash, plus 150k in pensions. Mortgage paid off. We were hoping to continue to save hard and retire in 6 to 8 years time (we are both mid 50’s), but DP is being made redundant so looks like we may have to access our pensions sooner than expected.

not going to give a figure, but a good bit more than people would guess looking at our house/car etc.

We're in a funny position - we can very comfortably afford the small house we're in, but the next jump up is absolutely huge, and would eat up every last penny leaving not enough for either emergencies or the odd luxury. So we have savings, and our slightly flash holidays are probably the only outward sign that we have a few quid. In a few years we'll have two DC at university though, so I'm sure that will eat up any spare income and more!

Why do you want to know?
What is the point of comparing yourself to other people?
And then complaining as soon as anyone asks you this and telling us to move on and not read the thread.

Good on you for saving your 8K though (and I don't mean that in any sarcastic or nasty way). Keep at it.

£9000 in the joint savings, so roughly 3 months of mine and dh wages combined, this will cover us for about 5/6 months outgoings wise should anything happen to our jobs.

Although technically still joint access I have £500 in my savings and dh has £1000 in his.

We totally depleated his account 2 years ago to buy our car and he's been using the "round it up" thing on his bank account where transactions are rounded up to the nearest £1 and the difference is moved, which doesn't do alot because most spends are on the joint account 🤦‍♀️
I pretty much emptied mine on mat leave with dcs last year and that's what I've built up since October.

All our savings in my name so DH calls it my running away fund. As we have paid off our mortgage we can save a large chunk of money each month. We spent £20k from savings just before lockdown so currently have around £16k. We never borrow money (except when we had the mortgage) but save up for things like cars, holidays, white goods, emergencies etc.

I dont understand why people would have enormous amounts of savings (6 figures) and not use to pay off their mortgage? Even though interest rates on mortgages are comparatively low, surely savings are even lower...? Dont get me wrong I would prefer to have an amount of savings for unexpected disasters (fridge breaks down, car blows a tyre etc) but 6 figures seems a lot to have sitting around.

£218,000.

My savings have come from a critical illness policy pay out. Before that I was thousands in debt with no way out.

Just over 12k. Not saving for anything in particular, but it's nice to know it's there if I need it or fancy a splurge!

@Tiktokcringeydance we don’t have a mortgage and have made the decision not to move house either so we can have savings and no mortgage.

Typo £2.18

Would also like to retire before state pension age, another reason for savings

To enjoy life !

We have three months wages in our saving account, it’s a ‘just in case’ fund!

Millions.

£450,000.

From inheritance.

Amount: More than many people’s annual earnings.

Purpose: a rainy day. I suspect a boiler replacement will be the next time we dip into savings, but who knows what will pop up.

Thanks OP for starting another thread where people can jump on and gloat about their wealth. Makes us normal folk (and those who have been furloughed or lost their jobs) feel absolutely fantastic about their situations. You do know people commit suicide over finances? Really don't think starting these types of threads is very considerate given the current climate.

78k which is mostly from an inheritance received over a decade ago that has been tied up for years in my property & now just sitting in a savings account. It’s a large amount to our family as I’m currently stay at home with 2 young children and we are living on a single wage of £30k. So despite having it aside, I am refusing to dip into it any longer and things are very tight without it. We have a savings account for my 2 year old with over £3k and just started one for the baby.

None and I have just booked a very expensive holiday!
But ...
I choose not to have savings as every penny is invested in rental houses for my children. I have a house and a pension.
When things break or go wrong with the houses I pay for it out of my wages and watch what I spend.
I have credit cards that have nothing on them and an overdraft I dont use.
I look an absolute state in lock down but I'm thinking it might have to stay like this so I can use all spare money towards the holiday. So much as I would like an emergency stash I cant have it without selling an investment which defeats the purpose of me buying it for the children in the first place or by not going on holiday which I'm not prepared to do. The holiday is 2022.

[quote intheningnangnong]@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?[/quote]
😂 No, of course I don’t! Did you imagine I had it stuffed under the mattress in a sock.

We had around a year of my salary, which we can live off (mortgage paid off) in various accounts and a little bit more than that again in shares for the company I work for (got these through bonus or B2G1F schemes).

Mainly savings were for security/emergencies and big buys such as renewing the car or if ds wants to go to uni. If it wasn't spent on either of them it would be towards early retirement.

I am in my early 50's so feel I need A LOT more than 3 months cushion to find another job.

Emergency has happened, dh is self employed and hasn't worked much since lock down but still has outgoings, so account balance has dropped significantly. Also shares plummeted from £32/share to only £22/share which scarily wiped out thousands of pounds, but starting to recover now and hopefully be ok in a few years when we will need them.