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'm trying to get to the point where I have 12 months worth of savings. Currently at £9000.

In my 20s I used to spend spend spend and have loads on credit card - I'm now a reformed character.

I'm lucky in that DH and I have decent jobs that are relatively stable but you never know what's round the corner.

@Midsommar why did you open the thread?

Not going to share an amount, but we have enough to live on for 6 months. It's being saved for a kitchen extension though.

10k. We are saving to have 3 months of expenses- so about 15k. Then we'll be saving for a new boiler and heating system.

I'm of the 'if you don't like it, don't click on it' mindset with these threads. I personally find them useful to get a sense of other people's approach to savings and financial goals.

I have about £54k and I think my DH has about £40k. I save £1050 every month through standing orders I've set up (£800 into savings account, £100 into ISA and £150 into Premium Bonds). I'm not saving for anything in particular but having grown up with a feckless spender for a father (and a mother who wasn't much better) I always fear the worst. We intermittently spend chunks on stuff e.g. just spent £9500 on replacing all our fencing in our fields, £1000 on a new roof for our utility room and about £800 on work on my car. I buy clothes from eBay and charity shops and drive a 12 year old car with 170k miles on the clock but I don't care for cars (I like clothes but see no reason to pay full price when I can buy them practically new for a fraction of their original cost). I was made redundant once and will never be truly relaxed about my employment status again (although I have a professional, vocational degree which is in high demand, but no longer work in that field). We are mortgage free but I will always worry about money (thanks Dad!)

We have enough to live off for a year, but we’re moving soon so probably use that for moving. We also have shares in various things, but they go up and down like a yo-yo.
We have no mortgage now, so it’s easier to save.

TheTurnOfTheScrew

If you children are off to uni in a few years I would not both going up in house size stay wear you are, you would only need to down size in the further, enough life, save some money You never know you might want to help them get on the property ladder.

Surely this question depends on various factors

Employment status
Age
Saver or spender
If have family/dependants
Your goals in life
Your lifestyle
At what stage you are in your life

Does it matter what people spend their money on
Could anyone have predicted this virus ?
Financial advisors, normally recommend everyone to have some emergency savings, but how many people have this in reality ?

@Tiktokcringeydance

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.

I’m sure that some of us have paid off our mortgage. I don’t know why you would assume otherwise?

@CherrySpritz well I imagined it could be in various bank accounts. It wouldn't surprise me as I've come across lots of people with massive cash savings. Thank goodness for your sake you're not one of them!

@Labracadabra

Sounds like therapy would also be a useful asset class for you to consider investment in.

My dad was also "feckless" with money, but I didn't expect my parents to do anything but feed and clothe me etc

20 year old car, with character

@Tiktokcringeydance I think people view savings as any money that is spare. Not everyone is referring to cash on this thread (thank goodness)

We had a large mortgage for many years, but also had an investment portfolio. My investments made more than my mortgage cost me, so why would I pay it off?

@GinDaddyRedux are you having a bad day? Maybe reread what you wrote and have a think about whether it was kind or necessary.

I like these threads.
Almost maximum in premium bonds.
£10k in emergency savings.
£5k in a holiday account.
We are mortgage free on four properties, two of which we rent out.
We are retiring in two years (in our early 50's) so still adding as much as we can to the pots as once we retire we won't be able to add to it and not expecting any further inheritances and our pensions are ok but only when you add the rental income and savings.

I used to be in terrible debt, never mind savings. As the years have gone by, the debt has cleared and I have about £10,000 although now I'm having to dip into it because COVID and furlough have messed up salary. However, compared to years ago, I feel rich having something behind me.

To some people this wouldn't be enough - it's all relative. I'm older and don't spend much and my rent is low. To those who say they have 40,000 - 100,000, that much would be like a total lottery win for me, I could exist on that forever!! But to others that wouldn't be very much, especially if they have families to feed and expensive mortgages to run. It depends on your situation.....

OP wanted to brag & has now disappeared?

Joint account: 13k left from a £54k inheritance 4 years ago. Used some for an extension and some for a car.

Some of it will go towards our wedding next year.

My account but joint savings £1500 saved which was meant to be for a holiday this year.

My account. My savings £850 from not spending much while wfh in covid lockdown.

£0 but during this pandemic i have managed to clear my £3000 debt owed between credit cards, overdrafts, store cards. i prioritised paying all of those off in lump sums rather than having the money sitting in the bank and only paying the minimum on each!

£16. And a mortgage 😭

[quote GinDaddyRedux]@Labracadabra

Sounds like therapy would also be a useful asset class for you to consider investment in.

My dad was also "feckless" with money, but I didn't expect my parents to do anything but feed and clothe me etc[/quote]
From reading Labracadabra's post I assumed that was the problem. Feckless parents meant she was significantly impacted in childhood and it has caused her to be careful about money now so she and her dc don't have the same problems, not that she was expecting anything else from them.

I have just under £11k saved but am due various Covid travel refunds of around £1,500 which will be added back to the pot.

Nothing specific earmarked for it but live in a constant state of worry that it's not enough if something should be needed desperately (it's all split across various savings, ISAs and investments).

I think I'll have to cash some of it in relatively soon as weddings cost a little more than I'd anticipated (or my tastes are more expensive than I thought!).

Other than the excessive amount I've spent on Amazon over the past 12 weeks I've actually been saving relatively well and realise I'm very fortunate to be able to do so. I did decide to donate my petrol savings to our local food bank though, otherwise I'd have saved even more.

My DP is significantly better off than me (>£200k in his company) but I'm more than comfortable really so his savings are just that: his.

He's paying for much more of the wedding than me and ultimately I realise that his money will benefit both of us eventually (unless he has a midlife crisis and goes and blows it all on a supercar!).

£1136.

I got wiped out a few years ago when I was very ill and off work for six months. Only managed to start saving again in the last few months.

I too find these threads really helpful and interesting. Other people's approaches could be useful for myself.

Thanks @SomeoneElseEntirelyNow, I appreciate your empathy.
Yes @GinDaddyRedux what's up? I could tell you the whole story but this isn't the right place. "Feckless" was merely a polite term to try and describe what it's like to have someone take your student loans off you to pay their debts. And sell the family home with nothing to show for it (not even enough to cover estate agent's fees) because he forged my mum's signature to remortgage it when she though the mortgage was almost paid off. But yes, I had clothes and food so I definitely had a great financial role model

Keep a few million under my mattress for a rainy day, doesn't everyone?

In reality I do have a fair bit, similar reasons to some other posters to be honest, as well as being in a fortunate position to do so; having grown up in a household with very little money it makes me nervous not having any just in case. I often went without when I was younger so I could save, but now I'm a bit more easy going.