To think it’s not that unusual for people to have no money in their bank account

[Iftheclouds]

At the end of the month? I know ideally it’s good to have savings but would imagine it’s not that unusual to have any?

@oncloudnine Absolutely nothing wrong with that, you are living within your means.

To add, I think a lot of couples are fine pre-children as they live within their means. They probably could even have a good bit of money left each month so can stick about 10% of their income into savings. Suddenly though, they've eaten into a chunk of their savings through mat leave, have reduced income due to working hours changing AND have childcare costs plus the little extras which all add up to far more than that 10% they were managing to save each month. You can then maybe cut costs to get back within your means but you'll be a long way from being able to save for a few years.

Userxx, I could manage million dollar budgets at work, advise others on budgeting etc., for me it's all tangled up in mental health when it comes to my money. I have bipolar, and spending irresponsibly is a symptom of both high and lows. When high, I would make gigantic purchases for others , when low, that new item would make me feel better for a few minutes (that's th e simplified version).
Recognising that my own fin a dial decisions were irresponsible was a huge s step.
I do think money management is a subject that does need to be taught in schools as w ell as at home, along with the management and upkeep o f a home, cookery and childcare. I feel for the generation of youngsters who are growing up on an ever reducing budget against spiralling costs. Most of the time, irresponsible choices (eg. hair extensions instead of rent payments), are a symptom of a much bigger problem. At street level, incomes are reducing, whilst essential spending is increasing, it must seem a bit like an endless road ahead.

29p in bank none coming in until next week and already borrowed £70 off son.
Life is one big merrygoround

@MoltenLasagne

To add, I think a lot of couples are fine pre-children as they live within their means. They probably could even have a good bit of money left each month so can stick about 10% of their income into savings. Suddenly though, they've eaten into a chunk of their savings through mat leave, have reduced income due to working hours changing AND have childcare costs plus the little extras which all add up to far more than that 10% they were managing to save each month. You can then maybe cut costs to get back within your means but you'll be a long way from being able to save for a few years.

This is exactly us. Pre-kids there was enough to get by, although we lived in central London then so we literally only just got by. Now, with two statutory mat leaves under my belt, plus hefty childcare costs, there’s never enough to make it to the end of the month these days. I’m hoping things will feel easier once the youngest is at school.

per here

1/10 have NO savings and
1/3 have savings less than £600 (i'd say that is still no savings)
so 43% of country have no savings and 57% do have savings.

So not unusual
www.finder.com/uk/saving-statistics

Having 'a bit' in savings can mean anything - I am single, a couple of years off retirement and have about £100 in a savings account. I work part time on a low wage and am concentrating on credit card payments rather than accumulating savings, but a relentless run of emergencies with the car, boiler, appliances and plumbing, mean I have to use the cards again to cover those. I'll get a small lump sum when I get the pension from my former job and will clear the cards with that and have £1000ish left over, I'll still be poor but will be the richest I have ever been.

@SallyB392 Ok, that makes more sense to me know. My parents friend who is bipolar bought a £40k car on a whim one afternoon, her husband wasnt best pleased - he had a nightmare trying to return the car.

It is so refreshing to see a normal post about money on here. It has definitely made me feel better. I have about £300 in my account until I get paid next week (there is also a £250 overdraft if needed). I rent, so no assets but I have cleared all my debt and got £500 in a help to save and about £150 in my plum account.

It's not at all unusual.

And anyone who says "just put aside a thousand or two every month to build up a nest egg" is a twat.

Nope I often have zero. When I worked in the city I always had enough to save every month and never went into an overdraft, kids we spoiled bdays and Xmas. Now I'm a single parent I'm pretty much on zero from the first day of the month as that's the day all the bills go out. Utilities and rent get higher but the money coming in stays the same :(

Userxx, I ended up having to declare myself bankrupt after I took out £37k, all I had to do was tick a box to get it. I spent it all within a couple of weeks, but can only account for about £8k. I was very unwell at the time both physically and mentally, (strokes, deep depression & others).

I'm not proud of it, and perhaps paid the price with poor health, which has led to my not being able to work. But if my experience acts as a point where others stop and consider their actions, perhaps there can be some good?

Irresponsible spending is one of many symptoms o f bipolar. Your friend like myself are lucky to have good husband's. I joke but mine does manage our finances, we don't smoke, drink, or bother with things like SKY so our costs are low as is our income, but we are never hungry, are warm with a roof over our heads, so we are better off than many, and we like each other so manage to have a good life.

I used to end every month in my overdraft. A few times I STARTED the month already into my overdraft (was very frugal that month). Then life got better financially, as I moved up pay grades at work and moved in with now dh. Now it's very rare to have to use my overdraft and I have a bit of a savings buffer for more expensive months.

My sister still ends every month in her overdraft, and often has to borrow money when she gets to the end of her overdraft. She's a single parent with disabilities, so there really isn't a lot of money coming into the house. If she has any unexpected expenses her budget it completely scuppered.

We are at the end of our £200 overdraft every month. DP is not on minimum wage but not much over. I am disabled, so cannot work in the field in which I have qualifications. I do get PIP though. We have 2 DC.

One is home educated. She wants to take over the budget, thinking she will do a better job than us. She doesn't realise that the reason we run out of money is because there is not enough of it, rather than us being frivolous with it! I don't want to add to her anxiety though!

Have saved hard to have a cushion, but have to juggle like crazy every month not to use it.

Not unusual for us. No savings either.

Oncloud9

To me you are goals! Better off than your boss who has nothing but debt to show at the end of the year.

Payday just isn't exciting when immediately after your paid the money leaves your account again. Normally by the end of the first week of the month I've got nothing left.

@TartanDMs

Used to be normal for me - mid month was always squeaky bum time and by the end of the month before payday I would be at my grandparents house for a food parcel. As I got a better paid job and so did DH, things got better and now I'm OK. But for many years it was the norm.

I hope you make a fuss of your grandparents when you have a spare few Bob. A bunch of flowers and cake occasionally ♥️