To think I don’t have enough saved at aged 32?

[Redbusgoingnorth]

I have a joint mortgage with my partner, I’m 32.
I have £500 in my savings account.
I can’t seem to save anymore. We did well to save for a mortgage, but that was before I had my son. Now I seem to spend a lot of money on clothes etc for him.

Sounds like a stupid question, but is your income covering all your outgoings? I find it helpful to empty my current account completely every month- so I check my balance after I’ve been paid and transfer whatever was left immediately before it went in to a savings account. It means I get to know very quickly if something is wrong day to day, and also builds up savings that don’t get accidentally blown through the next month.

@Redbusgoingnorth

Thanks god the replies. I find it difficult to hold back buying things, especially for my DS.

Ah, well that's different to not being able to afford to save anything.

As a PP said, automatically siphon off £50 to savings as soon as your income arrives each month and then it's not here to spend. Try to put it somewhere not too easy to get back.

Thanks god the replies. I find it difficult to hold back buying things, especially for my DS.

Honestly, save your money for when he's a teen. Mine barely remembers all the stuff he had when he was little. Now it's phones, PC's, expensive trainers/sports gear, money for socialising etc. I did buy second hand when he was little, doesn't stop him draining my pockets now .

You've got a mortgage OP, that's a damn goo start. I have no savings and don't own my home. I'm 31. I recon you're doing ok.

Just stop buying anything but basic essentials for him. He won't care.

Depends how much your partner has? £500 each is not really enough, especially with a young child as how would you cover emergencies. But if you have £500 and your partner has more then it's ok.

A bigger financial cushion would be better, but if you've recently had a baby and are in the early days of a mortgage you used up previous savings to get, then this is just a phase that will pass.

Definitely don't overspend on a baby - it makes literally no difference to them, whereas adding that amount to your savings will make a big difference.

As other posters have said, your DP should be paying his share of the baby costs, and hopefully has savings too if the boiler needs replacing etc.

Clothing for kids dose not need to be expensive unless your obsessed with putting a child in the latest fashion and branded clothes.

Children grow out of clothes and destroy them so fast I really don’t see the point and they don’t know or care unless someone (the parents) tell them otherwise. Ebay bundles, free gifting sites, charity shops, hand me downs are all perfectly fine for children. I’d definitely be saving my money for when he’s older and will need money spent on decent things like uniforms, school shoes, sports clothes etc...

Set up a standing order to a savings account for the day you get paid. That way it’s not in your account to spend. Start with a small amount - even £10 or £20 a month. And you may be able to gradually increase it.

Tbh you got yourself a house, thats the big thing anyone saves for anyway congratulations! But if savings are something you worry about just start doing little things to build them up and stop the worry.
Use an app that will round up your spending and deposit it into a savings account for you. When you get your paycheck or other income put some straight into an account you dont have a card for. Set up a direct debit straight to your savings for £5 a week. It will add up quickly.

Hey! I'm a bit younger and we have a fair bit saved, but after my son was born that took a hit as kids are expensive. In my postpartum haze I spent £250 on a fucking swing that he absolutely hated and realised when I couldn't sell it for £50 that kids stuff is a massive waste of money. They can see us coming. I get all toys from Gumtree or parent pages on facebook and I now get all his clothes on Ebay! You can get some lovely stuff and as long as you give it a wash when it arrives, it should be perfectly wearable. Or, if you're going to buy expensive clothes, buy designer ones that have a good re-sell value, rather than the Next/John Lewis that no one will be actively looking to buy second hand.

I also don't keep any money in bank accounts as I know I would make an excuse to spend it. I put most into stocks and shares ISA :)

And congrats on buying a house! Not everyone that wants to can do that in life nowadays!