To ask honestly...do you have 3-6 months savings or more?

[sweepeep]

Based on a few threads going around...

Do you have enough savings for 3-6 months or more? Honestly...

If this thread is in any way representative, there is no cost of living crisis, as most people have very significant financial cushions!

A lot of people do, whether it’s most or not I have no idea. But if the cost of living crisis will push 20% of households into financial difficulty that is a real and significant problem.

If this thread is in any way representative, there is no cost of living crisis, as most people have very significant financial cushions!

A lot of people do, whether it’s most or not I have no idea. But if the cost of living crisis will push 20% of households into financial difficulty that is a real and significant problem.

The cost of living crisis means many, many people who have scrimped and saved to have that buffer of savings will eat through them pretty quickly just on daily living. Then will have little or nothing left if they actually do have an emergency such as that the savings were originally earmarked for.

Pretty crap when "in case of emergency" funds turn into "paying essential household bills" funds. Almost might as well have not bothered.

We don't have 3 months worth. It's taken a lot to build up what we do have. I resent having to draw on that simply to pay the ever increasing electricity prices etc but do realise that compared to many we're fortunate in having anything to help take the edge off.

Can't say it's not a cost of living crisis just because some people have saved over years to get a couple of months expenses in the bank!

Yeah, I'm a smuggy Scrooge. Lots of decisions we have made have been with financial security in mind. We have three children and our finances are built on self employed income. You can't have that kind of exposure to the outside world without a good buffer so our income is a lot higher than our lifestyle would suggest.

No, did have but it dwindled when I became a single parent.

I have 3 months salary on savings account. Rest are on deposit savings/investments that are harder to access but possible if that's not enough.

We didn't until the pandemic hit and my DH being the breadwinner started to put away money. We now have 6months worth of savings plus a few thousand inheritance money (grandparents have passed away)

My DH is very good with money, whereas I am terrible!

Yes

I'm not sure if mumsnet is the best representation but I would estimate that most people will be ok with the cost of living crisis. There is a small percentage that is totally screwed, bigger percentage that will have to make adjustments, big percentage that it will have minimal affect in day to day and then another small percentage that won't notice anything.

We do now, because last year dh got a full time job after many years of not earning so I was able to save a lot of it before we got used to having the money.

Which was just as well because this year he's not got work yet, although it's likely to get better over the next couple of months (supply teacher) so we're back to 1 salary only.

Before last year we just had continuously circulating debt.

I’ve almost got mine back up to 6 months’ expenses (probs at 5 months atm) after I spent nearly all of it on mat leave. In the last 5 years we’ve got married, bought a house, had 2 kids (so 2x mat leaves and now huge childcare costs) so it’s been tough! But recognise I’m incredibly fortunate to be able to save at all.

I have £40 in my savings 😩 but seeing a financial advisor with my husband soon as we’re on good-ish money and should be able to save more.
(my fault for spending on crap like Starbucks!!)

Yes.

No debts- aside from mortgage.

Yes, just about 3 months of my net pay (£7.5k) but not joint net pay (that would be £12k). I’d like 6 months of joint (£24k) but that’s never going to happen.
We have a shed load of debt though too although it’s all serviced.

We are saving for a new car, so currently have enough to live on (if we cut everything right down) for probably 4 months.

I have £5000 in the bank but I get Universal Credit so if I save any more than that it will reduce my entitlement, so I'm leaving it at that until my UC stops.

Not since we became reliant.on a single income.

No because I've just run through all the savings in a couple of months of unemployment after my 2nd redundancy in the space of 6 months. Just started a new job now though and building it back up again.

According to research:

The average person in the UK had £6,756.81 saved in 2020 Experts recommend that people should have 3 months of expenses saved 40.93% of Brits don’t have enough savings to live for a month without income

Source: https://www.finder.com/uk/saving-statisticss_
Analysis conducted by finder.com/ukk_

Yes

NC
If I really had to cut down to bare essentials (without resorting to crime) then I'd have savings and investments to cover over 300 years. I grew up with an alcoholic single parent on benefits, so I can survive on very little.

Most people overestimate what they need, and underestimate what they are capable of.

Scarlett: As God is my witness, as God is my witness they’re not going to lick me. I’m going to live through this and when it’s all over, I’ll never be hungry again. No, nor any of my folk. If I have to lie, steal, cheat or kill. As God is my witness, I’ll never be hungry again.

Yup. Inheritance. Thanks, mum.

The trouble is I think people are already stealing, cheating, lying, hopefully killing is a few years off yet.

Our local Asda has literally doubled the security on the gates, it’s quite funny when you go through there with a piece of meat the alarms go off and two of them en circle you on the other side of the doors to check your receipts.

Yes. Due to a pay out from life insurance and critical illness cover when my husband became seriously ill and then died young. Not really recommended.

Yes we have a year's worth saved. It's money we don't touch at all, but can if we needed to. It took us a long time to save it up!