Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

340 replies

sweepeep · 30/03/2022 21:23

Based on a few threads going around...

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

OP posts:
Caroffee · 25/08/2022 20:45

Yes.

But only since the pandemic (nothing to spend money on).

Pre-Covid: no, I didn't, for many years.

SomethingFast · 25/08/2022 20:53

No. I used to have 3 months but it’s down to less than one, I’ve had to use it to keep up with expenses recently.

completelyunderwhelmed · 25/08/2022 21:12

Yes in various places, though could all be liquidated.

May go to fund private school in a few years but we haven't decided about that.

We are very lucky but we have always been very intentional with money and we don't do fancy cars or holidays.

LimboLass · 25/08/2022 21:14

To all those with assets worth £x. Please consider that if the shit hits the fan people might no longer want to pay £x for them.

completelyunderwhelmed · 25/08/2022 21:18

BiddyPop · 24/08/2022 12:20

There's a big difference between 6 months expenses (or net salary) "in cash", and the same amount "readily available".

If your salary is £1,500 per month (net), then you are talking about having £9,000 in cash in your house. That is a bit daft and potentially a security problem.

Whereas having £9k in an account that you can withdraw on demand, a post office book, local credit union, demand savings account in a bank etc - it means you have the money for an emergency within a working day, but you are not having to keep large amounts of cash secure at home.

I DO keep some emergency cash at home - it fluctuates over time but generally somewhere between 200 and 800 max. But I have a fair amount that I can access in a hurry across a couple of different savings accounts (not that they are earning any interest anymore) - I've used those savings in accounts to replace a boiler 3 days before Christmas, buy a car when DFIL became terminally ill 2.5 hours drive away and we had to go back to being a 2 car family at short notice among other things. While having some cash at home meant I had a slush fund for a lot of takeaways and easy ready meals and cast covers and taxis when DH broke his wrist just as DD was starting school and my work was bananas busy.....etc.

But they don't mean actual cash...they mean money in the bank not tied up in the stock market/an asset etc. So what you've described is what they mean. Not under the mattress!!

NumberTheory · 25/08/2022 21:26

6 months if we cut back on daily spending. More if you take non-cash assets into account (but they’re really for retirement, which isn’t that far off). We only got to this stage in our 40s, though. Lived week to week until mid-30s.

Quizzed · 25/08/2022 21:40

No, I've had to use all my savings on a divorce and house move. I shall be restarting the savings pot though as soon as I have moved house.

TabithaTittlemouse · 25/08/2022 22:08

I posted earlier in the year to say that we did.
Sadly that’s changed.

Christmasiscominghohoho · 25/08/2022 22:10

Yes we do

freeandfierce · 25/08/2022 22:12

I have about 8 month's salary, feel so vulnerable as I am divorced with zero payout and in rented accommodation. I save every month to relieve my anxiety. Live very simply to achieve this.

JackandSam · 25/08/2022 22:46

If I scrape together absolutely everything from all accounts, including the ones I've set up for the kids, then I've got about 4 months of expenses, including spending money.

caringcarer · 25/08/2022 22:49

I'm older now and only have 16 months left to pay on mortgage but I could pay that off from my savings. I also have £60k I could draw upon if needed. I am expecting to help out my DD and my DS if any of them lose their jobs in recession that will surely come. When I was younger and my children small I never had much spare, just a few hundred. Once children leave home you do tend to build up your savings.

DonnaBanana · 25/08/2022 22:50

Emergency fund should come before pension if you don’t have one. At least before non obligatory pension contributions.

Meatshake · 25/08/2022 23:08

We have 3 years of our post tax household income saved. It was a windfall from a lucky break though rather than a concerted savings attempt.

NeedNotWantNot · 26/08/2022 07:52

RunningSME · 25/08/2022 18:00

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.

Show quote history

People are killing over the illegal drugs trade. Not for the basics of living, but to buy consumer goods to feed their egos and appear "successful", having swallowed the "aspirational" lies of marketing and advertising.

New posts on this thread. Refresh page