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...

Yes more than that actually but surely this depends on your individual circumstances. We are high earners with teenage kids so saving is relatively easy. We have also had a bit of inheritance in the last couple of years. When the kids were younger and we were paying hefty nursery fees and a large mortgage with my part time wages, we barley had a couple of hundred for emergencies.

Unless you’re comparing like for like, these sort of discussions are a bit meaningless. Comparison is the thief of joy and all that.

No. We did have but have paid off lump sums each time we remortgaged and now have had several ‘extra’ events like substantial car repairs, replacement boiler, and others and are now living in our overdraft

No and never have. I've got just over 1 months at the moment but that's being used for a holiday later in the year. It was for a deposit but the rate I'm able to save it'll take approx 10 years to get £10000 and that's still not enough to get a mortgage

We had six months' worth of expenses saved, but now it's about 3 because we redid the bathroom. We are working to get it back to 6 before too long.

Yes but for years I went into my overdraft each month. I’m now self employed and it feels essential so I’ve really struggled to achieve six months of basic outgoings. The past two years would have been less of a white knuckle ride if I had managed it earlier.

Yes, both of us put a high priority on saving and living well within our means, so we have a good safety net. If our income slowed or stopped, there are also small things we would immediately cut back on to make the money stretch further.

My answer, and a lot of other posters answers will be totally irrelevant to you as I am older, don't have huge temporary costs like nursery fees, mortgage paid off etc. A lot is dependent on ages and stages.

I've got about a month and a half which I'm pleased with, aiming to double that this year.

Yes - 2-3 months at current rate of spending/financial commitments, probably around 5 months if we really cut back and cancelled nursery etc., which we would if we were in a position where we were living off our savings.

I'd like to build it up more but feel fortunate to have the buffer we have.

We don't even have a weeks worth let alone months! We've always had enough to pay our bills and have some treats here and there bit never enough to actually put money away and not have to then use it for something.

@Blanketpolicy all answers are irrelevant to me I know, but I am very lucky to have plenty of savings and low outgoings

Do you mean aside from pension?

Yes, but have one dd at uni, and one who'll hopefully be going in a few.years, so expect it to disappear

@CoQ10 yes aside from pension

[quote sweepeep]@LardyDee not trying to gain anything really. But just interested in whether ppl do...I assume most ppl do but maybe I'm wrong? [/quote]
Why would you assume that? You must know that most people won’t have anything like that in savings. It’s well documented.

Yes

No but that's temporary as we have just spent a lot on renovations.

Having said that I think it's quite an American concept as in many states there is fire at will

We have public sector jobs and can't be fired without good reason, if we were made redundant there would be a good pay out and we also get s large lump sum if we can't work for health reasons. So I am not sure that we really need 3 months salary saved up, we usually do though

@Blimecory I just assumed most ppl wouldn't let it be know I suppose. Obviously I'm aware there's a lot of people who don't.

Yes - around a years' worth between us.

Yes but planning on blowing quite a bit on a holiday before I become too poorly to a)work and b)go abroad which probably isn’t too sensible really but fuck it

Used too then lost job due to illness during the pandemic. Now I'm lucky if I have enough for 6 days extra food but working hard to change that even on UC and a tiny medical retirement pension (I'm 40s with teenage children)

Don't even have 3-6 weeks let alone months. I wish I did, but every time I manage to get some money aside something happens and wipes it out. Right now its the car, but rural living means its a necessity for work. I hate living like this.

Yes - the majority being from a large redundancy payout and a significant inheritance, so not the best way to get it.

Yes, I do now, but when I had young children there were lots of times when I didn't.

No. Why would you naturally assume people had that much saved up? Everyone I know earns probably around the 20k mark (some more, some less) so it would be hard to save in the current climate! Some people live hand to mouth and rely on food banks, so I really doubt they have savings. Just goes to show how different some peoples lives are, and many of the people on here earn 40k plus and think that's a low wage