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 like 12 months in cash and then additional tied up

Cash is offset against mortgage so saving us interest too, but accessible if we need

Yes

6 years in savings. Sod all in pension though!

12 months of our net income. Much of it about to be spent on house renovation.
We always pay ourselves first, then bills and house follow

No. After the shit show of the past two years I working on saving a £1,000 emergency fund.

Next step after that is pay off debts. Once I’m not paying 2 x set of nursery fees and both kids are at school I will start of overpay my mortgage again + build up savings

@MrsR87

We didn’t used to but a few years ago my husband lost his job and I am lucky enough to have access to a financial advisor through my job and he told us that to avoid the stresses that come with redundancy in the future, we should have six months worth of our joint salary in savings. So pre children, we pumped most of our spare income into investments and these have paid off and given us our good safety blanket. We continue to pay some money into it now but less than before and luckily the hard work was already done. We are very lucky to be in this position, it wasn’t always the case.

Can you please share your investment advice please? Of course just as advice.

I did for a long time (had a small insurance payout that I didn’t touch), but I’ve dipped into it this year during maternity leave. I have enough left to cover bills for two months maybe but wouldn’t be able to buy food or have any fun money during that time (luckily our cupboards are full!). I also have a credit card with a nice limit that I could use to tide me over for another 3 or 4 months if really needed.

Yes.

Have about 18 months worth of living costs in savings, but not 18 months of salary.

We’re both high earners so wouldn’t make sense to have 6 months of our income sitting around when our living costs are much lower.

It is absolutely pointless asking this @sweepeep because people can say ANYTHING on the internet.

Me and DH have approx six months joint wages saved, however, we do have some 'collectibles' and stuff we could sell, that are worth a lot of money. So if we were long term unemployed, we could sell our assets and rake in 10s of 1000s.

Got 7-8 months worth of living cost, could probably stretch to 10 if needed.
Building that cushion was my saving objective after I used up most of my savings for a deposit.
I was never really worried but I sleep way better knowing that its here, I'm on my own so can only count on me.

Yes and can access pension in 2 years so they will become my emergency fund from them.

Only about 4 months liquid right now. Many years worth tied up in pensions, some of which we could access with a penalty if things got really bad. We had a big, ridiculously expensive home repair so we have to save up again.

I always keep a buffer in my main account as well so that my zero isn’t actually zero and there is no chance of accidental overdraft if payments are delayed or early. The buffer is about 1 months expenses. I’ve always had this. It’s a trick I picked up really early on and when you are young and just starting out the amount is low so it’s not hard to get there.

Enough savings to cover all our current monthly (necessity) outgoings for just shy of 2 years.

Yes

Nope! But I've got a horsebox worth about 8-9k owned outright which if the shit hit the fan I could sell, ditto a car worth 11k I could sell and get a run around. I also have a credit card with a 12k limit (currently got £500 on it) I'm very lucky in my industry if I lost my job tomorrow I could have another one by Monday. So although technically minimal savings (about 1k) I'm not concerned at all. The only thing which would scupper me is long term ill health, so severe I couldn't work, even from home. In which case I could use the credit card until I've sold the horsebox (and car), take in 2 lodgers, turn my horse out in a cheap field and live extremely cheaply without losing my house.

Yes. About 24 months.

Not in cash no. But have an asset I can sell, so not overly bothered. We used to, but it all went on mat leave. I have 2 months at a push, more if we didn’t need nursery (as presumably one of us wouldn’t be working).
I do have good critical illness type cover though and get 12 months full pay sick leave so have some security there. But if the job has gone I’d be stuffed.
If I sell the asset it would clear off about 50% of the mortgage or could live off it for 5 years I guess. So wouldn’t starve!

We have about 18 months at current spending levels. But if we lost jobs, our outgoings would decrease and we could do a lot of cutting back in other places, so the savings would last 2 years or so

We didn't until a year ago. Now we have about 6 months worth for mortgage/bills, if anything should happen.

I have about six weeks worth, though if I were in dire straits I could probably make it last 2-3 months. I am definitely aiming for about six months’ worth.

Yes...much more than that....but I’m 57...so kids all independent...mortgage paid....3 ( not massive ) inheritances from 3 aunts and 10 years savings ( from when mortgage was paid)....I expect people my age and circumstances will be in similar positions

Yes but I haven't bought a house yet which will wipe out most of it.

I don't have children so much easier for me to save than anyone with childcare & a family to feed, cloth etc.

Not at the moment , we only have 1 month and it's the lowest it's been for a while , due to some unexpected things.
We're working on building it back up to 3 months, but I'm due on Mat leave so it'll be the end is the year.

Yes & +

Nope. In fact thanks to a shitty ex husband I used to owe more than I earn. After a few years of freedom I've managed to bring the owed amount down by about half but am still in a position where I earn a good wedge but still no savings. I'd rather focus on paying down the debts. I rent as well (obvs can't get a mortgage!!) so that doesn't help.