How much do you have in easy access savings compared to your monthly outgoings?

[luxxlisbon]

I thought I wasn’t doing too bad for savings but if I thought about covering 3 months expenses I actually don’t have anywhere near.

AIBU to think not a lot of people really have months of expenses in an easy access account, particularly in a time of 10% inflation?

How much savings do you have available?

Luxxlisbon. I’m with Monzo love the app but moved a boatload to Zopa. More boxes with much better interest & unlike Monzo when the rates change they do it for you

About £6k between two accounts. Monthly outgoings are £1800 ish so it’s decent enough.

I have £0 in savings.

All my money is in immediate-access accounts (the bulk in a NS&I account), because I'm too risk-averse to contemplate losing any of my capital through a stocks and shares ISA or similar. I had one once and I worried about it constantly, because it was an account that only paid out at the end of the term according to the rate at the end and didn't track anything during the term. It did pay something in the end, so I got a net gain, but nothing like enough to make up for the years of worry. I know I'm losing out by essentially keeping cash and it losing value to inflation, but I couldn't handle the stress of anything higher risk.

those of you who have all that saved must have really well paid jobs, or tiny mortgages?

Big mortgage now but didn't max ourselves or use all our savings when we moved. only really build up savings last few yrs as it coincided with promotions & dc starting school.

Very little - am overpaying a debt at the moment, once that has gone then I can build up my savings.

Nootsy. Paid off mortgage 20 yrs ago, we had an endowment one I work 4 days a week by choice on min wage

I'm a millennial so that's a way off for me!

About £500 saved towards my tax bill!
I have a Lifetime ISA which is saved towards a deposit and can't access without penalty and HMRC Help to Save accounts which again can't access without losing the bonus. Currently fairly low income until DH gets a job, then savings will all be going towards deposit and moving costs (hope to buy in 2024).

Prob around 3 times my salary so would last 3-4 months.

If Premium Bonds aren’t classed as easy access then, DH and I have about £5k for holidays.

I don’t see the point in keeping it in super easy access. Premium Bonds only take a few days to cash in and we have cash back credit cards as well that we could use

I only put money into my S&S ISAs that I intend to lock away for a decade or more.

£2.5k but we recently paid off our mortgage by over paying every month so now that's done we can focus on saving instead.

I thought PB were easy access, that's where mine is

About 29k not including the childrens savings both in non locked savings accounts so the 29k would cover about 14 month of bills.

I've got way too much in savings accounts (mix of easy access, cash ISA, premium bonds and fixed term) - but what are the other "safe" options that can lessen the impacts of inflation? I'm in my early fifties and hope to retire in 5 years, so am wary of stocks (already have exposure through share ISAs and SIPP pension fund).

Gold, BTL, ....?

A few hundred if we've had a good few months

We have most of our savings in easy access accounts which currently pay 2%. DD’s premium bonds have paid out nothing in the 2 years she’s had them. Our S&S ISA has only gained 2% since 2020 which is hardly inflation-busting. Mortgage is fixed at less than 2% so savings rate currently beats that. Not sure where else would be worth stashing them to be honest, though I’m totally open to suggestions.

Between us we have about £30k in various savings accounts, and another £22k worth locked in to a share plan with work. One scheme due to payout early next year and I will be starting another straight away for the same amount.

not too worry about long term loss to inflation, we are saving for a deposit and hope to buy in the next year or so. We are mortgage free at the moment in our current house, so are sitting tight and waiting to see what happens over th pe next year or so.

I save fora rainy day because I'm disabled and it's getting worse. I won't be able to work into retirement.

There are some accounts paying 4% now. It’s not that crazy.

A big fat zero!

The cost of living & raising 3 children alone has always had me living on the breadline with too much month left at the end of the money.

Enough to cover our expenses for about 4 years. Mortgage paid off 3 years ago.

Where is that? I haven’t seen anything close to 4% that is easy access unless it’s a current account and it’s for quite a small amount and for a limited time.

Agree, but what made you come here to discover that it’s not all “mum/parent/child” discussion in the first place? Genuinely curious.

The only 4% i've seen are fixed accounts but i'm holding off to see what rates do next month