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?

Our Lloyds savings account is paying 5.1% now. You have to be a Lloyds Club account holder to get it though.

Property section from google

10k. Our actual day to day costs are about 1.2k so we are passed the 6m mark, heading to a years worth. 1.2k is all bills and a basic food and fuel allowance. We regularly spend more as we do other things on top but if we needed to, could cut right back to 1.2kpcm.

4% fixed for a year
2.75 easy access Sainsburys
5.12 rainy day barclays easy access but £5k only reward customers

So am I, but recruitment processes take a long time. I like to have plenty of money saved. However, I do have too much in low interest accounts.

We could access about 3 months of wages now. Then we have some other savings that we need to give a few weeks notice on. I think all in, if we tightened our belts quite a bit we'd be alright for a year without getting into horrible debt. I know we are very fortunate.

On the negative side, we have those savings because we have prioritised those and overpaying our mortgage. Our bedroom has been bare floors and unplasteted walls since we moved in... 10 years ago.

Enough to cover us for a year.

I have 6 months salary saved up in an easy access ISA. When I split with my ex it was important to me to build up some savings as with him I had nothing. It has taken me years to get to this point. I like the security of knowing I have an accessible safety net should anything happen to my health or job

Yes, we paid our mortgage off 3 years ago but have continued to save that (£1000) every month. This has meant we now have £35,000 in savings plus £20,000 in S&S. However the savings are be getting a hammering as we start to put the boys through University...

@luxxlisbon re your comment - what should we do with our savings to stop them being devalued?

Blosomtoes. Paragon bank is do very good rates

I personally have £7k in the bank. But I don't earn very much as I am really a sahm who does a bit of work part time. So that's more than 3 x my salary!

We have more joint savings and I think it is probably about 3 x our combined salary altogether. We are quite lucky though with dh job and some other money we were gifted and I lost a parent who left me a good chunk of money too. Don't think we'd have as much otherwise

About £11,000. I do save about £500 a month but most of that doesn't go into easy access pots.

I’m aiming for six months expenses, we’ll hit that this month but due to luck and the generosity of DH’s parents rather than anything we did right. Without their generous gift we’d have around 3 months expenses - around £25k.

@CreepyDibillo sorry to derail the thread, but I love your username! He is a bit creepy. And what’s with his relationship with Mr Onion??

I’m answer to the OP: £3.9k, inherited from my late Uncle, via my DM who kindly gave it to us.

Nothing else - we bought a house last year and pay a lot on our mortgage and childcare.

Lord knows how screwed we’ll be in a few months when we have to renew our mortgage rate.

We need to pay back our DPs with money they helped us with when we bought the house, need to replace a window fascia urgently, and would love to take DS (3) on a holiday. Bar weekends away he’s never had a proper holiday. But we can’t afford it really, and will likely just put the savings towards the mortgage when we renew.

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

@Buckland123 some people are also just good with their money also, please don’t always assume that those who have managed to save did so because they were lucky and did it without trying

£500. But my mortgage has literally just been paid off.
Lone parent working PT.

0.33 pence.

Not the point of your post at all but your expenses are over 8k a month??

Today £35k - a lot less after house renovations which start soon...

42k, was saving for a house but not so sure now. None is locked away

I keep 14 months of living expenses and a holiday in an easy access account at all times. Anything above that goes into investments.

Thankfully not! But they are high - mortgage over £3k, nursery fees £1.65k without adding food and bills. We could probably set it at £6k per month for now.

However, we’ve put in as much extra as we can to makean extra buffer as I’m about to go on maternity leave and we’ll lose my salary for a good chunk of that. Then when I’m back to work we’ll have two sets of nursery fees which would mean mortgage plus nursery alone will be around £6k per month (without any increase in our mortgage rate which seems inevitable when our fix ends in 2024).

Obviously in extremis we would take the kids out of nursery and whichever one of us had lost their jobs would take care of them but nursery places round here are like gold dust so we wouldn’t want to do that if we could possibly avoid it and we’d want the one of us who was unemployed to be able to focus on job hunting as much as possible.