How much would you put into savings with this monthly income?

[Booooot]

In a Great position after years of hardship of selling a property which means we will be mortgage free, debt free and have 50k to go straight into savings. Our combined monthly income is going to be 5000, our outgoings around 900.

I’m a “can’t take it with you! Might as well enjoy it!” Kind of person while my husband is a “No we must be sensible and not spend anything and save it all.” Kind of person. I want to meet in the middle somewhere.

what would you do?

What do people use for savings pots? Do you open lots of little accounts or is there a type of banking where you can separate stuff in your current account?

I might need to start a new thread for that as this one’s been so derailed.

I'm struggling to understand your post.

You work part time. But you aren't in a pension. Did you opt out? Because for quite a few years now it's been automatic enrolment. Start there. Ask payroll to opt in. I recently asked for my % to be increased. You can ask for your employee contribution to be 10%, 15% plus, whatever you want /can afford. Most, You can also make additional payments, into your pension. Up to £40k.

Your expenses surely is too low.
Where is your holiday saving. I bought school uniform and shoes for both ds's and give them both a small amount for an occasional canteen lunch at secondary at that costs £100's!

You can see on my nationwide app all the savings and isas we have. You can download your bank statement into excel and it will categorise all your spending. So it adds together what we spend at Sainsbury’s, Aldi and Costco, so I know what we spend on food.

Bloody hell, there's a couple of posters who think the OP is answerable to them and them only. If you think she is trolling report her and move on with your Sunday or find another thread to post on.

What's next? Asking what her shoe size is and picking apart any holiday plans?

Zopa is an online bank (via app) where you can have various savings pots. You can also boost each pot to lock the money away for up to 90 days to get extra interest.

If you aren't pension savvy, you could look at a striaghtforward private pension like with Nutmeg. Download the app, it will ask you questions to determine your attitude to risk, then drop in a lump sum and set up a direct debit. Same with an ISA.

Vanguard is another straightforward provider with low fees for pensions and ISAs.

You can always change providers down the line if needed.

Monzo also has pots and can create cards that you can add to apple pay if have that.

What I don't understand if you say things have been tough financially until recently, yet you owned a second house you rented out and this house was worth enough that when sold recently paid off your residential mortgage and left you with a £50k lump sum.

You must have a different definition of financially struggling to me.

You can join the nhs pension scheme whilst working on the bank then when you qualify you will continue to pay into that so I would do that.

Is that monzo?

I apologise for jumping to conclusions and making comments on your parenting - that wasn't fair of me.

I won't post any more other than to say that you appear to have an extraordinarily busy life what with your 90 minute commutes each way, full time study, part time job, two children and housing shenanigans... and my main concern would be avoiding complete burn out!

There's no point in saving for the future if you're drowning in stresses today. I'd prioritise the money to make your life easier any way you can (a cleaner for instance).

Is that monzo?

www.ynab.com

It's not an actual bank is a budgeting tool.

@NewNovember no it's YNAB and I LOVE it!

What do people use for savings pots? Do you open lots of little accounts or is there a type of banking where you can separate stuff in your current account?
I have a Barclays current account and linked to that I have created 10 more accounts and named them Xmas, birthdays, holidays, face treatments etc etc.

Op you could add to your outgoings with payments to irregular stuff each month.

The second house was given to us through inheritance and the rental income covered our mortgage and a few bills on our current house. But our other outgoings were much higher than our income which is why we’ve decided to sell it and clear all the debt as the rental income wasn’t touching the sides.

Open a lifetime ISA and put in the max for the next 5 years 20k). Government will top it up to 25k.

Could we open 2 and split it across?

Mine is YNAB which is an app.

It links automatically to any bank accounts and also any credit cards. We have a joint bills one and longer term savings in another plus cards which we pay off monthly to get Avios points.

Any transaction from these accounts is pulled into the app and I assign it to the pot. So salary then gets split across pots. When expenses come in, I assign which pot they are to come out of and the app tracks everything.

It will flash red if you've assigned more than you have and also encourages behaviours to move money eg I can splurge £65 on houseplants that weren't in the budget IF I agree to spend less on something else

That sounds amazing Thankyou I will have a research into it!

You could do a LISA each.

This would be savings for your retirement.

I heard about Monzo preventing people accessing their money for seemingly unreasonable reasons, so I now use Starling. It's a bank account with a card but you can set up saving spaces on it.

@Booooot
Yes you and your dh can open one each and whatever you put in (up to 4K per year) it is topped up by 25%

ive had a little google of it, is that just for life time isa’s though?