To think life can be very risky without savings

[Ladiesleaveyourmenathome]

I've got a very small amount of savings and I don't have a lot of credit, and it's really made me realise.
Last month I flew abroad to see family and had a self transfer flight with a 6 hour transfer window, so more than enough time. My first flight ended up being delayed by 8 hours, which was sod's law.
First of all we were given a very 'generous' 4 euros voucher each to get us through those 8 hours, that would barely get you a drink at the airport.
Because my first flight was delayed so much, I missed my connecting flight. Was told at the airport that it was a me problem basically, very unhelpful. It was on me to book and pay for a new flight. I'm very fortunate that I managed to find a new flight home for pennies, else I'd have been in trouble.
It wasn't until the next day so I then had to pay for accommodation, and lost a day's pay.
I've claimed for compensation and hopeful should win, but this could take 3 months.
Anyway, the point is what are people supposed to do in this situation? What if I didn't have the money for a new flight and for a room for the night, plus extra food at the airport?
I just about had enough and it left me out of pocket.travel insurance would only cover cancellations.

Another example is going from weekly to monthly pay. Again it's a situation in which you need money to tide you over whilst you wait.
There are endless situations like this. I live in a rented flat with all bills included, but I was thinking what I'd do if something broke and I was expected to find several hundred to pay for it.
Anyway, these things would just be a slight inconvenience to some people, but for many it will leave them in a lot of difficulty.

Does anybody else feel like this? I'm finally in a stable job on a respectable salary and I'm determined to keep building up my savings.

Or in the above examples, someone could have whacked a new flight and a hotel on a credit card without thinking. I'm very lucky my new flight was so cheap. It could've been £200 and I would've had to see if family could help me get home.

Absolutely. I started saving as soon as I started earning. My parents were piss poor and it really showed me what a difference a bit of money can make. There are constantly times in life where I appreciate having savings. Such as when rain water started pouring into the bedroom through the roof!

It's great to hear you've managed to save well, I wish I'd started sooner. I can't stand the saying money isn't everything.. indeed it isn't, but life is a whole lot better when you don't worry about how you'll afford to pay your rent and eat.

i spent years not doing things like going on trips because I would only do those things if I had a reasonable emergency fund. That is just how I was taught to think about money, you can’t afford to do something if you don’t have money for the unexpected.

yes, I lived a much more spartan life than many of my friends, but I never had debt or any real financial problems.

We’ve been really poor before. Literally bare ends of our arses, managing on benefits due to disability etc. If you don’t have the money and you don’t have savings and can’t get decent credit you just simply don’t do / fix things. That simple. We didn’t have lights that worked upstairs for 2 years as we couldn’t afford to fix the damp issue that was affecting the lights so the safest thing was to turn them off at the switchboard and not use them. (And nope not covered by insurance - we had that and they wouldn’t cover it; and we own so no landlord to fix it - and we couldn’t sell either). It was a really shit time. Thankfully things are better now (and we have lights that work!)

If you are really broke and have no access to money in an emergency you wouldn’t go abroad to visit family.

I see what you mean, I have a relative abroad who's nearing the end of her life and I don't really want to to that long without seeing her.
I went on very low cost flights but sometimes it feels like these things end up costing you a lot more.
However I find it a shame that people shouldn't travel unless they've a ton of money to spare, it shouldn't be the case.

I think you're right in a way. I don't have savings but I do have credit, whacking great amounts of it that I don't use as your credit rating is better if you use less than 25% of your available credit.

Generally it'd be sensible if you don't have savings, to get an emergency credit card. It doesn't cost anything as long as you pay it off quickly. Oddly enough the people who could probably benefit most from emergency funds can't get a credit card and then end up spending £££'s on payday lender type loans.

I have no savings but do have couple very healthy credit card limits for emergencies

Yup, I am finally in the position where I don't have to worry if something bad happened. I always defined being comfortable as being able to go round boots and buy whatever. But actually, the ability to deal with contingencies such as you describe is the most important thing. I grew up in a low income household and never take this for granted. I'm always fretting about money, keep to a tight budget etc.

I could always put a flight on a card, and pay for a hotel if needed. My goal is to be able to pay to airlift my kid to a hospital for treatment on another country if needed (accepting most things would be covered on the NHS or via travel insurance).

I still a way away from having 12m salary banked but being able to pay to replace the washing machine if it breaks is a massive relief.

If you read the barefoot investor one of the first steps is to set up an emergency fund for situations like this. It starts off small but once you have paid off debt ect he recommends building it up to 3 months salary. In a separate bank separate account to other savings and just sits there for unexpected situations.

If I didn’t have savings, I wouldn’t be travelling until I knew that I have a cushion. Unexpected things happen all the time

But that’s just life isn’t it. Travel (beyond what is essential travel) is a luxury. Not a necessity. Only people who have disposable income travel, even in cases when it’s because of an ill relative (and I’m sorry about your relative, I’m not meaning to sound horrible). My Uncle who lives in the USA never got to see my Gran - his Mum- before she died of bowel cancer. None of us could afford the flights between us.

€4? We got a £15 voucher each after a 4 hour delay. After a 13 hour delay I claimed back the price of the holiday & an extra £200 on top. It took 4 months though as TUI tried their best to get out of it. Hope you don’t have to wait too long.

I don’t have a huge amount of savings as I’m renovating so money goes out as quickly as it goes in. I feel uncomfortable that I don’t have three months salary but I do have enough for a new boiler which is my rule of thumb. If I had to travel I’d make sure I wasn’t on a self-transfer trip, and had travel insurance, as I think if you book a thru-trip they have a responsibility to get you home?

I agree, but in this day and age it's tough for many to save. I have an OK amount of savings which is consoling, but not a huge amount, just a few months income. I very much regret not saving more and spending so much crap with nothing to show for it.

Thing is, we are constantly encouraged to spend on pointless crap. It takes a lot for people to resist when you're constantly being offered opportunities!
I grew up poor and had literally nothing when I left uni. Like another op said, later on being comfortable meant being able to get some treats in Boots!
Now I appreciate that I could replace a new car / boiler if need be. But that's after 30 years working..
Definitely take a credit card on holiday if you can! Even when I was totally broke I had an emergency Barclaycard.

I am from a poor family so had my first job at 13 when child labour laws were very different in the UK. By the time I was 18 way back in the 1980’s I had 2k. I have always been a saver plus I was willing to travel for work so have had two major relocations turning up in cities knowing no one, one was also to get away from an awful ex.

Things happen that are negative in almost everyone’s lives but choices when young really can set you off on good and bad choices and that definitely includes finances.

It is much harder to save now due to the cost of housing and there was just no where near as much stuff to buy when I was young.

Yes!

At the very least have an 'emergencies only' credit card to hand. And put something aside each month, however small. It will build up.

No shit Sherlock.

I have access to a large over draft on two accounts and a credit card if push comes to shove. No savings.