Are my savings really such a shit show?

[Lollapy]

Shouldn’t have mentioned it, I get it, but I reached my goal of 10k savings last weekend. I mentioned that I had reached my goal (didn’t say how much) to friends and that it was a relief as in a single parent. It was massively poo-pooed! Not in a nasty way but I was basically told 50k is a safety net and I had a long way to go. I know it depends on outgoings etc but I really thought 10k was a decent sum! It will take me forever to save 50! For context I’m 38.

Sorry meant to say I didn’t say how much but was pressed for the figure!

Congratulations, that's brilliant. Ignore your friends, everyone is in a different situation.

I see 3 months + of necessary expenditure being suggested as a good savings buffer, so I think you probably have that 🙂.

@GeneCity thank you!

Well done! £10k is a brilliant amount to have put away and if you don't touch it, it's only going to grow.
I always thought a good rule of thumb was 6 months income but anything you have stashed away is good.

That's amazing I have a fiver 🤣 everyone's situations are different and in the current climate, and as a single parent, a 10k savings buffer is not to be dismissed

Most likely your pals are jealous (if not of the amount of your tenacity to save it yourself etc)

It's fantastic and don't forget that money makes money.

Whack it in a high interest savings account and your next £10k will come sooner than the first!

£10k is a fabulous nest egg. You are always going to get someone sneering and saying it's a negligible amount. It's not! Well done.

Funnily enough we have exactly 10k savings too! I was pleased because we spent most of it on recent renovations. I would love to get to £20k but that will take years and in the meantime if our boiler goes, or a car we will be okay but almost back to square one! I think £10k is a good safety amount though!

50k is basically 2x my annual take home pay, so would be a ridiculous amount for me to aim for in savings.

6months worth of essential bills is a good aim.

Also, how many of those friends are part of a couple, so have 2x lots of incomes to save from?

Well done.

That’s brilliant well done! I’m 39 and have worked since 18 and don’t have that much in cash savings. I’ve only recently started saving properly and having enough to invest. It’s such a good feeling seeing the pot slowly getting bigger!
Life is so expensive, I think anyone who consistently saves anything is a marvel.

I'm a year younger than you. I wish I had £10k in savings! I have nowhere near that (side eye at my two broken horses).That's something to be really pleased about. Ignore your friends. Usually trashing something you're pleased with is a sign of envy

Christ alive ! I can barely save £100 🤣

Well done OP and ignore your friends; chances are they are bullshitting anyway.

I read that people should have 3 months salary saved as a buffer, so £10k would be about right based on UK averages.

10k is fantastic (I have gone with assuming YANBU means that your savings are indeed a decent sum).

1/3 of people have less than £1000 in savings. 2/3 of people don't have 3 months of costs in savings.

Whichever way you slice it you're doing well.

But, but, but...this means that no one has more than 3 months of necessary expenditure. Unless it's just such a tiny proportion that it essentially disappears.

Oh no, I get it 😄😳.

Just an additional twist on it...

If you put that £10k in a savings account earning 5% interest and left it. Saved nothing more, ever. In 30 years you'd have around £44k.

Well done, that’s a great amount. I’m the same age as you and I’ve never managed to save more than £500 and that was only because I was saving it for something so it got spent immediately!

10k is excellent. It all depends on your outgoings and what your salary is. Due to my partner's disability we only make £30,000 a year between the 2 of us and have zero savings. After April I will be able to start saving £300-£500 a month. It will be a relief to have money put by for emergencies!

Ignore your friends, you are doing really well!

well done!

I put another 1k into savings yesterday after being really frugal in nov and dec.

I am debt free with low outgoings and can save. I’m same age as you OP and a single mum.

I can’t tell anyone because everyone around me is struggling. I’m not in a well paying job either (min wage) just frugal.

tgis month I’m doing. A pantry challenge (aka eat all the food in the freezer, fridge, cupboards etc) and will save even more.

Christ you have some charming friends.

Well done.

Ignore your 'friend'
Most I ever saved was 1k (well a few pennies over)
It was my 'running away fund' and was swallowed up in a debt I'd ran away from (don't do it kids-face up to it)
I'm planning on saving another as it made me feel so much better about life-it was my money and only I could touch it

maybe it’s just me, but I don’t like discussing finances with people. You will always get judged and people will naturally compare you to others. So I’m not surprised at their reaction

I'm impressed. I wish I had that. Any savings tips?

It's a good amount to save, just a shame that it doesn't take much to deplete it. I have less than this but glad to have a bit saved.