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.

@allthegoodusernameshavegone you'd be surprised what you can do even on a low income if you are very VERY frugal.

OP any savings are worth celebrating. It is of course all relative. I have more in the bank now than when I was in my late teens/early 20s but I was minimum wage then and top 5% now so actually my savings then were so much more of an achievement. It isn't about the sum as much as how you have managed it and the behavioural changes you have made and been able to continue with.

Keep going OP. Now you have achieved that and you're in the mindset you can keep going. Invest some longer term and keep some for rainy day/emergency fund easy access.

10k is my goal. On mat leave so nowhere near it currently but in my head, that’s a safe ish cushion. I could lose my job and survive for 3 months (my mortgage is my biggest cost, especially now post Liz truss)

Well done o n reaching your rarget

No it doesn't.
The one third forms 50% of the two thirds so that still leaves one third not mentioned.

Congratulations! Your friend is shitty and negative. Saving £500 for one person could be more of an achievement than another saving £50k.

@Kendodd, yes, I got it afterwards 😄🙈.

Are your ‘friends’ all parents on a single income that’s the same as yours? With no family wealth behind them or other fortunate circumstances? If not, feel free to ignore them. Joy stealers!

Ah sorry no the 1/3 and and the 2/3 include the same third.

Poor phrasing on my part.

1/3 of people have over 3 months savings.

Ooooh me too! I have £10k in my ISA. Except I'm 10 years older than you and we have two full time incomes. You are doing WAY better than that and you should be very proud :-)

OP, I think you are doing well. After a series of financial disasters in my mid-30's, at 38 I didn't have a pot to piss in.

That's fabulous! More people than not couldn't foresee ever having this in savings!

I'm confused, if you didn't say how much then how did they poo-poo it and know it was a long way for you to get to 50k?

I'm a bit younger and have about 40k, but it's totally irrelevant to just say numbers as it depends if someone is saving for a house deposit, has credit card debt, how frugal they are/how little X amount means to them, etc.

It is a lot more challenging to save a good, consistent % of your income over a long period than it is to stash a one-off chunk and say "go me".

I’m 25 and my partner and I have £130k but we don’t have kids yet. The money will go towards a house and then we’ll have £0. It’s all relative, well done you!

Well done OP!! That’s fantastic and I’m sure it will continue to grow now that you have formed the habit.
What’s the betting that they will try to borrow from you in the future? Some people are CF’s as many threads on here can testify. They have a rationale that if you don’t need it right now they could use it and you are mean if you don’t agree. Watch out for hints being dropped and don’t be tempted to ‘help’ because you won’t see it again.

Well done! I always think £10k is a good amount to have but I’m just finishing my second maternity leave and with increased childcare costs and mortgage costs I have nothing in savings and no chance of saving until we get some childcare funding. I’m 34

We don't have much more than that as a couple, it's been a couple of years where we've had to spend out on various things. TBH £10k is loads for some people, but if you earn £100k a year it wouldn't be so it's all relative.

Some people wouldn't be able to dream of saving that amount of money, its a great achievement.

Well done and congratulations that is a very good sum to have built up and it will continue to grow. Be very proud of yourself. As for your awful so called friends, ignore them.

I'd read very few even have £100 ...

10k is a decent sum OP ignore your ‘friend’, you’ve done really well to save that much - sounds like a classic case of trying to piss on someone’s chips!

I always have £10k as my minimum but it’ll drop below that when we replace the car. It worries me but it’s for expenses (like buying a car). I think that’s a brilliant milestone for a single person.

Well done, OP. Your "friends" are unpleasant and it's better that you don't discuss finances with others in future.

It’s none of your friends business. You are doing well, be proud of yourself.

Your friends are being dicks. It's a great amount to save, and it's more than that- having the discipline and desire to save is a huge thing and more than many people manage so very well done you! What you have will protect you from many of the ups and downs and small disasters that can really screw you up. Feel pleased with yourself!

Agree with everyone £10k is great!
I personally think 3-6 months worth of bills is a good amount to have so for some people that could be £5k others £20k.

Well done OP, it is a huge sum of money - very few people are able to save and with this current climate, managing to save £10k is a huge achievement.

There a lot of people who are living paycheque to paycheque and others who have barely enough to cover their basic outgoings each month.

Your friends are Iiving a very different life from most people. They are incredibly fortunate.