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.

The most I've ever had in savings is £1200 so looks like you're doing OK to me.

I’m 37 and £15 in my change jar. And in an emergency my daughter lends me her emergency £20!

Congratulations, OP, on a very significant savings milestone. At your age I was an SP and struggling to make ends meet. I don't think everyone appreciates just how hard that can be, and how insecure not having a savings safety net can make you feel when you have sole responsibility for children. £10k is a very significant amount and should tide you over in unexpected emergencies, which is what matters. Loads of people are in debt, let alone having a five-figure sum in the bank. You're doing brilliantly, and don't let anyone else make you feel you're not.

Your friends that were saying this to you, are they single mothers themselves or do they have husbands?
Congrats 10k is a good amount at your age

10K is my target too but I'm not there yet and much older than you OP.

I think your friends were very rude. Well done OP.

If you believe what you read in the papers, a lot of people are in a lot of debt, so £10k in the black is excellent!

£10K is an awesome amount. I’m 33, single with no kids and I have nowhere near that. You should be really proud of yourself.

I had just under 2k in savings and considered that doing really well. It just depends where you are in the "class" ladder I think.
I'm on bare min everything, so.. Yeah.. 50k will never be possible for me. Ever. YANBU

As an adult in my first job, my Dad told me to save something every month until I'd built up 3 months wages, and keep that safe - it's for emergencies only. Has been something I try to keep to ever since. So the actual amount varies, but knowing there's a decent safety net - whether for unexpected bills or being able to leave a job I hated - is very reassuring.

Well done you 👏 £10k is a very good amount and to be able to secure that in today's economic climate is a big achievement.

I'm 39 and have 7k. I have about three friends who have between 20k and 40k. They all earn more than me, have had some luck on their side and wealthy parents. Don't compare yourself to your friends, 10k is a hell of a lot more than many people.

Be bloody proud of your 10k!

This is what I thought too, and most of my friends are the same. Enough to cover three months essentials. 50k would be lovely but not many people need a 50k safety net.

well done

as for it'll take you forever to save £50k

if you add to the £10k by saving £200 a month, for 5 years

this would give you £26,434,80 @5% interest rate, thats £12k saved and £4,434.80 interest

if you then didn't save anything for another 5 years - but didn't touch the capital, by the time youre 48 you have £33,924 - so £7490 interest (making a total of £11,924 interest 5%)

again if you didn't save anything for 5 years by the time you reach 53, if you haven't touched the capital out have £43,536.66 - another £9,612.66 interest (total interest £21,536 at 5%)

By the time you reached 58 you'd have £55,872 if you got 5% interest rate and didn't touch the capital and didn't add to that particular pot over the age of 43 having save £200 for another 5 years

obviously inflation will have decreased the true value - but the fact is compound interest may take forever to work, but it does work all on its own

I think you need to start your own financial coaching business. Basically bossing the rest of us around and advising how to stop spending

It's a brilliant achievement. Not being in debt and having some 'rainy day' savings is a great position to be in. However I don't agree that this is the sort of 'money that makes money' savings that some on the thread are suggesting. Its a great safety cushion now which I think is what you are rightly proud of. But keeping the savings as cash will earn you interest which over time doesn't keep up with inflation. Meaning that the 44k you'd have in 30 years time will buy you less than 10k does today. So there perhaps is some truth behind what your (mean sounding) friends are saying. Ie 10k isn't the sort of sum that constitutes a significant long term savings pot. But its a brilliant start, puts you way ahead of the average person, and I am sure it brings you well deserved comfort.

Weird of your friends to press you on the number and make you feel bad about it! So much depends on circumstances, and if there are specific things yiu're saving for but either way, £10k is a great amount and definitely worth celebrating!

Well done for saving such a huge amount. Just be careful as these "friends" may come sniffing around wanting to "borrow" from you.

I have a fiver too! 😂 Well, £5.37 to be exact.

I have no savings - just debt - and I think that you are doing brilliantly!
I would keep it to yourself though - it seems all too common for people that find out that someone has savings to dream up a reason to ask for a loan or ask for an investment. I would keep it quiet.

Please don't listen to your friends. £10k is amazing!!
Obviously how good you view £10k will depend on your income, outgoings and what you're saving for... But £10k is bloody decent. Especially as more and more people are struggling to survive, let alone save every month!
The main part is having the money in a decent savings account where you can get the most interest for nothing. Then you can watch it grow like a beautiful flower.
Well done and keep on saving. ❤️

Good on you. What you’ve done is something to be proud of and don’t let anyone tell you different.

Wow 10K! That's a huge amount!

What are these savings for? A property purchase deposit?

I’m guessing your ‘friend! has been given money by family/ inheritance and doesn’t know what an achievement saving 10k is. Nasty cow.

You've done really well. Put it in a high interest account ISA. Keep saving you never know what's around the corner. You at least have a little buffer.

Go straight into a cash ISA now. Mine at the mo is pulling in 500£ a yr tax free