How much savings do you have and what’s your income? Are my savings disproportionate?

[turtlessswim]

I earn 65k and save 550 a month. I know that’s not a small sum but it’s hardly moving mountains financially. I wonder how much you have to earn to actually have a decent buffer? I would feel comfortable with 100k saved and it feels impossible. I’m 37.

Depends entirely on your outgoings. On that salary where we live, I'd be able to save double (if not treble) what you are.

I'm on about £60k and have 6 months money in an emergency fund.

Most of my disposable income goes on school fees at the moment, but not for much longer. So I won't be saving much other than my pension payments until ds leaves school.

And my house is almost mine - only another few payments to go, so that will help.

I earn 140k, 160k saved in ISAs, 200k in my pension so far (investments).

Saved hard living with parents until 27, played the housing market (doer uppers), paused saving for around a decade (two under 5s), then got to Director and save around 40% of pay and my bonus goes in the pension.

I earn 3.5k per month and save £50. House bills are 2.2k per month, commuting, 4 kids. It just all seems to go 😭

Someone close to me ended up with dementia not long after retiring, all the savings went on a care home while others living in the facility got it all funded by the local authority for free.

Going to their funeral tomorrow.

Life is for living. Make sure you have plenty of fun while saving a modest amount each month and putting into a pension (preferably one that is transferable to your relatives in case you die early!)

This made me smile. A woman after my own heart! I'm 54 and pretty much the same. Although over the last few years, due to lower expenses now DC are independent, and a pay rise, I've accidentally acquired a modest lump sum of unspent income. I suppose this could be called savings if I could be bothered to move it from my current account to a savings account, but I didn't do it on purpose. I just spend what i need to, and if there's anything left it stays there.

We have a six figure household income and we have no savings. We pay into pension, pay off the mortgage and no debts but rubbish at saving. We do enjoy life though.

@Hyldgegrub I'm so sorry for your loss and for the anguish of losing your loved one twice, once to dementia.

Our household income is about £22k pa and I am well chuffed when I break even on the month without dipping into my savings of a couple of thousand. I try to save around £500 over the year to help with winter fuel bills and Christmas.

I had 9 grand in savings.. l have my private pension.. but 11 years ago l had an horrific trauma/ accident..( not my fault.. was fault of the local civil service/ council department) .. l got my payout last year.
I suppose I'm a millionaire.. but I'd much rather have my old life back and just the nine grand.

@5128gap I am no expert but am sure they would all advise you to get it out of your current account and into a savings account, especially now that interest rates are rising 🙂

I know, I know. Its on my to do list!

@MMeggie2008
Congratulations

DH and I have about £200k in the bank, save £750 a month, earn £50k

I can't get over how many of you have such high salaries. I earn £30k gross, which is mine and dd's sole household income. I put aside £250/month which pays for 'large bills' throughout the year eg house insurance, Christmas, and a holiday fund. I overspend every single month and have to dip into a reserve of about £1k. Mortgage will go up later this year and I have absolutely no idea how I will pay it.

I earn 20k am a single parent. I have trained myself very hard to save here and there to cover oh shit moments like the washing machine going etc. I have some money left from the sale of my house which I am saving for when my mortgage renews, so I can actually hopefully afford the repayments. That is untouchable. I then have probably a couple of months pay in savings on top of that. 100k is an enormous amount.

About 100k income. Savings about 50k split between isa and premium bonds. I dont save a set amount per month just when I can (paid sporadically). But I do routinely put about 700 into pension each month plus a lump sum just before year end - pot is at about £180k. I put about 250 away for the kids a month. For me it makes more sense to put the bulk of what I can save into my pension. I already have a house with a good amount of equity and have money saved incase I cannot work plus insurances so the focus is on retirement and tax efficiency.

I have no savings & just spend all my money every month. We have old cars, rarely eat out, don't do anything exciting. No idea where it all goes & no idea how you save that much at such a young age.

You all seem to earn loads & have huge savings pots!

I never used to earn a lot. I started out on minimum wage on one full time and 2 part time jobs. Saved birthday and Christmas money during childhood and what I could from my earnings from 16, plus then any surplus after the usual teen/20s things on a gap year. I then managed to finish uni with savings left due to working throughout/during summers and then added to it during my first post uni full time job which was just above minimum wage. Managed about 10k for my share of a house deposit with my partner and to pay for a part time masters so I didnt add to my student debt. It was tough but I've always been a saver. If anything my pot may be bigger now but I'm less of an active saver than I was back then in terms of how hard I saved and the % of my income I did it with.

I’m doing well on the pension front because I’ve always continued a big chunk of my salary - have about £300k in there at 37.

Savings have taken a knock over the last few years with 2 maternity leaves so we’ve just about got to 6 months expenses. I will breathe a big sigh of relief when we get there and then probably split the amount I’m currently saving per month between ISAs and holidays.

Terrible advice. 🤦🏻‍♀️

Please ignore this and have a decent cash buffer.

Stealth boast much????🙄

I earn £65k and save £500 on a good month. £100k is a ridiculous target imo. We have a mortgage we want to pay off so need to balance saving with paying that off.

I do not understand the concept of saving for saving's sake. I too have seen several people spend their lives living frugally only to die early in retirement. I have a relative now who is 88 and is still 'saving' but no idea what she's saving for. Her house is paid for, she has guaranteed pension income and lives a decent life.

For me, I have insurance to cover me for sickness/unemployment and a few quid in the bank which would cover the boiler blowing up or needing to urgently replace the car. I don't want to sit on mounds of cash when I can enjoy today and all the joy it brings.

Money in the bank doesn't make you 'safe'. It's a false sense of security.

Is this £550 in addition to pension contributions? Also depends on other assets and whether you have any liabilities.

Please ignore posters saying don’t save. Set yourself manageable goals, and keep working towards them.

Once you have enough in an emergency fund - which should remain accessible- you can invest to get a better return.

Clearly unfamiliar with the concept of financial security.