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.

@caringcarer Sounds like an excellent plan you have there, good luck. Enjoy life!

£63k in savings.

Not that much.

OK.

£65k and @turtlessswim hasn’t been back to answer the pension contribution payments

I’m actually surprised it is as high as that! I suppose it depends where you live and your background. I live in quite a working class area; most people in my parents generation either private rent or got their house through right to buy (and then maybe climbed the ladder afterwards) - most of my generation still rent. Only 4 other couples in our circle own.

Start aiming to have the money to fund 1 month of living expenses, then 3 and ideally at least 6 months of your actual monthly costs in savings.

Every £1 you save is a positive. But it builds faster if you pay yourself first - set up a savings amount straight from your pay check or to go to savings on payday before any other bill.

Having a regular savings habit is so much better than so many people!

The OP hasn't been back have they....

We saved, we always saved, always had six months behind us in the latter years, we retired debt free and mortgage free, we cleared the mortgage ten years early. We made sure we had a two week holiday in southern Spain every year.

We have savings of £130, 000 and investments currently worth £185,000

We have a final salary and a state pension totalling £51k, my state pension when it finally kicks in will take us to £61,000.

I am a huge advocate of saving.

Wow I wish I could that much a month. I used to save about 600-700 a month a long time ago but I was affected by downsizing at that company so used up the savings and have never made enough money to save again. You should feel very fortunate as I know many people, including myself living paycheck to paycheck.

For me the main question is: assume you/DP loses their job tomorrow. Do you have enough savings to tide you both over while you sort that situation out?

That's the bare minimum I've tried to go for. I've not always managed it. Anything extra is a luxury.

I was about to ask the same question, @RJnomore1.

Living frugally out of necessity is one thing, but to buy only charity shop clothes and drive "bangers" when you have almost a quarter of a million pounds sitting there...it seems like a joyless existence. I hope you go on fantastic holidays at least, @EatsQuorn (though I suspect you don't.)

That sounds more snarky than it was intended. I just don't understand the choice you're making.

I earn 22k and have no savings. Not a Penny. I can't afford to put any money aside and just spend my entire salary on food, mortgage and bills every month.

$ (sorry, live abroad), we have $50k in cash, $50k in fairly liquid investments, $300k in retirement funds, $600-800k in equity in our house ($400k mortgage). Between DH and I we earn $260k/year. We put $4k straight into pensions and then save $2-4/month, but some goes back out on holidays, or ex we just had a big home improvement project. I would like to have $80k in cash/very liquid. We tend to spend on travel and sports (ie, skiing) and education/childcare (currently $3k/month for 1 DC).