To think it’s very bleak to be saving this and getting absolutely nowhere? What’s the point?

[Wehah]

I don’t know if I’m being overly sensitive as I am a single parent (with maintenance as people seem to ask that on here!). But I can’t ever seem to get ahead financially. I have been fortunate to save 1,500 a month for the last year or so. I thought this was going to be great as it would get a good savings buffer going and me and dd could even go abroad perhaps and I could start to add to her savings too. I was looking forward to having 10k in the bank as a safety net and then a little extra to save elsewhere.

But no… what’s actually happened is 3k on a boiler… I know that’s more like a one off cost but it doesn’t stop there. I needed two trees removed which cost 1k, I had a huge energy bill from December which has wiped out 400 of this months savings already. I had to pay for extensive dental treatment with a root canal as I couldn’t get it on the nhs. Then finally I had to pay over 90 more for car insurance (no explanation as to why and despite calling round many many many places to get it cheaper).

The reality is that I am getting nowhere with savings. It will take me forever to save won’t it? What’s actually the point? I will never be able to save more than 1,500 which to be honest I thought was a huge amount! But perhaps I am very wrong about this. How do people get financially secure? I’m nearly 40 now and can’t actually believe I have this much money to set aside and it’s going nowhere. I just want to give up and the future feels so uncertain.

I'd say you are ahead financially compared to a lot of people - stop comparing yourself to people and be grateful for what you do have.

I don't mean that in a snarky way, but you're doing so well to save that each month.

Also, have you worked out if it's better to save or overpay your mortgage instead. Or 50/50.

Do the maths, as getting that 60k buffer may come a bit from saving and a bit from overpaying.

Most people do not realise how much interest they pay by keeping a mortgage full term. It's outrageous when you work it out.

Not many folk can save !500k a month. I truly don't t understand why you are dissatisfied. Some folk don't even earn 1500k a month

Yes! Imagine either not being able to get the work done, or not having any choice but to get it done and go into debt for it. You’re winning, really.

I’m not actually saving it though. That’s the point. I still don’t have a substantial buffer and it feels like I certainly won’t now

I think you're being a bit pessimistic. 1.5k per month is loads and as previous posters have said part of financial security is dealing with problems as they arise without it tipping you into a crisis. However it is frustrating that unexpected expenses can throw you off your planned goal and I know you're disappointed about the holiday so I say give your head a wobble but only a wee gentle one and look forward to a holiday next year!

The op won't be paying tax on interest earned, so she should only go for an ISA if the interest rate is better and she still has easy access to the money.

I’m a single mum. I save £30 a month. £10 in my savings and £10 in each of my kid’s savings. Who are ‘most people’? I suspect you mean most people you know. If my boiler broke, I’d have to stick it on a credit card. To me, you have a lot of money and are financially doing very well.

Well done for being able to save it up. I know it feels fruitless when it's had to out too but honestly it's not. You've had the money to be able to pay for the emergencies, more unfortunate people would have had no choice but to put it on credit and be paying an extra 29% interest for the privilege. Not having to pay that interest is what you have saved, in effect.

A higher rate allowance is only £500 now, basic taxpayer is £1000 so depending on that and or the high street % rate, it is possible.

You are not yet 40. Even if you could pay the mortgage for a bit without working, what about food, utilities, clothes etc? Creating a nest egg is good but giving up work probably is a pipe dream.

What about a pension? Do you have one? Start protecting some of this for later in life.

Most people on here lie OP.

In the real world, not mumsnet, almost nobody saves anything, let alone 1.5k a month.

You have a house which is an asset and part of your mortgage payment is actually more savings as you will eventually get that money back in the form of a paid off house.

3k for a boiler, you have a new boiler, most of us have to beg a plumber to keep our old one going, sorry if I don’t have much sympathy for you.

1k to remove some trees, again, for a lot of us having a garden is an unachievable dream. Can't really feel sorry for you on that front.

You can afford private dental treatment, lucky you.

As for your car insurance, at least you don't have to take the bus everywhere.

To be able to put £1500 aside is a luxury. Most people will never get near that amount of savings per month.

If you want more money you have to take more risks and put some into investments. Compound interest has a huge effect.

OP it's your mindset. Your dream was to have 60k and not work for a few years. Did you actually expect you'd get there smoothly? Do you remember when the dream was to save 1k or more per month? You have upped your standards which is fine, but these expenses were going to happen but won't happen all the time.

I save about the same each month and I do dream. It does feel a bit like a setback when these unexpected things happen and I won't actually save as much as I thought, but I still feel incredibly peaceful knowing I can just pay whatever pops up. Maybe you feel a little stressed out because these were quite a few items you didn't expect and your perspective may shift again.

I can't imagine earning enough to be able to save £1.5k a month. You are more financially secure than most. Those savings have saved you from going into debt.

This! I can’t imagine ever having that “spare” to save!
I think you’re better off than you think.

That’s a lot of money to save op, well done. It’s not fun spending money on new boiler etc but it’s a necessity and great you were able to just do it and move on.

I know what you mean though. It’s when you think you will be ‘ok’. We finished paying off our mortgage and I thought we’d have a bit of spare money but circumstances have changed - Dh is on long term sick leave, not sure if he can return to ft work, and my job is threatened by redundancy. So much for being more comfortable.

£1500 a month for a year is £18k. It's not insubstantial even with a dent for the boiler etc.

Would it help you to separate it out?

I have an easy saver attached to my current account which pays me 5% on balances up to 5k. So a bonus £25 a month I do nothing to earn. I can take out without penalty so that's my emergency funds.

I then have a two year fixed ISA at 4.75%. that's the long term savings not to be touched.

You could have a flexible ISA for holidays etc.

The point of regular saving is that it builds over time. And the more you build the less of a percentage emergencies become. Plus with decent interest rates just now you add to it quite well.

In my head I offset the £600 my exhaust cost me against the £600 having my money in the bank earned me.

No one likes to pay out for a boiler or a car repair. It's never going to be a fun spend even if you've £100k in the bank. But it's much less painful than paying for it twice (or more) over by having to put it on expensive credit.

You are being unnecessarily pessimistic.

You’re SAVING £1,500 a month and you’re pissed off? I have nothing at the end of the month, shall I just give up?

When we needed a boiler we had to put it on finance and put more pressure on our monthly payments.

I would count yourself lucky, that you can get an emergency fund together and also own a home, and save some extra on top.

What is your definition of financial security, and why do you feel financially insecure? You are able to afford all these emergencies without going into debt. You aren't living paycheck to paycheck, you have enough money for mortgage payments, home improvements, emergency repairs, personal care, medical expenses and holidays. Where are you insecure? How much do you think you need to be "secure"?

If you want more money you have to take more risks and put some into investments. Compound interest has a huge effect.

This. You're honestly doing great and being far too pessimistic, but that said will never get ahead without investing. The power of compound interest over the long term- it's everything in building financial security.
I would suggest splitting your monthly savings it into two pots- money you invest each month and money you keep in an emergency/savings account.

So save 1000 and then 500 in different pots. I have a savings account named “oh shit” and a chunk of my savings goes in there to pay for those moments in life the that make you say “oh shit’

You won’t always have a boiler breakdown, you won’t always have dental work.

You will always have insurance increases and ‘unexpected’ bills (yeah normally not unexpected just ones you forget to plan for.

Get mad…depressed…wave your fist and yell at the clouds because it does sting. And then start building up the savings again.

The average UK savings are £203 per month. A quarter of Brits have less than £100 in savings. Not per month, overall!

Last year we discovered that we needed a new roof. It was only 10 years old so we weren’t expecting it. It cost 30 grand!! I also had to shell out £10K for surgery that I was desperate for but would have waited 3 years on the NHS and couldn’t work in the meantime. Shit happens. There’s no point moping if you’ve got the money to pay for it. You’re in a much better position than the vast majority of the country.

How much do you earn op - take home?

1500 is huge to save each month - how much do you spend?

You need to divide it into three goals

£500- annual spending eg holiday Xmas furniture
£500 emergency fund eg new tyres/washers/ boilers/ roof repairs
£500 investment long term saving

You will then be less disappointed with saving 6k instead of 18k

You can then decide if you use saving later or credit to pay for things like dental work.

I have had an implant and it's been great just to pay for it.

January is a great time to plan.

Good luck op!

Life sucks if you have money and don't enjoy it. I prioritise one holiday and a nice Christmas. Although we usually get four holidays and I save less