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.

1500 x 12 = £18,000 if it was only 12 months but you have said it's more than that so if only 13 months it's 19,500 saved.

You have listed having to pay out £4490 + dental costs.

If they were under 14,500 you still have savings plus you do not have that amount as debt which you would also have to pay interest on.

If the dental costs were £14,500, then you should be jumping for joy that you haven't been plunged into debt due to that, or had to do what an increasing number of people have to do which is live with the pain because they have no option to get that sort of expensive work done.

Do you think this is really about the savings or are you unhappy in your job?

It sounds a bit like you are dreaming of escape and it's the not achieving this that's upsetting you most?

In which case, there are other exits available.

You saved money so you would have it to spend - that is what most of us do. You spent it on good stuff, and you will enjoy your reliable new boiler and your clear safe garden in the house you own, where you park the well insured car you own, and live pain free with your nicely filled dental roots. You aren't lying awake with a throbbing face wondering if the boiler will light in the morning, or if today is the day your landlord decides to sell up and retire.

It is true that money flows out constantly, but in your case it flies in too, and it is being well spent.

I'm still not getting why you're so down about this. Are you from a very wealthy background and feel inadequate?

If you've been saving £1500 for a year or so, that gives you around £1800? Your expenses total around £5k? That still gives you a good chunk and those expenses shouldn't be repeated. It's not like you need a new boiler and to chop down trees every year.
Snap out of it.

Whilst I feel your frustration I think you just need to be realistic. I have been a single parent for the last 10 years, in rented accommodation since the divorce and have had to rely on tax credits to survive which were stopped in Jan, 6 mths before my teenager left college. I was suddenly £600 a month down, struggled to find the money to pay the last few months of residential fees for them, I’m self employed and had to take on a load of extra work as got nothing from UC. And you’re talking about holidays and not having to work for a year. I can’t even get a mortgage, even though I’m paying much more in rent, all under my own steam, with a small contribution for bills from my teen now that they’re home and working part time before they hopefully go to uni. I don’t get sick pay, holiday pay, any pay other than if I physically work, I have to stay s/ e because I’d never earn the same in my field if I was employed and have no experience or quals to do anything else. I will get stung for a big tax bill this year and have to pay half on account for next year so any savings I make will be going on that. I have another 13 years to work before retirement and honestly I don’t know what will happen then, I will no doubt be jobless and homeless in one go. So i do see where you’re coming from but honestly….be thankful for what you have!

You aren’t going to need a new boiler every year though are you?
You’ve just been unlucky recently.
With £18k a year surplus, even if 8 of that goes on dental treatment and other issues each year (unlikely) then you will still reach your £60k savings target in just 6 years!

OP, I don't even earn £1.5k!

My take home until recently was between 1.3k and 1.4k.

Now I'm on SSP. I am waiting to hear back about my PIP application. Never claimed anything before apart from child benefit. Won't be taking home anywhere near 1k for the next few months, at least.

If anything unexpected crops up, it adds to my continuing pile of debt, which is already 20k+.

You're doing really well.

You're not getting nowhere OP, you are sensibly saving so that you have money to pay for essentials like a new boiler and root canal treatment. You should be proud of yourself.

It's a good point

You saved 18k
Spent 5k
Where is the reanimating 13k

Did you means you save £1500 per month?

Typo

*Remaining 13k?

We also need a new roof. Had a few quotes between 5k-10k depending on if it's a full or partial replacement.

We can't add any more to credit cards, so DH has been up on a ladder several times, patching up the roof every time rain starts leaking into the bedrooms upstairs!

Financial security doesn't happen in year, unless you win the lottery. It is a slow process of gradual improvements. You have made a great start, and in ten years, or even five years, you will be glad you did.

No, you're doing brilliantly to save so much. You just need a little tweak to make it FEEL better.

I think you need two savings pots - fun money and rainy day money. If you put £500 into the fun pot each month it will keep building up then put £1k into the rainy day fund for unpredictable expenses like the boiler, slush fund, and regular costs increasing. That way you get the feel good factor of seeing your fun money just go up AND the financial security of having a buffer for emergencies. Numbers aren't exact but that sort of ratio should sort you out nicely.

What's a premium bond?

I wouldn't worry what position you think "most" people are in. I've never really been in a position to save, although that probably comes down to lifestyle. Not that I'm living it up, but we could cut back on nights out etc and likely have more in the bank.😀

I'm about £8k in debt, which has come down from around £11k last year, but is still debt. When our house needs something we borrow. We needed a new roof a few years back, so we borrowed. We do need a new boiler, so that will have to be borrowed.

If you must compare yourself to anyone, compare yourself to me 😂. You're doing very well, just keep going with it. When I have been able to save the odd bit of money, and even paying off debt, it does take time. The best thing to do is keep putting that money to one side and forget about it. Over time it will build up.

It would have been much worse without your savings. You’re doing fine!

The amount you’re saving is genuinely more than many are able to do. For many years DH and I weren’t able to save a penny and we used to pray that nothing would break that we couldn’t afford to fix. I get it. It’s frustrating when you set a goal of saving and then life happens, things break or need replacing. You should feel proud that you had savings to fall back on to cover these set backs.

Well it surely hasn't got you NOWHERE. You've saved £18k and the expenses you outline are less than that? You're up!

I would also add that you need to change your mindset a bit. Things like a new boiler are things that you should be planning for. You may not know exactly when you’re going to need a new one, but everything has a natural lifespan. Same with dental bills, if you have teeth then you need to plan for them to go wrong and to have to pay to get them fixed.

So if you aren’t planning for repairs and replacements then you can’t really afford to save 1500/mo for your not working… which by the way very few people in this world have that luxury.

This ⬆️

I also think you’ve set your mindset up
to fail with the leap from £1.5k per month to wanting £60k in the bank. I’d recommend having milestones along the way. Dave Ramsay’s baby steps might help.

I'd say that's a lot and this feels like a bit of a stealth brag. Where are you planning to go on holiday? Because saving that amount you'd be able to afford a good holiday easily! Most people don't even have 1.5k to live on a month.

Had to laugh at this thread. Imagine being able to save that much a month.

Keep going @Wehah. These things are one off costs - it’s ok to take them from savings! Many people would struggle to find the money or deliberately have to save in advance so whilst it might not seem it, you are doing really well. Keep going: you will get there!! Well done- you sound very organised & capable. Lots of luck to you xx

@Wehah why won't you ever have £60k? You are saving £18k a year. Even if you spend £8k per year, you will have £60k in 6 years' time. That's not far away and is a really decent chunk of money.

How the fuck do you actually pay £30k for a roof?? How??