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 don't even earn £1500!! And I work 5 days a week!!

How is she being shafted? She can save 1,500 quid every month and owns her home. Some perspective is needed.

This won't be happening every month of the year though. It's crazy to think that you can get by with only spending on the essentials. There's always bloody something cropping up!

We struggled when the children were younger but one day, the mortgage is paid off, wages have increased, kids are independent and suddenly life is a lot easier.

If you can pay those boring bills and unexpected expenses you are doing well. Treat yourself a little, save some and one day, you too will be mortgage free and won’t be supporting children. Some people will never be in that position if they have rent to pay.

Being able to save £1500 a month is great. You’re obviously not a millionaire but you’re very comfortable with that buffer.

I guess if that’s not enough for you, you need to assess whether your future plans are realistic. If being able to potentially save almost £20k a year isn’t enough for you, why? Are you trying to buy a new house, upscale your lifestyle, have an extravagant holiday etc? Is the lifestyle you’re aiming for realistic on your salary/job?

You're wallowing OP. That's OK, allow yourself to wallow for a few hours about how unlucky you've been, then crack on. We all have runs of bad luck from time to time, it won't last.

So what would have happened of you hadnt saved that money?

Agree with PPs. You have been dealt a few big expenses, but you've had that cash saved to stop you from having to go into debt, and potentially pay interest. Those big expenses won't happen frequently. You are able to save £18K a year - that is a lot of money, so just carry on doing what you are doing and it will increase.

Are you the same poster who was worried that you couldn't pay off your mortgage before you were in your 40s?

£1,500 a month is a huge amount. Look what the average UK savings rate is and you will see.

It may not seem like this to you but that's a fabulous amount to be able to save. I think you're looking at it all wrong. You've lost a fraction of your savings on one off expenses.

I think you need to get a different perspective. You are able to put aside £1500 per month. The outgoings you have stated are very small in comparison to your savings. Even £3k for a boiler is only 2 months savings. Keep on saving that £1500 and you will have a lovely secure amount despite the day to day expenses

With respect, I think you need to take a step back and realise how lucky you are.

£1500 a month for "a year or so" is at minimum £18000. 18 THOUSAND pounds.

You've spent £3k on a boiler, £1k on trees and let's say another £2k on other stuff. That's £6k out of your £18k buffer. Even if you double that spend - are you seriously saying you can't go abroad with £6k?!

No you can't retire on it. But you're 40. That was pie in the sky anyway. But if you and your daughter can't go on holiday with whatever is left, then I don't know what to tell you. Most people either have a buffer of savings for the big spends (honestly can't believe you've mentioned the £90 increase to your insurance) or use credit and pay it back. You're in a supremely fortunate position due to your own good forward planning.

My income is temporarily high right now, meaning I've saved a monthly amount similar to yours for the past year. It's all gone on new windows, doors, car repairs and rewiring my house. This coming year I'm in dire need of a new bathroom and a new roof so there will be nothing left in the pot. How do people manage to save a buffer - god knows? Inheritance? I certainly won't be getting any, with my parents needing to sell their home to pay for care fees. I'm in my late forties and have zero provision for retirement.

Yikes, I think retirement is more important than a new bathroom.

I think people save by figuring out what needs and wants are. My bathrooms are both original (70+years old)… ugly I’m sure could be used to describe them but 100% functional. Do doors really wear out? I can’t say I’ve ever thought.. hmmm 🤔 those doors need replacing. Windows and reworking I’ll give you but even with the windows you replace a few at a time

Agree, separating the pots is the way forward. Try 250 into your household fund and Treats fund (holidays, etc), keeping them accessible (e.g. the ISAs where you can withdraw up to 3 times per year and keep interest). 900 to your buffer (in some kind of shares or pension) and 100 to charity. The last pot will help your abundance mindet massively, and the charity can reclaim tax.

Are you also saving into a pension, and if not, how are you planning to retire comfirrably?

Most of us are really struggling financially @Wehah, especially lone parents. I’m older than you and struggling to pay extortionate rent.

At least you’re buying your own home. But I guess the downside of that is the maintenance costs.

Keep going with the saving. A new boiler and trees that need attention are unfortunate one-off costs. Hopefully, your savings will start to build again.

Thank goodness for those sagings. You are in a warm home with hot water, your dental health is improved.
and the trees that were causing problems have been removed.

life would be trickier had you not got the means to do these things.

Very few people can save that amount every month. Why on earth would you sacrifice a holiday just to keep saving. That's crazy. You need to enjoy life too. Save what you can but not at the expense of living

People working, paying their way and trying to secure themselves in this country are being shafted by the corrupt government and freeloaders

How does that work, @Anniedash , and what relevance does this have to the OP's issue?

There are so many people who had their boiler broke they'd have had to put it on a credit card. Same for the root canal. At least you had the money to look after yourself. You are still saving a good amount each month.

@Wehah So you have lost 3 months of savings, but you have been saving for 12 months. So that means you are 9 months in profit, which means your savings are continuously increasing. I get that mumsnet is generally inept when it comes to maths, but how do you not understand this?

This thread sounds suspiciously like the one where the OP was saving a similar amount, single parent and thought she was doing well then her brother came along and said "what if you need a new boiler" 🤔so am gonna with this is a humble brag? Sorry if not the same person but I immediately thought of that thread!

I think the problem is @Wehah that you have an unrealistic goal . Your goal is 60k so you can pay the mortgage without working for a few years , very few people would ever manage to do that . Save in different pots £800 in not to be touched unless dire need savings and £700 in savings to pay for stuff . If nothing else goes tits up in 3 months you have £2100 to go on holiday etc .

Stealth boast OP?