How much do you have in savings?

[ldnelegantelephant]

You do not need to answer if you are not comfortable sharing obviously. But if you are comfortable, just wondering how much others have in savings? I feel like I am very behind in life! I live paycheck to paycheck so at the end of the month I have around £100 leftover. However DH and I have a shared savings account which we started around a year ago and we add money monthly. This account has £2,400. That is all I have. Is this really bad?
Edit: I am early/mid twenties.

Cash savings? I think the standard advice is to have 6 months expenses in case of accidents, bereavements etc. we have about £13k cash savings and another chunk locked up in ISAs. In our 20s we had nothing though! Spent everything we earned. It gets easier as you get older and earnings increase / costs decrease, so don’t worry too much.

It really depends on your circumstances and where you are in life.

If you are just starting out in life, then you likely won't have much savings as you need the money for deposits and just all the general stuff you need when you move out of your parent's house and set up on your own.

And that's fine. If you are managing to put a little away every month in your early/mid 20s you are ahead of the game.

You'll get a bunch of people coming on saying they had 200k and their mortgage paid off by the time they were 21 but that isn't the norm.

I think that you’re doing really well with your savings given your young ages and the current financial climate. Keep doing what you’re doing

Much more than I managed to save up at that age. Now I aim to keep enough to survive for maybe 6 months in case something happens to my job maybe 5-6k (cash savings that is).

I had much less than that in my early to mid 20s, like £400. I’m mid 40s now and have a lot more, enough that if I lost my job I’d be fine for up to 3 years. It’s tied up in ISAs etc but a portion can be accessed within 2-3 days if needed.
I opened a savings account for my DD, can only pay in £150 a month as it pays 6% interest but I can also add round ups too, it already has £3500 in it. Just keep plugging away, it soon adds up.

I think you've done really well and you're 100% right to start thinking about savings now. Have you seen the Martin Lewis money show? He showed some really great visuals on the clear benefits of starting to save early. Worth a look.

Also have a look at whether you're contributing enough to your workplace pension, and/or make sure you're paying enough NI contributions to get your full state pension.

You're doing great and are clearly very sensible!

I’m 40 and only just managed to save the 6 months salary benchmark. Nothing else in savings anywhere, including pension, which is a massive worry. I really need to concentrate on that.

I did have 6 months expenses but ended up spending a chunk of it due to some unexpected but essential expenses- that's what it's there for I guess. Now have about 7k which would last me 2 months at a push which worries me.

Have kept up with my pension tho and am happy with what I have in there- should allow me to retire conformably at 60 so that's also savings I guess.

Tbh at your age as along as you have no debt, pay some to a pension and save a bit the amounts don't matter too much, it's getting into the habit and having a financial understanding.

About 40k, but I’m 50. At your age I had bugger all! Hopefully mortgage will be paid off in another 5 years, so will have more left over every month. I’m planning on putting that extra into a stocks & shares ISA for my 18 year old son. Hopefully it will go some way to helping him with a house deposit further down the line. Also, not banking on any inheritance (but between me and DH) we have a potential of between £350k and £900k coming our way. If it does, it will all be going to help my son. Once our mortgage is paid off, I don’t really NEED anything, other than a couple of holidays a year and a new car every 8-10 years. You are doing OK, that fact that you are already thinking about these things is great.

Keep saving! It adds up over time. Also invest too.

I've been saving since 18 and have since bought a flat, got married and been on a honeymoon. And had a baby - all very expensive things. We are just about to buy a house...

In terms of cash savings, I have about 8k. In investments, about 10k. And then in random other assets etc, about another 20k. So around 50k total which I'm happy with!

I never managed to save a penny month to month until I was around 40. I think you are doing really well.

It’s all relative…it’s pointless comparing as everyone, and their circumstances, is different. Know your goals and then work out how you are going to achieve them. Invest some time in you financial knowledge, highly recommend Rebel Finance School, free on FB and YT.

I think that’s pretty good for early twenties! I was still studying at that time, no savings and accruing more debt every day.

I have about 6 months joint salary set aside but i'm early 40's and had absolutely nothing in savings when I was your age.

In my early twenties I was living in my overdraft so you’re doing just fine. I didn’t start saving properly until I met my husband who was is a saver / investor.

I’m in my early 40’s and have half my net salary in cash savings and 2/3 of the value of my house as equity. I feel very lucky to be in this position. I don’t live with my partner but he has 2 months’ net salary in cash and similar equity in his home.

In my 20’s every time I got a pay increase I saved the excess and maintained my lifestyle. Current climate doesn’t really allow for that for younger generations with inflation running so high.

6K for my Daughters escape fund should she ever need it. Just short of 2 grand in a pot for eldest grandchilds first adult holiday, 11k in my savings, and joint savings with my DH that are a lot. In my 20s i didn't have a spare penny.

Mid 30's and not a penny, every penny got eaten through cost of living rises, I am now using the credit card for the last week of each month. I am genuinely terrified.

This.

I didn’t start work until I was 23.

I was absolutely skint until early 30s, running a house and DCs on single salary. But as you get older salary increases and you pay off your mortgage and it gets considerably easier to put money aside.

I’m at a different stage in my life so the amount I have in savings is not relevant. However, I would recommend that you put your savings amount into an account at the beginning of the month, not the end. If it’s not in your current account you spend it.

Youre not alone on the pension front! Only just started mine, it now has a grant total of £310 in it. Got to start somewhere 🙂

should be - if it’s not in your current account you can’t spend it! 😖

Looking at a historical money calculator to adjust in my early twenties I had almost 9k in today’s money.

Zero