What do you have in savings if you’re in your forties?

[Wjjayso]

Just that really. I have 32k. I have tried to overpay mortgage though so a lot of money goes into that rather than savings. I feel a bit behind and wonder what changes I should try and make coming into the new year!

We've recently done windows which was about £13,000 in total and a local company we used offered a 0% for 9 months pay scheme. So we're doing that - had to start with a 25% deposit so we did that, will use the 9 months no interest to pay off as much as possible and then for the last month dip into savings to clear the remains.

Worth asking around for companies that do this.

Any reason you don't want to overpay? It may be better long term. You should be able to overpay a certain % without incurring additional costs.

£50

This. And the variables around all this...LTV, student loans, children, credit cards, car debt. In this day and age it is soo difficult for many of us to save. Let's just all do our own thing.

1. We just bought a house. Last year same time we had a good deposit.

About 90k between ISAs and current account. Mortgage and debt free. Mid forties.

I’m 41 & i have £80k thanks to some
inheritance. I have a mortgage (10 years left & for about half of what the house is worth so equity in it) but about £50k will be spent this year between a florida holiday (literally once in a lifetime for me and my kids thanks to the inheritance) & a new bathroom & getting our garden done. £20k is roughly what we sit with normally and will be back around that mark

we would have been mortgage free in a few years but moved house a few years ago so had to jump back up 7 years onto the mortgage.

my husbands wage has gone up quite a bit so hoping to save another £10k this year & start building it up. Pensions etc all in place. Plan when kids are older to downside and give them money so they can get on property ladder etc.

I am 43, I have 7k in savings and 23k in a sipp. I have 53k left on my mortgage

We're 39/42 and have £53k joint savings and zero debt.

Sounds decent enough except we rent. And we're in a fabulous area which is in a top-notch catchment - and we cant quite afford to buy here.

The aim is to keep saving and buy in Autumn 2028. Ds3 (8) will have just started Y7 in the catchment Comp ds 1 and 2 have gotten into so we then have more freedom. We won't go far because we love it here but moving a mile away and just out of catchment will save us well over £100k for the same size house.

Then...we'll be aged 42/45 with zero savings 😂

Quite a lot in investments, mortgage paid, pension pot likely to be sufficient to retire at 55/60.

We're both pretty well paid, live frugally compared to our incomes, don't buy all the stuff.

But absolutely no inheritance to come and 3 ND children who look unlikely to ever be truly independent, I'm hoping we can save enough to support them indefinitely, I realise that seems unlikely.

44 and in my overdraft.

I have £1,700. I’m 40. Also have approx £9,000 debt. Don’t overpay mortgage as just don’t have the money to be able to do that. As the children get older and the childcare costs get less, hopefully there will be a little bit spare to pay off the debt, add an extra couple of hundred pounds to the mortgage repayment each month, and maybe even save a little more.

Yeah I forgot this detail
Value of our property is approximately 525k we purchased this year and it has increased in value already …mortgage is approximately 400k

no student loans
2 dc
no credit card debt
no car payments
no childcare.

Nowhere near that. But my pension(s) are decent and I have modest investments.

45 - I only have about 4k

You will have some on here telling you they don’t have a penny spare and others saying they have 14 million in the bank. The fact is any savings are better than none and that puts you in a better position than many. Comparison really is the thief of joy.

Late 40’s. About £65k which is more than a year’s gross salary. Lucky to have a fairly small mortgage
so overpaying that by 50% to try and clear it.

I will say I have no debt, but also a good 5-8 years away from getting on the housing ladder (expect to buy my first property at 55).

People like you inspire me! I definitely am wasting my money somehow.

There are lots of 0% credit cards at the mo. Buy the windows on one and set up a direct debit to pay it off before the 0% runs out.

42 and about 2k but about 150k in equity and no debts and a business we could take more out.

Enough to cover a year's worth of monthly bills and weekly food shop. But that will probably all go when we start building work on the house.

In my case I don’t give away my financial information in real life as it would make it obvious just how financially irresponsible I was for decades.

If you have savings you can invest it and usually earn a lot more than your mortgage interest would be.
For example some of the stuff in my S&S isa has gone up say 20% since the start of this year. And over time around 50%.
My mortgage is about 4%.

5k. As much as I try, I can't get above it before some huge expense come along to drain it away. I have no debts which I consider a triumph given my circumstances.