How long would it take you to save this amount?

[Nobulling]

A friend of mine had done work done in her house (a new house purchase) I could really do with similar. So I asked how much it cost out of interest. The total price was 8k…she then said but it’s not too bad as we paid the first half when we ordered in August and by Oct when they were booking fitting we had saved the other half’s anyway. So that’s 3 months pay MAX depending on how dates fall. I was thinking ok…well I’m not getting this job done it would take me FOREVER to save 4k not 3months! Surely this is unrealistic! How long would it take you to get 4k together?

We have the cash readily available but it would take us 2months as we save 2.5k per month.

So each person saved £700 per month for 3 months? That’s not a crazy amount. Most people who own a place also have savings for work that needs doing.

Four months without changing anything about the way I live but also assuming nothing broke etc in that time. Could shave a month off by economising more. In reality I'd stick it on a O% card and have that paid off in 4-6 months.

Edited to say I'm single with two dependants I'm solely responsible for. A couple on a decent but not amazing income each would obviously be able to save quicker.

We'd probably have to wait till April when my husband gets his annual bonus. Otherwise well over a year of saving.

We put anywhere between 1.2 and 2 k away into savings each month. So how long would depend in the other things going on in our life.

If the work desperately needed doing we could save 4k in about 6 months. It would be a tight 6 months though. Realistically we would need a year. So 2 years for the 8k.

One is puzzled by the concept of saving.

If I need a bit more 'dosh' I would tell the Government that I would be paying a reduced amount of tax this year. Or no Captial Gains, or no Inheritance.There are lots if different ones that I can chose not to pay.

Without changing anything about lifestyle, holidays etc about 12 months - if I was saving on my own. With my husband, obviously less.

If it was something I needed in a rush so all pounds saved 3 months but it would be boring meals no extra fuel use type of few months.
Casually about six or so months.

Jeezo. Yeah I'd need just below 2 years provided nothing else went catastrophically wrong. Single parent.

If we really wanted to we could save that in 2 months. Usually we save £1.5k a month and have a good chunk of disposable income each to spend so we’d divert some of that into saving too if we wanted to save quickly for something like this.

At a pinch we could save £1k a month. But with everything rising and with unknown costs elsewhere that could be tight.

The majority of people couldn't save this amount, no. By asking on here you will get a self selecting sample many of whom will want to tell you its 'nothing', they save more etc.
You'd do better googling the average salary, some cost of living stats and how much the average family has in savings. 49% of people under 45 have less than £1000 savings.

It would take me about 2 years to save £8k, providing nothing else came up in the meantime.

4 paychecks between us.

I wouldn’t need to save. I have that in savings already.

We save around 1k+ per month depending what we have going on. We are not high earners BTW just economical. Combined household income of around 80k and we do have childcare costs for two kids plus commuting costs.

But we are looking at doing some massive renovations it'll take us two years to save on top of the 24k we have already put aside. If something needed doing ASAP we are lucky enough to be able to access the money without going in debt. It's been a long hard road to get there though. And would obviously put the renovation behind if we had a large unexpected expense. (Side eyes at the boiler)

I could save 4k in 3-4 months without making any cutbacks, the full 8k in 7-8 months as well. But I also have that amount in savings, so could technically pay upfront.

I have it in the bank, but I’m older than you I’m guessing and have as much money as I’ll ever have, I’m stopping working fairly soon then that money will reduce (it’s in a combination of pensions, Isa’s, bonds and high interest accounts much from the sale of my former marital home because I have downsized and moved I with my now husband)

If saying need to save £700 a month pp then as on my own , I can’t do it

it will take me prob well over a year to save it and that’s with no other stuff going wrong etc and still paying out for the usual every day stuff /loans etc

most people on an average wage don’t have a spare £500+ a month

I save £200 ish a month towards a holiday so it’s not that I can’t save but that a lot

i do have a healthy credit card limit with low interest or swap it to zero interest

so if something went wrong like a boiler or car I could get it fixed and pay it off over the year

but def couldn’t save that in a few months

Six months if saving like mad and no other unexpected expenses arise but realistically usually more like a year.

Probably around 2 years if we didn't use our emergency fund, we don't have much extra after bills and other outgoings

How can you possibly say you are not high earners while casually dropping in that you have a household income of 80k?!!

What do people call a high earner over nmw or over double it so £50k + pp

nmw is £12.21.

rises to 12.71 so 50p an hour extra so on a 40hr week that’s another £20 a week from April

so £25, 396.80 a year and £26,436.80 after April

so if on £80k that’s another £15k on each salary to make £80k

That’s two people earning uk median wage (plus £1k each).