How much of a problem would you consider this bill to be if you have this amount of money?

[Justwp]

If you had 60k in savings, which are added to by around 1k a month, to what extent would you consider it a problem to pay out 7k to fix something in your home? Not cosmetic, actual work that needed to be done.

Would it ruin your day? Feel a bit shit? Would it not bother you at all?

I'd be bloody relieved that I had the money!
You have the luxury of having a substantial amount of money in the bank and are able to pay for the repairs, unlike many other people- myself included- who would absolutely shit themselves if they had a bill like that come up...

I get what you mean, we have savings but paying for a new kitchen made me wince.

Depends on what it is for really though, would it be covered by insurance?

Annoying but just imagine NOT having the savings...

I'm not saying that Im not glad we have the money to fix it. I'm not saying that I won't fit it. I'm saying that I'm still pissed off and stressed about having to spend that much to fix it.

I wouldn't bat an eye at that tbh. Especially if it's necessary repairs, rather than a design preference.

That's what savings are for unfortunately!

As someone who currently would have to look very closely at just how essential the work was and arrange credit to cover the cost, I would be thrilled to be in a position where that was possible.
Yes it would be irritating if that money was earmarked for something else, and of course it's always nicer to be able to spend it on something fun/that you would get pleasure from rather than an essential but in the grand scheme of things, what a fortunate position to be in!

You're annoyed and stressed about spending <4% of your far larger than average savings? What else are you saving for that such a tiny proportion of them is an issue?

Isn't that what savings are for? I'd smart over a £7k bill on anything, lol, but if it needs doing, it needs doing. Owning a home is the most expensive thing a person will ever have, it never makes sense not to keep it in good condition.

Wouldn't phase me.

Essentially, this is what savings are for. And you'll have the same amount in savings again in 7 months time anyway. Just a temp blip in saving accumulation.

Why would it bother you? I’d be relieved I had the funds available and pleased they would be topped up again quickly. Surely that’s why you save?

I would be pleased I had savings and pleased I was able to replenish those savings quite easily.

Agree with others. That’s what savings are for🤷‍♂️

If its to improve my home I'm happy as I know the pots still being added to.

I'd be less happy I didn't see a benefit and if the size of my safety net was being reduced.

Three written quotes and going with the one I had most confidence in... not a problem.

One random quote and I'd be squirming no.

I’m really being entirely honest. We put money away every month with the assumption there will always be boring maintenance jobs like plumbing issues, electrics, leaks or whatever that you have to sort out. It’s not surprising and I’m perfectly happy to spend money on ensuring the house stays in good condition. I can hand on heart say when our boiler broke down and we had to get it replaced & add some extra boost thing to help water pressure then spending £7k didn’t phase me in the slightest. At the end of the day it’s the cost of a couple of 1 week all inclusive holidays (& not even expensive ones) for something essential that keeps the place you live the majority of the time in good working order. The whole purpose of savings for me is that it means getting those kind of bills come up is a non event and you don’t have to worry how you pay for it. Are people just operating on the assumption they can somehow indefinitely avoid maintenance and repair costs for their houses?

I just had to pay £7k for crucial home maintenance (just to replace what was already there, not even an improvement to enjoy) and I have zero savings so am now in debt. So in the situation you describe I’d be delighted to have the savings to use!

It's taken years to get savings, but these days I would be disappointed to see the balance go down, grateful that the balance is big enough to cover it but still leave me plenty, and resolved to build it back up.

Well nobody would enjoy dropping 7 grand on something essential but not pleasure giving. I'd be a bit irritated that the left felangee had to be replaced, but would feel fortunate to have the money easily available.

Oh and we have about £100k total savings with about £20 of them being more short term ones for things like this and the rest invested for longer term growth and that we intend to cash out when we retire. Ultimately if I had to spend from the invested £80k I’d be a bit irritated and I’d have a good think about if I wanted to do that or borrow the money instead

I think most people having to fork out 7K for an unexpected repair bill would be pretty pissed off, no matter what the savings level.

You have to get pretty high up the wealth scale (maybe the top 10% of the population) before that amount becomes trivial.

I would think ‘Fuck, that’s going to cost 7 grand. Oh yay, I’ve got 60k in savings and save 1k a month so by summer, I’ll be back on track.’

I know someone who got a loan in similar circumstances rather than touch their savings, which were easily enough to cover the urgent need. The bank gave them a good interest rate because they had the collateral right there in the deposit account. But they were still paying 7% or something, instead of losing just 2% on the savings (and it wasn't a case of the money being tied up or a penalty for early withdrawal). They said "I don't want to start touching my savings, I worry that I might start spending them frivolously having spent some once". People have complex and not always 100% rational relationships with money.

If I take off a 0 from the end of those numbers that's closer to my actual situation (£6000 savings, £100 added per month), then £700 is a heck of a lot of money. That's over half a year of savings, it's a massive chunk of my monthly salary. I've done it when my car's needed something massive doing but it's been painful and stressful.

Well no one would be thrilled to spend £7k on fixing something that’s broken but It’s a privilege to have 60k in savings and also a privilege to be able to save 1k a month. You can afford it, it’s what savings are for. You’ll be topped up again in 7 months. Be grateful for your privilege.

We live in an old house and expect to pay around 1% of the value of the house every year just on repairs and maintenance. Big bills hurt, but they’re all part of owning property.