To be surprised that some people find high levels of saving hard to believe?

[BeMauveMentor]

The thing that surprises me most about money threads on here is that some people seem to find it unbelievable that others can, and do, save quite a lot of money. I’m not sure if it’s because people assume everyone spends roughly in line with their salary, so there isn’t much left over regardless of income or whether it’s just not always obvious how much others might be earning. I suppose if your own circle isn’t very varied in terms of careers and income levels, it’s easy to assume most people are in a similar position.

AIBU to be surprised by that? I really don’t think it’s a normal way to think.

DH and I are not big earners. Me in particular. We had kids quite late and saved like mad our whole lives ( heading towards 50 now). No family help, financially or otherwise. Overpaid on the mortgage as much as we could. Paid it off by 40. Still enjoyed holidays etc, just didn't fritter money.

I've noticed like previous posters that those who earn more are less careful, some people we know have a big house, seem to have no money worries, parent lost their job and they were very quickly in big trouble. Both parents used to be very high flyers.

You do know how high inflation was in the past and how high mortgage rates were? It was not at all easy.15% mortgage rate anyone? And pensions, what pensions? No SIPPS, nothing flexible, terrible annuity rates.

I think when you're used to earning not-much-more than you need to live to a fairly average standard, it's surprising/so outside of your own experience that it seems unfathomable, yeah. For example, me seeing someone save £2k a month in a thread a while ago really shocked me - because that's not much less than I earn in a month. I cannot concieve of a life where I could save basically my monthly salary because I didn't need it day-to-day - like I literally cannot imagine what it would like to have that much 'spare' cash. So it does seem surprising to me, even though as a proportion of their wages it's not as huge as my experience makes it feel.

No surprise there are very different savings vs incomes

What surprises me is friends on very similar incomes who don’t invest/save well and are now in very different financial positions

Then their disbelief in “how the hell did you manage to pay mortgage off, add to pension, have premium bonds etc…”

People’s priorities are very different!!

@Tigerbalmshark

wow
saying dotcom boom - that's like 100 years ago
And I got canned in the job where I met her! When it all went wrong! We were really young then so yeah, I bounced back
But we've both seen loads of people get redundant because of that tech seems to go up and down a lot

She also saw loads of redundancies in her last place when that American finance company went bust, I can't remember what they were called

So first that happened, then her company floated on the stock market and they made loads of redundancies in advance of that to get better pricing

I think there's a poster just after you who has said it's that mentality - people who just can't fathom being made redundant, being ill - it's these people, on really good salaries, who actually take the piss out of us for saving - she hasn't done it to me, but I've heard her saying it about other people - And now late 50s with no pension plan

And some of these people had really good pension offers, some of the private companies make good offers. It's not just the public sector.

so in the days I was watching programs about paying off your mortgage, she just spent it all. I just assumed as we got older that she must be putting some away as well. But apparently not.

I think it helps that she really loves her work and in that situation people think they'll always be able to be work but again I just think what if you get ill and we've both known people get cancer in their 40s and 50s.

I think it goes without saying, if you can't, if you can't save. No one's criticising people who can't save. Or I'm definitely not.

It's just a puzzle to me when people who can save don't bother doing it.

i'm mostly on the S&B threads here but I have a very strict budget for it and just today I was thinking it's time to cut back even a box dye has gone up in price a lot.

I’m not sure why ‘living hand to mouth’ means that you’re unable to comprehend that your experience isn’t one universally shared.

OP - I think there’s a general lack of imagination tbh, and a lot of people inclined to deny any reality they have no direct experience of.

I'm more surprised by the opposite actually. The cost of living crisis and rising costs for everything are constantly in the news. It amazes me that there are regular posts on here by people who can't seem to get their head round the idea that there are people who genuinely have no money to save.

Oh and add to that the regular threads on here from people on 6 figure salaries pleading poverty. It's hardly surprising that people being able to save huge amounts isn't on most poster's radars

Yes, this.

So many posts from people pulling the wide-eyed ‘but surely I’m normal?’ act as a cover for what they really mean, which is ‘I am considerably richer than you’. It’s incredibly tiresome.

Of course people are going to be surprised/shocked if you announce that you put more away savings every month than their total income.

So is the tedious whining about mumsnet having posters with higher than average incomes/net worth, and bitch plopping on their threads as if every conversation has to revolve around those on the breadline. As if mumsnet has ever been primarily aimed at those struggling, or for those struggling.

That may be their normal. The same as struggling every month is someone else’s.

It's certainly all very surprising to me.

Having just read the coffee thread about how many people like spending a fiver a day on coffee, it makes me want to survey people to see if those who don't have less savings than those who don't.

Also I really think it depends on your job. How you’re paid. I’m self employed, consistent(ish) monthly income, so I can save a couple of hundred each month and adjust if needed, but rarely do I need to adjust. My dad is a tradesman who gets state pension, pays for a lot in cash, doesn’t really save. Even before he was a pensioner, he’s never really saved other than for presents and holidays. DH is salaried, has all his monthly outgoings sorted via direct debit. He doesn’t even have to think about it, while I prefer to transfer each month depending on what I’ve made.

We save a minimum of 2.5k per month, we paid 60k off our mortgage last week. I tell no one in real life, not a soul.

I do get where some people are coming from, but the difference in disposable income if you're two professional salaries, no kids, generational wealth vs single parent with a large mortgage, are poles apart. I'm probably somewhere in the middle - single person, public sector (professional) job, and not that long left on my mortgage. BUT living in a relatively expensive part of the country, and being on your own, add additional risk, as there's not much to fall back on if you lose your job, are long term sick, etc. Oh, yeah, and I blew about £20k towards my share of - unsuccessful - IVF with my ex, which decimated everything in my bank accounts.

I always set out with good intentions, and put money away every pay day, but I'd say about 1/2 of it can come back out again, if I'm honest. Trying to build up 6 months salary in savings, as I'm on a fixed term contract at present, but equally, I'd really love a holiday for the first time in a couple of years, following major surgery last year - and the two years before that, when I just wasn't able....

That's brilliant - I'm genuinely really pleased for folks that can do that. But, in comparison, what you put away each month is only £300 less than what I take home every month. That's in a relatively good job in education, where I have an UG degree, an MA, a PhD, and recently, an MBA too. That's pretty standard, TBH. To bring home about £3k a month.

That doesn't actually make sense. Why are you surprised that other people are different to you? That can't be a new concept.

That’s two incomes yes, mine is just over 3k and dh is just over 4k. I absolutely know we are very privileged.

I do sometimes wonder what exactly people are saving for? They sit there with hundreds of thousands in the bank and for what? To pay your care bills? To purchase a nice coffin?

Of course having a buffer is a good thing to do. But life is also for living!

Erm , to be able to retire early? To not worry about what happens if they are made redundant? To pay for a child's education? To be mortgage free and therfore have more disposable income? You do realise savings doesn't mean a worse quality of life right?

Well, not many people have hundreds of thousands

those who do will want to pass it onto their children

Those have a more normal amount of savings will want it for retirement and/or ill health and yes, care

see, I can't believe you're asking what people are saving for

Let's say somebody has 80,000 in savings

Can you not see how quickly that would disappear if you got really sick

Of course I know people can manage without that and they have to

Did you ever watch Sex and the City?
When Carrie spent $40,000 on shoes and realise she had no flat deposit - no one wants to be that person it doesn't get resolved in a comedy way like on TV

I am a multi millionaire . My mum died when I was 17 so it wasn't really discussed...money that is. Dad died when I was, 24.
I was taught to duck and dive where money was concerned...don't get into denbt....don't borrow.

So I grafted...do did my wife....I got good advice

And retired at 55...my parents would be amazed

BTW. They also taught me never to brag, never expose a possible weakness..
So no one knows

I'm not surprised as such but I can't understand people who don't save as priority. Obviously if times are extremely tight then it's a luxury. I always calculate savings first before deciding what's affordable, the savings can get used up eventually especially if you are a home owner. It's just maths isn't it, if it costs (making figures up here..)5k for a boiler and 1k for a cooker and 500 for a washing machine and all have a 10 year lifespan that's 6500 over 10 years, so you need 650 per year for those items. Add up all the things that have a 10 year or 20 year lifespan and you need a few ks at all times. It doesn't mean you are wealthy it just means you've covered future costs.

I can believe people have those savings. Someone else who lived my exact life with the same circumstances and salary could potentially have a huge pot saved.
However, I'm someone who has always liked "nice things" and have accepted that savings are the sacrifice for that. Example... I dont use the notepads from the stationery cupboard at work, I like to buy hardcover ones with beautiful designs from TKMaxx instead. I love little touches of luxury in every day life like burning a fancy candle or having a soak with a quality bath oil.

If you're not struggling for survival and basic needs then saving is just personal choice and preference, surely? Only smart thing I've done is commit to extra pension contributions because once my money hits my bank its all over 😀

Saving/being sensible with money from age 15 - not a surprise