what do you save for ? - Savings

[flutterby1]

Just that really, what are your savings for ?

We have an account for emergrncy household repairs including cars. So a new boiler or washing machine.

Then an account for if we lose our jobs which should, with redundancy pay, keep us afloat for a few months to find a new job.

Then pensions.

We havent saved for the children. Im slightly paniced about driving lessons and university contributions now.

Primarily trying to pay off the mortgage. We are also putting a little bit in every month for the kids’ pension

Like others we have different accounts for different things - house, cars, holidays etc. The bulk of our money is hopefully for a nice (early!) retirement though.

We have an annual saving spot for holiday.

Another for house renovations, car problems etc we can dip into.

And just started a long term savings pot for major purchases, overpaying mortgage etc.

We also overpay into pensions

We have a savings account that is for overpaying the mortgage when it is time to renew. Then a general savings account that is for an emergency fund, holidays and other large purchases.

We have about £2k of savings which we haven't been able to afford to add to for a couple of years now. It's for emergencies - we rent so boilers, plumbing etc isn't our responsibility, more for things like emergency dental bills or if something breaks. We've not had to draw on it for ages thankfully.

No savings for holidays, no hope of that - I've never been on holiday and it seems more out of reach than ever now.

I agree with you x

Nobody is policing anything 🙄

Just bought a house so savings a minimal. We just have one instant access account for house renovations, furniture, annual costs like car insurance, house insurance etc, Christmas and holidays. Oh and upcoming maternity leave. better start saving...

@oiltrader so you think she should stop claiming then...?

Child benefit was never designed as a benefit for people struggling with food and rent, it was a universal benefit, it was reduced during austerity under the Tories but it was never intended to be for only the "poorest", society needs children.

Shall we start means testing state pension?

I have an account for yearly bills and pay enough in each month to cover them.
I tend to put child benefit in another account as its borderline whether I keep all of it or repay all of it or something in between (depends on bonus/overtime).
Then I have general savings for a rainy day, holidays, etc.

I have separate accounts for things. So a portion gets put aside for presents and Christmas (although I seem to dip into that every month). I put DS1s DLA payments into a separate account and use that for his medication, therapy and counselling. I put aside a bit each month for holidays and then as much as I can aside for 'unexpecteds' which recently has meant new tyres for the car.

It mostly works quite well but there is not alot of give.

car
holiday
christmas
birthdays
dog

and dentist!

You sound like my type of person!

We are already early retired so we just save for holidays, home improvements and repairs and car repairs and replacement and Christmas. Years ago we used to have different pots. Now we just have one internet saver, one regular saver for Christmas and holidays and an investment portfolio which serves as back up to our pensions and we are drawing on until state pensions kick in.

Holidays
Emergency Car repairs
Emergency Appliance replacement
Any other emergencies

If I could save more I would save for
A newer car
A new boiler and new radiators
A new kitchen

And saving to move but I cant see this happening any time soon.

We don't have alot spare right now to save huge amounts. But my savings accounts are split into

Children each have one (not much in there as we havent really been in a position to save for them 😔 since us both earning more I'm hoping to start regular payments for them)

Days out/clothing - child benefit goes in here to cover school uniforms/school holidays days out etc.

Long term savings - I want to move in the future so need to save a rental deposit and moving costs. (Never going to be able to save a deposit to buy and could barely afford a beach hut where we live 🤣)

Xmas/birthdays/annual payments - regular amounts in here to cover those.

I do have an ISA but there's nothing in it.

Same!

Big annual expenses (insurances, school fees, car service etc) so I have it when needed.
Holidays.
Christmas.

Emergency funds.

Retirement.

We save for early retirement (to supplement our work pensions), holidays (big priority for us), a new kitchen, kids savings accounts. Also more general savings for annual insurance, Christmas etc

The kitchen will be more than we thought so after that is saved for we will be saving for a loft conversion. We always have a list of what we want to do to the house next.

Our car is nice and we have no need to replace it anytime soon so no need to save for that yet.

Home improvements, holidays , dc’s.

At the moment our only significant savings are for the kids. We save a very small amount in addition to that which goes towards a weeks holiday, but can be used for other things. We have to pay an unexpectedly high car insurance amount this year so our savings will go on that, which might mean the holiday is out!

Unexpected repairs and routine replacements in the home e.g. a new Hoover etc.

I'm now spending my savings until I can start drawing my pensions in 3 years time. If I didn't save, then I wouldn't have been able to semi retire.