How much do you have in savings?

[Mum8929]

Husband and I have a small emergency pot but need new cars and worried we’ll be left with almost no savings. How much do you have in savings?

[flapjackfairy]

you first !

[KCSIE]

We have enough to cover a year's worth of bills. I work PT and DH works in quite a niche role, it took him 8months to find a new job last time he was made redundant, so we've gone for up to a year to stay on the safe side.

[BouleDeSuif]

£190.

[CremeEggOverload]

4.90 in coppers

[DancefloorAcrobatics]

Enough to cover about 4 months of wages.

[SockStock]

~£250k. Planning to use it to pay off the mortgage next year but the thought of completely emptying the pot is frightening.

[MamaMode]

@Mum8929

Husband and I have a small emergency pot but need new cars and worried we’ll be left with almost no savings. How much do you have in savings?

The fact that you can both consider buying new cars and still be left with a small amount seems like your emergency pot contents at present is reasonable.
Would you consider just one car for now? As one new car is better than two broken cars I'd say. Then at least you will have a bit of time to build back up your emergency fund or save for another car

[SoRainbowRhythms]

Not a sausage.

[stargazer02]

Typical recommendation is 3-6 months.
If I thought I'd have a big expense like a car coming up, I'd be going for a bare bones budget starting today and building up as much as possible to avoid loans. Weathers getting better so scrap gym memberships and streaming services and get outside more, review all bills.
I'd not be concerning myself with anyone else's. It's going to vary wildly

[K0OLA1D]

£300 quid in mine
£200 quid in dps
And about £1500 in gold

[Fullofhelium]

600 quid. Which sounds like nothing but I am mega chuffed with myself about as I’ve cut back everything I can to try and save this year. I’m aiming to have about 4 months worth of wages saved incase we ever get made redundant.

[Sprinkles211]

-£44,000 plus my mortgage, probably never will have any savings

[LemonySnickets]

Currently have £1.71.

[Terfosaurus]

I have £5 in my savings account. I'll probably transfer it to my normal account before the end of the month when I need bread/ milk/bus fare.

[idontlikealdi]

£0

[CharSiu]

Why do you need new cars, are they actually dangerous to drive?

[positive37]

£35k but in a pot I can't touch for a while!

[KCSIE]

@K0OLA1D

£300 quid in mine
£200 quid in dps
And about £1500 in gold

Always baffles me when people say they've got savings in gold. I'm picturing a gold bullion on your mantle. Probably not accurate. 🤭

[MarieAntoinetteQueenOfFrance]

@SoRainbowRhythms

Not a sausage.

Are you vegetarian?

[NCForQuestions]

£312 in an account I'm about to empty to pay off my credit card.

£73.12p in an ISA.

Don't ask about debt.... Between the credit card and car finance that's about £16k.

[Singlemum90]

Between me and husband, about £13k. For us it's about 2.5 months expenses. I'm aiming for £20k next, and then 6 months expenses etc. I think having goals makes it easier. I aimed for 5k, then 10k etc.

Knowing there is some kind of cushion to hard times is a feeling I appreciate more than having new things. Not that many years ago I was in nearly £20k of debt, facing eviction because I couldn't pay the rent or minimum payments, and my debt was more than my annual salary. I feel unbelievably bloody lucky to be able to save now. I think new things like cars etc are great, but if they take the mental freedom that comes with having a 'cushion' away, they aren't worth it. I'd go for one car and then save for the second rather than take all the savings in one swoop.

Just my two cents!

[Calculuses]

Loads now, enough to "pay" myself my current salary for the 13 years between now and my normal retirement age if I wanted to.

Obviously that's taken a lifetime to build, but I've always saved since the day I got my first Saturday job. Actually before that, my first house deposit was partly formed of savings put away from my childhood birthday presents.

[SomethingDifferentt]

Just over £43k.

[PositiveLife]

About £10k. But that's the most it's been for ages. Weirdly I feel more stressed about money than when I had minimal savings

[Cyantist]

A lot. But only because we sold our house and are currently renting while looking for somewhere to buy so all the deposit money is in savings accounts. Once we find somewhere to buy we will go down to pretty much nothing at all.