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?

I have 150k in investments. 50k in instant savings. I know I am lucky and fortunate. My house needs so much work though I just don’t know where to start?!

Lots, but between us we have worked for nearly 90 years and bought our first place nearly 40 years ago.

Absolutely physical gold. If you invest in an ETF then there are over 100 ounce gold paper contracts for every one ounce of real gold.

I’ve enough to cover my share of bills for 4/5 months. I save monthly though and saving for more refurb/decor next year too.

Also work in NHS so good sick pay/redundancy( rare)

I agree, it is a bit meaningless unless know people's circumstances.

I have saved from a young age, but when I moved to London it all got used up while I was a struggling PhD student very quickly. I didn't start saving again till I was 34 and had a better wage and started living with (now) dh. I save a bit every month and now have enough for about 8-10 months of living costs and I'm trying to increase it so i can pay more of our remaining mortgage. Maternity leave and part-time hours have all played a part in how much I was able to put away, plus I also travelled a lot when younger. All life decisions that I wouldn't change, though.

The OP disappeared immediately on posting.

Nothing wrong with that, maybe they don't want to do anything more than listen to other people?

Maybe the op is just bored by all the boasts?

What boasts? The OP asked a question and people are answering. Out of 5 pages there are very few posters who have huge amounts saved. I haven't seen any that look like they are boasting.

@spookehtooth oh I'm sure that's true.

No, no, you are welcome. Thanks for asking. What I wanted to say is that someone was ridiculing the other day that her grandparents lived off on his wage and saved hers, and they called that financial abuse. LOL. The fact I have savings is the fact that my husband pays the bills and I save my part time wage. So instead of being financially abused , I am actually financially protected due to the fact my marriage is old fashioned.

Clearly this is a normal mn thread. Not a : I earn £100k+ and have £40k in savings.

Everyone always says you should have 3 months in case in case you lose your job, but in reality, no one I know has this .

I didn’t have it either @Oblomov24 before I received a small inheritance. I paid my £10k car loan off, bought DC a car and put the rest in Premium Bonds as an emergency fund.

I’m now old enough to be able to take a lump sum out of a pension fund too, so for the first time since I got divorced I feel a little bit financially secure. Still have to slog it out in a stressful job for 15 years til I can retire but I count my blessings every day.

Some of us do, it's one of life's underrated activities. Dull as dishwasher, until you need it. The reason most people don't, is probably because of the constant pressure to buy shit we don't need.

Funnily enough, shareholders/investors/owners have shit loads of savings 🤔

Where are all the millionaires?

No it is because they are too poor.

160k in cash, 200k in shares/investments. Mortgage free, under 40, married with two kids.
Appreciate im very lucky but also worked my way up to earn 135-145k/annum depending on bonuses. Don't really see the relevance of the op question without context - age? Circumstances etc...

About 7k but we are saving for a deposit on a house. We reckon we will be there by Jan next year. I am hot on our ingoing and outgoings and after all our bills, food etc we SHOULD have about £800 to put into savings every month but we always have something else to pay for. Car, some appliance need replacing, bday party, school trip...urgh.

Enough for two teeth implants which I'm having in two months. Then I'll have to start saving up again.

2 years household income

Enough to last two to three years if we didn’t cut back. Could probably stretch that to four to six years depending how drastically we did cut back.

For a certain number of people, sure. For an awful lot, that's just not true.

Collectively, there's a heavy investment in a lifestyle based on a high level of consumption. There's untold stats around this from so many angles, it's not fuelled by a tiny minority 🤷‍♂️

£1000 which is inaccessible and £0 accessible as we’ve just had to pay out to have our stairs redone, they were unsafe and didn’t meet regs so they’ve been done.

Problem is I also need a new (to me!) car as mine is dangerous to drive now. But we’ll get there!

I agree. It’s taken to this age - 46 - to know there’s a correlation with my mental health and savings. As a student and up until I retrained a few years ago, saving was what other people did - boring, old people. Much better, or so I thought, was to spend much of my disposable income on crap. I was on my knees financially when I retrained (working part-time to accommodate studying, single income household, no savings) and vowed to get back on track when my course was over. I now have £4.8K saved in easy access accounts, so that’s six months equivalent of food and essential bills. It’s not a huge amount, but to have that bit of a cushion is a nice feeling, and knowing I can dip into that in an emergency, rather than use a credit card. I’m aiming for £10K by the end of the year.

This is the recommendation for quickly available savings, rather than total savings. - eg to have in premium bonds, high interest short-term access accounts.

I know that's in an ideal world and it can be a huge struggle to get to even that point.... but ideally, total savings would be more than that.