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 my own investment account which DH set up for me. Its quite exciting buying and selling things. He sometimes rolls his eyes at my holdings 😆 x

Or just the simple reason that people don’t have any extra resources after they pay their bills . Many people live on Minimum Wage,clue in the name!!!

£50k joint savings which we don’t touch
£5000 savings for holidays we only started that in Jan. so come summer should have enough for a nice holiday.
then other pots for Xmas/birthdays/

We have approx one and a half years joint salary in savings.

£15k in savings but £10k outstanding on a loan. Struggling to decide whether to pay the loan off. The loan is on a really low interest rate so I'm loathe to pay it off as inevitably when I do something will break and I'll end up taking out a loan at a much higher rate ......

£18k , aiming for £26k by December but birthdays, car maintenance , insurance and the kitchen falling to bits etc will no doubt eat into this plan 😅

You're claiming most people earn the minimum wage? Or have you just not actually thought about what I said?

About 20k. Be a lot more next year when we get married and have paid off a holiday, childcare stops when DS goes to school and a wedding.

I have enough to cover 4 months net salary. It’s the most I’ve ever had but I could still spend it very easily over the next few months on insurance, rates, a holiday and replacing the phone, iPad and/or laptop that I’ve had for years. I think I’ll also need a new car soon. So Depressing.

About 20k

A year's net salary. We are lucky. Our pensions are shite though

£2.5k.

Maybe pay £5k off but carry on paying same monthly amount so loan will be halved in payment time

Just shy of two months joint income!!

We've about three months in bills and expenses saved. But that's quite conservative because myself and my DH have very secure employment. If I quit my job I could take my pick of literally 100's the very next day (there's 0 chance of my employer terminating my contract, I'm a literal needle in a haystack), and DH would get a v.generous redundancy package if he was made redundant. We both have life insurance/serious illness cover, and if for example one of our children needed care, I could give up work, and my DH's salary would cover our bills. We also have investments we could liquidate at an absolute push. I think if you're not very confident that you'd easily get another job should you lose it, or some other way of getting money, I'd have at least 6 months of bills and expenses saved. I certainly would not spend all my savings on a new car. If you need to do that, you can't afford one. Why can't you get a cheap second hand car, until you've saved more?

Errr no ,I said many, not most !I suggest you reread what I wrote !

£475,000ish

To clarify - that's because everyone died.
Plus it's easier to save now that the mortgage is paid off.

Nothing. About 2 k on our credit cards, 1 k on my overdraft and a car loan were still paying off.

Plus 2 kids in nursery costing extortionate amounts of money

I have no savings. I work in a field with no job security/ only finished my education when I was 28. I got my first pernament contract ( which is well paid) in my late 30s. I had my kids immediately due to my age. We spent every penny of our savings on the deposit for our house and now have 2 kids in nursery so no way of saving anything. We shop in aldi go on cheep camping holidays ( and always have), don't waste money and never have. It's rather offensive to say people buy too much shit that's why there skint.

About £475,000. My husband, me, one child, one on the way. All saved, aside from a very generous friend who gifted us 10k. Daughter has 16k in her junior ISA. We're both teachers.

Out of interest, how long did it take 2 teachers to save £465k? Or did you make some very lucrative investments with a much smaller sum of money?

I am intrigued to hear the answer on this x

A lot but it will all go on school fees in 2 years and will have to massively cut back on holidays and outings.

I guess we're about 15 years into our jobs. We don't own a house though. We had cheap rent for quite a few years, and these last 2 years haven't paid any living expenses or bills as we live in a boarding school. I had a lucrative job one year (but horrible), that meant we saved close to 100k that year I think. We both earn 50k now. So those things have helped a lot.