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?

We also pay £100 per month in our children’s savings accounts and all their birthday and Christmas money goes there too. One is too small to spend it, the other never shown any interest in buying stuff.

It took you a decade after finishing education at 28 to get a job? You really must look into topping up your NI otherwise you won't have a full pension. Please investigate this seriously.

Will they have control of the savings at 18

I said pernament job so I had several jobs that were short term ( under a year), then part time, although you end up working full time in these roles, to secure more funding so you can get one if the elusive full time pernament roles. So yeah I got a secure job 8 years after finishing my education.
This is a common in academia alongside an expectation to move for every different post.

Also I'm in my late 30s by the time I retire the state pension won't exist but regardless I will have paid my full contribution by that time.

£100k saving to retire early!

I guess so, I don’t know yet. They are still young so it’s hard to know what their personalities will be like. I thought they could use it to pay for their driving license or help with Uni fees. It should be 20k each at least.

I won’t have anymore money to help with uni as we will pay for private secondary.

So variable! Pre age 50, none, hand to mouth. Now at 60, low 6 figures and building fast because kids are moved out and no big kids bills (tuition, clothing, food, etc).

Not posting!

Or working out how to name change 😁

About 4k in premium bonds. That's a bit less than 2 months net salary. DH has a bit more but he's just had a serious diagnosis and may not be able to work as much (self-employed) so I am starting to worry about how we'll manage. (No mortgage, which makes it a lot less worrying, but lots of other bills + some debts).

millionaires don't usually have lots of money in savings!

Millionaires work money rather than have savings.

Exactly!

You have to invest your money, not spend it like a poor person would. We made some good investments during the last year to help us live comfortably

I don’t suppose a poor person has the luxury of investing rather than spending.

Why does it baffle you? Gold is a great investment. Even an 1oz bullion will make you money if you hold on it long enough.

About 65k liquid cash, about 40k tied in an endowment/trust, and about 10k across other short term (ties <1yr) investments.

Nothing, spend the lot on four goes at ivf with nothing to show for it,
utterly destroying.

Saves nearly half a million.

Wow

How @bathmatshowermat

Ah sorry. Page hasn't refreshed

Free rent /boarding with school so can save

Awesome job racking up that amount! Great work.

I'm interested/curious why you're holding 475k cash. I'm sitting on 160k cash just to use the ISA interest to pay for holidays etc. generally put excess into pensions.
You'd get a much higher return investing it into pensions or property. Presumably it's in ISAs so interest is tax free? What's your rationale? Thanks.

£27,000. Planning on overpaying on my mortgage next month though!

Oh yes, sorry, it's not in cash at all! All in ISAs/SIPP!

S&S isas and SIPPs. Vanguard.

Enough for 2 years' salary but could definitely stretch it to last 3 years if needed and had no holidays.

Nothing.

Recently separated from H and I can't get my engagement ring off my fat finger. If I could I would have sold it by now for savings.