How much do you have in savings?

[kiana2015]

As we are practically all anonymous I don't see this should be an issue with bro g honest. I've never really felt the need to save much, lately I'm starting to regret that, luckily I'm still under 30. No idea what a 'reasonable' amount of savings would be considered

I have just over 4k and I'm 38. Also have a small mortgage. I only started building my savings up during covid though as was working loads of overtime. Before that I had nothing in savings and had a loan, credit card and overdraft to pay off.

reading some of these , i wish i was minted, much easier to handle life overall

I had £20-30k that I saved before being a parent sitting there for a good few years then working part-time for five years (& costs going up) has slowly eaten away at it. Now living paycheck to paycheck but my goal in 2025 is to sort this out as it makes me feel very vulnerable.

15000. Not enough to pay for the house repairs we need. So will probably have to add to Mortgage. 12 years left on mortgage. Hoping dh will have enough left in him to work right up to retirement. I'm younger, so it'll be down to me to carry us both. I met him when we both had nothing, so i do very a bit resentful. Both have work pensions, but I have no idea what mine will be worth. Won't be able to give dc anything near what they need to survive in uni, but on paper we earn enough to. Mortgage and bills take a lot. We were doing OK; oldish cars, one family holiday a year, but every single bill going up has battered us.

About 10k instantly accessible, then another 24k in investments forDC that we won’t be touching for at least 20 years. Have a sizeable inheritance of 35k coming our way over the next week or so. 350k mortgage we just drew down this year and 2 cars.

me and DH are late twenties and 1 child at the moment. My DH worked for 10 years and saved constantly, he had 90k saved for our house deposit which has made our lives significantly easier.

as PP have said it’s very individual to the person.

Approx £26k in bank savings, £50k (me only not DP), £150k mortgage, approx £150k pensions. Both early 30s. Approx income £50-60k p/year, always been sensible

What does everyone mean by investments?

Around £40k but that will probably decrease in the coming months. Also have £300k of equity in the house (but around £250k left on the mortgage so not ideal)

I keep 1-2 months wages as accessible savings as a buffet as I'm self employed. Then I've got pension savings locked away. Then I have regular savings pots for home improvements, holidays, and birthdays/Christmas so these fluctuate over the year.

Mortgage is paid off soon so plan to save this amount each month to aid my early retirement plan (currently 63).

Most people would mean money put away directly or indirectly into shares in companies.

I'm 23 usually have between 1-2k in savings that i don't touch as it covers any broken appliances, unexpected stuff for the kids or food/petrol etc close to payday if needed if I dip into it I try and replace it.

6 months of my salary. DH has a year of his salary.

I'm 43. I have £160000 but I own nothing. I'm reluctant to buy a house as 2 bedrooms are expensive and new builds are poor quality and this won't change until we get a proper government willing to fix the country

Whatever you can is better than nothing! 😊 I know it's hard to start but it soon builds. It's the habit that's the most important - if you can save £10 without touching it, you can save £100 or £1000.

I currently have quite a lot, but I'm a single mum with an extortionate mortgage and over-worry. I've also had a few very good bonuses which are in no way guaranteed and I want to keep some saved to help DS in future (when I decide to, not him - which is why it's in my name 😂)

If I was starting from scratch, I'd do 6 months emergency savings first, and then really analyse your goals - buying a house/having kids/flashy retirement, and start saving accordingly.

A great piece of advice is to keep living on your current salary. So any pay increases/bonuses (bar a bonus treat!) throw them in savings so you don't feel the difference.

I'm 43. I have £160000 but I own nothing. I'm reluctant to buy a house as 2 bedrooms are expensive and new builds are poor quality and this won't change until we get a proper government willing to fix the country

For us I’d mean things like premium bonds, stocks & shares ISA, shares in DH’s company. Different from just a savings account. But I’m not very high-brow or into investments, that’s just what I would mean by ‘investments’.

5k in cash
Around 45k -50k in savings
i also have
my DH has similar amounts and he has several storage units /garages that he owns outright and he rents out

no debts other than a few hundred quid on CC and no mortgage
I also keep 1k as float separate that i dip in / out and add to as I go through the month

It’s always wise to have six months of your salary in savings. Though easier said than done.

I now have substantial savings but in my younger years I’d had £500, but have been concerned and built up even in lean years to have 3 months worth of mortgage and bills worth.

I’ve saved a lot but as a single parent I never think it will be enough 🤦🏼‍♀️ I suppose I just want to make sure my DDs are taken care of if anything happens to me. As I & they have gotten older I’ve worried less about it.

What do you earn in interest each year?

You would be better off buying rather than paying off someone’s else’s mortgage in your rent.

Do you have life insurance? It might be better putting £30 a month into that instead of savings

5k in cash
Around 45k -50k in savings

£5k in actual bank notes? Hopefully not in your handbag! Is this just a safety-net thing?

I saw this on another post and it's helpful

@AuntyBumBum I read that as in it's £5k in a current account and 50k locked up