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Original poster

What savings did you have by age 27?

121 replies

Sweetdisposition91 · 03/05/2018 10:51

Starting to panic a bit as I’m nearly 27, I have absolutely nothing in savings and still live at home!
Been quite frivolous with money I guess and enjoy nice holidays and cars etc, but think now I need to start being sensible and think about the future!

So pure nosiness really, how much do you aim to save per month? And what position were you in when you were 25-30?

OP posts:
Perfecto · 03/05/2018 10:52

Zilch. No car, no Home (room in a shared house,) had been working three years and started paying into a pension. Bought first house age 32.

TeeBee · 03/05/2018 10:57

No savings at all but I spent all my money buying a house as I wanted to get on the property ladder. I'm really glad I did that, best place for your money. I had also been paying into a pension for 3 years.

TeeBee · 03/05/2018 10:58

And by 30, I'd paid off my mortgage.

Johnnycomelately1 · 03/05/2018 10:58

I’d just got a 20k redundancy payout which in that economy was basically free money so I used that as a deposit on a flat. I started a pension straight out f Uni by opting out of SERPS. Other than that, nothing.

unintentionalthreadkiller · 03/05/2018 10:59

£0. But did have a flat.

Notreallyhappy · 03/05/2018 11:00

None what so ever it was the 1980s and I don't think anyone did.
Reign it in now and you'll be fine in a few years. Do you need top of the range new everything? I'm 50+ now and don't regardless of what the manufacturers say x

BamBamIsALittleShit · 03/05/2018 11:01

I'm 27, no savings, living in a rented house with my husband and kids and got a fair bit of debt. I'm not worried, it'll all come together one day.

Magmatic80 · 03/05/2018 11:04

Nothing, no car, and room in a rented house share. I then grew up, went travelling, came back and started paying into pension and savings.

mayhew · 03/05/2018 11:06

Don't panic, plan!
There's no point in regrets just think about if you want the future to be different.
Having savings gives you more choices. Whether it's property, education or travel.

I had just come back from travelling at 27, funded by savings. No savings left. I had even, stupidly, cashed in my pension (regret this now in middle age).

Started saving again, and paying into pension, living in cheap shared house with DP. Eventually bought our own. He's a good saver too.

I have always saved some of my income, even when skint. Did it with pocket money as a child and still do. I'm not afraid to spend it, though, on the things I really want.

Wildlingofthewest · 03/05/2018 11:07

None. Zero. Diddly squat.

I’m now in my mid 30s and I have none! (Aside from £30 in my sock drawer!)

While your living at home you should try to save some money if you can, once you move out and are paying mortgage/rent you will have no hope!!

sugarbum · 03/05/2018 11:07

I had no savings then. I was about 20k in debt from the age of 24 due to student loans and a career development loan I took to pay for my masters degree. I took out a consolidation loan when I was 28 because I wasn't really managing to pay it off.
Loan was then paid by age 32 which is the year we bought our first home and at nearly 44 we have just bought our 2nd home with a humongous mortgage for the next 22 years. We have zero savings (we do both have pensions) but we figured if we didn't go for it now, we'd be stuck in this house forever.

stressedoutpa · 03/05/2018 11:07

Nothing. I was in my last year at university so had a student loan, overdraft and credit card to pay off.

sugarbum · 03/05/2018 11:08

I should add, I have DH to thank for saving for the deposit on our house. I couldn't save AND pay off my loan.

eurochick · 03/05/2018 11:29

None because I had just used every penny to buy a house. But I did have around 30k before that. I used 15k ish to buy the house and the other 15k to buy my first decent car outright.

Original poster
Sweetdisposition91 · 03/05/2018 11:30

Those of you who Own your own homes, how long did it take you to save for a mortgage?

Always wanted to go travelling but feel I’m too old now to come back to nothing?!

I’m very happy at home and also have 2 large dogs would you suggest I stay at home until I either meet someone and want to move out with them or until I have enough savings for a mortgage?
I’m in Essex and getting on the property ladder seems an impossible task but I know I just need to make a start.

OP posts:
theunsure · 03/05/2018 11:31

Nothing, because at just turned 23 I had my first house and used literally every £ to my name to buy it.

But by 30 I had saved another £6k and bought a horse

Warsaw0912 · 03/05/2018 11:34

I’m 27 now and in rented with bf after many years of housesharing at uni and after. Have about £3500 in savings but have an overdraft of about £1000 and a credit card at £800 so net savings of £1700... not much but it’s a start. Has took me about a year to save that btw and have not been very careful ... I love holidays

mustbemad17 · 03/05/2018 11:37

30 this year & have zilch in savings. I rent from the council. Do own my own decent car. Just never earned enough to live & put away sadly. Hoping to be able to start saving next year with DP but with baby number 2 due next month, i'm not holding my breath

greendale17 · 03/05/2018 11:38

Around 40k- I bought a house the same year.

justabunchofbunting · 03/05/2018 11:38

HA! none. Still have none today and im married with kids.

I think you are doing well to start to save now and you shouldnt be worried about your lack of savings up till this point.
If you are living at parents just start to put a little away each month.. even if its just a few quid sometimes.

I did save up for something (not a deposit though) when I was in my twenties and amassed a few grand fairly quickly because I opened a building society account that only had a book no card... so I would have to go in if I wanted to draw money out, which was a massive faff... so I found it easy to leave the money I put in there alone even if I was really skint.
I was working full time and just put any tips I got or any uneven number of pounds that was over my weeks payslip in there. It added up nicely in the end without causing me too much hardship.

Baubletrouble43 · 03/05/2018 11:40

at 27? Ha! I was in minus figures. A single mum of a four year old and a crappily paid job in a hotel to boot. But I bought a house at 37; shared ownership, not sure I would have managed otherwise.

Wildlingofthewest · 03/05/2018 11:41

Saving for a deposit may take you a very,very long time depending on your income and current outgoings. Sit down and do the sums - how much disposable income do you have at the end of the month that you can put into savings for a deposit? Then roughly work out how long it will take for you to save £10K, this will give you a ball park figure. Then you willl know roughly how long it will take depending on the deposit you are going to need to have as a minimum.

Do you live with parents? Are they happy with the arrangement?

Your not too old to go travelling - in fact it may do you the world of good!

Etymology23 · 03/05/2018 11:44

I’m 24 and have about £7k in savings, £10k in my pension and have my house as well.

But I deliberately took a job I knew I wouldn’t love, but that paid well, in a cheaper area of the country because I wanted financial security. That’s not a choice everyone would want to make.

MustardCactus · 03/05/2018 11:49

I'm 27. No savings. Pay £800 a month in rent so no hope of buying any time soon! Nothing left to save at the end of the month.

MelanieSmooter · 03/05/2018 11:51

About £3.

Now I’m 29 and have about £4.

Woohoo!

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