Worried about my level of savings

[Sportbilly]

Is it normal to be worried about my financial state of affairs.

My current financials are below, can somebody advise (clearly I want to arrange to see an IFA) on their thoughts on what level of savings somebody in my age bracket should have accrued.

My details are :-

Age 43

ISA savings 2k. (Did have 50k but all went on a house deposit and furniture etc).
Pension circa 200k
No other savings
Mortgage 250k balance
No other debt outside of a 10k car loan
I do have income protection insurance

Other than my pension pot which I feel is decent, my gut feel is I am way behind the game compared with my peers of a similar age.

Thats a decent position!

I once heard someone say 'Your 20s are for gurning, your 30s for learning, and your 40s for earning.' Seems like you are already well ahead!

@BuzzShitbagBobbly

Most people’s monthly outgoings are fixed - mortgage, council tax, utilities, insurance, car, pension, childcare, school fees etc. And not teh short term.

I couldn’t live for 3 months on one months income by cutting travel to work costs and work clothes. Or by not going out in the evening etc.

No one wants to pull their kids out of school, take them off the football team and sell their kit and cancel the childminder because they lost their job. Yes these things might have to be done longer term but not in the first few weeks, when all the bills need paid. Most lifestyle adjustments take time and often things have notice periods.

Most people’s monthly outgoings are fixed - mortgage, council tax, utilities, insurance, car, pension, childcare, school fees etc

All I was saying that OP's variable costs can be lowered to make her money go further if the sky falls in (food bills can be cut, utilities can be used more economically, travel may well plummet etc). I didn't mention fixed bills like mortgage or council tax, you did, but even they are up for negotiation/payment holidays/extending the terms if the situation warrants it)

I have done the exact same calculations myself. My "everyday" budget could and would be dramatically cut if I lost my job tomorrow, in order to make my savings last longer.

That's not some crazy pie in the sky idea.

I have 4 times salary death in service, plus life insurance plus my pension....so definitely better off dead (as are most people).

My husband often comments that about me...

I would do a simple spreadsheet of all outgoings, then highlight what could be cancelled in one colour (gym membership, sky etc) and what could be renogitated or reduced in another colour. Work your way through the negotiations (mobile, insurances, mtg, etc) and make a note of what you are saving. Instead of letting the savings get swallowed up by day to day spending you should start saving it in a monthly bank account, probably an isa would be your best bet.
The idea of having a list of things that can be cancelled is as buzz said earlier it's helpful to know what you absolutely must spend to survive