How much do you have saved?

[lilythepink32]

Just that? How much savings do you have?

We have a home, pension etc. But I'm talking about savings account?

I'm 29.

• *Title edited by MNHQ **

I’m 26 and currently have £7k saved up. Will have £10k by November

It is often advised to aim for 3-6 months' expenses.

6 months outgoings as a minimum was always my goal, anything above that is extra savings towards specific goals, holidays / home improvements etc.

What is other people have saved is meaningless, because what you need is so dependent on circumstances.

A good rule is:

Everyone should have at least 1000 saved.

Then at least 6 months salary saved.

And of course a pension.

After that my view is you should not fritter money unnecessarily and anything not spent is therefore saved.

32 - £50k

It depends on what it's for and your lifestyle though surely

Surely a safe amount depends entirely on your outgoings and exposure to risk? So if you have a huge mortgage and credit card debt, and/or an insecure job or one where your income varies widely, then you'll need much more saved than someone with a secure job and a small amount of outgoings.

2 years of living expenses as an absolute minimum. You never know what could happen, if you have an accident and are unable to work for whatever reason, it gives you time to downsize and adjust your lifestyle.

I'd also say 6 months living expenses is a good cushion to have.

It depends how secure job wise you are though.

At least 2 years living costs.

Good to know.
I don't really have any expenses! Apart from my phone!

It's not clear to me whether your asking what we actually have or what we think is the right amount.

Our household has about a year living exactly as we do now but we could budget more and eke it out further, of course.

I think 6 months is usually the recommended amount but during these times you might want a bit more of a cushion as it will likely take much longer than usual to find a new job (depending on your job of course).

Two years living costs? How realistic is that?
Six months if you can manage it. The covid nightmare seems to show that most people barely have a month.

@Sunshineandsparkle

2 years expenses?

I am just interested in what people have saved. It's anonymous so it shouldn't matter about sharing?

@BentBastard

It's not clear to me whether your asking what we actually have or what we think is the right amount.

Our household has about a year living exactly as we do now but we could budget more and eke it out further, of course.

I think 6 months is usually the recommended amount but during these times you might want a bit more of a cushion as it will likely take much longer than usual to find a new job (depending on your job of course).

How much is that?

@lilythepink32

Good to know. I don't really have any expenses! Apart from my phone!

no rent/mortgage, no food??

6 months
Everyone’s outgoings are different so actual amounts are irrelevant

[quote lilythepink32]@Sunshineandsparkle

2 years expenses?

I am just interested in what people have saved. It's anonymous so it shouldn't matter about sharing?[/quote]
Everyone’s amount is going to be different. Your lifestyle will be dependent on your earnings and, as a result, the amount you are able to save.

Your only expense can’t be just your phone. You must spend money on mortgage/rent, bills, food, clothes etc. If you cut back a bit, how much would you need to live? Then work out how much you’d need to cover yourself for 2 years. It’s not just about job losses as illness and accidents have a devastating impact too if you’re not prepared.

It’s irrelevant what other people have saved though.

If my current outgoings were £3k per month I’m not going to need as much saved as if they were £13k. Surely you can understand that?

I'm just interested to know how much people have saved.

A number. That's all.

Coronovirus showed that many people barely had £500. I was interested to see what the theme on MN was.

I saved £1k and that's all my savings. I earn an ok wage but am a single mother and it's so hard to save anything really. But I'm trying to keep my £1k and not break into it, ideally a want to add to it too.

How much do you have saved, lily? How old are you if your only expense is your phone?

@PickAChew my husband pays the mortgage, the car, the insurance, the bills.

I pay for my phone as I had it when I met him. He picks up all the bills because he earns 5x what I earn.

And I already told you, I'm 29.

We are as my name suggests, finally fluid.

We have a savings (pension pot) of £180,000 to draw down in two years time.

We have a final salary and a state pension that will bring in £43 k a year before tax.

When our IFA came to our first meeting, she said that despte the above, and despite that your final salary and state was X you should have a slush fund of about £25- £30,000 to cover boiler replacments, new (second hand cars) etc....

So we went from feeling and breathe................. to aw shit, here we go again, back to proper savings....