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'd pay off my mortgage before building up substantial savings.

We have about 2 years of comfortable living expenses saved. No point paying down the mortgage when the rates are so low so we'd rather have in savings for the unexpected and the future.

OP why are you so worried about savings when you must be making a nice income from your properties every month? That must be going into your savings if your husband is paying your expenses?

We have jointly around £10k in savings along with other investments, early 40s

32, £10k

I’ve managed to squirrel away £500 this year.

£0

We had £20k at the beginning of the year. Now we have nothing and are starting to default on payments due to COVID.

I don't have much at all but I have a property I will sell when I need to as we are landlords to two houses (houses we bought before we settled down and bought one together)

The problem with these threads is that as soon as I tell you my net worth people will scream that I’m lying because rich people don’t use Mumsnet. Despite that I’ll tell you.

We have easy access cash savings of €250,000. We’ve got over €450,000 in bonds, €1.35mil recently invested in a mixed portfolio and €2.2mil in properties.

We’re most likely the exception as DH earns 130k a year and I earn roughly ten times that through my business. IMO what matters is the amount you have saved vs your outgoings.

We’re quite frugal so if my business closed tomorrow and DH stopped working we wouldn’t need to earn another penny and still live quite well. The fact is that when you reach a certain level of savings you invest so the money earns money and then income beside salary/dividends becomes automatic.

A lot. Well 2 years Of DHs wages and no mortgage. Our house is small and this is the decision we made. We’re very frugal as well.
I have friends who continue to try and stretch themselves under the hope they will inherit from parents. One has a vulnerable job as does her husband and they are wanting to move again. I think they are mad.
However I lost my job in March and am struggling to find something else that fits, it doesn’t matter that much just now.

I have £6k, single parent and I think that’s enough of a savings pot for me at the moment, especially with the interest rate so low.

Any spare money I now have I overpay my mortgage with and my aim is to be mortgage free by the time my eldest is 18. Overpaying the mortgage now also means if I was to lose my income I could stop paying the mortgage until the mortgage balance got to where it should be without the overpayments.

I'm coming down with a serious case of the mid-30s & I have around 20 months worth of take home pay saved in a mixture of cash & ISA's. It's a bit high though as we moved house recently yet had no stamp duty bill, & also ended up taking more mortgage as a % of house value than we were intending due to a price reduction.
Historically I always aimed for 6 months of standard 'living expenses' to feel happy.

@LongPauseNoAnswer

The problem with these threads is that as soon as I tell you my net worth people will scream that I’m lying because rich people don’t use Mumsnet. Despite that I’ll tell you.

We have easy access cash savings of €250,000. We’ve got over €450,000 in bonds, €1.35mil recently invested in a mixed portfolio and €2.2mil in properties.

We’re most likely the exception as DH earns 130k a year and I earn roughly ten times that through my business. IMO what matters is the amount you have saved vs your outgoings.

We’re quite frugal so if my business closed tomorrow and DH stopped working we wouldn’t need to earn another penny and still live quite well. The fact is that when you reach a certain level of savings you invest so the money earns money and then income beside salary/dividends becomes automatic.

To be able to pull that much cash out of the business it must be performing fantastically! I'd love to hear your story / what it is you do.

Late 20s here. Between my DH and me we’ve got:

About £100k in pensions
£10k in a S&S isa
£10k in easy access cash savings

Our joint household income is about £120k. We’re just bolstering our savings after they were decimated after some house rénovations!

OP reading between the lines I think you have a v. wealthy family, v. wealthy friends and have grown up in what many would consider the lap of luxury. You have some awareness of being highly privileged but are not entirely sure of what real life is for many and are wanting to check that out? To confirm for you - you are loaded and your friends are loaded. You might want to have as much as them in savings but that doesn't mean it's actually really a problem not to. We are a family of 4 and we have 15K in savings, in our late 40's, early 50's. We have no share portfolio, rental properties or family money to fall back on. We consider ourselves lucky to have anything at all as I live in a more average world than you and my best friend has nothing, no home, no cash and is down to her last available £100 at the moment. Neither of us will inherit money and neither of our families are wealthy enough to give an 'inheritance advance' - that is only something more wealthy people can do as most people are busy living in their homes or buying essentials.

If you would feel more comfortable with more savings then you could choose to stop frittering money away (your words - not judging!). It may be an interesting experiment for you to live on a more average income for a while (look at joseph rowntree foundation for info on that) and that will perhaps help you to better understand your privilege but also make more conscious choices re: what luxuries are most important to you.