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Original poster

Savings - how much do you have?

161 replies

twinkletoesbluesky · 27/11/2021 00:59

Just that really, trying to get a good lump saved in case of emergencies.

How much do you currently have saved and do you feel comfortable with it?

I know some people have hundreds whilst others have thousands so just interested really....

OP posts:
TuftyMarmoset · 27/11/2021 15:52

Just over £10k but it’s in different pots - holidays, house stuff (saving up for a new bathroom and replace downstairs flooring), emergency fund etc. We put several hundred into each pot a month. No debt except student loans and mortgage. I have a pension with another £12k or so, DP doesn’t have one.

My aim with the emergency fund is to get to 6 months of expenses. My DP will probably be unemployed for a period next year and we can survive on my salary but I want a safety net in case I can’t earn for whatever reason either.

DontKeepTheFaith · 27/11/2021 15:58

We have about 8 months joint salary in cash and approx 12 months joint salary in shares. The shares are long term though, hopefully for our kids.

DH is retiring next year so won’t be saving as much.

QuickLearner · 27/11/2021 15:58

@Viviennemary

So vulgar to talk about how much money you have. I never do.
But other people are quite happy to do so

You do you

whywouldntyou · 27/11/2021 16:03

Three and a half years salary. I have been a single parent on benefits so know how to scrimp. Once in that mindset it's easy to save.

Gufo · 27/11/2021 16:04

About 6 months salary and a small fund for replacement car/boiler. So depending how much shit hits the fan, could rapidly dwindle!

changingchanges2 · 27/11/2021 16:08

Nothing

We live month to month but our outgoing last are insane. 3 children in private school, huge rent etc.

There's currently £7k in the bank account but that will all be gone in about 2 weeks and we're back to £0!

episcomama · 27/11/2021 16:14

We save a lot, though our primary focus is retirement. I think we have about GBP 900,000 between us in retirement accounts. Day to day savings are around 20k, investment account/college fund about $70k.

We both have illness insurance and lots of life insurance. I don't worry about the day to day but we have three kids to put through college (in the US) and I'm concerned that we started "late" in saving for that.

shiningjustforyou · 27/11/2021 16:40

Fuck all here. We do ok but there's rarely much left. Emergencies have to go on a credit card and we rent so very little financial security.

Dogmum40 · 27/11/2021 16:57

We did have about 150k but we decided to move house after getting burgled and have started a huge renovation project, the first part is completed so now we are left with around 20k! We are able to save a fair bit of money every month so we should be able to get it all back in another 6-8 months ready to spend on the next part of the building work!

Cocomarine · 27/11/2021 17:13

@Viviennemary

So vulgar to talk about how much money you have. I never do.
@Viviennemary don’t be so bloody ridiculous 🙄

It’s not vulgar to discuss money, and it’s certainly not vulgar to discuss it on a discussion forum called MONEY! Come on - don’t be so silly.

It’s actually quite rude - vulgar, if you like - to turn up on a specifically stated money discussion board and start criticising people who are (shock!) discussing money.

It might be considered vulgar for me to tell you to get the stick out of your arse - but I’m going to suggest it anyway 🤣

Dougieowner · 27/11/2021 19:19

Find it a bit odd for people to count equity in a house or the size of a pension fund as savings. To my mind savings are just that, cash in the bank or investments that are readily available (possible they may be subject to notice-period).
If you own your own house and have a private and/or company pension then I wouldn't look to be raiding the value of either of these if I needed some serious cash, I would want to be certain I had real money in the bank.

Palosverdesblue · 27/11/2021 19:22

Six months salary in cash this week, but I’m spending it on a car next week so I’ll be starting again.

Needspace21 · 27/11/2021 19:25

And then if my Mother dies without needing nursing care, there should be a decent inheritance

Hmm I don't think that's what OP was asking.

I have 5k but very tempted to spend it.

Dougieowner · 27/11/2021 19:33

Currently got about 15yrs gross salary in the bank :-)

Sounds like a lot but then again I am living in temporary accommodation since selling my old house and waiting to complete on the new one. In the next 6-8 weeks a fair chunk of it will have gone............

Normally would expect to have 2-3yrs gross salary in savings & investments (NOT including pensions)

user1471554720 · 27/11/2021 19:47

Viviennemary

So vulgar to talk about how much money you have. I never do.

I think this attitude has led to so many women pursuing careers which pay poorly, don't ask for salary increases, and then wind uo working tul 68 with only the state pension.

I was bright at school but went into a career which didn't pay well, as no one would talk about money. I didn't understand how house prices were so dear in relation to my salary, despite doing well at school, further study and working fulltime.

No that I am 50, no one is talking about pensions!! People don't want to share info in our circle. I think they almost like to feel smug retiring at 60 and seeing others working til 68.

CrimbleCrumble1 · 27/11/2021 19:55

I have 67k.

TuftyMarmoset · 27/11/2021 19:58

@changingchanges2

Nothing

We live month to month but our outgoing last are insane. 3 children in private school, huge rent etc.

There's currently £7k in the bank account but that will all be gone in about 2 weeks and we're back to £0!

Why are your kids in private school when your finances are so precarious? Can't you switch any of them to state school?
shivawn · 27/11/2021 20:05

15k between my husband and I. It was more but we spent 40k on a house extension over the summer. Not saving for anything in particular.

Minceandonions · 27/11/2021 20:05

I have £55k, saved from my own income over the years. I'm 37.
I need £8500 a year to pay my half of the mortgage, bills, food shops and other outgoings. So it makes me feel secure to know that I could be out of work for several years and pay myself a salary if I had to in a crisis.
I've normalised this sum of money now though, as ive built it up so gradually over many years, and feel I need an even bigger safety net.

GreenLunchBox · 27/11/2021 20:06

@Needspace21

And then if my Mother dies without needing nursing care, there should be a decent inheritance

Hmm I don't think that's what OP was asking.

I have 5k but very tempted to spend it.

I thought that 🤣 Lol at someone waiting for their mum to die. Sad
GreenLunchBox · 27/11/2021 20:08

@user1471554720

Viviennemary

So vulgar to talk about how much money you have. I never do.

I think this attitude has led to so many women pursuing careers which pay poorly, don't ask for salary increases, and then wind uo working tul 68 with only the state pension.

I was bright at school but went into a career which didn't pay well, as no one would talk about money. I didn't understand how house prices were so dear in relation to my salary, despite doing well at school, further study and working fulltime.

No that I am 50, no one is talking about pensions!! People don't want to share info in our circle. I think they almost like to feel smug retiring at 60 and seeing others working til 68.

This is very true! I think the British attitude of not talking about money is why companies can get away with paying women and non white people less than others.
rainbowsandmagpies · 27/11/2021 20:11

I think it depends on how secure your job/jobs are. I'm a nurse so have great job security and good sick pay which means we've gone for 3 months expenses for now (£6600). We're in an expensive phase of our lives (pregnant, buying a flat, getting married next week) so we're going to top up to £10k gradually over the next few year but we're not in a big hurry.

Popstarrrrr · 27/11/2021 20:24

@Viviennemary

So vulgar to talk about how much money you have. I never do.
Such bullshit is only uttered by people who are financially comfortable.

I wish I was involved in many more money conversations when I was younger. My financial literacy came quite late.

MissCruellaDeVil · 27/11/2021 20:42

I previously earned just over 6 figures in a senior position, and squirrelled lots away until I could afford to leave. I've saved 5 years expenses. As a result I was able to quit my job and retrain in something I love. As i've taken quite a pay cut I can't save as much as I could, but my income covers just about all our essential expenditure, and DH's covers savings, holidays, cars etc.

WalkingOnSonshine · 27/11/2021 20:47

450k currently in our investment pot. We’re in our 30s so this is to cover any future eventualities, including possible schooling, university, care for relatives, pensions etc.

DH has about 30k in his current account & I’ve got about 25k. We save between 2.5-4k per month so we shouldn’t have to touch our investment pot ideally.

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