Savings - how much do you have?

[twinkletoesbluesky]

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....

I've been amazed at how much we can cut down. Own brand everything now!

@timestheyarechanging

Sadly £0 for me now after being made redundant and using all savings. Partner the same. Own my house though and partner owns his and rents it out for a £2.6k monthly income. So, between us approx £900k in property but nothing in the bank! Currently considering selling both properties and moving out of London to buy three properties, one to live in and two to rent out. That way we'll be able to save again. I work and he has his own business. We are both early 50s. I shall be cashing in a CS pension soon.

That's an amazing monthly income from the property. More than enough to comfortably live on considering you don't have mortgages and you've got pensions to come. Who needs savings!

@YuleHaveAWonderfulChristmas that’s fabulous . I’m going to try saving about 1/4 this month as I’ve managed to get expenses right down. It becomes more satisfying to save rather than spend once you see the pot growing !

I find threads like this interesting. I know that statistically my household has above average levels of savings, but the threads are self-selecting, so we seem woefully underprepared. In reality we have 5 or 6 months expenses in cash, about double that in S&S ISAs and we are working on pension contributions. There are some general UK stats here dontdisappoint.me.uk/resources/finance/savings-statistics-uk/

We have a similar set up to @LifeAdvice - savings come straight out by standing order (various long and short term pots), spending money goes to another account and bills money stays put to cover all the essentials. It works well.

Actual cash - almost maximum in premium bonds.
Stocks and share isa - put in £250 a month.
About £5k each in current accounts.
Lots of other non cash investments - rental properties, jewellery, classic motorbikes etc.
Sounds a lot but we are about to retire early .
Moneystepper net worth pie charts are an interesting read.

Compared to income, our savings are not as good as they should be. Far from it.

I've spent the majority of my adult life financially illiterate and only since recently hitting larger sums of income have changed that. With a working class background, there was never anyone to follow or guide. I could have done much better from a much younger age.

I detest people who say talking about money is vulgar. It originates from wealth that would rather the plebs not know. And it hurts equality across the board.

Enough to pay my share of bills and mortgage for 5 months ... the rest I have in higher risk long term investments .

I did have more as an emergency pot but given I have about £20k available via credit cards it seemed sensible to cut it down and invest more

@BasicDad

Compared to income, our savings are not as good as they should be. Far from it.

I've spent the majority of my adult life financially illiterate and only since recently hitting larger sums of income have changed that. With a working class background, there was never anyone to follow or guide. I could have done much better from a much younger age.

I detest people who say talking about money is vulgar. It originates from wealth that would rather the plebs not know. And it hurts equality across the board.

Amen to this

@Zenithbear

Actual cash - almost maximum in premium bonds. Stocks and share isa - put in £250 a month. About £5k each in current accounts. Lots of other non cash investments - rental properties, jewellery, classic motorbikes etc. Sounds a lot but we are about to retire early . Moneystepper net worth pie charts are an interesting read.

Do you pay for moneystepper?

I currently have about £300 in my name. Joint account with DH is about £12,000, I haven’t check recently.

I use the excuse that talking about money is vulgar with the ILs. SIL always wants to know but never tells anyone how much she has. I don’t care what she has saved.

GreenLunchbox
No.
I find the pie charts useful and very easy to understand. They have different ones for propety, pension, cash etc. I think they could be a bit out of date but still of interest.

Purchased a house 8 months ago. Currently have £4800 in savings (partner has whatever is left at the end of month but has just had 20% pay rise so we're moving onto better things!.) I'm in my late twenties, partner is in early thirties.

In cash we have £30K in premium bonds,
£10k in emergency fund, £1000 in isa

40k as result of a pension pot. Then joint 1.5 k pm income from that.
Wish we had saved more so that we can help dc with house deposits amd.weddings if needs be, as well.as have urgent fund and funds for house upkeep eg just needed a new window, car on last.legs

!

Yes basic dad .. we both come from.a similar background and we.wd have benwfitted from more.financial literacy.

5K in Lisa
£2320 In premium bonds.
£2890 in stocks and shares ISA

Day to day account £150
Spare £7

At the moment? £800k in pension pots, and £25k in shares. £70k in property in addition to our main home and £70k in savings.

But…..we have paid off our mortgage, kids are adults and left home and we’re mid fifties, these days we spend very little to our younger days.

We had absolutely F* All for 25 years, and I mean no savings at all, not a penny of accessible cash although pensions were always put into but they have taken a lifetime of employment to build.

Didn’t start accumulating anything until mid forties.

how do you have such big pension pots in your 50s?

When our income was really low my dh somehow managed to keep £400 in a slush fund which meant things breaking down and unexpected bills weren't a complete disaster. I do say we were 'broke' but actually we weren't, and it was because dh did that work. It was a struggle.

They say as long as you are able to save a pound at the end of each month you are well off because you're not living month to month and building a savings pot, however small.
Avoid bad debt like credit cards and car loans and save up 6 months of expenses in case you lose your job or have emergency costs like a new boiler.

About 25k. I'm about to start maternity leave and we are planning to go down to one salary once it ends. Hopefully going to use some of it to overpay our mortgage that is left (quite small now).. hoping to pay that off in the next year or so.

£21k. Our mortgage is £1k. It would be more but I am overpaying my mortgage by £1k every month.

@CurtainTroubles play around with an online compound interest calculator. I don’t know your level of financial literacy but it’s not hard to make those kinds of figures if you invest in the right things. Look at shares of companies like Microsoft. In the calculator put in some hypothetical figures and the annual % increase of Microsoft as your annual interest. Leave it for 20 years and you will be amazed at the end figure. Learning about compound interest should be taught to all kids by parents from a young age

financiallyhappy.ltd/how-much-does-the-average-person-have-in-savings-uk/

There's no point canvassing information like this on a forum. People who feel successful at saving are more likely to respond giving a false idea of where most people are at.