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What’s a good amount you should try to save (with kids)?

2 replies

DonutEnvy · 24/03/2025 14:44

If you have young kids, and let’s say your partner works FT and you work part time, what would be a general good amount to try and save monthly?

I am starting to work 1 maybe 2 days a week and my DH works FT, we try to save around £500 of our household income after all bills to split into short term and long term pots.

We could maybe save more if we cut down on outings but I don’t know if this is a good amount generally.

OP posts:
Bodonka · 24/03/2025 14:49

I think you’re likely saving more than most people in that situation, if you look at the average for incomes/expenditures.

PermanentTemporary · 24/03/2025 14:59

Saving at all=good.

Levels of saving:
Emergency/unexpected bill fund; £1k
Job loss fund: 6 months' essential outgoings
Kids' orthodontistry fund: say £3k per child
University fund; anything from £1k to £15k per child could make a big difference
Future care costs fund; up to £300k per person.

This assumes that you already have:
Pension
Income protection insurance (I think it's a better option than critical illness insurance but ymmv)

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