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[Finance] How much savings do you have ?



Napper

Well-known member
Jul 9, 2003
23,858
Sussex
following on from the 50k thread.

Be interesting to see the responses.

Me , about 1k but bit pointless as owe elsewhere
 




spongy

Well-known member
Aug 7, 2011
2,759
Burgess Hill
Absolutely zero.

Don't earn enough to.

When I can save 200 quid the car fails an mot or need to buy something else that's broken. Been saving for a new bed for a year then the Mrs car dies. Always one thing after another.

Earn 50k? 30k would do right now!
 




edna krabappel

Well-known member
NSC Patreon
Jul 7, 2003
47,228






Normal Rob

Well-known member
Jul 8, 2003
5,644
Somerset
if you mean pure savings (as in money in bank, shares etc) - £0

Some collateral in the house, plus been contributing to a pension for about 15 years.
 














Bozza

You can change this
Helpful Moderator
Jul 4, 2003
55,575
Back in Sussex
Absolutely zero.

Don't earn enough to.

When I can save 200 quid the car fails an mot or need to buy something else that's broken. Been saving for a new bed for a year then the Mrs car dies. Always one thing after another.

Earn 50k? 30k would do right now!

Possibly the best thing I ever did money-wise, quite early on, was to setup a separate bank account that I moved cash into every month on pay day for all the things that were either annual bills or to cover things that could happen from time to time. The amount I saved was equal to what each of those things cost a year divided by 12. So, for example (and some of these numbers are just there for illustration)...

- Car Insurance - £30
- Car Tax - £20
- MOT and car maintenance - £30
- TV Licence - £10
- Christmas (presents and general increased expenditure) - £50
- Other stuff going wrong - £50

etc etc

Now, I fully appreciate that if things are tight, it may be easier said than done to get this up and running, but it meant that I was constantly saving for things that I'd need to pay for, but I wouldn't have one of those "I could really do without the car needing new tyres as the washing machine needs repairing too" months.

I'd keep track of each individual "pot" within the account, and I'd often find that one pot may go negative but that would be offset by other pots being positive. At the end of each calendar year, I'd asses whether I was saving enough or too much for each individual thing, and adjust if required.

It really made a difference when it came to money stresses, at a time when I didn't have much spare money.
 


dazzer6666

Well-known member
NSC Patreon
Mar 27, 2013
52,006
Burgess Hill
A couple of years gross pay or thereabouts. Saved very little at all until early/mid 40s but a combination of clearing mortgage, fewer other commitments and job changes since then have helped.
 


marcos3263

Well-known member
Oct 29, 2009
919
Fishersgate and Proud
I have a few grand but spunking it all on a new bathroom which is probably a really silly idea. but I will stop overpaying the mortgage for a few months to pay it back.

I am over paying the mortgage by £500 a month in an effort to be mortgage free in 9 years (so I will be mid 50's) this seems more sensible than money in the bank not earning interest.

However I am an only child and when father snuffs it I will inherit his property and a few sheckles so I do have that to look forward to. In an unrelated question - how cold will it be this winter and can anyone tell me the best way to disable a boiler? :whistle:
 






Moshe Gariani

Well-known member
Mar 10, 2005
12,068
Possibly the best thing I ever did money-wise, quite early on, was to setup a separate bank account that I moved cash into every month on pay day for all the things that were either annual bills or things that could happen from time to time. The amount I saved was equal to what each of those things cost a year divided by 12. So, for example (and some of these numbers are just there for illustration)...

- Car Insurance - £30
- Car Tax - £20
- MOT and car maintenance - £30
- TV Licence - £10
- Christmas (presents and general increased expenditure) - £50
- Other stuff going wrong - £50

etc etc

Now, I fully appreciate that if things are tight, it may be easier said than done to get this up and running, but it meant that I was constantly saving for things that I'd need to pay for, but I wouldn't have one of those "I could really do without the car needing new tyres as the washing machine needs repairing too" months.

I'd keep track of each individual "pot" within the account, and I'd often find that one pot may go negative but that would be offset by other pots being positive. At the end of each calendar year, I'd asses whether I was saving enough or too much for each individual thing, and adjust if required.

It really made a difference when it came to money stresses, at a time when I didn't have much spare money.
This is extremely good advice. In fact I can't see how anyone with only just enough money annually could possibly manage without doing this. These days it is made a bit simpler by more things being on monthly DD but "Christmas & Birthdays" and "House & Car" are essential pots to save into every month if you are on a limited and fixed income ...
 




Foolg

.
Apr 23, 2007
5,024
About 1 and a half years salary.

It's all been saved as a deposit for a flat, but now struggling to find anything in my budget which hasn't got a 'issue' of some sort attached to it.
 




Da Man Clay

T'Blades
Dec 16, 2004
16,254
Not as much as i’d like. I was dreadful with money until about 25 though. I still find it incredible that money management wasn’t taught in school. I’m 31 now and have pretty much fully sorted myself out. Just finishing off my last small bit of interest free debt and then will concentrate on building up the savings. I’m over paying the mortgage by about £300 a month at the moment though as think that is much better concentrated on in the long term.
 


Weststander

Well-known member
NSC Patreon
Aug 25, 2011
63,386
Withdean area
This is extremely good advice. In fact I can't see how anyone with only just enough money annually could possibly manage without doing this. These days it is made a bit simpler by more things being on monthly DD but "Christmas & Birthdays" and "House & Car" are essential pots to save into every month if you are on a limited and fixed income ...

Many millions can’t afford to do that. Instead fire fighting each month to meet each DD or groceries bill as they arise.
 



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