How much money do you have in savings?

[Sweetsunrise]

Hi everyone, I read a very interesting article, about how much Brits have in savings, and it got me thinking, about how I compare to people my age/at my stage in life, so I thought I’d do a poll.

The article: https://blog.moneyfarm.com/en/inves...-age-in-the-uk-how-much-should-you-be-saving/

Please feel free to share honestly how much money you have for savings/rainy days etc (if you like)

I’m in my early 20’s, finished my undergraduate degree, and doing a postgraduate degree now

I have just over £10k in savings

 

[Nolongerjustalurker]

I’m 29. I have about £1500 in savings and another £2000 in a joint savings account with my boyfriend. I’ve been quite reckless with money over the past few years, so am working towards building my savings back up. I was hugely fortunate to receive a significant amount from my parents for my house deposit, so I have a very small mortgage. I feel very lucky that my outgoings give me some flexibility to save each month, lockdown has helped with this!

 

[emm]

I am mid 30s and have about 11 grand in savings (albeit part of this is in my current account for various reasons. I am still furloughed atm and have a mortgage so trying to spend less and save more in case I don't get y job back.
Any one else read the money diaries on refinery29? it is very interesting to see how other people spend/save etc

 

[Web30]

Joint saving with my husband about 3k. My own bank account failed attempt 200

 

[Instawally]

Saving money is my favourite thing to do , in some ways it’s a blessing in other ways it’s not great as I nvr want to waste money but I have two teenagers so u can imagine the crap they want

 

[Ohchristmastree]

Oooh I love posts like this. I’m 34 and married, we hit the £40k savings mark this payday weekend. We bought a new car last year so could have got there earlier. We save about £1000 to 1200 a month and I’ve been furloughed for a year so we have lost my income but can still save from my husbands. I start a new job next week so hoping to start saving again. Not saving for anything special but I used to work in a bank and would see people in terrible debt and it always panicked me.

 

[emm]

anyone have any good money saving tips? my only one (which I am slowly trying, and awful at) is not impulse buys when food shopping and a proper list... have yet to achieve it

 

[LaurieLaurie]

Im 30 and I have a comfortable amount saved. My goal for 2021 is 1k a month.. I hit it easily in January just by cutting out pointless spends but I was still able to spend on clothes/make up so it felt easy.
I’ve banned myself from the corner shop I was sick of seeing £10+ on tit on my statements.

anyone have any good money saving tips? my only one (which I am slowly trying, and awful at) is not impulse buys when food shopping and a proper list... have yet to achieve it

Move your money into a savings account and only keep what you need in your standard account.

 

[Gembo]

anyone have any good money saving tips? my only one (which I am slowly trying, and awful at) is not impulse buys when food shopping and a proper list... have yet to achieve it

When I got my very first job my aunt said to me to always put away a small amount every month and because you’ve never had it, you’ll never miss it. It’s a good tip but unfortunately I did not do this!

However after getting in some debt in my 20’s and then having to work my arse off to pay it back I got pretty good at saving. My tip is to put the maximum amount you can afford into your savings account as soon as you get paid instead of just saving what’s left at the end of the month. My reason for this is that once it’s in savings you can take it out again if you need it however you’re unlikely to as it does really make you think and I tend to find I prefer to see it in my savings account than spend it on useless tat.

 

[emm]

Im 30 and I have a comfortable amount saved. My goal for 2021 is 1k a month.. I hit it easily in January just by cutting out pointless spends but I was still able to spend on clothes/make up so it felt easy.
I’ve banned myself from the corner shop I was sick of seeing £10+ on tit on my statements.


Move your money into a savings account and only keep what you need in your standard account.

I think the biggest drain on my money has been not the corner shop, but contactless! I didn't want it but wasn't given a choice, the random2/3£ cofees etc really add up!

 

[Rippedjeanmaybe]

I’m 25 and I have a mortgage with my partner, who is 27.

I have 11k saved, but between us we have 22k.

we do overpay on our mortgage and if we carry on as we are, we will be 38 and 40 when the mortgage is paid off, unless we move, which we are planning too after our wedding next year.

Between us we put into savings around 1k a month, I put away about £400 and he puts away the rest, but he earns almost double what I do.

I don’t have an expensive car and I won’t get a new one until this one is on its last legs, I don’t have a contract for my phone as I’m on pay as you go. We make our own lunches for work, we do meal plans and stick to the shopping list. Neither of us smokes and we very rarely drink.

I grew up with a single parent that had to scrape by each month and it always made me anxious about money, so much so I’m like a squirrel now and I like to bury my money and look at the mound. My downfall though is holidays and weekends away, which obviously haven’t happened for the last year so this has allowed us to save a bigger amount.

 

[Sweetsunrise]

Something I’ve found really useful is the “round up pennies” feature on my mobile banking app! It rounds up the amount I spend day to day and puts it away in my savings for me

 

[Mulholland Drive]

Am 27 and self-employed in IT, and saving money has always been my priority.

I have life insurance and one or two other endowment policies, but in terms of liquid cash I have about £29k saved in ISAs and one or two high-interest accounts ("high interest" being a complete joke these days)

Still need to keep on saving for the dark months ahead once this pandemic done with and we head for a deep recession.

 

[Rippedjeanmaybe]

anyone have any good money saving tips? my only one (which I am slowly trying, and awful at) is not impulse buys when food shopping and a proper list... have yet to achieve it

The main thing I do is put my money into my savings account as soon as I’ve been paid.

All of my bills go out by the 3rd, so once those have left, I put the majority of what is left into my savings accounts and leave myself with “spending money”. At the end of each month, whatever is left of the “spending money”, is also added into my savings account.

 

[emm]

The main thing I do is put my money into my savings account as soon as I’ve been paid.

All of my bills go out by the 3rd, so once those have left, I put the majority of what is left into my savings accounts and leave myself with “spending money”. At the end of each month, whatever is left of the “spending money”, is also added into my savings account.

as a % of your income, how much do you leave for spending money? lvoe these conversations, wish we had been taught better financial advice at school

 

[Galegant]

Love a post like this as I’m really in to personal finance! I’m 27, nearly 28 and have 20k in savings to save up for a house deposit. I save £1000 a month on pay day it goes directly to my savings account.
The best money saving tips I have is to 1) do a direct debit to savings so you don’t miss the money as you never really had it, and 2) if you want to buy new clothes or something, think about whether you would rather have the money or the item!

 

[Rippedjeanmaybe]

as a % of your income, how much do you leave for spending money? lvoe these conversations, wish we had been taught better financial advice at school

I think it’s about 23%. It gives me about £60 a week, which is for petrol and just general bits I might need. I don’t usually spend all that though, it usually works out about £150 that I spend. Bearing in mind this is just for cosmetics, petrol, breakfast before work, the odd takeaway, clothes ect.

 

[TeaAndYoutube]

I have $2,000 in savings at the moment. I need to pay off a credit card ($1,700) which I could pay off with savings but I don't want to part with savings. I'm fine with paying down the credit card even if it means I don't put much, if any, money towards savings until it's paid off. I'm paid every two weeks and on the eve of each payday I transfer any remaining checking account balance to savings (or debt). All of my bills come out with direct debit.

Each payday I always think of the Friends episode where Monica has lost her job and needs to tell her parents.
Dad: "10 percent of your paycheck, where does it go"
Monica (and Ross): "In the bank"

 

[265]

All I'm going to say is that I've saved up over 25K in the past 3 years.

 

[Maid22]

Im one of those people who are property rich, but cash poor, have hardly any savings.