How much savings do you have?

Everyone seems to have a lot more than me.

I'm 23, and have £8350.

Should I be saving more? Thing is, as much as I love saving, I feel like I want to spend a bit on something. I don't spend much on me.

Thank you

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Reply 1

Reality Check

For a 23 year-old, that's a lot!

Reply 2

username2705335

I have a savings account for me but I don't know how much I exactly have.

Reply 3

claireestelle

Not including wedding budget, a similar figure to you but I inherited most of it (although I m making an effort to save more of my wages each month now)

We re saving for a house and I always want to have an emergency fund so plenty for me it save for. Guess it depends if you have something specific you need to save for?

Reply 4

username1075708

Original post by claireestelle

Aw congratulations!

That's from work that I've saved. I just don't know what to spend on! aha

Reply 5

claireestelle

Original post by 2scotty

Aw congratulations!

That's from work that I've saved. I just don't know what to spend on! aha

Thank you

if property isn't something you want then that amount would get you a pretty kick ass holiday?

Reply 6

MrMarket

I have £90 savings in my bank account ( I refuse to give them a penny more due to terrible interest rates).

I also have around £29,000 in my broker account. This is mainly composed of shares.

Reply 7

username1075708

Original post by claireestelle

Thank you

if property isn't something you want then that amount would get you a pretty kick ass holiday?

I'd love to go travelling but don't have anyone to go with! I need to learn to drive too! My dream would be a mini rover... the 2000 model... navy blue haha.

Reply 8

MrMarket

Original post by 2scotty

Don't save, especially in our low interest rate environment.

Put the money in a fund, so it is invested in the market. I recommend
HL Select Shares (Accumulation) and Kotak India Mid Cap (Accumulation).

Both funds are there on the Hargreaves Lansdown website. Open up a stocks and shares ISA, put the money there, I suggest 80/20 split between the two funds, more in HL Select Shares, less in Kotak India Mid Cap. Expect volatility.

Reply 9

ddrrzzeerr

About £30k but have about £20k of credit card debt so £10k net.

Reply 10

MrMarket

Original post by Sternumator

About £30k but have about £20k of credit card debt so £10k net.

I never understood how people get credit card debt and so much, don't the banks start charging interest on missed payments? And eventually just take away your credit card?

Reply 11

Bang Outta Order

I have like £200 :rofl:

I had about 8000 before from loans and work but keep getting in emergencies

Reply 12

claireestelle

Original post by 2scotty

I'd love to go travelling but don't have anyone to go with! I need to learn to drive too! My dream would be a mini rover... the 2000 model... navy blue haha.

Driving is a good investment :smile:

Reply 13

claireestelle

Original post by MrMarket

I never understood how people get credit card debt and so much, don't the banks start charging interest on missed payments? And eventually just take away your credit card?

They would do eventually but minimum payments can be quite low so some people could just pay that for a while whilst the interest keeps building up, for example my credit card has a 2.5k limit and the minimum payments only a fiver (its 0% for 18 months but I d never dare get near the limit :tongue:

)

Reply 14

TeenRose29

I don't even have a bank account never mind savings but if your really interested it's £0.00 👌🏼

Reply 15

Reue

Cash & Shares: £49k
Pension: £32k
House Equity: £89k

£300

Original post by claireestelle

)

Ok I understand, I always see the minimum payment thing on the top of my statement but I never do that because I'm always in fear of being charged interest.

I literally use my credit card like a debit card, I pay it off after every 2-3 days.

My limit is terrible though, £500, though I've never asked for it to be raised and I hate HSBC with a vengeance. I really only use my bank account to take in money, I store like £90-£100 in it to pay off my credit card.

Most of my money is in my stockbroking account and held in shares, where I can get a return and dividends (which are used to buy even more shares). But I am pretty angry with the banks for screwing over savers, when I have to use the stock market as a savings account, you know something is wrong.

Btw you can use the stock market as a savings account if you buy shares which are not very volatile (low market beta we call them). Things like Unilever, Diageo etc