The Student Room Group

How much Savings have you got?

I’ve been give a couple grand of inheritance from my dad and obviously put into a savings (I’m 20). But
I’m not too sure how to manage work and use a savings ,Why do people save?

How much savings do you have and how did you manage to save and what are you saving it for, have you ever had to dip into it?

Would love to hear everyone’s stories and tips❤️
(edited 3 years ago)

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Reply 1
Enough to be getting along with, although i keep it in stocks and shares as opposed to a savings account (with the lack of interest rates you're literally losing money by keeping it in the bank)
As to how i got it, an initial sum from the grandparents from years ago and just diverting a percentage of the salary each month into the trading account, so far im up 20% on the year :biggrin:
Reply 2
Original post by Napp
Enough to be getting along with, although i keep it in stocks and shares as opposed to a savings account (with the lack of interest rates you're literally losing money by keeping it in the bank)
As to how i got it, an initial sum from the grandparents from years ago and just diverting a percentage of the salary each month into the trading account, so far im up 20% on the year :biggrin:

How do you loose? I’ve just put it in an account but it’s not a savings account.
Hmm I’m wondering if I should consider investing. I just haven’t got the time
Reply 3
Original post by Jesswhats
How do you loose? I’ve just put it in an account but it’s not a savings account.
Hmm I’m wondering if I should consider investing. I just haven’t got the time

You get no interest, or none worth mentioning, and the value of the money is eaten away over time. In the same way that $100 in 1990 would get you far more than it will today :smile:
Personally i'd recommend it, theres plenty of apps out there these days where you can do hobby trading wherever you go and it doesnt cost a fortune like in the old days. If nothing else its a bit of fun :smile:
Hi so I've got £9,800 saved up. I'm 20. Hopefully by this time next year I should have approx £17k.But... I didn't go to uni and I have no social life so it depends what you value. Happiness and a little bit of cash (a few grand) put away should do you nicely.
Reply 5
Original post by Jesswhats
I’ve been give a couple grand of inheritance from my dad and obviously put into a savings (I’m 20). But
I’m not too sure how to manage work and use a savings ,Why do people save?

How much savings do you have and how did you manage to save and what are you saving it for, have you ever had to dip into it?

Would love to hear everyone’s stories and tips❤️


30k isn't a couple of grand

I invest £3k a month into the markets at the moment and £800/month into the offset mortgage. Dip into the overdraft to help cashflow management.
Reply 6
Great that you have a savings habit and a useful lump sum. The secret now is to save regularly each month but to do this you need to be at the point where you have a regular income. So finding jobs which you enjoy, which pay reasonably and where you can progress is the foundation. The 50 / 15 / 5 gives an indication of saving targets. 50% is the indication for how much to spend on essentials like bills and food. 15% long term saving like house purchase deposit and pension and 5% for an emergency fund. This still leaves 30% for fun things which is very important.

The other secret is to find some investment which make a reasonable return at sensible risk level eg company pension schemes, company share schemes, share ISAs etc. Investing doesn’t have to take time if you use products others have developed although you do have to pay the fees. Get some free advice on line and from your bank.

Interest rates for savings accounts are woefully low currently, it’s a struggle to find 1%. If the interest rate you receive is below inflation saving are depressingly being depleted rather than growing although for relatively small amounts of money and periods of time this is neither here nor there.
Reply 7
GBP 260 equivalent in a year. In all time I have GBP 17000 equivalent.
Reply 8
Original post by Jesswhats
I’ve been give a couple grand of inheritance from my dad and obviously put into a savings (I’m 20). But
I’m not too sure how to manage work and use a savings ,Why do people save?

How much savings do you have and how did you manage to save and what are you saving it for, have you ever had to dip into it?

Would love to hear everyone’s stories and tips❤️


I started saving in September from work ( I’m 18) and currently go to sixth form and going to uni this year so saving to help myself and for my future. I currently have just over 3K by end of the year I want to be at 6/7k
Reply 9
Original post by Tashax2
I started saving in September from work ( I’m 18) and currently go to sixth form and going to uni this year so saving to help myself and for my future. I currently have just over 3K by end of the year I want to be at 6/7k


Well before uni so September I want 5k so 🤞
Original post by Napp
You get no interest, or none worth mentioning, and the value of the money is eaten away over time. In the same way that $100 in 1990 would get you far more than it will today :smile:
Personally i'd recommend it, theres plenty of apps out there these days where you can do hobby trading wherever you go and it doesnt cost a fortune like in the old days. If nothing else its a bit of fun :smile:

What app do you use?
A lot, let’s just put it that way shall we
Reply 12
Original post by MatchesMalone
What app do you use?

I currently live in New Zealand so a local one called 'sharesies' and 'Hatch'. To be honest i'm not sure if theres one in the UK that is overly comparable to them in style.
about 12k, i invest £400 a month in stocks and £333 in LISA
Original post by Gent2324
about 12k, i invest £400 a month in stocks and £333 in LISA

How old are you and what’s your occupation?
Original post by Napp
I currently live in New Zealand so a local one called 'sharesies' and 'Hatch'. To be honest i'm not sure if theres one in the UK that is overly comparable to them in style.

Ah ok. I will look into this. I've bought a very small amount of Bitcoin and a few other crypto's, but would really like to get into the traditional markets.
Original post by AidenPearce2020
How old are you and what’s your occupation?

18 and software engineer
Original post by Gent2324
18 and software engineer

Kudos to you!
I’m 16 nearly 17 and have saved about £500 😭😂
Original post by Zarek
The other secret is to find some investment which make a reasonable return at sensible risk level eg company pension schemes, company share schemes, share ISAs etc. Investing doesn’t have to take time if you use products others have developed although you do have to pay the fees. Get some free advice on line and from your bank.

A bank is the last place to I'd go for investment advice. Online - yes, bank - no.

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