What's a good amount to have in savings please?

booklover

Hello everyone

I am writing this on behalf of my sister who has no internet at the moment. She is wondering how much would be appropriate to have in savings at present.

Her circumstances are as follows:

DH salary 30K sister 24K

They own their own home have paid their mortgage about 7 years ago.

2 children 17 and 12
No debts

She said they have about 50k in savings just sitting their current account... ( i wish I was as lucky.)

Any advice/ideas would be appreciated so i can pass these on to her.

Many thanks in advance :A

Fiona

Lokolo

Thats a good amount. Very useful for backup incase one or both of them gets made redundant in this sh** economy.

Plus spare incase the children go to university and they want to help them out.

I wouldn't say they need to add anymore, no mortgage or anything.

Maybe they should look into their pensions now instead?

rb10

booklover wrote: »

She said they have about 50k in savings just sitting their current account... ( i wish I was as lucky.)

Of which most, if not all, will probably be earning her 0.1% interest. There are many, many better accounts out there!!!!

booklover

Thanks everyone for your words of wisdom.

I have tried to advise her, but of course she wont listen to me...

She wont even look at this site!

Oh well its her loss..

She just keeps telling me that she is going to try saving 2k per month - but not for any specific purpose

At this rate she will soon have 100K saved..

They are very frugal....

Fiona

Lokolo

That sounds a lot like me..... although when I get to £100k I am buying a business so..... yeh.

Theres no point saving that amount of money if its not for anything.

booklover

You are doing so well Lokolo Good luck in 2009!

Fiona

john_s_2

Odd that she asks for your advice on how much she should have saved, but won't listen to you about where it should be saved.

Well, it's her loss if she won't listen. She's obviously not daft, to have saved all that cash.

You could try leaving a money supplement from the weekend papers round her house? They always have best-buy tables for savings accounts. She's bound to pick it up and read it.

You can lead a horse to water but you can't make it drink!

booklover

Maybe I'll try that John..

Anyway I think she should give me some of her money cos she always says she doesn't know what to do with it....:D :cool2:

john_s_2

booklover wrote: »

Anyway I think she should give me some of her money cos she always says she doesn't know what to do with it....:D :cool2:

There's a plan! You never know, she might listen to that ;-)