Is it normal to not have any savings?

AndyPK

You have done well to have a mortgage at your age. Well done.

Make yourself an excel sheet like this to work out your monthly budget and to make sure you don't forget things. Put dates against them,

Gas
Electric
House/content Insurance
Broadband/landline
TV Licence
Council Tax
Water
Car Insurance
Car TAX
MOTs
Car Service
Boiler Service
Mobile
Fuel
Shopping
Misc

Mrs_Z

Well I don't know if is normal but certainly very common from what I hear. Lots depends on your up bringing and personality I guess. Personally I have always been a saver but my parents taught me the value of money from very early on, equally spending at home only consisted of necessities not nice to haves, if you get my meaning.

My OH instead used to be more of a spender, never went to debt but as his earnings increased, the £5 bottle of wine with the meals became a £10 whereas I would have been very happy to drink tap water..... See the difference?
Like others have said, you need a budget and you need to learn what bills are due when. A simple spreadsheet will do the job just fine. Ultimately, however, you will need to look at ways of increasing your income. it is very difficult to save if your income just about covers the bills.
Remember that spending less is also a form of saving. Have you ensured that you get the best deals on your bank accounts, insurances, mortgage, etc... Every little helps.
On the plus side, you have done very well to be on a property ladder at your age. You have the time on your side so you've got everything to play for!
Best of luck, and have a look at the debt free and mortgage free wannabee boards for ideas and inspiration!

Jackthedog

IMHO entirely normal for many at different stages of life. When I had a mortgage (at one point interest was about 15%) and young family it was a struggle to get by and not end the month in overdraft. This went on for quite a few years but gradually things improved as bar the mortgage we never took on any debt...If we could not afford it we went without till we could for quite a few years....

MARTYM8`

If you believe this study 25% of Brits have no savings at all – and 60% have less than £1k saved. Shocking – when you consider the average house price is £250k+

So I wouldn’t worry if you have no savings at 23 – if you have none at 53 that might be a worry!

http://www.thisismoney.co.uk/money/saving/article-2769290/Majority-Brits-1-000-saved-surprise-cash-Isa-rates-record-low-1-17.html

Waldorf_Statler

You're young, and own your own home (albeit mortgaged) so you're doing well. Take the advice here about budgeting.

But don't stress too much about the savings for now. Just make sure that any future pay rises are squirreled, and not sauntered, away.

I was in the same position as you at age 25. I bought a flat on my own and wiped out my savings in doing so. My monthly finances were tight so I had little room to save. But I built it back up again by maintaining the same lifestyle when my earnings increased.

You will also find that when you meet someone you want to share your life and home with, this helps enormously with the bills. Not that financial reasons necessarily make a good basis for a relationship...

Freecall

As I write this, MSE has 699,283 posts on the Savings & Investments forum but 3,205,202 on the Debt-Free Wannabe forum.

So, nearly 5 times as much interest in discussing getting out of debt compared to discussing savings. You can draw your own conclusions regarding what is ‘normal’.

The fact that you are even here suggests to me that things are going in the right direction for you.

Pincher

Everybody start from having nothing.

Other than choosing rich parents to be born from, how else is it going to be?

As it turns out, Warren Buffett is not leaving anything to his children, bad choice!

If you are Syrian, and managed to get into Germany, who are you going to be adopted by? Just ask what car they drive. Volkswagen? Sorry, I'm looking for a Mercedes household.
Audi? Only if you have a pretty daughter.

I just keep buying Euromillion tickets.

Voyager2002

Lots of people have no savings, but the result is that life's little setbacks can turn into major disasters for them.

I suggest that you have a look at the 'old style' section of this forum for suggestions on how to reduce your costs without damaging the quality of your life.

Pincher

There is a savings from nothing trick you can try.

I got a £3,600 0% Fee 0% Balance Transfer credit card from Tesco, and I also have £3,000 earning 3% in a Tesco current account.

There is a chicken and egg thing, in terms of you need a balance to transfer with.

You can do something similar with the TSB Plus account, but the BT deal has a fee. The 5% Regular Saver is worth doing, too.

Managed well, it builds credit history, and provides a cushion, plus some free money in interest.

atush

Basically, you are doing well so far but I agree with many above you first need a Budget. And you also should post an SOA ont he debt free board, or at the very least do a spending diary (and write down every single 50p or more you spend)

as I have yet to meet/know anyone who does so that does not find some small amt of waste, and I have yet to fine someone who cant get a single fixed cost reduced ie utilities, phone etc.

Getting these items straight will help you to save more, and a budget will mean nothing ever creeps up on you as a surprise.