Where have you put your share of £140 billion "excess savings"?

Rich2808

Albermarle said:

In reality while the average saving is £5000 I expect the middle class homeworking types who spend all day on teams and zoom have probably saved considerably more (e.g. no commuting costs and lunch at home than at an expensive sandwich shop in the City) 

Not every 'middle class homeworking type' previously commuted to The City . There is middle class  life outside London as well 

For sure though the lockdowns have been a lot kinder to some than others and has probably increased inequality .

I didn't say which City! Could have been any city! But most people who tend to commute by public transport on trains paying expensive season tickets do tend to commute into one specific City - many of them will have saved £5,000 immediately by cancelling their annual rail ticket!

Even for somewhere like Chelmsford - barely 30 mins to Liverpool Street with only 2 stops - the price of an annual season ticket is £4,500 year or £5,500 if you add a travelcard to use the tube. Go a bit further out in Essex to Colchester and its closer to £8k.

happybagger

Most of my extra savings last year went into either regular savers averaging 1.3%, or S&S ISAs. Saved less than I could have though, as I quit work. Got loads of spending to do as soon as the requirement to use masks in shops ends.

strawb_shortcake

Checked my accounts, I am up about £11k in the last year, bit skewed as I did have a nice little lump sum last summer, but also bought a newer car and spent £2k on the house too. 

I have invested my first £3k, will be adding to this again this year. 
Also got some more work to do on the house, but hoping this comes out of the joint savings rather than mine so I'm keeping quiet about my stash of money! 
Looking ahead to next year, hoping to do a 3 week holiday so keeping money aside for that but not expecting it to be too expensive.

But I am putting away at least £600 a month and building up a cushion in my current account too

MovingForwards

That £5k, nearly a quarter of my annual pre-deductions salary, is the most I can save per year and includes the £1680 I'm saving by not commuting daily.

My money is held in savings, S&S ISA and a SIPP.

I've also overpaid my mortgage each month since it started as I account for that as a separate monthly bill and not part of my savings budget.

MaxiRobriguez

Albermarle said:

MaxiRobriguez said:

Anyone who commutes into London on the trains with an annual season has probably saved nearer £10k just by that. Chuck in not buying lunch out, inability to have a holiday etc then yes I suspect there are some who have saved nearer £20k rather than £5k.

Part of my job is /was travelling around UK / Europe . All expenses paid of course, so the lockdown has actually cost me money as no free dinners /beer/wine/lunch/snacks  etc .   

Although I have saved money due to lack of holidays and just generally on lack of spending .

I'm probably one of a very small minority that has had a payrise this year...

... because our business shed about 60% of our staff, and after that there was no one left but me on our on-call rota, so straight away that bumped my pay up about £7k.

Downside is I'm on call 24/7 but nevermind. 

Prism

Someone must have taken my £5k as I certainly didn't see it. Hopefully this year will be one to recover from last years train wreck of an income.

enthusiasticsaver

The excess money we accumulated from not spending during the pandemic has gone on the following. 

New porch
Garden makeover
New TV
New garden shed
Family holiday to Centre parcs next month
Rent of UK cottage to visit relatives this summer.
Stocks and shares isas and sipps
Gifts to daughters
Loan to one daughter for garage conversion for more office space. 

No bitcoin at all.  This is mainly money saved from not eating out, holidays postponed or cancelled and saving on country club memberships.  Still spent just as much on food if not more and not much saving on fuel as we are retired anyway but due to less days out we have saved a bit.