How much do you keep in readily access savings/cash access?

ZeroSum

adindas said:

MEM62 said:

Currently, I have a £2,000 buffer in my current account and £5,000 in a Marcus account.  We also have a £3,000 buffer in our joint account.  If either one of us lost our income, we have sufficient reserves in cash to last around 12 months.  We will build the cash reserves over the next four years as we approach retirement so that we have around two years living expenses in cash.         

Presumably this budget is just for living expense ?

But even for living expenses £10k for 2 people for 12 month is really impressive. Truly money saving expert.

Probably exclusively living in Tesco Value range, Asda Essentials, no holidays?

But if you lost your job, then you wouldn't pay for a holiday whilst unemployed? Similar with food, you'd scale it back a little. 
Prior to current energy hikes, and if mortgage paid off, then £10k shouldn't be overly difficult if you keep things simplified 

Nurse2047

I have 5k however would like more so drip feeding a little into this each month. 

NameWithheld

7k in instant access and 21k on 90 day notice.

Target is to get down to 10k total cash by salary sacrificing 25% of my income into a pension and another £1800pa into a company share scheme, whilst using my savings to top up my reduced net pay.

jaypers

At present I am about 60/40 in favour of cash. I feel it should be 75/25 in favour of investments. I’m working on it. 

phillw

RG2015 said:

When people talk about living expenses, does this include house insurance, motoring costs, dental costs, leisure and entertainment?

Edit, I forgot house maintenance costs.

I'd say yes. If you know your boiler is about to give up, then you should start budgeting for a new one.

I wouldn't include fitting a new kitchen, just because you don't like the look of the current one.

In terms of how much money you hold back, it depends on how you are investing the rest of the money (or if there is any other money).

MisterMotivated

ZeroSum said:

But if you lost your job, then you wouldn't pay for a holiday whilst unemployed?

That depends on the individual and their circumstances.

Matt1510

InvesterJones said:

MEM62 said:

Currently, I have a £2,000 buffer in my current account and £5,000 in a Marcus account.  We also have a £3,000 buffer in our joint account.  If either one of us lost our income, we have sufficient reserves in cash to last around 12 months.   

£10k is an impressive estimate for 12 months living for two!

From where I'm sitting MEM62 does say -
"If either one of us lost our income"
One of us, not both of us.
So 10k readily access plus one salary, should be fine.

subjecttocontract

I have guaranteed income, no mortgages on my properties, no other loans and managable monthly outgoings but I am a reasonably big spender so I keep around £15K in my Santander account at 0.75%.

jimexbox

subjecttocontract said:

I have guaranteed income, no mortgages on my properties, no other loans and managable monthly outgoings but I am a reasonably big spender so I keep around £15K in my Santander account at 0.75%.

Why not get a far better rate? 

Cus

Do premium bonds count as ready access?