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  • FIRST POST
    Money Advice Service
    If you were to lose your job tomorrow, how long would your savings last you?
    • #1
    • 9th Nov 18, 12:38 PM
    If you were to lose your job tomorrow, how long would your savings last you? 9th Nov 18 at 12:38 PM
    Does it worry you?

    #TalkMoney

    This thread is part of a Hub post aimed at helping people new to personal finance start a conversation on it. It’s aimed at newbies, so please be patient with anyone posting on here.

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    We'd love it if you got involved with our other #TalkMoney week conversations we've started. Check out our hub with all the links - https://forums.moneysavingexpert.com/showthread.php?t=5921799
    Last edited by Money Advice Service; 12-11-2018 at 3:00 PM. Reason: More info
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Page 3
    • Rheumatoid
    • By Rheumatoid 15th Nov 18, 2:02 PM
    • 488 Posts
    • 1,259 Thanks
    Rheumatoid
    Hi, we've removed some off topic posts.
    Originally posted by MSE Andrea
    Who determines what is off topic?
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:
    Year 1 = 4152kWh; Year 2 =4169; Year 3 = 4389; Year 4 = 4510
    • dont_use_vistaprint
    • By dont_use_vistaprint 15th Nov 18, 2:18 PM
    • 361 Posts
    • 102 Thanks
    dont_use_vistaprint
    At current levels of spend, investing, giving, 2 years max. Just spending, about 4 years , with some adjustments to holidays 5-6 years. With a downsize of house/cars/healthcare probably 8-10 years.

    I think its way too long, I'm obviously not enjoying myself enough while I'm alive!! :-) . Its wise to have a buffer for the unforeseen, but money should be used not stuffed away. I think I'm going to make some adjustments in 2019.
    • TBC15
    • By TBC15 15th Nov 18, 2:38 PM
    • 714 Posts
    • 368 Thanks
    TBC15
    Who determines what is off topic?
    Originally posted by Rheumatoid
    Before you get deleted, the answer is in the answer. New speak ++ good.
    • Rheumatoid
    • By Rheumatoid 15th Nov 18, 2:48 PM
    • 488 Posts
    • 1,259 Thanks
    Rheumatoid
    Before you get deleted, the answer is in the answer. New speak ++ good.
    Originally posted by TBC15
    but deletion based on the arbitrary decisions of some single person regarding relevance just looks like an opportunity for censorship by the back door to me.

    Bye Bye post
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:
    Year 1 = 4152kWh; Year 2 =4169; Year 3 = 4389; Year 4 = 4510
    • Alexland
    • By Alexland 15th Nov 18, 2:52 PM
    • 4,192 Posts
    • 3,504 Thanks
    Alexland
    Hi, we've removed some off topic posts.
    Originally posted by MSE Andrea

    I'm amazed my top tip about how to get that leathery smell cheaply survived.
    • Rheumatoid
    • By Rheumatoid 15th Nov 18, 2:52 PM
    • 488 Posts
    • 1,259 Thanks
    Rheumatoid
    I'm amazed my top tip about how to get that leathery smell cheaply survived.
    Originally posted by Alexland
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:
    Year 1 = 4152kWh; Year 2 =4169; Year 3 = 4389; Year 4 = 4510
    • TBC15
    • By TBC15 15th Nov 18, 2:52 PM
    • 714 Posts
    • 368 Thanks
    TBC15
    but deletion based on the arbitrary decisions of some single person regarding relevance just looks like an opportunity for censorship by the back door to me.

    Bye Bye post
    Originally posted by Rheumatoid
    Surly anything that furthers the common good must be ++
    • TBC15
    • By TBC15 15th Nov 18, 3:07 PM
    • 714 Posts
    • 368 Thanks
    TBC15
    Just out of curiosity what level of sarcasm gets you deleted/band as I feel I may be walking the tightrope, and I really do value the precious resource of the MSE forum.
    • Vet
    • By Vet 15th Nov 18, 3:23 PM
    • 81 Posts
    • 51 Thanks
    Vet
    I reckon around 2 years
    • TBC15
    • By TBC15 15th Nov 18, 3:37 PM
    • 714 Posts
    • 368 Thanks
    TBC15
    I'm amazed my top tip about how to get that leathery smell cheaply survived.
    Originally posted by Alexland
    Ever been “down at a tube station at midnight”?
    • eskbanker
    • By eskbanker 15th Nov 18, 3:47 PM
    • 9,069 Posts
    • 10,490 Thanks
    eskbanker
    Ever been “down at a tube station at midnight”?
    Originally posted by TBC15
    "Couldn't see, hear, speak any longer" seems fitting too
    • TBC15
    • By TBC15 15th Nov 18, 4:18 PM
    • 714 Posts
    • 368 Thanks
    TBC15
    "couldn't see, hear, speak any longer" seems fitting too
    Originally posted by eskbanker
    :t:t:t:t:t:t
    Last edited by TBC15; 15-11-2018 at 4:28 PM.
    • JoeCrystal
    • By JoeCrystal 15th Nov 18, 4:53 PM
    • 1,499 Posts
    • 961 Thanks
    JoeCrystal
    I would say nine months before I run out of money. So here is hoping to never lose my job!
    • ndf9876
    • By ndf9876 15th Nov 18, 5:10 PM
    • 122 Posts
    • 67 Thanks
    ndf9876
    Just me or just my partner - indefinitely (albeit with cuts)
    Both my partner and I - 4 months with no changes in lifestyle before we would have to look at remortgaging / selling up / selling cars etc. Could probably stretch that to 6 months if we made serious cutbacks.
    • Flobberchops
    • By Flobberchops 15th Nov 18, 5:48 PM
    • 898 Posts
    • 712 Thanks
    Flobberchops
    If I were to immediately put the brakes on savings and investments, I could eke an existence for about 2.5 years. Longer if I liquidated existing non-cash investments.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • Ray Singh-Blue
    • By Ray Singh-Blue 15th Nov 18, 8:09 PM
    • 404 Posts
    • 539 Thanks
    Ray Singh-Blue
    For the purposes of this, dare I say, rather pointless thread- lets imagine that RSB lost his job tomorrow.

    If he had enough savings to live off for the rest of his life, then would he be working as a keyboard monkey today?

    I think not.

    He'd be on the beach in Mexico with a Pina Colada in one hand and the Girl from Ipanema in the other.

    So - newsflash - RSB needs to work.

    This mean he only needs enough savings to bridge the gap between losing one job, and finding another.

    How long will that take? A week? A month? Two?

    Either way, he's good. So nothing to see here. About your business.
    • JackeeBoy
    • By JackeeBoy 16th Nov 18, 3:45 PM
    • 34 Posts
    • 11 Thanks
    JackeeBoy
    2, maybe 3, months.... I have had a very expensive few years.

    All my savings went when we purchased my house. 9 months later I built up £10k then that went on a wedding. Saved a decent £6k in the 7 months after the wedding before my wife stopped working for a year after as she gave birth to our child. By the time she went back to work, only had about £2k left in savings. Now my son goes to nursery full time which cost around £1200 a month meaning that we only get to save money if we get a bonus.

    Now I have £4k in savings but a £4500 credit card bill (interest free). Working hard to build my cash up and hopefully will have £5k at the end of January. The credit card can wait for a long, long time and I'll just keep rolling it over until the second child (yet to be conceived) reaches the age of 3 and so gets most of his hours at nursery for free. So that should be in 2023 assuming all goes to plan and she gives birth in 2020. Until then, I am broke.
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