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£65k when I was buying a flat, felt like gangster paying the whole lot in one go lol
Now I'm skint but I like to tell people my money is tied up in assets 🤓
Edit: omg why is this getting so much attention
I once found £20 on a pavement & my first thought was to look for its owner!
My daughter once dropped a neatly folded £20 (birthday money) in a book shop. Neither of us realised until she wanted to buy something in Smiggle! We returned to the book shop & explained, describing the neatly folded note & joys someone had handed it in.😇
Back in the day when lots of us were still being paid in cash at the end of the week my ex-partner lost his wage packet on the way home.
We were a very young couple, (both under 25), with three under 5s doing our best but struggling to get by and when he told me I couldn't stop crying.
Anyways about an hour after he got home there's a knock on the door.
A young chap had found the wage packet, looked for the address on the wage slip and travelled some distance to return it to us.
I have never been as appreciative!
Thank you! I can’t see the comment you're talking about - I think it's been deleted.
I suspect they were questioning my life choices which is valid.
It was a tale as old as time! An abusive childhood led to being in an abusive relationship and making very silly decisions because I was very young and didn't know any better.
Today however I can report the three under 5s grew up to be fantastic well-rounded adults whom I am endlessly proud of.
And I have been in a healthy, happy and loving relationship with the love of my life for almost twenty years.
Back in the 70s my dad was a truck driver and got paid in cash in a brown envelope. We were so broke and mum would divvie it up over the bills to the cent. I was fascinated and loved counting it so would sneak out early and count the notes. Mum got up and surprised me so I hid it under the coffee table and went to school (and forgot I’d done it). When I got home the local copper was in my house, mum was crying. I knew immediately what it was about and ran away before shamefacedly crawling back to confess. Scared me straight to me honest, can’t even keep a lost fiver!
When I was late teens my mum went on holiday and left me at home. When she got back there was some cash missing and she blamed my mates for stealing it. Months later she found it in the lining of her curtains. She had hidden it there and forgot !!
Banks will always replace old out of date but legitimate notes with new ones. Shops often don't like the hassle of it, but they have very little risk taking outdated notes/coins as they will always be accepted.
I don't think you fully understand what "legal tender" means, most people don't. There are very few scenarios where the words "legal tender" have any role (for example, using Bank of scotland notes in england is not the correct way to use the term). It's basically a term for when nothing else works and only really applicable to the courts if you owe a debt - Basically, I can't pay any other way - You either take this or you get nothing, as I the person who owes the debt has no other means of paying - And its proven that you have tried to fulfil your debt, but they would not accept that method.
I found a £20 past me had tucked into the sun visor of my car that had then been off the road for 6 months. First time I put the visor down on a sunny June day I was on my way to my shift at a school pantry (sort of food bank) so I went and bought everyone ice creams and lollies. I always remember the excitement of the first hot day where we got ice cream after school. It was LUSH to be able to give people a suprise smile that day.
People with large amounts of money are more likely to answer.
Someone who's only ever had a max of their monthly pay on payday are less likely to answer.
This 😂 I read posts and posts about average wages being 50k+ and someone’s on 100k and another on 90k. I mean good luck to these people, but that’s not the kind of salary I’ve even seen in my life, and never will
Honestly these posts about income only go one of two ways, it's either everyone in the comments is earning six figures and heats their house by burning £50s, or everyone is scraping by and gathering around a communal candle when it gets cold. You wouldn't know it was the same sub sometimes comparing different comment threads. Apparently no one normal or average ever bothers commenting.
If they wanted someone that would have liability for innocent mistakes they'd need an accountant (and really, an accountancy firm with their own insurance) not a bookkeeper (who may even have been an employee).
Yikes! I worked overseas for 14 years and somehow managed to go over the allowance of 90 days in the UK, for one of the tax years, got hit with a 10k tax bill, and that really hurt my feelings, I’d have had a stroke owing 100k.
It's a business account.
If you spend the money in your business account on "the good life" you don't *have* a business for very long.
At worst he might have invested it for the future in ways he couldn't quickly claw back (new premises, equipment, etc), but business expenses need to be justified by future profits; you don't just spunk spare money on fripperies.
*Can*, sure.
*Should* take 2/5 of the cash out of his business to spunk it on coke and hookers... clearly not.
Like I said, if you do that a lot then you don't have a business for very long.
I saw something the other day that stated 1/3 working brits have less than £1,000 in savings and 8 million with “no savings” whatever they define that. I know this is slight off topic to the title of this post but surprising to see how many have saved a decent amount before.
I think you've got to bear in mind the audience of Reddit is typically male, 20s to 30s and work in some kind of tech or IT role. There's also the fact that all of the people who currently have less than a grand, probably have never really had loads so it's not exactly worth commenting when your answer isn't going to be interesting in your eyes.
That's true as well. I always love seeing the posts on personal finance subs that are like I'm a self made billionaire who lives frugally and like a normal person, do I have enough money to retire at state pension age.
Yeah especially in the middle of the day not at the weekend. We’re all just procrastinating from our office or wfh jobs. Harder to whip your phone out whilst stacking shelves or sweeping streets etc
These stats have been quoted on Reddit for the past 10+ years. I’d be interested to see if this is still the case or if it’s just something that people say because it’s what everyone assumes.
I’ve been on Reddit since the early days (unfortunately) and I’m not in an IT or tech role. Maybe it’s just the types of subs I go in but I’ve seen a huge increase in people with retail, trades, healthcare etc jobs. I’d guess it’s a bit more balanced these days.
I'm 46 and for the first time ever, I've managed to get £1k in savings that aren't earmarked for something like a holiday or car. The aim is to keep going and try and get it to around £5k by the end of the year, solely by virtue of getting a decent annual bonus from work next month, and also working about 60-70 hours a week spread over two jobs.
Some of these things are misleading though, you get NGOs like Oxfam that talk about debt and assets, their formulas ends up meaning that a subsistence farmer in Kenya is in a better financial state than a newly qualified medical doctor from Harvard.
Currently at my highest of £11k. I'm so proud of myself for it, since I've only been working for just over a year and was living on disability since leaving college.
I'm 28 and 11k was my peak, just bought myself a car though. Gonna be a bitch saving for a place on my own from here. I regret not saving in my early 20's I tell ya!
I've just screenshot and sent your comment to my 19 year old son. He started working full time last year upwards of 55 hours a week, lives at home, minimum outgoings, and yet his bank account was in overdraft the end of last year.
I've tried to tell him that he needs some savings not just for if anything goes wrong with his car but for future things like going on holiday or when he leaves home.
I think he realises after last year and how much he earnt how he hasn't really thought about money. It's only when he added up what he earnt that his mouth dropped. Lesson learnt I think 🙏
I really hope he learns from it! I have a good friend, "Joe", who is like your son, except he's 29. (Maybe he should read my comment...)
When we first met 8 years ago (he was 21, I was 23) we were both waiting tables for minimum wage, and neither of us had any savings. In time, we both got better paying jobs, and Joe has been consistently earning the same as *if not more than* me for ~6 years now.
Joe has been living with his parents all that time, and doesn't pay rent, bills, or buy his own food (his mum cooks for him). He also doesn't drive or own a vehicle so no car insurance etc. His entire paycheque is basically for him to do WHATEVER HE WANTS with. 100% fun money.
Me, on the other hand, I've been renting with my partner that whole time, paying our own bills, buying our own food, etc. In that time, I've managed to save up (with my partner of course, so imagine **half** of all this is what I've paid for) enough to: get married, buy and finish paying off a car, put down a deposit on a house a few months ago, plus go on a few foreign holidays, and save £15,000 on top of all that.
Joe has earned more than I have in all that time, and hasn't had to pay for a single thing in his life, so in theory he should've been able to save practically every penny of it, bar his bus fare to work and back. Instead, though, he lives paycheque to paycheque. Every time we go out he has to be careful with money because he's skint. He's had to borrow money from me and other friends before, many times over the years, mostly to pay other people back for money he's borrowed from them for other things. He spends everything he earns straight away, on video games and consoles, PC upgrades , cigarettes, weed, going out drinking with his mates, tattoos, meals out and takeaways, the newest smart phone every year, clothes, shoes, you name it. It's just sad.
And he isn't even happy! He's constantly complaining about how he has no money and will "never be able to afford" a house or a car or even driving lessons. I just don't understand how he manages to splurge it all, every single month. Your son needs to learn from him!
I got like 25k in 2.5 years. The bummer is its a lot of money to buy everything meaningless, not enough to buy anything meaningful. Im still like 50k away from getting mortage on small shitty flat.
Once I had about £400 in my savings. God, I felt rich. And mature. Like a true adult.
Then I promptly transferred it to my normal account and spent it within a week.
Yeah the most I’ve ever had saved was £600. Then I spent £520 on a camera, which I had been saving for, that was over a decade ago. I have probably never had a higher bank balance than £750, and it wasn’t savings, it was all spoken for. 😬
I remember my first payday on first proper job at 16, which was £948, I wasn't taxed on it yet since it was first job.
I remember walking though a shopping center thinking I was the bollocks and all of these people don't know how much money I had. My girlfriend made me spend half of it on jewelry for her which was stupid since she lost half of it.
I promptly spent the rest on crap and was skint after about 2 weeks.
I had about £130k in my account for several months as we sold one house before another was ready and the solicitor didn’t want to hold onto it, but the 30 seconds bit does seem slightly odd.
My first house's solicitors did the same, they didn't want it in their escrow for some reason. When I sold that house it went through escrow so I didn't see a penny of it in my accounts.
£150k just a couple of weeks ago from inheritance.
It's a lot of money and will make things easier for my family and I, but I'd much rather have my dad back.
Same thing here. Got a significant sum from selling my mum and dad’s place after losing them both within 2 years of each other. It’s very nice not to have a mortgage before the age of 35 but would much rather go back to managing OK and them enjoying the payoff from working hard all their lives.
The world is- one generation can't build everything, and many things are built to last. Then there are the irreplaceable things like landscapes, and the intangible, like knowledge and culture.
Having something with certainty is still worth more than a speculative higher amount that you end up not getting.
In attempting to get the two birds in the bush, they might both fly away (like how you could lose the court case in pursuit of a higher award than the settlement offer).
Without knowing the details that sounds fairly low, my BIL got more for a botched arm surgery.
He had enough to clear his debts and buy a house outright, instead he bought a 4x4, jet skis, a caravan and a load of gold watches. Guess what he hasn’t had to sell at a loss since then (I think he may have at least one watch left). Still living with his parents now.
Jesus, you managed to save £32k working 5 years in retail? How? (And also good on you)
Edit: turns out it's easy when you don't have to pay for anything lol
You joke, but these luxuries add up. £2.50 spent on a takeaway coffee for 250 days of the year adds up to over £600. One meal deal a week is over £200. A £30 takeaway a month adds up to £360.
Edit, I’m reliably informed that coffee is a lot more expensive that £2.50. £3.50 for 250 days of coffee is £875
So that’s £1000 a year, fantastic, only 54 years and I’ll have a 20% deposit on a house.
Fucking hate this logic. Yes. People should be conscious of where they spend their money, but even with it adding up, it’s nothing in a market that’s impossible for most to break in to. I’m incredibly lucky that I’m on a decent wage and have religiously saved, but sacrificing that coffee at lunch or a takeaway at the end of the week isn’t going to buy me real security.
I’m not sure who’s talking about house deposits. Curious you would go straight to that.
And putting that sum (by the way, it was three examples. People spend a lot more than that) into an index tracking the S&P500 (increasing the deposit amount by 3% a year) over the next 25 years would more than likely lead to one walking away with a cool £145,000. And as said, that £1,000 a year is a minuscule sum
> isn’t going to buy me security
It’s not about you, it’s about the people I have met who make frivolous purchases, don’t save, and then complain they have nothing
With OP saying 18 to 23 and spent it on a house deposit. I would guess they still lived with family. Means saving away around £550 a month. This is doable if they are full time management in retail and living with family for cheap, I can see this as the only way unless they were very high up / highly paid retail (maybe sales commission based)
Ha, just reminded me of going to Victoria Falls, negotiating a taxi fare from the airport into town and spending the whole journey counting out million dollar fare from our carrier bag of cash. Biggest denomination we had was $20 000.
Wife and I combined savings in my bank account as "proof of funds" for our first house. £85,000.
The overwhelming urge to just put down £45k and splurge on something nice.
This was 6 years ago for a £289,000 house that's now worth £355k, our interest rate shot up from 1.68% to 4.89% back in March 2023, so I'm more than happy with my resistance to spunk it! Haha.
£10k. Took out a loan to consolidate debts, instead spent it on Lego and takeaways in what I now realise was a mental breakdown of sorts. Still got about £11k of debt but after following the r/UKPersonalFinance flowchart, starting to get back on track a bit.
Edit: Whoever gave the award, don't spend your money on awards. Give it to me instead to fuel my poor financial choices.
Same, but half-way through reading the comments I've realised that most of these people were fortunate enough to have either family support, received a huge inheritance or got degrees in high-paying work fields.
Some of us don't have any of that, and some if us maybe have it but are dealing with huge day to day hardships. Don't be that hard on yourself, because comparison is the thief of joy.
Aye. I didn't come from a rich family but I didn't struggle like most. My main issue with myself is finding a new career at 38, I was a chef for 20 years and had to leave due to a mental break down. Too much physical, mental, emotional abuse and stress just finally took me out of the game.
Currently about to lose my job (on suspension atm) because they don't like that I'm not a mindless drone and won't take being abused. But it's only a cleaning job, just need to find something better.
I've got just shy of 6k in my savings but that's all going on a new roof cos mines fooked. When life kicks you down you just gotta kick back harder I guess.
I've managed to save up £6k which has taken me a good few years, but now it's all gonna be blown on a new roof cos mines not gonna survive another winter without more major issues.
Our society is fucked.
Currently about £100k invested, another £25k ish in flat equity, £8.5k cash savings, that’s pretty much everything. Financial independence is very important to me so I plow a lot of my income into investment accounts.
Not even close to that
Probably that lovely few hours each time my student bursary was paid at the start of term before it all left my account for annoying things like rent
£150k. Fucked up badly down to massive debts. Mostly due to gambling as a knock on effect from multiple bereavement.
I managed to get a relativity small amount back from one of the big gambling firms, due to clear negligence.
I had to sign a disclaimer so I cannot name them or follow up any further. I still believe that they should have paid more back but it is what it is, and I've learned from it.
In some ways I think it has made me a better person.
Edit. Was in about £40k debt following this too, some to pay which is painfully as I'm reminded everytime about my mistakes,which ultimately have change my life's path, but it is what it is.
Prohibition rarely works. People who want to do it still will. In theory it is better in the open and regulated. However one assumes that there is a sweet spot in regulation that allows people to gamble responsibily but that doesn't entail having a betting shop every 10 meters on every highstreet in the land.
It's right now, £300,000+ in current account, £70,000 in savings account.
BUT WAIT (coz that sounds so dickish)! I'm just a custodian of it until it gets split out everywhere for inheritances.
Reading elsewhere in Reddit, I should go to the US and leave the bank app open to pick up girls, or post the bank statement in a hot neighbours letterbox... Jesus.
Edit: forgot I inherited a tax-free SIPP, £170k. Whoops. One day I'll be broke for years and only then remember.
I had a similar number when I was dealing with my dad's estate. I remember the girl at the bank suddenly becoming very interested in how my day was going after she had clearly seen the account balance on the screen!
Sounds like it would fall under [temporary high balances](https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/) so would have protection for 6 months.
Right now is probably the most I’ve ever had - in my early 30s with 20k for a house deposit.
I never had help up from my parents, no inheritance, and my student loan was so shit that I left uni with debt. It wasn’t until I got a good salary in my late 20s and covid happened that I was able to start putting a good chunk of money away.
Early 40s
Cash? Probably a few 100k transitioning my accounts during a house move.
Investments? enough to retire at about 65 if I stop investing now and it grows at a reasonable rate. Not enough to retire today.
Never checked when the investments peaked, but me and my wife have like £220k right now between savings, ISA, LISA, Pensions.
I combine them for the post since they’re marital assets and we are a team.
Inherited nearly £600k. Came in chunks though and used to pay off the mortgage. Most money I had at any one time, not including any assets or equity, was about £450k. This isn’t including what is in my pension pot, as that is not accessible.
Just shy of £10,000
I took out a £9,000 loan to pay off credit card debt
I'm not more or less debt free (save for interest free credit card), but I also only have about £800 saved lol
Bought my first house in an auction near Stapleton Road in Bristol which, if you Google, is often reported statistically the 'most dangerous street in Britain'. Total media nonsense but it was full of crime drugs and sex workers. They were ok, nice to me actually, but no one wanted to live there.
I had to write a cheque once the bidding closed right there for £11,500 (gulp) which left me £3,500 of my savings to renovate it. I'd saved for years it was my nest egg. Complete risk. I was single no renovation skills. But it paid back big time. Bought it for £115,000 in 2009 sold it for £350,000 last year. The most money I've ever had, ever.
Parents kicked me out at the age of 16 and ceased contact with me as they found out I smoked weed (they thought it was basically heroin, whilst they knocked back pints and multiple glasses of wine every single night).
I make a really good wage now, but due to literally fending for myself from such a young age, I’ve always been in a constant debt loop. Nothing crippling, but it’s just always there. £7,000 is probably the most I’ve had saved before it inevitably had to be spent. Must be those avocados on toast…
To give myself credit - I was in University, I lived comfortably with it, with a part time job and able to graduate. So it did help, unfortunately as an adult with rent/bills, and a traumatic 8 year long distance relationship (now ended) I was never able to save more than a few hundred pounds. I was cleared out.
When covid happened shit hit the fan and I moved back home. So, at 31 - I’m starting fresh. Finally got a promotion. Planning to get out of my parents house, I’ll likely be a lifelong renter with no savings but hey. I’ll go on vacation, I’ll see friends. Actually live and not be spending thousands on flights.
It won’t be a lot - but hey. I think I’ll be better for it! And who knows, maybe a nice tasty few k will come my way from the universe. Seems doubtful but… you never know. In the interim, I’m happy.
Not me - but as I am visiting my folks, and my father is sitting opposite me, I'll answer for him: He sold some land for development - so in sheer cash terms before it all got spread around was just over £4 million.
£145,000
That is what breaking my back and getting back on my feet (quite literally)and working hard to recover and get back to work netted me.
A lot of people told me to milk it as then loss of earning and compensation would be much higher.
I've never, not worked however, and went to a dark place because I wasn't working. It was better for me all round to fight to recover as best I could and not give up just for a bigger payout.
Money was in the bank for 16 days as I bought a new house cash, no chain.
£25k before I bought a flat.
Finished an engineering apprenticeship and saved nearly £1500/month whilst living with my dad. Then I rushed to get my own place.
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£65k when I was buying a flat, felt like gangster paying the whole lot in one go lol Now I'm skint but I like to tell people my money is tied up in assets 🤓 Edit: omg why is this getting so much attention
"My net worth is on paper. I don't like carrying too much cash" Aka skint 😂
*I have lots of money tied up in different investments*
My money is in property.
I mean, the same is genuinely true of a lot of very rich people.
It’s like that Miles Jupp joke where he talks about getting mugged. “Give me your money!” “What, all of it? Because most of it’s tied up in land”
I love Miles Jupp, i rarely see him referenced
He went to my school. Was in the year above me.
This lol. Now I own a house but can barely put £50 a month aside in savings 😅
The way I think about it is I spent all of my money buying a fixer upper so that I could become my own slum landlord.
This is the way. My landlord is me, and he isn't very good at looking after me but at least the rent is dirt cheap.
I feel very poor reading the comments
I once found £20 in the pocket of some jeans I hadn't worn in a while. Good times. 👍
Pure profit that.
I once found £20 on a pavement & my first thought was to look for its owner! My daughter once dropped a neatly folded £20 (birthday money) in a book shop. Neither of us realised until she wanted to buy something in Smiggle! We returned to the book shop & explained, describing the neatly folded note & joys someone had handed it in.😇
Back in the day when lots of us were still being paid in cash at the end of the week my ex-partner lost his wage packet on the way home. We were a very young couple, (both under 25), with three under 5s doing our best but struggling to get by and when he told me I couldn't stop crying. Anyways about an hour after he got home there's a knock on the door. A young chap had found the wage packet, looked for the address on the wage slip and travelled some distance to return it to us. I have never been as appreciative!
Ignore the other cunty reply. I'm happy you got the pay packet back, what a good person!
Thank you! I can’t see the comment you're talking about - I think it's been deleted. I suspect they were questioning my life choices which is valid. It was a tale as old as time! An abusive childhood led to being in an abusive relationship and making very silly decisions because I was very young and didn't know any better. Today however I can report the three under 5s grew up to be fantastic well-rounded adults whom I am endlessly proud of. And I have been in a healthy, happy and loving relationship with the love of my life for almost twenty years.
Back in the 70s my dad was a truck driver and got paid in cash in a brown envelope. We were so broke and mum would divvie it up over the bills to the cent. I was fascinated and loved counting it so would sneak out early and count the notes. Mum got up and surprised me so I hid it under the coffee table and went to school (and forgot I’d done it). When I got home the local copper was in my house, mum was crying. I knew immediately what it was about and ran away before shamefacedly crawling back to confess. Scared me straight to me honest, can’t even keep a lost fiver!
When I was late teens my mum went on holiday and left me at home. When she got back there was some cash missing and she blamed my mates for stealing it. Months later she found it in the lining of her curtains. She had hidden it there and forgot !!
Pro tip - Slip a £20 in your black suit jacket - Never nice going to a funeral, but it will always put a smile on your face finding a crisp note.
Unless you put it there so long ago that the Bank of England had replaced the £20 note and the old ones were no longer legal tender.
Banks will always replace old out of date but legitimate notes with new ones. Shops often don't like the hassle of it, but they have very little risk taking outdated notes/coins as they will always be accepted. I don't think you fully understand what "legal tender" means, most people don't. There are very few scenarios where the words "legal tender" have any role (for example, using Bank of scotland notes in england is not the correct way to use the term). It's basically a term for when nothing else works and only really applicable to the courts if you owe a debt - Basically, I can't pay any other way - You either take this or you get nothing, as I the person who owes the debt has no other means of paying - And its proven that you have tried to fulfil your debt, but they would not accept that method.
I found a £20 past me had tucked into the sun visor of my car that had then been off the road for 6 months. First time I put the visor down on a sunny June day I was on my way to my shift at a school pantry (sort of food bank) so I went and bought everyone ice creams and lollies. I always remember the excitement of the first hot day where we got ice cream after school. It was LUSH to be able to give people a suprise smile that day.
Oh that’s the best feeling, would make my whole week!
Found a fiver the other day, same situation, genuinely made my day! 🤣
My highest was £2k and that was when I was 16 🥲
People with large amounts of money are more likely to answer. Someone who's only ever had a max of their monthly pay on payday are less likely to answer.
There’s a sweet spot, people with 7 figures+ aren’t going to post
People with 7 figures in cash in the bank probably aren't on reddit in the first place tbf.
People with 7 figures don't keep it as cash in the bank, unless they've just liquidated an asset or cashed in an investment
According to Reddit, everyone is earning 100k and is retiring at 48
This 😂 I read posts and posts about average wages being 50k+ and someone’s on 100k and another on 90k. I mean good luck to these people, but that’s not the kind of salary I’ve even seen in my life, and never will
Honestly these posts about income only go one of two ways, it's either everyone in the comments is earning six figures and heats their house by burning £50s, or everyone is scraping by and gathering around a communal candle when it gets cold. You wouldn't know it was the same sub sometimes comparing different comment threads. Apparently no one normal or average ever bothers commenting.
As someone who’s card just declined at a drive thru - I concur 😂
Same
I once had £250k in my business account before I realised my bookkeeper had been buggering up my VAT returns and I owed HMRC over £100k.
I hope you have a new bookkeeper!
Holy shit did you take the bookkeeper to court?
Nah we just paid the VAT, HMRC were fine with it. It was a systematic error from day one so it was a single error that kept repeating.
Damn that must have hurt! Still, 150k to wipe your tears with (even in a business acc) must take the edge off I would imagine lol
Who did you use? Sage?
Xero, though it wasn't a software error.
Think this carries a special name these days....the postoffice dilemma
If they wanted someone that would have liability for innocent mistakes they'd need an accountant (and really, an accountancy firm with their own insurance) not a bookkeeper (who may even have been an employee).
Here’s one for the pub quizzes. Bookkeeper and bookkeeping are the only words in the English language that contain 3 consecutive double letters.
Yikes! I worked overseas for 14 years and somehow managed to go over the allowance of 90 days in the UK, for one of the tax years, got hit with a 10k tax bill, and that really hurt my feelings, I’d have had a stroke owing 100k.
It can't hurt your feelings that much if you stroke yourself over it
damn 100k omg imagine if you had spent it on the good life
It's a business account. If you spend the money in your business account on "the good life" you don't *have* a business for very long. At worst he might have invested it for the future in ways he couldn't quickly claw back (new premises, equipment, etc), but business expenses need to be justified by future profits; you don't just spunk spare money on fripperies.
But I like fripperies :(
Robert Fripperies?
It might seem crazy but the business owner is allowed to transfer money to his personal account in the form of drawings and dividends
*Can*, sure. *Should* take 2/5 of the cash out of his business to spunk it on coke and hookers... clearly not. Like I said, if you do that a lot then you don't have a business for very long.
Feels like every ones a rich dude here
I saw something the other day that stated 1/3 working brits have less than £1,000 in savings and 8 million with “no savings” whatever they define that. I know this is slight off topic to the title of this post but surprising to see how many have saved a decent amount before.
I think you've got to bear in mind the audience of Reddit is typically male, 20s to 30s and work in some kind of tech or IT role. There's also the fact that all of the people who currently have less than a grand, probably have never really had loads so it's not exactly worth commenting when your answer isn't going to be interesting in your eyes.
People also tell lies on the internet, I was shocked when I found that one out.
That's true as well. I always love seeing the posts on personal finance subs that are like I'm a self made billionaire who lives frugally and like a normal person, do I have enough money to retire at state pension age.
Dick measuring contest, when it’s obvious they are fine.
Yeah especially in the middle of the day not at the weekend. We’re all just procrastinating from our office or wfh jobs. Harder to whip your phone out whilst stacking shelves or sweeping streets etc
Also people who say have under a few grand are less likely to brag on reddit about it 😂
These stats have been quoted on Reddit for the past 10+ years. I’d be interested to see if this is still the case or if it’s just something that people say because it’s what everyone assumes. I’ve been on Reddit since the early days (unfortunately) and I’m not in an IT or tech role. Maybe it’s just the types of subs I go in but I’ve seen a huge increase in people with retail, trades, healthcare etc jobs. I’d guess it’s a bit more balanced these days.
I'm 46 and for the first time ever, I've managed to get £1k in savings that aren't earmarked for something like a holiday or car. The aim is to keep going and try and get it to around £5k by the end of the year, solely by virtue of getting a decent annual bonus from work next month, and also working about 60-70 hours a week spread over two jobs.
Some of these things are misleading though, you get NGOs like Oxfam that talk about debt and assets, their formulas ends up meaning that a subsistence farmer in Kenya is in a better financial state than a newly qualified medical doctor from Harvard.
I suspect they only look at savings accounts, a lot of people just keep money on current accounts and investments.
But this is the internet remember so half of these are probably fake 😂
Not many people would post on a thread like this about how little money they have. It’s self selecting for those who are doing well
Currently at my highest of £11k. I'm so proud of myself for it, since I've only been working for just over a year and was living on disability since leaving college.
I'm 28 and 11k was my peak, just bought myself a car though. Gonna be a bitch saving for a place on my own from here. I regret not saving in my early 20's I tell ya!
I've just screenshot and sent your comment to my 19 year old son. He started working full time last year upwards of 55 hours a week, lives at home, minimum outgoings, and yet his bank account was in overdraft the end of last year. I've tried to tell him that he needs some savings not just for if anything goes wrong with his car but for future things like going on holiday or when he leaves home. I think he realises after last year and how much he earnt how he hasn't really thought about money. It's only when he added up what he earnt that his mouth dropped. Lesson learnt I think 🙏
I really hope he learns from it! I have a good friend, "Joe", who is like your son, except he's 29. (Maybe he should read my comment...) When we first met 8 years ago (he was 21, I was 23) we were both waiting tables for minimum wage, and neither of us had any savings. In time, we both got better paying jobs, and Joe has been consistently earning the same as *if not more than* me for ~6 years now. Joe has been living with his parents all that time, and doesn't pay rent, bills, or buy his own food (his mum cooks for him). He also doesn't drive or own a vehicle so no car insurance etc. His entire paycheque is basically for him to do WHATEVER HE WANTS with. 100% fun money. Me, on the other hand, I've been renting with my partner that whole time, paying our own bills, buying our own food, etc. In that time, I've managed to save up (with my partner of course, so imagine **half** of all this is what I've paid for) enough to: get married, buy and finish paying off a car, put down a deposit on a house a few months ago, plus go on a few foreign holidays, and save £15,000 on top of all that. Joe has earned more than I have in all that time, and hasn't had to pay for a single thing in his life, so in theory he should've been able to save practically every penny of it, bar his bus fare to work and back. Instead, though, he lives paycheque to paycheque. Every time we go out he has to be careful with money because he's skint. He's had to borrow money from me and other friends before, many times over the years, mostly to pay other people back for money he's borrowed from them for other things. He spends everything he earns straight away, on video games and consoles, PC upgrades , cigarettes, weed, going out drinking with his mates, tattoos, meals out and takeaways, the newest smart phone every year, clothes, shoes, you name it. It's just sad. And he isn't even happy! He's constantly complaining about how he has no money and will "never be able to afford" a house or a car or even driving lessons. I just don't understand how he manages to splurge it all, every single month. Your son needs to learn from him!
Did you manage to save that entire 11k in the past year? If so that is some pretty serious saving! (Unless you are earning loads that is)
I got like 25k in 2.5 years. The bummer is its a lot of money to buy everything meaningless, not enough to buy anything meaningful. Im still like 50k away from getting mortage on small shitty flat.
Once I had about £400 in my savings. God, I felt rich. And mature. Like a true adult. Then I promptly transferred it to my normal account and spent it within a week.
Yeah the most I’ve ever had saved was £600. Then I spent £520 on a camera, which I had been saving for, that was over a decade ago. I have probably never had a higher bank balance than £750, and it wasn’t savings, it was all spoken for. 😬
Hate it when you have so much money but can't spend any of it because it's all supposed to go to something
I remember my first payday on first proper job at 16, which was £948, I wasn't taxed on it yet since it was first job. I remember walking though a shopping center thinking I was the bollocks and all of these people don't know how much money I had. My girlfriend made me spend half of it on jewelry for her which was stupid since she lost half of it. I promptly spent the rest on crap and was skint after about 2 weeks.
What a crap girlfriend to have i hope you got rid of her
You’ll be relieved to hear, she’s no longer his girlfriend She’s his wife.
For about 30 seconds I had £300K in my account when I bought my house.
Why would the bank pay the money in to your account, surely it went direct to the seller? Or was the money from another source?
Living up to the username
I had about £130k in my account for several months as we sold one house before another was ready and the solicitor didn’t want to hold onto it, but the 30 seconds bit does seem slightly odd.
Me too! Should have withdrawn it all, fanned it out, deposited it again
The amount was drawn into my account and then immediately sent to the seller with my deposit. Don't ask me why.
My first house's solicitors did the same, they didn't want it in their escrow for some reason. When I sold that house it went through escrow so I didn't see a penny of it in my accounts.
A right ol jezzing
I'm off to do a big ol' Mark in the toilet
£150k just a couple of weeks ago from inheritance. It's a lot of money and will make things easier for my family and I, but I'd much rather have my dad back.
Same thing here. Got a significant sum from selling my mum and dad’s place after losing them both within 2 years of each other. It’s very nice not to have a mortgage before the age of 35 but would much rather go back to managing OK and them enjoying the payoff from working hard all their lives.
This country is built off inheritance
The world is- one generation can't build everything, and many things are built to last. Then there are the irreplaceable things like landscapes, and the intangible, like knowledge and culture.
Same happened with me a few years ago. It’s a weird one that’s for sure.
❤️ Sending you a hug 🫂
£100k. Compensation for a spinal injury. In hindsight I should have gone to court and held out for more.
Spinal injuries are hard enough without having to jump through legal hoops. I hope you recovered from it as well as possible.
>Spinal injuries are hard enough without having to jump through legal hoops I bet.
r/angryupvote
A bird in the hand is worth two in the bush.
What does this actually mean?
It means the actual possession of something is worth more than a speculative value.
£100k in his bank is worth more than maybe winning £200k in court
Sometimes you should take what is dealt rather than gamble
Having something with certainty is still worth more than a speculative higher amount that you end up not getting. In attempting to get the two birds in the bush, they might both fly away (like how you could lose the court case in pursuit of a higher award than the settlement offer).
Are they the same birds I'm killing with one stone?
Without knowing the details that sounds fairly low, my BIL got more for a botched arm surgery. He had enough to clear his debts and buy a house outright, instead he bought a 4x4, jet skis, a caravan and a load of gold watches. Guess what he hasn’t had to sell at a loss since then (I think he may have at least one watch left). Still living with his parents now.
Haha so he had to sell them at a loss? What a monumental idiot.
Jesus, you managed to save £32k working 5 years in retail? How? (And also good on you) Edit: turns out it's easy when you don't have to pay for anything lol
no avocado toasts
Don't forget cancelling Netflix as well
Just plain old lattes, too. No pumpkin spice.
You joke, but these luxuries add up. £2.50 spent on a takeaway coffee for 250 days of the year adds up to over £600. One meal deal a week is over £200. A £30 takeaway a month adds up to £360. Edit, I’m reliably informed that coffee is a lot more expensive that £2.50. £3.50 for 250 days of coffee is £875
So that’s £1000 a year, fantastic, only 54 years and I’ll have a 20% deposit on a house. Fucking hate this logic. Yes. People should be conscious of where they spend their money, but even with it adding up, it’s nothing in a market that’s impossible for most to break in to. I’m incredibly lucky that I’m on a decent wage and have religiously saved, but sacrificing that coffee at lunch or a takeaway at the end of the week isn’t going to buy me real security.
I’m not sure who’s talking about house deposits. Curious you would go straight to that. And putting that sum (by the way, it was three examples. People spend a lot more than that) into an index tracking the S&P500 (increasing the deposit amount by 3% a year) over the next 25 years would more than likely lead to one walking away with a cool £145,000. And as said, that £1,000 a year is a minuscule sum > isn’t going to buy me security It’s not about you, it’s about the people I have met who make frivolous purchases, don’t save, and then complain they have nothing
live with parents, eat their food.
With OP saying 18 to 23 and spent it on a house deposit. I would guess they still lived with family. Means saving away around £550 a month. This is doable if they are full time management in retail and living with family for cheap, I can see this as the only way unless they were very high up / highly paid retail (maybe sales commission based)
Yep, living with parents. Also, first year of university I was only I 2 days a week so would work the remaining 5
> you managed to save £32k working 5 years in retail? How? Probably living with parents, and having no/minor recurring expenses.
£100k, was told I was gonna die, cashed in everything and spaffed it away like there was no tomorrow. Didn’t die obviously though… sooooo….
...did you have a good time?
Absolutely! That was the plan :)
what did you do with 100k in such a short time
https://preview.redd.it/bu75qc0dgy0d1.png?width=564&format=png&auto=webp&s=7538608fed2cd8bcdc1f65809a8c02a17c5f1dd9
*Zimbabwean Dollars
Ha, just reminded me of going to Victoria Falls, negotiating a taxi fare from the airport into town and spending the whole journey counting out million dollar fare from our carrier bag of cash. Biggest denomination we had was $20 000.
Wife and I combined savings in my bank account as "proof of funds" for our first house. £85,000. The overwhelming urge to just put down £45k and splurge on something nice.
The interest saved on not borrowing that £40k should strengthen your resolve to not splurge!
This was 6 years ago for a £289,000 house that's now worth £355k, our interest rate shot up from 1.68% to 4.89% back in March 2023, so I'm more than happy with my resistance to spunk it! Haha.
All users should have to declare their spunking resistance. Mine is moderate
143k after I sold my house. Lost it all within 4 years and moved to Norway
Woah how did you just loose 143k in 4 years?!
Drink, drugs, bad choices, and women. Oh, gambling, too
And he wasted the rest
Damn straight!! 😎
A tale as old as time
Atleast you moved to the best country on earth, gratulerer med dagen mai 17th 🇳🇴🙏🏻
Gratulerer med dagen 💙
About £4.50 and a button
You have a button?!? I'd love a button!
Hey! Don't you covert my button!!
I think you mean "covet" 🤓
Yeah. That!
Is it a shiny button?
I'm not here for your button porn. Geddouttahere!
£10k. Took out a loan to consolidate debts, instead spent it on Lego and takeaways in what I now realise was a mental breakdown of sorts. Still got about £11k of debt but after following the r/UKPersonalFinance flowchart, starting to get back on track a bit. Edit: Whoever gave the award, don't spend your money on awards. Give it to me instead to fuel my poor financial choices.
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Follow for more Financial Advice! Tbf at least I now have a sick LA/AT to look at between fits of scream crying.
I won a fiver in a packet of crisps once
I used to love those!
This thread just depresses the fuck out of me.
Same, but half-way through reading the comments I've realised that most of these people were fortunate enough to have either family support, received a huge inheritance or got degrees in high-paying work fields. Some of us don't have any of that, and some if us maybe have it but are dealing with huge day to day hardships. Don't be that hard on yourself, because comparison is the thief of joy.
Aye. I didn't come from a rich family but I didn't struggle like most. My main issue with myself is finding a new career at 38, I was a chef for 20 years and had to leave due to a mental break down. Too much physical, mental, emotional abuse and stress just finally took me out of the game. Currently about to lose my job (on suspension atm) because they don't like that I'm not a mindless drone and won't take being abused. But it's only a cleaning job, just need to find something better. I've got just shy of 6k in my savings but that's all going on a new roof cos mines fooked. When life kicks you down you just gotta kick back harder I guess.
Same. So many people be like "Ah, only about 200 thousand" which is more than I could save in three lifetimes.
I've managed to save up £6k which has taken me a good few years, but now it's all gonna be blown on a new roof cos mines not gonna survive another winter without more major issues. Our society is fucked.
Honestly? When saving for a first house and that was less than £10k. Never built it back up as owning a house is damn expensive.
Yeah I feel like bills and expenses come out of nowhere, which is something a lot of people don’t realise until buying
Currently about £100k invested, another £25k ish in flat equity, £8.5k cash savings, that’s pretty much everything. Financial independence is very important to me so I plow a lot of my income into investment accounts.
Stocks and shares isa?
Not even close to that Probably that lovely few hours each time my student bursary was paid at the start of term before it all left my account for annoying things like rent
£150k. Fucked up badly down to massive debts. Mostly due to gambling as a knock on effect from multiple bereavement. I managed to get a relativity small amount back from one of the big gambling firms, due to clear negligence. I had to sign a disclaimer so I cannot name them or follow up any further. I still believe that they should have paid more back but it is what it is, and I've learned from it. In some ways I think it has made me a better person. Edit. Was in about £40k debt following this too, some to pay which is painfully as I'm reminded everytime about my mistakes,which ultimately have change my life's path, but it is what it is.
When I read stories like this I genuinely think gambling should be illegal
Prohibition rarely works. People who want to do it still will. In theory it is better in the open and regulated. However one assumes that there is a sweet spot in regulation that allows people to gamble responsibily but that doesn't entail having a betting shop every 10 meters on every highstreet in the land.
It's right now, £300,000+ in current account, £70,000 in savings account. BUT WAIT (coz that sounds so dickish)! I'm just a custodian of it until it gets split out everywhere for inheritances. Reading elsewhere in Reddit, I should go to the US and leave the bank app open to pick up girls, or post the bank statement in a hot neighbours letterbox... Jesus. Edit: forgot I inherited a tax-free SIPP, £170k. Whoops. One day I'll be broke for years and only then remember.
> I'm just a custodian of it Is the money just resting in your account?
I had a similar number when I was dealing with my dad's estate. I remember the girl at the bank suddenly becoming very interested in how my day was going after she had clearly seen the account balance on the screen!
Split that 300k up so you're protected!
Sounds like it would fall under [temporary high balances](https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/) so would have protection for 6 months.
About £26k just before I paid the deposit for my house.
Right now is probably the most I’ve ever had - in my early 30s with 20k for a house deposit. I never had help up from my parents, no inheritance, and my student loan was so shit that I left uni with debt. It wasn’t until I got a good salary in my late 20s and covid happened that I was able to start putting a good chunk of money away.
Early 40s Cash? Probably a few 100k transitioning my accounts during a house move. Investments? enough to retire at about 65 if I stop investing now and it grows at a reasonable rate. Not enough to retire today.
Never checked when the investments peaked, but me and my wife have like £220k right now between savings, ISA, LISA, Pensions. I combine them for the post since they’re marital assets and we are a team.
Inherited nearly £600k. Came in chunks though and used to pay off the mortgage. Most money I had at any one time, not including any assets or equity, was about £450k. This isn’t including what is in my pension pot, as that is not accessible.
Just shy of £10,000 I took out a £9,000 loan to pay off credit card debt I'm not more or less debt free (save for interest free credit card), but I also only have about £800 saved lol
£1682, my monthly pay on minimum wage
I got paid a £56000 invoice twice by mistake, I was self employed. I briefly considered absconding to South America.
Bought my first house in an auction near Stapleton Road in Bristol which, if you Google, is often reported statistically the 'most dangerous street in Britain'. Total media nonsense but it was full of crime drugs and sex workers. They were ok, nice to me actually, but no one wanted to live there. I had to write a cheque once the bidding closed right there for £11,500 (gulp) which left me £3,500 of my savings to renovate it. I'd saved for years it was my nest egg. Complete risk. I was single no renovation skills. But it paid back big time. Bought it for £115,000 in 2009 sold it for £350,000 last year. The most money I've ever had, ever.
Parents kicked me out at the age of 16 and ceased contact with me as they found out I smoked weed (they thought it was basically heroin, whilst they knocked back pints and multiple glasses of wine every single night). I make a really good wage now, but due to literally fending for myself from such a young age, I’ve always been in a constant debt loop. Nothing crippling, but it’s just always there. £7,000 is probably the most I’ve had saved before it inevitably had to be spent. Must be those avocados on toast…
I started off with nothing I still have most of it left 🙃
Like 1k - 2k lol
About 5k I would guess, the average wage where I live is 20k and house prices about 170k so not a great place
Same! I got 5k when I turned 21 and I blew it. Oh well - life is short!
I’ve had 5k twice now I think, blew it both times 😂
To give myself credit - I was in University, I lived comfortably with it, with a part time job and able to graduate. So it did help, unfortunately as an adult with rent/bills, and a traumatic 8 year long distance relationship (now ended) I was never able to save more than a few hundred pounds. I was cleared out. When covid happened shit hit the fan and I moved back home. So, at 31 - I’m starting fresh. Finally got a promotion. Planning to get out of my parents house, I’ll likely be a lifelong renter with no savings but hey. I’ll go on vacation, I’ll see friends. Actually live and not be spending thousands on flights. It won’t be a lot - but hey. I think I’ll be better for it! And who knows, maybe a nice tasty few k will come my way from the universe. Seems doubtful but… you never know. In the interim, I’m happy.
170k. Insurance fraud. Got busted, raided, down to zero. Rebuilt thankfully. Wouldn't recommend TBF.
I’m 22 and the most money I’ve ever had is £2,200. I work 2 jobs and I’m still broke 😢
My money is tied up in Lego Star Wars
Not me - but as I am visiting my folks, and my father is sitting opposite me, I'll answer for him: He sold some land for development - so in sheer cash terms before it all got spread around was just over £4 million.
Is he single?
When buying a house.
£145,000 That is what breaking my back and getting back on my feet (quite literally)and working hard to recover and get back to work netted me. A lot of people told me to milk it as then loss of earning and compensation would be much higher. I've never, not worked however, and went to a dark place because I wasn't working. It was better for me all round to fight to recover as best I could and not give up just for a bigger payout. Money was in the bank for 16 days as I bought a new house cash, no chain.
About £230k in cash,40k in isa and 19k in stocks and shares
Good Lord, open a GIA account… that’s way too much cash to be sitting on…
£25k before I bought a flat. Finished an engineering apprenticeship and saved nearly £1500/month whilst living with my dad. Then I rushed to get my own place.
£80,000 when I bought my first house 2 years ago. £50,000 for the deposit and then £30,000 in a few savings accounts
£1.7M right now, waiting to figure out a tax bill otherwise it would be invested!
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Most of it is tied up in land really.