All of this means that savings are shrouded in mystery. Which led our team to wonder, what could we learn from speaking to different women from different backgrounds and at different stages of life about their savings? Are there any tips we can glean from the big savers? Is there solidarity to be found among those reckoning with debt or an inability to save? How much does privilege help or harm people when it comes to money? These are the questions we’d love to have answered.
And so, following in our Aussie sibling’s footsteps, we decided to ask.
Admittedly, we worried about response rates when we put a callout in our Money Diaries UK Facebook group, but we underestimated people. The responses were overwhelmingly open, honest and faith-restoring. Not only do they provide helpful tips but they reassure us that no two personal finance journeys are the same and we shouldn’t be so quick to judge.
Ahead, 20 women share exactly how much money is in their savings account and how they got there.
Occupation: Marketing manager
Salary: £28,000
Total savings: £600
How did you get there? I used to have quite a bit more. The pandemic helped (but coming out of it hindered it). My gran gave me a surprise £500 when I had no savings and I vowed I would not touch it. Then I built it up from there.
Do you dip into your savings and if so, how often? When I run out of money at the end of the month. Due to heightened living costs, this is almost every month now, but I try not to.
Would you say you have a good relationship with money? No!
Occupation: Local government
Salary: £35,000
Total savings: £16,000
How did you get there? I started out on a very low wage after finishing university (pretty much minimum wage) but I was lucky that after leaving my university town I could move back in with my parents. Otherwise I don’t think I would have saved a penny if having to rent privately on my initial salary. When I got a pay rise after a couple of years, I moved out from my parents’ house and starting privately renting, and have gradually built up my salary to what it is today, in the process also building up my savings. I am about to (hopefully) buy a house however, which will wipe out most of my savings.
Do you dip into your savings and if so, how often? I have different savings accounts, most of which I don’t touch apart from an easy-access savings account, which I sometimes use for holidays/car expenses.
Would you say you have a good relationship with money? I do now but as a student I wasn’t great at budgeting so at the point of finishing university I had an arranged overdraft of £1,500. Had I not lived with my parents, it would have taken me a lot longer to pay this off.
Occupation: Waitress
Salary: £10 an hour
Total savings: £3,589.21
How did you get there? I started saving half my paycheque at 16.
Do you dip into your savings and if so, how often? I have but not often. It’s usually for big purchases like a new phone that have unexpectedly come up.
Would you say you have a good relationship with money? Yes, as I know how to budget and what my monthly expenses are so as not to dip into my savings as much anymore.
Occupation: Diplomat based in India
Salary: £52,000 plus tax-free allowances and free accommodation
Total savings: £113,500
How did you get there? Saving my own money. I don’t pay rent, bills or my travel costs. I also get generous allowances for living overseas. Everything is cheaper here so I am able to save well over 50% of my paycheque every month. I’ve never received any money for my savings from family. They did, however, pay for my university tuition fees.
Do you dip into your savings and if so, how often? Never.
Would you say you have a good relationship with money? Yes, I have a very good relationship. I am lucky enough to be able to enjoy myself while at the same time saving more than 50% of my income. I know that I won’t be in this situation forever, particularly when I move back to London. Therefore I am trying to save as much as I can to put towards a flat when I return.
Occupation: Fraud analyst
Salary: £23,000
Total savings: £72,000
How did you get there? Husband has a very good job. My salary is just invested between us. We were lucky and were able to invest our bonuses when the market crashed in 2020, which helped significantly.
Do you dip into your savings and if so, how often? I never touch my investments. That’s future me money. But I’ve got a rainy day fund of about £3,000 that I dip into about twice a year to buy something big.
Would you say you have a good relationship with money? I do. But I feel a lot of guilt due to the extremely fortunate position that I’m in.
Occupation: Education charity worker
Salary: £27,000
Total savings: £22,000
How did you get there? I try to save £500 a month, which can be tricky living on my salary in London. I would say I am sensible with my money. I value experiences with my friends rather than material items so I don’t spend a lot on clothes etc. per month. I use Monzo pots to help as well, for example I put £50 a month into a presents pot which I then use for more expensive birthday presents and Christmas presents across the year.
Do you dip into your savings and if so, how often? Rather than dip into my savings, I tend to not move any money into my savings for a couple of months if there is something big coming up, for example a holiday. Once my money is in the place I keep my savings, I try not to take it back out.
Would you say you have a good relationship with money? It depends who you ask. My parents (who are very frugal) would say a huge yes! My friends who are slightly more relaxed about money may think that I stress too much about money and savings.
Occupation: HR consultant
Salary: £57,000
Total savings: £8,000
How did you get there? On payday I have a regular routine for saving my money (it hasn’t always been this way). I bought a new house last year so have been building the savings back up. My current savings are split across a few accounts for different things, one which is high interest – just £50 a month goes in that and I don’t touch it. I have another account that I add a regular amount of £150 a month and is for my emergency fund. One which about £200 goes into for ‘fun’. I also received a bonus from work this year which I added to my emergency fund money.
Do you dip into your savings and if so, how often? My emergency fund is just over £6,000 (about two months’ salary for me) and I don’t dip into this. Pre-pandemic I only had one savings account and would dip into it and spend more than I should have! I have about £750 in a ‘fun’ account, which I’ll be using some of as spending money for an upcoming holiday. I used this account to pay for a few holidays and other big house purchases earlier in the year, it’s the one that I dip into if I have a bigger purchase or one-off.
Would you say you have a good relationship with money? Mostly! It’s taken me most of my 20s to get into good financial habits. I’ve been lucky enough to have been gifted sums of money in the past which I’ve always been able to use towards significant purchases such as house, car, dog. The focus for me now is on making sure I have a longer term savings fund for the next big purchase and a healthy ‘rainy day’ fund. I’d like to have about six months’ salary in my emergency fund, too.
Occupation: Policy assistant
Salary: £24,000
Total savings: £40,000
How did you get there? A couple of things helped me save but mainly being ridiculously frugal for years and never treating myself (which I regret now because life is for living). Even now I shop in charity shops, take a packed lunch, don’t drive etc. I also had a £10,000 inheritance when my grandad died. Nowadays I have a small mortgage so that helps, too.
Do you dip into your savings and if so, how often? Rarely. I don’t have a pension so need this money for old age. Hoping to do a bit of travelling next year if the cost of living crisis doesn’t stop me.
Would you say you have a good relationship with money? I’m getting better and spending more money on having a good social life, which makes me happy. But I need to sort a pension ASAP. It’s confusing and I don’t know where to start.
Occupation: Special needs teacher
Salary: £50,000
Total savings: £303.11
How did you get there? I’ve had a couple of big jumps in salary over the last few years but expenses keep rising and my pay hasn’t been increased in line with inflation so it feels like even with pay rises I’m not able to do anything more with my money. I feel really guilty because I know it’s a good salary, and I can’t say anything to anyone about it because I don’t want to look ungrateful for what I earn or like I’m bad at money because I don’t have savings even with earning what I do.
I’ve had two or three spells of supporting partners while they were out of work over the last eight years and (in part) due to this I have credit card debt. This crept up on me gradually, and it’s all on zero interest deals, so extra money goes to this rather than into savings. I’ve always struggled with budgeting, to be honest. I really, truly don’t live a lavish lifestyle, and I’m quite intelligent, but I think I might have ADHD and need to get assessed for it. Add to this the fact that my car died and I’m getting married later this year, and I just have nothing going into savings at the moment.
Do you dip into your savings and if so, how often? I don’t but I’m not adding to them at the moment. I have a Help to Buy ISA so I don’t feel like I can touch it (which is good!).
Would you say you have a good relationship with money? Not at all. It stresses me out all the time and I feel very panicky and anxious any time I think of it. I wish I could just have someone else deal with it all for me.
Occupation: Civil servant
Salary: £54,105
Total savings: £10,500
How did you get there? I saved 20% of my take-home (minimum) a month for the past two years. Anything left over goes into savings. Now I’ve built up £10,000, I use my savings to overpay my mortgage, save an extra £200 a month for holidays, and top up my savings with anything left over each month. I also budget everything I spend.
Do you dip into your savings and if so, how often? Never.
Would you say you have a good relationship with money? Yes.
Occupation: Pharmacist
Salary: £50,000
Total savings: £0. £13,000 in debt.
How did you get there? Senseless spending and pressure from other half to match his spending.
Do you dip into your savings and if so, how often? If I even save £200 it’ll be gone within a month.
Would you say you have a good relationship with money? Absolutely not.
Occupation: Social work assistant
Salary: £28,000
Total savings: £0
How did you get there? I have no savings thanks to a combination of redundancy, cost of living crisis and never learning how to save.
Do you dip into your savings and if so, how often? Always.
Would you say you have a good relationship with money? No.
Occupation: Researcher
Salary: £50,200
Total savings: £18,000
How did you get there? I used roundup apps, regular savings set up to leave my account each week and a payday boost (I’m a terrible overspender and love eating and drinking out so the money has to leave my bank account before I can spend it!). Also helps that my LISA and 90-day notice account can’t be accessed whenever I want.
Do you dip into your savings and if so, how often? Yes, but only when I’m desperate. Most of my accounts are notice or not accessible. Happens every couple of months for £100-£200.
Would you say you have a good relationship with money? I’m fortunate with my salary. I spend an awful lot so no, probably not a good relationship but I’m very thankful I’m able to enjoy my life so much.
Occupation: Marketing manager
Salary: £57,500
Total savings: £7,800
How did you get there? I used to be terrible with money, constantly in my overdraft on £22,000 a year. Moving jobs got me a £10,000 pay rise and I became addicted to clearing my debt and setting myself a weekly budget. Having control over my finances gives me so much freedom and happiness.
Do you dip into your savings and if so, how often? Hardly ever because of my weekly ‘payday’ to myself.
Would you say you have a good relationship with money? Yes but only because I’ve taken a head-on approach to my finances.
Occupation: Fashion buyer
Salary: £50,000
Total savings: £10,000
How did you get there? I used Moneybox and committed to roundups and saving £100 a week. Whenever I got a small bonus or an unexpected refund I chucked it in that account. It’s invested in a high risk but ethical fund. I’ve accumulated this over four years but the best bit is it now includes around £1,000 in returns.
Do you dip into your savings and if so, how often? Not often, maybe twice a year to cover unexpected expenses. I have separate sinking funds to cover things such as my car and housing expenses and I don’t include these in my overall savings figure.
Would you say you have a good relationship with money? Yes, I’m organised and try and ensure I am sensible with my money. I try and make it work hard for me. On the other hand I worry a lot about money and spend a lot of my free time researching ways to make a few extra pennies. Sometimes this can be a bit consuming and can trigger anxiety.
Occupation: Senior social media manager
Salary: £52,000
Total savings: £5,111
How did you get there? I come from a super low income background and when I graduated uni I had no savings or support whatsoever. I moved to London on an incredibly low salary and I went on the trip of a lifetime after finishing uni so I quickly found myself in £6,000 of debt between an overdraft and a 0% credit card. I ended up in an equally stressful and financially beneficial insurance claim which paid out for the trauma of the experience (£3,500) and I took on freelance work alongside my full-time job during COVID, which earned me £9,500. This allowed me to pay off my debts and put a little bit of money away. Incredibly lucky for these two events to happen at the same time so I actually could be debt-free, which I have found to be the most liberating experience.
Do you dip into your savings and if so, how often? I don’t necessarily dip into them but I just can’t seem to commit to building them. I had a huge salary jump in August last year (£17,000 pay rise) and yet I still can’t seem to prioritise saving.
Would you say you have a good relationship with money? Definitely not! I spend, spend, spend. If any event or plan comes up with friends I equally love and hate that I am often the one buying the extra round. I waste money on takeaways and ASOS orders all the time.
Occupation: Administrator
Salary: £27,924
Total savings: About £8,500
How did you get there? Most of it is hidden in a Help to Buy ISA that I max out each month. I tried to follow a ‘save £5,000 a year’ guide but ended up dipping into that often as it’s a Monzo pot so accessible. Right now there’s £1,000 in it but I’m planning to book another two holidays in the next six months so imagine it will be empty soon. I need my savings to be inaccessible so I recently opened a premium bonds account with a measly £250, which I hope to build up slowly.
Do you dip into your savings and if so, how often? The ones I can access I go into monthly. I start the month with the best intentions and probably put more into savings than I should and end up taking around £100 out. I should switch it around and put in what’s left from the previous pay.
Would you say you have a good relationship with money? Yes. Always been a saver and I’m the one people turn to when they need to borrow money. I do tend to splurge when I feel my account looks healthy, with an unexplainable itch to spend.
Occupation: Agricultural aftersales manager
Salary: £49,920
Total savings: £45,000
How did you get there? I’m from a single-parent, very low-income household so I was very scared about having no money. I worked all through college and uni, saved every penny and continue to save every penny possible. I actually have a spreadsheet that lists every outgoing. I’m in a comfortable position now and I hope I can start feeling less guilty about spending and panicky about money.
Do you dip into your savings and if so, how often? Very rarely, for big purchases e.g. buying my dog.
Would you say you have a good relationship with money? Yes and no, I am good with being sensible with money but probably too much so. I have lots of disposable income but would panic over a £3 coffee and beat myself up over it.
Occupation: Events planner
Salary: £50,000
Total savings: £11,000
How did you get there? Over COVID I moved out of London and managed to pay off my debt and save up. It’s the only saving I’ve managed to do since being 18.
Do you dip into your savings and if so, how often? Very rarely, maybe once a year by a couple of £100 maximum.
Would you say you have a good relationship with money? No! I ‘treat myself’ far too much and the cost of living is way higher than it should be for my salary. I live in London and am single and refuse to houseshare anymore so it’s expensive!
Occupation: Content designer
Salary: £31,000
Total savings: £130,000
How did you get there? Mainly through flipping property. I bought my first flat in 2019 aged 27 and did it up, selling it the following year for £50,000 profit. I then bought a small house in 2021 and sold it this year for another £50,000 profit. I’ve been very lucky with what I’ve bought but would always recommend buying a doer-upper if you’re taking that first step onto the property ladder. I’m now living with my parents while looking to buy a new property with the capital I’ve built up.
Do you dip into your savings and if so, how often? Sometimes I end up in my overdraft at the end of the month so I dip into them occasionally.
Would you say you have a good relationship with money? Yes. Getting into debt has always been a concern of mine. I don’t come from a wealthy family and I was always aware that my parents struggled to make ends meet so I’ve never had any credit cards and never take out anything on finance. I probably do buy too many clothes though!
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