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Just wondering what all of you had/have hoped to have in savings. DH and I are in our mid twenties, and I feel like we have a pretty solid amount in savings. We have almost reached our goal of having enough saved to cover 6months of both of us being unemployed, and we add to that out of every paycheck.
However I have a close group of friends and out of about 10 of us girls I have only one other friend that has a savings account with savings in it. Don't get me wrong I know how hard it is to save, and I in no way am judging my friends that don't have savings.
I am just curious about what others close to our age have in savings or what their thoughts are on saving? (Not including what you have in assets, as in your car, house, ect.)
DH and I feel that saving is something we need to do, we want to start a family soon and know that we will need extra $$ for that, and that things happen and a rainy day fund is nice to always know is there if you need it. However we are only in our mid 20's and we will spend money on things that aren't necessities, I mean what can we say we still want to be able to have some fun before we really settle down and start a family.
We have quite a bit in savings, in large part due to the fact that DH gets a large bonus every year (well, hopefully every year!). Our savings definitely went down this year due to the wedding, but they should bounce back after January when he gets the bonus. We probably have 6-9 months of savings right now.
Right now I have about $3000 in savings. I had twice that amount but had to use about $3000 towards wedding costs. We are slowly building our savings back up, because we have a big home improvement project that we need to do, and we want to move into a larger house in a few years. We go out to eat when we want, and do fun things, but that is only because we can comfortably live on one income right now. I think as long as you are meeting your savings goals, you shouldn't feel bad about spending money on wants instead of needs. Good luck with your savings :)
This thread makes me want to get all my friends on the savings route! They keep telling me and my others friends, that we remind them of their grandparents and people our age don't save like that! But I'm going to show them this to prove that there are a lot of others our age saving as well!
Way to go bees!
We have about a year and a half worth of salary in savings, and another 1/2 year in our retirement accounts. We don't have any debt, and refuse to make purchases we can't immediately cover with cash (but use our credit cards for the points/cash back). We've been really dilligient about living well below our means (but still comfortably, just not luxuriously!), and will reap the benefits of that when we quit our jobs to do a 6 month Asia trip and move to CA. Ohhhhhh I can't wait!!
Between DH and I, we have about $13,000 in savings/checking accounts and $28,000+ in investments (mutual funds, stock, CDs, and Roth IRA). We also have both of our 410Ks through work but that money really isn't touchable until retirement. I'm 23 and DH is 24.
Most of the money we have saved is "mine" (as in, was in my accounts pre-wedding - everything is both of ours now). Saving and "making my money work for me" are very important to me. DH hasn't always been as good at saving but is happy my abilities are rubbing off on him.
I also dislike debt alot (outside of home mortgages). Our only debt is DH's car loan.
Unfortunately we don't have much at all in our savings (less than $1000). It's not that we don't want to save, it's just not easy for us right now. We both just graduated and have worked part time jobs to live paycheck to paycheck in college. Then we moved to a much more expensive city for me to attend grad school. I just got a job 2 weeks ago (finally!) working half time in addition to school, but my husband hasn't had any luck yet. We've been unemployed since July 15 when we left our old jobs to move and it depleted the $4000 we had saved in bills, rent and moving expenses. He finally got calls for 2 interviews this week for part time jobs, so it'll help cover living expenses (financial aid will run out before the next disbursement) but 2 part time jobs aren't going to leave any savings after the bills.
I'd be really interested in hearing how you all have been able to save money at such a young age (since I'm assuming many of you are recent college grads in newer jobs as well).
We're both students, so... yeah. We each have about 1000 in a retirement fund, and no other savings.
I have about $7k in savings plus $4k in mutual funds. FI has A LOT more than I do right now, but he doesn't have the student loan debt that I do and is paid very well.
None of our friends have savings like we do. Actually, almost all of them are living paycheck to paycheck.
It is very sad to see, but I have found that they have MUCH different lifestyle choices than we do and could probably save up a lot if they just changed their spending habits a bit. Neither of us have credit cards and the only debt I have are my student loans. If I can't pay for it today in cash, then I'm not buying it!
If I don't keep track of my money I tend to just spend it on whatever. I've been keeping myself to a strict budget in order to build up my savings. (I want a house like NOW!!)
Including my CDs and IRA, I have about $10k or so saved up, but most of that's going to go toward my student loans once I graduate. My family started a savings account for me when I was young, so it's been built up over the last 15 years or so. FH doesn't have much in his savings, though.
before or after we bought a house and planned a wedding :-) It used to be much higher while we were saving for the house as we put about 40% down... Now, we still have about 6 months and no debt (other than the house).
about 15k...here's hoping that number will go up with wedding gifts :)
i have more than a lot of people my age, but i got some help from a generous relative
We have a lot, but I should add a disclaimer that we had almost nothing before we got engaged. Neither of us were good about saving at all. It's one of my biggest regrets about my past, I wish I had started saving earlier. I'm proud of how much we've managed to save in 2 years considering we paid for part of the RD and our entire honeymoon (not that we shouldn't have, it's just that these things are really expensive) and neither of us got bonuses last year or the year before.
@TinyTina: that's how dh and I are! No credit cards, cash or check only is our motto! Plus where we live local business give you a discount for paying in cash opposed to credit/debit (we do have debit cards though)
WOW, impressive, Bees :) good for you!
We have nothing, no savings at all. We skim by from paycheck to paycheck and there is never any room left for savings after car payment, rent, student loans, other bills (vet, electric, internet, UGH), credit cards (BIG payments, can't wait to have them paid off!!!).
We make a modest amount (50K between the two of us), but all these bills are just killing us.
I am starting a 401K this week, though, yay! :)
@TinyTina: that's how dh and I. No credit cards here! Cash or check is our motto and plus where we live local businesses give you a discount for paying in cash instead of credit/debit (we do have debit cards though!)
*sigh*
Not very much at all. We have enough to keep things together if there's an emergency, but not nearly what we want. Otherwise, it's just my 401(k).
Given our presently limited means, priority number one is paying off all consumer debt (we're on track with this) and then building up a sizable savings account.
We have no savings right now. We both graduated unversity with some minimal debt. I had 10K which I have paid off. My FI had about 18K which is down to 6K now. He had a bunch in investments, which we used to buy our house.
I feel a little bad, but really, if there wasn't student debt that we're paying off really fast, and no house we'd have about 20K saved up in one year of working. Hopefully that's what happens next year :)
We own a house, 401k's, cars, and about 20k in other things ... but I don't like to include them in the total amount of what we have saved, because if tomorrow something happened we wouldn't be able to use those as money right away, I like the idea of being able to go to the bank and getting money that day if we need it!
We have a small savings, but we paid for a lot of wedding stuff ourselves and only had about a year to save for it. Wish we had more though! May be moving to a new city and that always requires a ton of cash upfront.
Right now we have savings for the wedding that, of course, could be turned to in case of an emergency.
After the wedding though, we're looking at keeping about $2K in savings and following the Dave Ramsey plan of throwing everything at FI's student loans to get rid of them. Once that's done, then we'll be on our way to our 6-month emergency fund :)
We only have about $1,000, and that's our "pet emergency" fund. We are animal fanatics, and would basically do anything to keep them happy and healthy!
Honestly, as full time students with part time jobs, it's tough enough making ends meet. I couldn't imagine saving any of my paycheck at the moment. Once we get full-time career jobs, we'd like to start saving for a sizable down payment on a condo.
I had about 4K saved up when I met DH. Now that we've combined we're over 10K and the wedding is all paid off and we're saving for a house!
To be honest.... $4.00 lol we had to clear it out to help my parents with their mortgage 
But now my dad has a new job so we will be getting our money back!
We have no savings now that we moved. NONE. We did have about $3000, but it's gone now. Eep.
@soonerpsych: We have a lot in savings because I went to college on scholarship (no loans) and worked a lot in college (savings!), and then got a high-paying job (yay science industry!). My husband also is a computer guy, had college paid for, and immediately had a high paying job. We live waaaaaay below our means, and save about 60% of our monthly income, so that has added up quickly.
I tried staying under 10,000 but so far it isn't working out. Believe me though, I am attempting to save every penny I can!
currently we have $0 in our savings accounts. we paid for our entire wedding/honeymoon in cash almost entirely on our own so we dont have anything right now. Before the wedding we had saved up approximately 20G. We dont spend much, dont have a ton of debt and pay super cheap rent! :)
@crayfish: Wow, 60%! Good for you. I hope to work up to this goal once I finally get a job in this darn city...
Im 24 and I have quite a bit in excess savings, in addition to 10 months savings and retirement. Im cheap as hell tho. Dont be like me, enjoy life haha
@crayfish: That is really awesome to be saving up 60% of your income! You will save so much money by being able to make purchases for cash and not having to pay interest!!!
We are trying to follow the Dave Ramsey plan (even though we don't really have much debt). We have $2k in emergency savings (he only recommends $1k but we feel better with a bit extra). That money is for the month to month emergencies (car breaks down, house repair, etc). In addition to that I have about 2-3 month salary saved up in case I were to loose my job. Obviously if I were to really loose my job, I would cut back on expenses really quickly (cancel cable, etc) so the 2-3 month salary could hopefully last me 4+ months if needed.
From this point we are contributing to our retirement accounts and working to save for big purchases we want to make ($1k for new bedroom furniture, $5k for new car purchase, and hopefully $5k for a baby)
Great job saving Bees! It can be done!
I have about $1000, I pull from it to pay my credit card bill, but usually don't let it go below $1000. Of course right now I'm only working a part time job and living with my parents. I am very lucky to have no cc debt, student loans, car payments, or any payments at the moment besides purchase I make on myself.
Hopefully soon I will be getting a "big girl" job and once FI and I get married we would like to live off of one income, saving and investing the other. And even though neither one of us has a very large income we believe we can do it, because we are VERY frugal! Thankfully FI has no cc debit, students loans or car payments either!
lol so far this year we have bought a house, planned a wedding, and bought me a new SUV. So um... not as much as I'd like! By the end of this year I'll hopefully have about 8k in savings not counting either of our retirement savings. But I do have a goal of building my savings back up to have at least 4 months of expenses covered. I feel comfortable with that number because we both have disability insurance that kicks in after 90 days if either of us got sick, and its pretty unlikely we'd both lose our jobs at the exact same time.
ETA: this also does not include money we have saved specifically for the wedding.
there's no button for under $1,000? Because that's where I'd be. I'm a grad student. If anything serious goes wrong, we are freaking screwed.
Oh and neither of us have any retirement funds started up. We are 26. Seriously, we might as well just rule out retirement because it's not like the jobs we get out of grad school are going to pay well either. So we probably won't save then either.
@crayfish, what type of science job do you have? Can I ask where it is, who it is for? I'd like to move to Boston someday and get a science job. If it's high paying that'd be great!
between the two of us we only have about 3500.
but when you have a mortgage, a sports car, are enrolled in a private university, and have an addiction to expensive shoes, it's really hard to save!!!!!!!!!
hahaha anyone with me on that one?
i cant even imagine what it would feel like to have 10,000 dollars in savings. that is probably such an amazing feeling to look at your bank account and see that amount of money! man, i am jealous of you guys right now.
We're fortunate to have a lot in savings, (currently about a year's equivalent of FI's salary). We live way below our means and are able to put away a lot every month. 40% of FI's paycheck goes into savings, investments, and retirement. It's great because a lot of that is taken out pre tax and when we invest in his company's stock, the company matches it up to a point, (so we are getting free money). His company also matches our 401K investments.
From my paycheck we're able to put away about 25% and that goes into a general savings account.
Right now we are using a limited amount of that to pay for the wedding. But a big portion of that savings will be going into a house in the next few years.
together we've got about 9K in cash. we're 60K in debt though. We've saved well and things like not eating out, and working overtime really help. We don't ever go to bars and cook all our own food. I had most of the savings coming into the marriage saved from my middle school days through college. DH is starting grad school in the fall so that'll take away from saving for 2.5 years (he won't be able to work) which is a bummer since we'll want to save more for a baby. I better get a really awesome new job when we move!! lol.
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