Post # 1
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.
Post # 3
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.
Post # 4
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 🙂
Post # 5
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!
Post # 6
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!!
Post # 7
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.
Post # 8
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).
Post # 9
We’re both students, so… yeah. We each have about 1000 in a retirement fund, and no other savings.
Post # 10
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!!)
Post # 11
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.
Post # 12
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).
Post # 13
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
Post # 14
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.
Post # 15
@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)
Post # 16
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! 🙂