POLL: How much is in your savings? and HOW do you do it???

posted 2 years ago in The Lounge
  • poll: How much do you have in savings??
    $0 - $1000 : (37 votes)
    15 %
    $1000 - $3000 : (25 votes)
    10 %
    $3000 - $6000 : (34 votes)
    13 %
    $6000 - $10,000 : (18 votes)
    7 %
    over $10,000 : (91 votes)
    36 %
    MORE!!! (please share hehe) : (48 votes)
    19 %
  • Post # 3
    Hostess
    9831 posts
    Buzzing Beekeeper
    • Wedding: May 2014

    willow_1960:  DH and I are 31 and 32.

    His pension/retirement savings at work has more than 20k.  He has an auto payroll deduction of 5% and his emplyer matches.  It’s great.  It’s also vested meaning he can use the money, it’s his.

    Our personal savings is small at the moment, we’re trying to pay things off.  We have 2 accounts – one for the car (I get mileage at work, all those cheques go in there and maintenance is paid out of it) we have a second savings account that we put $100 in each month plus whatever is leftover from our monthly spending money.

    I also have a small RRSP that gets $75/month – that’s really just to pay back what I borrowed to go to school.  Once our school debts are paid all the savings accounts will be getting a bump.  Our car is paid in may – 1/2 the car payment amount will be going to the car savings account the other 1/2 to debt.

    Post # 4
    Member
    36 posts
    Newbee
    • Wedding: June 2015

    – How old are you? I’m 28.

    – How much do you have in savings? Around $30,000

    – Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.? I have two bank accounts, for no particular reason.

    – What’s your annual income? About $40,000. 

    – How much do you try to save a month? At least 20% of my take home pay.

    – What do you feel you spend most on, and what do you try to sacrifice? Spend the most on entertainment, like eating out, drinking, etc. I hardly ever buy brand new things for myself though.

    – Any other secret tip you may have? No tips, really. I only was able to save money because my living expenses for three years were dirt cheap and I have no student loans or debt of any kind. Recently my living expenses are more so I am not saving as much, plus payments for the wedding. I started keeping closer track of where my money is going and budgeting about a year ago, so I think that has helped me cut down expenses on some things.

    P.S. I’ve been lurking around here for awhile and seriously some people on these boards are straight up ballin’. I am jealous.

    Post # 5
    Hostess
    14997 posts
    Honey Beekeeper
    • Wedding: June 2011

    I’m 40ish, we have a good deal in the savings account but I won’t say how much. DH 70-100k but it depends on the year, my jobs are only less than part time so they give me only purse buying money.

    We have pension, 401k that already come out of dhs checks from his hall and we have the bank automatically move 10% of all deposits into the savings account. Bills are all on autopay so I right them off at the top of the month. On paper, many times, it looks like we are starting a month in the negative.

    Post # 6
    Member
    9525 posts
    Buzzing Beekeeper
    • Wedding: August 2013

    First, I should warn you that you get skewed responses in these sitautions because people with good savings are far more likely to respond than those that don’t have much in savings. Statistically, most people have very little in savings. Also, things differ a lot by country as later in life systems like pension and social security are very different from one country to another.

    I’m in the US and I’m 31. I making in the low $60ks. Another big factor, for me, was that my mom passed away when I was 25 and I used my inheritance to pay off all my student loans and put the remainder into long term investments – this money accounts for about half of my long term investments, at this point.

    Personally, I’ve got a lot in savings. I invest the annual maximum into my 403(b) (which is like a 401(k) for not-for-profit companies) which is $17,500. I also invest almost the annual maxium into my medical HSA, which is $3,350 in 2015. These are both great options because they are taken out pre-tax. It’s like getting an extra 17% of money! I also max out my Roth IRA, even though that’s post-tax money. After those deductions, I put about 20% of my take home salary into short term savings for emergencies. Though it isn’t really the same, I also put 10% of my salary into savings that are specifically designated for vacations, because that’s really important to me.

    I do this all by living very cheaply. We live in an area that isn’t popular or trendy but has really cheap rent. We don’t get cable or Netflix (though we did recently decide to invest in Amazon Prime). I don’t have data on my cell phone. We don’t eat out often. We don’t have expensive hobbies. I only buy new clothes/accessories/household items, if I need something specific. And then I don’t care about labels and like to find used stuff, if I can. 

    Overall it sounds like you’re doing okay since you’ve got some savings and aren’t living paycheck to paycheck. I’d try tracking your money (every dollar) for a month or two. If you put everything on a credit card it can be pretty easy. Then just go through and look and see where all your money goes and where you could cut back. I also totally agree with having a separate account and pretending like savings don’t exist, so you aren’t temped to use them. Have you started a 401(k)? They’re a great tool and you get so much more bang for your buck by investing early because your money has more time to grow.

    Post # 7
    Member
    681 posts
    Busy bee
    • Wedding: September 2013

    We have a savings account of just over $3,000 – any additional savings we “put to work” in mutual funds, RRSPs, etc.  No sense having a ton of money just sitting in a bank account not earning any interest. 

    Post # 9
    Member
    12794 posts
    Honey Beekeeper
    • Wedding: June 2011

    – How old are you?  35<br />

    – How much do you have in savings?  A lot.  About 5x or so our annual income<br />

    – Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.?  Yes, retirement, savings, investments, all over the place<br />

    – How much do you try to save a month?  Max the 401k and Roth IRA.  And an additional 25% of net income.<br />

    – What do you feel you spend most on, and what do you try to sacrifice?  The mortgage is the biggest expense.  I don’t feel we dont really sarifice anything, but make sure  that money is well spent.  If we want a new TV or anything, we buy it, but make sure it a great deal.  I only shop sales at the market, buy in bulk, and just make sure money is wisely spent.<br />

    – Any other secret tip you may have?  Live below your means.  Make sure the basic living expenses are as low as possible so that you have spare money.  No one got rich by just saving.  Invest the spare money, but only invest what you can afford to lose.  It takes money to make money.  Much of our savings is due to good investements.  A steady safe growth of even just 7-8% (it has been more in our case) will amass more money than a savings account ever will.  Put as much into 401k as possible for your retirement.  The tax shelter on that is pretty much unbeatable by an taxable investment.

    Post # 12
    Member
    1473 posts
    Bumble bee

    How old are you? 24-26 (Rather not give an exact number)

    How much do you have in savings? Including retirement money that I cannot touch, and joint savings with my husband, About $40k. (We have our own separate savings accounts and one joint one. This doesn’t count my husband’s personal savings)

    Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.? I have separate accounts. About half is in RRSPs, a big chunk in TFSAs and some in a joint high rate savings.

    What’s your annual income? $55k

    How much do you try to save a month? Every paycheck about $100 goes into RRSPs. I would ideally like to put $100 in my TFSAs, but lately my husband and I have been trying to save for renovational work on the house next year. We put away about $500-1000 a month into joint savings when we save for big purchases. When we finally reach the point where this isn’t necessary, We’ll probably stick to just putting away a few hundred. 

    What do you feel you spend most on, and what do you try to sacrifice? Personally, I don’t really spend my money. If anything, mostly on yarn, clothes and take out. In general, most of the money goes towards the mortgage. Now, we’ve been spending a lot on furniture and paint supplies.

    Any other secret tip you may have? A good portion of my savings came from when I got my job and still lived at home. There was about 6 months where I did this while I looked for a house and waited for possession. Every penny I made went into savings and I still have half of it left. So I was lucky there, not everyone has that opportunity. 

    One tip: if you want to set aside a certain amount of money, have a separate account for it and treat it like a bill. Make sure it’s an amount that you can comfortably put away (even it it’s only $20!) and make sure you transfer that money every single month. Or even better, set something up so it automatically transfers.

    You said you have no debt, and that’s good! Keep it that way. Always pay off your credit cards because interest is such a pointless expense when it can be avoided!

     

    Post # 13
    Member
    339 posts
    Helper bee

    – How old are you? 27

    – How much do you have in saving?  A lot

    – Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.?

    While I could get more interest doing something else, I have a CD ladder (12, one per month), so that every month I can add more to the CD that is maturing and then put it away for another year.  I have it with a different bank than the rest of my money so I literally never see it except for that one day a month. Max Roth IRA and 5% 401k payroll deduction.

    – What’s your annual income? $40,000 (SO does pay for rent, so I have a little more to play with than the average bear with same salary)

    – How much do you try to save a month? $1500+

    – What do you feel you spend most on, and what do you try to sacrifice? No cable, cheapest internet, keep the house a little colder/hotter than I would like to save money on electricity bill, I bring all my food from home for lunch, drink coffee from home, etc, store brands for food on most things (can’t sacrifice cream cheese or mayo!), coupons/deal websites for big purchases.

    – Any other secret tip you may have? Save it as soon as you get it, you will not be tempted to spend something you don’t have. You would also be surprised the savings you can get by calling your internet/phone/etc. provider and asking for them. 

    You need to sit down and do a budget to see where your money goes.  I allow myself to spend a certain amount of money a month, because that’s easier for me than saying “only $200 for groceries, only $200 for gas, etc.”  I do what I want with my money, whether that’s spending money on food or clothes, but once I reach the end, oh well. I won’t lie, I go over sometimes when I buy something nice for myself, but that next month, I cut my budget by that month (ie. I overspend by 100 this month, I underspend by 100 the following month). The key is DISCIPLINE and that even though I allot myself an amount, I don’t make it a goal to spend that amount.

    http://a248.e.akamai.net/f/1611/26335/9h/dramsey.download.akamai.com/23572/daveramsey.com/media/pdf/forms/fpu_monthly_cash_flow_plan_forms.pdf

    Fill out that form (or something similar) and whatever is leftover after you fill out all blocks except savings, you put that amount in savings.  Have it autodrafted every pay period so you don’t spend it.

    I live frugally, because buying a nice house is important to me and I want to be able to put 30% down.  But, I want for naught.  I eat out occasionally, at nice places, and do entertainment-y things on the town.

    I know I am an extreme case, but you should realistically be able to put away much more than you are now, though.

    Post # 14
    Member
    339 posts
    Helper bee

    Yeesh, sorry for the novel.

    Post # 15
    Member
    636 posts
    Busy bee
    • Wedding: September 2015

    I will be that lower end of the spectrum for you! lol

    I am 25 

    I personally have 1400 in my savings.

    I make 30,000 salary

    I have about 38,000 in student loans

    I find it VERY hard to save. My take home pay is immediatly divied up through bills and payments. I am only left with about 60/week for groceries/my spending money, and rarely have any money to put into savings. :/ But I try to at least through 20 in here and there when I can. Every little bit adds up.

     

    My FI on the other hand is 29 and makes 32,000 salary, he has close to 12,000 in savings. 

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