(Closed) Anyone NOT have much in savings?

posted 7 years ago in Money
Post # 3
Member
3255 posts
Sugar bee
  • Wedding: October 2011

@Bao: Sounds like an awesome internship your FH has set up! 

I’m with you. I’m only 23 and SO is 25, so we are just getting started. We each have about $3,000 in checking and $1,000 in joint savings. That’s all we’ve got! 

 

Post # 5
Member
7291 posts
Busy Beekeeper
  • Wedding: October 2011

I have the same feelings…. we have no 20 k stash for a baby or an emergency! lol

Most of savings or spare money has gone to a debt free wedding. We have a savings pile, but its being saved for our property taxes due in April which is a good 4 grand.

we have equity in a home we bought in cash, but other than that, we are starting fresh after the wedding. No worries! We have like NO savings and just live within our means and do what we can. Should we have a baby or an emergency we have great families and are more than willing to re arrange priorities for proper savings etc.

Post # 6
Member
1177 posts
Bumble bee
  • Wedding: September 2013

ME! Starving college student here ๐Ÿ˜‰

Post # 7
Member
463 posts
Helper bee
  • Wedding: June 2011

my husband is 23 and i am 24. he works full time and a full time student double majoring in aerospace engineering and mechanical engineering minor in math im a culinary student, we thankfully had a debt free 5,000 wedding we paid for. we have a couple thousand in savings and in our checking but oh man did it break our hearts to see that 5,000 leave our savings:(  but we are slowly buidling it back up!

Post # 8
Member
14559 posts
Honey Beekeeper
  • Wedding: June 2011

I have almost 10k in my liquid savings right now and I do not feel like that is enough.  My comfort level is 20-25k.  I have other ‘savings’ in investments (that is not my IRA or 401k), but I consider that more as retirement fund also that I dont want to touch than useable savings.  If we really got into a bind, I would definitely cash out on them though.

Post # 9
Member
3255 posts
Sugar bee
  • Wedding: October 2011

Wow, I’m starting to feel like crap when I realize I have nothing even in comparison with people who are broke… :/

Post # 10
Member
7291 posts
Busy Beekeeper
  • Wedding: October 2011

I’d love to know what the people who have big stashes do for a living as well as if they have:

student loans

car paid in full/lease/or payments

and what their housing situation.

Maybe they ineherited money or have some awesome advice!!!

 

Post # 12
Member
3255 posts
Sugar bee
  • Wedding: October 2011

@Bao: Thanks. ๐Ÿ™‚ I have $9,000 in student loans, but as long as I continue to teach in-state, they will be forgiven within the next three years. So I basically consider us to be debt-free because I have a stable teaching job with which I plan on continuing even past the three-year mark. 

Post # 13
Member
929 posts
Busy bee
  • Wedding: December 2011

@Eva Peron: I’m a high school teacher and my fiance is a University lecturer.  We have no inheritance, and we both came into the relationship with about $20000 in student loans apiece.  Luckily they are both interest-free gov’t loans.  We sat down when we were deciding to live together, and discussed:

1. Which debt we wanted to address first (credit card obviously, then student loans, then “family loans” – both of us had borrowed about $1000 from our parents to make rent at various times in our university careers)

2. How much we make in a 2-week period as a couple, and how much of that we could feasibly put directly into loan repayments.  We went for a VERY high percentage of our income because we knew that we wanted to start saving for a down payment on a house the minute our loans were repayed, and the more the better

3. Where we could pick up extra cash – we both tutor students privately, i do textbook trade shows and he does extra marking.  All the extra from our non-day jobs goes straight into “the fund” – either loan repayment or saving.

We’ve been on this rough plan for almost 2 1/2 years now, and we’ve payed off our credit cards, our student loans, we put $40000 down on a house and now have about $20000 saved up for our wedding.  We dont’ live like hermits, but we also don’t spend money without consideration.  The numbers we’ve accumulated look huge to me, in writing them down now, but for us it all came down to putting the money out of sight and out of mind so we weren’t tempted to spend everything we were making.  We both make a good salary but cost of living in Australia is incredibly high. 

Post # 14
Member
3255 posts
Sugar bee
  • Wedding: October 2011

@ScarletBegonia: Haha I’m a teacher in the U.S. and you must make much better wages in Australia than you would here. I feel like all my money goes to basic survival, and SO and I are very frugal! Congratulations on handling your finances so well over the past few years; you must feel deservedly awesome about it. ๐Ÿ™‚

Post # 15
Member
3521 posts
Sugar bee
  • Wedding: December 2010

Aside from about 6k in my CDs and IRA, I have nothing–my regular savings account is pretty bare these days. I keep telling myself that it’ll come back, though! We manage to pay our bills on time and our only debt is student loans, so I think we’re doing okay.

Post # 16
Member
929 posts
Busy bee
  • Wedding: December 2011

@brideatbeach: yeah in raw #s, teachers make a huge salary here (its one of the primary reasons my fiance and I have stayed in Australia – i make about twice what I would make in Canada (where I’m from originally)).  Not mad at that, I love my fortnightly paycheques!  But, I also paid about twice in rent what i paid in Canada for an equivalent place, and our 2 bedroom apt in Sydney cost twice as much as my sisters 3 bedroom detached house in Toronto.  So, I think it kind of all comes out in the wash.  Granted, the aussie dollar is really strong right now so thats helping too.

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