(Closed) Bees in your early-mid 20’s……How much in Savings?

posted 8 years ago in 20 Something
  • poll: Savings
    $1,000-$2,500 : (80 votes)
    28 %
    $2,500-$5,000 : (51 votes)
    18 %
    $5,000-$7,500 : (31 votes)
    11 %
    $7,500-$10,000 : (23 votes)
    8 %
    $10,000+ : (100 votes)
    35 %
  • Post # 3
    Member
    3564 posts
    Sugar bee
    • Wedding: August 2010

    We have quite a bit in savings, in large part due to the fact that Darling Husband 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
    Member
    1 posts
    Wannabee
    • Wedding: September 2010

    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 ๐Ÿ™‚

    Post # 6
    Member
    10366 posts
    Sugar Beekeeper
    • Wedding: September 2010

    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
    Member
    13096 posts
    Honey Beekeeper
    • Wedding: July 2010

    Between Darling Husband 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 Darling Husband 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.  Darling Husband 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
    Member
    1801 posts
    Buzzing bee
    • Wedding: June 2010

    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
    Member
    2154 posts
    Buzzing bee
    • Wedding: July 2011

    We’re both students, so… yeah. We each have about 1000 in a retirement fund, and no other savings.

    Post # 10
    Member
    2714 posts
    Sugar bee
    • Wedding: May 2012

    I have about $7k in savings plus $4k in mutual funds. Fiance 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
    Member
    2588 posts
    Sugar bee
    • Wedding: February 2014

    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
    Member
    4123 posts
    Honey bee
    • Wedding: October 2010

    before or after we bought a house and planned a wedding ๐Ÿ™‚ 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
    Member
    567 posts
    Busy bee

    about 15k…here’s hoping that number will go up with wedding gifts ๐Ÿ™‚

    i have more than a lot of people my age, but i got some help from a generous relative

    Post # 14
    Member
    6661 posts
    Bee Keeper
    • Wedding: May 2010

    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 Rehearsal Dinner 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 # 16
    Member
    1313 posts
    Bumble bee

    WOW, impressive, Bees ๐Ÿ™‚ 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! ๐Ÿ™‚

     

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