(Closed) Debt vs savings amounts?

posted 7 years ago in Money
  • poll: Debt vs Savings amt
    I am paying off debt and have 0 savings : (5 votes)
    15 %
    I am paying off debt and keep more than 500 in savings : (6 votes)
    18 %
    I am paying off debt and keep more than 1000 in savings : (3 votes)
    9 %
    I am paying off debt and keep more than 1500 in savings : (1 votes)
    3 %
    I am paying off debt and keep more than 2500 in savings : (2 votes)
    6 %
    I am paying off debt and keep more than 3500 in savings : (1 votes)
    3 %
    I am paying off debt and keep more than 5000 in savings : (13 votes)
    38 %
    I have no debt, but no savings : (1 votes)
    3 %
    I have no debt, and like to keep more than 500 in savings : (2 votes)
    6 %
  • Post # 3
    Member
    4464 posts
    Honey bee
    • Wedding: June 2010

    We save, but that’s because I have a RIDICULOUS amount in student loan debt.  Paying our savings on it would be sort of useless.  So right now we make my student loan payment, and save on the side.  If we get some sort of surplus someday, we will pay more on the loan.

    Post # 4
    Member
    10366 posts
    Sugar Beekeeper
    • Wedding: September 2010

    We have no debt and about $80,000 in liquid savings, approx the same in retirement accounts. The thought of having only $5000 in savings is pretty terrifying to me – that is only a month and a half of bare bones living expenses in Boston! We are currently saving for a 6 month trek through Asia ($20,000) and a down payment on a house in the bay area where we are moving (20% for a 2-bedroom starter home will run around $100,000). So, as you can see, you need a LOT more savings for these things than someone living someplace much more inexpensive in, say, the rural mid-west.

    Post # 5
    Member
    2091 posts
    Buzzing bee

    We have no savings, and are both paying off debt.

    Post # 6
    Member
    4464 posts
    Honey bee
    • Wedding: June 2010

    @crayfish: WOAH.  Lucky lady!  I live in NYC and have no where NEAR $5K in savings at the moment.  And yes, we would be putting down 20% on likely a $500K to $600K apartment.

    Post # 7
    Member
    275 posts
    Helper bee

    @crayfish: Wow that’s great!

    I will be done paying off my debt by September and will then be able to contribute more into our savings.

    Post # 8
    Member
    10366 posts
    Sugar Beekeeper
    • Wedding: September 2010

    @hotchildinthecity: I don’t have student loans, so that helps a TON. My husband and I have cut out soooo much to live way below our means in the last few years! We knew we really wanted this trip, and that meant needing a substantial savings to come back to, since we have to quit our jobs to do it. So, i’m actually super proud of what we have sacrificed to get to this ppint :-). Makes me really sure that we’ll be able to make it through any rough financial times when we have kids!

    Post # 9
    Member
    4464 posts
    Honey bee
    • Wedding: June 2010

    @crayfish: Student loans will do it 😉  And we also both moved straight from college out on our own, so we had no time to save living with our parents.  Also we paid for grad school and the wedding out of pocket.  I feel proud but also broke LoL

    Post # 10
    Member
    10366 posts
    Sugar Beekeeper
    • Wedding: September 2010

    @hotchildinthecity: Boston is also a bit cheaper than NYC!! That helps too :-)!

    Post # 11
    Member
    4887 posts
    Honey bee
    • Wedding: May 2012

    We have no debt, one credit card each, and between liquid cash and retirement savings/401ks/IRAs we probably have another $80k.  We already bought our house and are constantly DIYing major projects to fix/update, so we save a ton of cash there.  But yeah, we’re doing okay I think.

    Post # 12
    Member
    5572 posts
    Bee Keeper
    • Wedding: June 2011

    We have no debt (we finished paying off all student loans and debt last summer) and we have almost $10k in savings. We’ve just started saving but we are saving for a downpayment on our next home.
    Oh we do have debt if you count mortgage. We own a home but we do have a mortgage.
     
    ETA: We have money in a 401k (FIs) but I’m not sure the total

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