How much money did you two have before you got married? combined savings

posted 2 years ago in Engagement
  • poll: What is your combined savings prior to marriage?
    less than $10,000 : (71 votes)
    36 %
    10,000-20,000 : (23 votes)
    12 %
    20,000-50,000 : (23 votes)
    12 %
    50,000-100,000 : (30 votes)
    15 %
    100,000-150,000 : (11 votes)
    6 %
    150,000-250,000 : (11 votes)
    6 %
    250,000-500,000 : (9 votes)
    5 %
    500,000 and above : (19 votes)
    10 %
  • Post # 31
    Member
    592 posts
    Busy bee

    Not sure how you can consider a retirement fund savings. Where I live, I can’t touch that money until I’m 65 any way. A better indication is how much money do you have in your savings account, in bonds and shares. Not money tied up in a house.

    Post # 32
    Member
    253 posts
    Helper bee

    spilledmilk :  We have a bunch of student loan debt as well. Mine is 37K and luckily finace’s is less … I’m trying to pay mine down as much as I can before the wedding and I’m thankful that our engagement was long enough to save up for the wedding costs. But we’re both very aware that our first years of marriage will be focussed on paying down debt. It sucks! I hope you’re doing well with it 🙂

    Post # 33
    Member
    213 posts
    Helper bee

    I’m from the U.K. so I don’t know what a 401k is, but I don’t think we have an equivalent….  savings wise we are in the less than 10k bracket but we had always planned on something fairly simple and low key anyway. 

    Eta- having just read some other posts I think I know what 401k is now. If it’s pension/retirement related then we have more savings but as a PP said, I can’t access that money until I am 60, so I don’t really count that 

    Post # 34
    Member
    637 posts
    Busy bee
    • Wedding: March 2017

    I am always baffled by the USA bees that seem to earn relatively low salaries but have HUGE savings…whereas us AU bees (well – me!) earn higher incomes but have next to no savings…?!
    I know AU has a high cost of living…and we seem to drink a lot more alcohol and go out more…but it still baffles me?!!!

    I also don’t see the point of counting superannuation/401 as for AU bees we cant touch that till retirement and it is also at the rise/fall of whatever super company invests it so it feels like it cant really be counted on.

    Post # 35
    Member
    1777 posts
    Buzzing bee

    ozbee :  I’m in Canada, mine is called an RRSP. I can pull from it but I’ll pay taxes on it if I do. You can pull from them tax free here for buying a house or going to school. 

    If I ended up in an emergency I could pull from it, but I would prefer not to. 

    Post # 36
    Member
    3195 posts
    Sugar bee

    ozbee :  On the internet, you can say make up anything about your finances. 

    Post # 37
    Member
    464 posts
    Helper bee
    • Wedding: August 2015

     Almost nothing. But we are OK. We have been married for 10 years now and have been able to afford  important things like buying a house in a good school district for our special needs son. 

    Post # 38
    Member
    70 posts
    Worker bee

    ozbee :  

    Oz bee too. I live in the most expensive place in Australia but yet we have a huge nestegg already (for early retirement). How much do you drink? Lol 

    Also, you def count your super into your total wealth 🙂

    Post # 39
    Member
    2063 posts
    Buzzing bee
    • Wedding: March 2017

    We had savings before marriage, but Darling Husband is not that many years away from retirement. So, it’s not like it’s money we wanted to spend. I’m not sure how savings correlates to amount spent on wedding. We spent maybe $1000 total on our wedding. That’s a small percentage of our savings. Just because we had some savings did not mean we wanted to put a lot of money toward a wedding. 

    Post # 40
    Member
    174 posts
    Blushing bee

    I voted how much cash I have saved (8 months out from our wedding) which is about $15,000 (didn’t count the $80k in my 401k). We live in a high cost area but are very lucky that both our parents paid for college (no debt), currently live in a rent controlled apartment and that my fiance lived in a low cost area for nearly 10 years, is super frugal and invested a bulk of his income in a stock portfolio (worth 850k or so). Sometimes I wish he would save less and spend a little more, haha. 

    A healthy savings account isn’t doable for a lot of people due to a variety circumstances, but I think going into debt to pay for an engagement ring or wedding is a very bad idea. 

    Post # 41
    Member
    122 posts
    Blushing bee
    • Wedding: August 2018

    LilliV :  How often do you check yours? I never check mine. I’m a student and haven’t contributed to mine since I was working full time. I also won’t be retiring for at least 30 years  lol I get those yearly updates so I know roughly how much is in it but I have no idea what the exact amount is.

    Post # 42
    Member
    71 posts
    Worker bee

    If we were to get married now, then in the 20k-50k range. This includes no debt between us and does NOT include retirement savings. But oddly enough our retirement savings aren’t that good. We were both on an odd pension plan due to being teachers. Now we’re both in grad school, and although no debt will come from that, the savings will dwindle down as the stipends are just tiny for avg cost of living. We’re each not allowed to work during our programs. By the time we get married in a few years, that range could be under 10k. Hard to tell. 

    Post # 43
    Member
    7459 posts
    Busy Beekeeper

    ozbee :  the US has a terrible social safety net so you have to save in order to protect yourself against injury, illness, job loss, etc. No one but me is going to fund my retirement so I save for it.

    clairhuxtable :  I use Personal Capital to track all of my money so I notice the retirement balances when I log in to check the rest of my budget. I only actually go in and analyze it and rebalance the portfolio once a year though. 

    Post # 45
    Member
    1434 posts
    Bumble bee

    I’m finishing off grad school and fiance is going back to school. We’re poor. The majority of our savings come from awards I’ve gotten in the past couple of years. And the majority of the wedding costs are paid by my parents because they really wanted us to invite the whole family and splurge.

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