(Closed) How much money do you currently have saved up?!

posted 10 years ago in 20 Something
  • poll: How much is currently in your savings account?

    $0-$1000

    $1000-$3000

    $3000-$6000

    $6000-$10,000

    $10,000-$20,000

    $20,000-$35,000

    $35,000-$45,000

    $45,000-$60,000

    $60,000-$85,000

  • Post # 31
    Member
    381 posts
    Helper bee

    Everyone has so much money saved, we have nothing. I’ve been living on my own for 8 years, paying rent by myself and paid for college by myself. I barely make ends meet and I have two jobs. I have an okay job, make $40K a year and work part time on top of it. Right now I have like $2,000 in savings, thats it πŸ™ Fiance is a teacher and doesn’t make much. Any savings tips?

    Post # 32
    Member
    1869 posts
    Buzzing bee
    • Wedding: May 2013

    @erinmarie0685:  Me and SO both make about the same at $43k each before taxes,  I could definitely use the savings tips. I have my $6k guess I should change my automatic deposit to savings to a bit higher. I know I need to focus on eating out less. Other than that- I can’t think of anywhere else to cut since my expenses are pretty much set in stone.

    Post # 33
    Member
    3982 posts
    Honey bee
    • Wedding: February 2011

    @erinmarie0685:  we saved the bulk of our money the first year we were married. I had no savings prior to that. Combining incomes and working together really helped us. it kept both of us accountable for what we spent. doing a budget together each month really helps..figure out what you pay in bills, how much you have left over and how much of that you can stand to put in savings and dont need to live. try and put money in there every month. We made sure to pay our bills and put that money in savings as soon as we got paid and before buying anything else.

    Post # 34
    Member
    101 posts
    Blushing bee
    • Wedding: June 2012

     @jpalm13:  

    View original reply
    @erinmarie0685:  

    View original reply
    @Rachel631:  

    A large sum of our savings did come from our earlier days living with our parents. Now that we own our home, majority of our income goes towards housing and living expenses, but we still have the ability to put 20-30% of our monthly income to savings.  We eat out only on weekends, and only go out about once every month or two.  We also get a good amount back on tax returns and that as well goes straight to our savings.

    Post # 35
    Member
    592 posts
    Busy bee
    • Wedding: October 2011

    We had a nice healthy savings account until we put a 20% down payment on a house.  Ouch!

    It’ll take us a about a couple of years to build back up to that level.

    For the folks who don’t have any savings at all.  They always say to pay yourself first.  Put $$ into a savings account and don’t touch it!  I gave up extras such as vacations, eating out, cable to build a savings.  It sucked at the time but was well worth it.

    Post # 36
    Member
    101 posts
    Blushing bee
    • Wedding: June 2012

    @jpalm13:  Also, my fiance and I make about the same as you, give or take.  The cost of living in our area may be much lower than where you’re at though (we’re in Houston, TX), and could be why we can still save.

    Post # 37
    Member
    196 posts
    Blushing bee

    @erinmarie0685:  See what you can cut! Cable? You don’t need it. I watch tv with an HD antenna and have high speed internet where I can catch more shows online. Switch to a lower cost phone carrier. Virgin and Boost have some lower cost smart phone plans. Stop going out to eat. Meal plan. Set up a new savings account and have your direct deposit split off a certain percentage to go in that. Then you have to think twice before withdrawing that money to spend it on something. Buy a car you can afford. I love not having a car payment. I drive an ’02 Corolla and it drives like a champ

    It’s tough to make the choices to save. Are you in a very expensive city? I live in the Twin Cities, so not a cheap place to live, but certainly not like coastal city prices.

    I took out loans to pay for college by myself, and have paying paying rent for the last 7 years. I only make 32K a year. I think you can certainly boost your savings on what you make!

    Feel free to PM me if you’d like, but I’m certain that building savings is totally acheivable for you πŸ™‚

    Post # 38
    Member
    797 posts
    Busy bee

    I am so impressed by all of the saving bees! For the bees that are trying to save, keep trying! Having financial freedom is one of the best things you can do for yourself! Put away whatever you can and you will be amazed at how much it will accumulate! I am closer to 40 than I am to twenty and so i’m not going to list my net worth but just wanted to encourage everyone that over time if you are cutting unnecessary expenses and saving as much as you can it really does add up impressively! Good luck!

    Post # 39
    Member
    1583 posts
    Bumble bee
    • Wedding: November 2011

    We have 20K in our savings account. To be honest, 75% of this is from the wedding. We didn’t touch a penny of our wedding gift money. So to all of you ladies who asked for advice and getting married soon, don’t touch your wedding money!

    Post # 40
    Member
    1699 posts
    Bumble bee
    • Wedding: September 2010

    I’m 22 and have about $5k in bank savings. We are pretty proud of it, actually, considering we make $40Kcombined and are just getting started with our careers. We just try to take a percentage of what we make to put in savings, but we often end up dipping into it if something big comes up. I’m going to grad school do I won’t contribute a lot to our savings for the next 5 years but my husband will hopefully be advancing on up πŸ™‚

    Post # 41
    Member
    1699 posts
    Bumble bee
    • Wedding: September 2010

    Also, we don’t have cable, Internet, eat out often, live in a big apartment, etc. there’s not too much for us to cut out to save more. There’s no inheritances coming our way either. Just will need more time to save!

    Post # 42
    Member
    3274 posts
    Sugar bee
    • Wedding: September 2018

    Sigh, I have about £500.  But I admit spending about £3k supporting myself through uni and paying for some dental work.  Looking forward to graduating and becoming a regular saver.

    Post # 43
    Member
    882 posts
    Busy bee
    • Wedding: September 2013

    Good lord! I don’t know how you all do it. I try to save, but most of my money goes into things for my daughter [3]. Fiance has been unemployed for over a year, but he finally found a job, yay! I have about $500 in case of an emergency, but that’s it. I’m super poor πŸ™

    I’m hoping to start a business soon, and hopefully it will generate some money. I’d love to have money in savings, but as of now, with as little as I make a year, it’s impossible.

    Post # 44
    Member
    95 posts
    Worker bee
    • Wedding: August 2012

         I’m impressed as well! My Fiance has saved about 5,500 (plus the 2,000 we’ve spent already) so far, so we are on schedule. I’m a student graduating with my bachelor’s this winter. I’ll graduate with no debt thanks to grants and scholarships, but I’ll probably have to borrow about 10,000 for graduate school after working for a year to save for most of it while he pays for living expenses. I’m going to school for mental health counseling, wihich doesn’t pay much for the amount of schooling it requires. It’s really what I want to do though, and some things are more important than money (although money is certainly important!)
         We are spending probably about 7.000 on the wedding and 6,000 on our honeymoon cruise (we are paying off the cruise tomorrow though, nothing is stopping us from that cruise!) I’ve managed to cut a lot of corners on our wedding without seeming like it. My mom is a wedding photographer, and she has gotten us some great deals by talking to her collegues. She is also paying for our wedding photographer as our gift because she wanted to pick who she thought was best (a real lifesaver).
         I’m a frugal like my mom and resourceful like my dad. I plan to learn how to invest money, continue to build up our credit scores, and whatever else I can do to stay on top of our finances and give ourselves a good start. I would also like to start a private practice one day which can provide me with a better income although there are more risks involved. The amount you girls have saved is inspiring πŸ™‚
        Whew! – I’ve written a lot. Time to go to bed! 

    Post # 45
    Member
    722 posts
    Busy bee
    • Wedding: July 2012

    I have 10k..my Fiance has 3k. I only started saving in Sept/Oct so Im not doing too bad. We are trying to save for a down payment though, and well need to at least double the amount we have right now πŸ™

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