(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 # 46
    Member
    1131 posts
    Bumble bee

    @Rachel631:  I was just wondering that same thing! They must not have student loans or something 

    I am 23, my DH is 29, I own our home and hold the mortgage. I have all of my student loans paid off. I have nearly 12k in savings, he has about 6k. Neither of us have retirement accounts. Though I know that is something I need. 

    The goal is to not dip in to our savings  for the wedding or honey moon, so far it looks not likely, but possible. 

    Post # 47
    Member
    1736 posts
    Bumble bee
    • Wedding: May 2016

    I have 500 $ in my bank account but that will be gone tomrrow after i pay my bill

    Togeher we have 2500 saved up in a joint account that we can’t touch unti we get married 

    .

    Post # 48
    Member
    831 posts
    Busy bee
    • Wedding: December 2010

    Big fat $0!

    I earn $46,000.. Thinking I should get a second job to help with my savings!

    Post # 50
    Member
    900 posts
    Busy bee
    • Wedding: July 2012

    We only have $300. My fiance is horrible with money, it burns a hole in his pocket the second he gets it. Totally pisses me off, But he complains about never having money to do stuff with. Hopefully getting a house next year (with some money i had before i met him, and some money saved after the wedding, which is still only 8k,not much). Just finished Cosmetology school, I wasnt able to work for a year. So hopefully now that i have a good job saving money will be a little bit easier.

    Post # 51
    Member
    909 posts
    Busy bee

    Honestly not much, we tend to save for stuff we want and then start over again. We just don’t make enough to put away money that we don’t touch at all. We put a bit away into RRSP’s but not a lot. We don’t have any debt besides our mortgage though.

    Post # 52
    Member
    869 posts
    Busy bee
    • Wedding: January 2013

    I have about 10,000.00 in my savings account. No 401k or retirement because I’ve never worked a job long enough.

    My fiance has 90,000.00 in savings but is about to invest it all. He did this 3 years ago and it paid off BIG time. However, this will be the LAST TIME I let him do this/ it’s just not worth it when we want to start a family and buy a house.

    Post # 53
    Member
    25 posts
    Newbee
    • Wedding: June 2013

    I would suggest “The Total Money Makeover” by Dave Ramsey. HE IS AMAZING!!!!

     

    Post # 54
    Member
    1375 posts
    Bumble bee
    • Wedding: April 2013

    @Purpleblonde:  +1!!! Dave Ramsey’s teachings definitely changed my financial life. I took his class Financial Peace University over 8 years ago (and then retook it this summer with FI) and it is so awesome. Even if you only agree with 70 – 80% of what he teaches, it will put you so far ahead of “average.”

    I don’t want to say exact numbers, but Fiance and I each have about one year’s worth of our salaries in retirement savings, and NOT including wedding savings (since that is all being spent in the next six months), we have about 25% of our combined annual incomes in cash savings.

    After we are married and combine finances, we will keep 7 months expenses as an emergency fund (about 16% of our combined annual base incomes – we live on way less than we earn), then we will allocate a certain amount to car replacement for the future, savings for a house, etc.

    We are trying to live completely off of his income once we are married (including a small amount of savings) and entirely save mine towards buying a home (either huge down payment or paying cash in a few years), minus what goes to health insurance, 401k, etc of course.

    While we make very good incomes, we do not have cable. Fiance has a computer hooked up to the TV and we can watch pretty much anything that way. I shop Craigslist to furnish our home for now since we’re renting and possibly going to be moving across the country in the next few years. It’s amazing the awesome stuff you can find there! We shop sales and use coupons. We just have really worked to keep our lifestyle low (first paying off student loans and other debt very aggressively, then putting raises into retirement savings, etc), because we’re happy this way, but it’s hard once you get used to a more expensive lifestyle to go backward.

    The best tip I have for people just starting out in their careers is to not spend most of your raises. For every raise you get, put maybe 20% into spending, and put the other part into funding retirement, savings (either for emergencies or towards a goal like a house), etc. You don’t miss what you never had once you get past the basic needs threshold. My income has gone up almost 3x since I started at this company, but I don’t bring home even double what I brought home when I started (between taxes and increasing retirement/HSA funding).

    Post # 56
    Member
    1076 posts
    Bumble bee
    • Wedding: January 2014

    I’m 20, I have around 3k saved (but have only been actively trying to save for around a month, so that’s not bad imo).

     

    I feel like I should also mention that we live in a big house rent free, and pay no bills (it’s a company house, we’re very lucky). We also have a huge chunk of land for our animals. If we didn’t live here, we’d probably be doing it rough, but luckily the company we work for takes care of a lot of our needs (rent, bills, phone, vehicle ect).

    Post # 57
    Member
    759 posts
    Busy bee
    • Wedding: October 2013

    I don’t know how everyone seems to have so much saved up. I’ve yet to make that much since I started working 10 years ago it seems. Well maybe just that amount but I gotta pay rent bills etc. Can’t wait for school to be done!!!

    Post # 58
    Member
    25 posts
    Newbee
    • Wedding: June 2013

    Step one of Dave Ramsey: Get those credit cards and cut them up!!!!! 

    Post # 59
    Member
    218 posts
    Helper bee

    I have a large amount saved up and I paid for my own graduate degree, and have been living on my own since I was 18. Never took a cent, don’t expect an inheritance of any kind. One thing that really helped was haivng my parents kick me out of the house when I was 18. A few things I learned along the way:

    * like some of the other bees – I live waaaaay below my means – I dont’ have a house (even though I could afford one), dont’ have a car, cook most days, don’t buy really anything expensive. I have the basics of everything I need. What I do splurge on is travel – all the time (like every weekend). Also if I really need or want something, I’ll just get it – but that’s probably like once a month.

    * I really make sure all my money is working for me – in high interest term deposits, etc.

    * I do really high paying gigs for a few months every year and then do what I love for the rest. Develop some skills that allow you to charge several hundred to several thousand dollars a day plus

    * This one’s going to be controversial – but financial security/job security was important to me in finding a partner. It was by no means the first criteria or even in the top five – but I have worked hard my whole life to be financially secure. The last thing I want is a man that a) spends differently/has different money priorities b) can’t support his own ass. He doesn’t have to be Mr. bling bling, but it is important that he can pay his own way

    * You have to make it a priority/focus – like everything else in life that you actually want 🙂

    Post # 60
    Member
    1375 posts
    Bumble bee
    • Wedding: April 2013

    @MissMeowMeow:  That is really interesting – I was kicked out when I was 18 too. Kind of interesting correlation. I agree it was huge in shaping me. I actually graduated top of my high school class but took a year off to work two jobs instead of going straight to college (a year later went back and finished my undergrad in 2 years, was highly motivated). Definitely had an impact.

    Post # 61
    Member
    218 posts
    Helper bee

    @NAvery:  It is. I’m a big believer in “what doesn’t kill you, makes you stronger”. I’d love to help out any other bees actually that want to get their finances back on track, if you want to PM me – just in terms of advice and putting together a plan. I’m a big believer in financial security helping women tkae over the world and all that.

    I noticed for example, that I was much more assertive in my relationships when I didn’t feel financially dependent, leading me to choose better ones. And I took less crap from bosses, etc.

    The topic ‘How much money do you currently have saved up?!’ is closed to new replies.

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