Post # 106
I am so suprised that so many of you consider you retirement funds as ‘savings’. I mean, they are savings, but in Australia we can’t touch our retirement accounts, so it’s like they don’t even exist. I am 27 & have about $15-20k in savings & about $45k in retirement savings.
This week, I happened across some accounts of a girl I was friends with in school while doing some finance for her as a client at work.. she had almost 90k in savings & it made me feel so poor.
Post # 107
We had nearly 20k in savings but just started a major Reno on our house. Between the bathroom and living room we are down to 8k I’m savings now.
Post # 108
I dont consider it savings either. My husband has about 78k in his pension but we can’t touch it until retiremen, so to me it basically doesn’t exist.
Post # 109
I’m 23 and currently have around $6,000 saved up. Not bad for only working part-time in college the past 3 years.
Post # 110
lol. I’m 20 and I have $600in savings. So, how in the WORLD do some of you have over $18k at 23?
Post # 111
So jealous of some of you guys! I have $3k saved up. I don’t even think about retirement or social security because I won’t be touching them until I need them.
Post # 112
I only have about $1,200 saved up in my savings… I’m only 22, but OP that is amazing at only being 25 and having that big of an amount saved up!!
I’m also a college student and have many bills only making 8.50 an hour so it is hard to save up anything after wedding expenses currently.
Post # 113
I’m 21 and currently have about $8,000 saved most of which will go towards the wedding. The Fiance is almost 24 and has $6,000 saved. I just started my first real job about 6 months ago and saved most of the 8k in that period of time. Luckily, we live in an area with relatively low cost of living and I don’t have any debt. Kudos to all you that are so money savvy!
Post # 114
I just turned 26 years old, overall net worth of 130K. 45K in my Roth IRA, 20K in my 401K, 13K from my car that keep loosing value, 50K in stocks market and 2K in check account for emergencies. When I graduated from college, I still had my student job on Saturday and working 60 hours a week for my new employer (9h30 am to 9h30 pm on average). They paid me overtime after 40 hours a week. I got a 10% raise followed by à 7% raise the next year. I have been recognized for my efforts and I now work normal hours. I believe that overtime, plus taking the bus during college, being with roommates, winning scolarship and cooking my own food helped me get there. Working that much wasn’t that easy…lights turned off automatically after 11 pm was not good on morale, leaving work and walking to the empty parking lot every night. I never gave up, because I want to take care of my parents when they retire. They were struggling and working hard to raise us, and I believe that no matter what, they deserve a wonderful retirement. Doing so, I have lost precious time with family for extra pay…but now I can be with them and let the money compound while I keep adding some more.
Post # 115
I am 27 and DH is 28. We have the following in savings:
- $26,900 in 401k/ROTH savings
- $28,000 in PERA savings (retirement through the state)
- $4,200 in a baby fund
- $17,500 in emergency savings
- $1,800 in general/vacation funds
- Total: $78,400
We have been focused on debt repayment for the past year and paid off about $26,000 in student loans and extra mortgage payments. DH has about $14,000 left in loans that should be gone by November. At that point, we will increase our savings rate.
Post # 116
I’m in awe but I’m posting for anyone out there who is in a situation like mine. Fiance (29) and I (27) both got scholarships to attend our CA public university, but have some small undergraduate student debt. We both have student loans from each of our master’s degrees, and additionally he has student loans for medical school (exxxpensiiive). Combined, our student debt is expected to be about $260k.
We both worked consistently in research (salaries 20k-40k) during all school and inbetween programs, aside from my lay off for 6 months in 2013 and not working my first semester of grad school, and his move to another state and post-grad job search for 5 months this year. We have no savings. Well no, I have $200 and he has none. We have always lived paycheck to paycheck and pay off loans and credit card debt in full every month. We both have always paid rent (did not have the opportunity to live with parent(s)), bought used cars (necessary where we have lived).
We’ve never paid for cable (what a luxury!), we go out maybe once a month, we cook at home, I hate shopping, and he likes to build things or repair things we get on craigslist. We live off of craigslist, and we have moved around in 3 states over the past 3 years. Moving is expensive. We have no financial support from family or CDs or funds etc. There just hasn’t ever been a time when we could get above barely making ends meet. There was a time when I had $2000 in my savings account, but a couple hospital bills ate that up real quick. Good news is that I have an amazing credit score. Bad news is that I worry about something happening and our inability to pay any other sort of bills (e.g. car crash).
On the flip side, I’m very pleased to hear that many bees have some cushioning. Wedding-wise, my father is footing the bill for our venue and catering, but my fiance and I are paying for vendors with credit that will be paid off…at some point. Million dollar question: does financial debt for graduate school yield a positive return on investment? Don’t know yet. But we’re not going to be able to afford a house or a baby any time soon.
Post # 117
I’m impressed. Tell me your secrets, young wise one…what do you do for a living???
Post # 118
I used to squabble with my Fiance about the investment account stuff too. Don’t let him invest ALL of it, but a great deal could/should be invested. My Fiance has about $500,000 in investment accounts…2 years ago it was only $280,000. Mind you, he has an MBA in investments so he’s kind of an expert, but it should be said that investing is where people can make serious money…investment bankers are some of the richest people around. Working a day to day job and keeping your cash in a savings account does not accrue significant interest or help your money MAKE MONEY!
This from a 31 year old who just opened her first investment account and made a whopping $440 today in my account while watching TV. So I’m very excited 🙂
Post # 119
We have assets but just counting our savings account… we have just over $14k in cash at 28 & 33 years old. We SHOULD have more than that but jesus it is SO hard to save.
Post # 120
My husband and I are both 24, and work part time. We now have a little more than $32,000 in savings. We love to travel too much, but we’re pretty good at saving 1/3 of our net income!