- 5 years ago
- Wedding: December 2014
willow_1960: Alright, I’ll play. I’ll give some representation to the low-end group.
– How old are you? 26
– How much do you have in savings? In a savings account, $90. I do have close to $8K in an IRA though.
– Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.? See above.
– What’s your annual income? $24K, I’m a grad student (with about $50K in deferred student loans, yay, I haven’t taken a break, been in school since pre-K) and that’s my stipend. I’m not allowed to have a second job, so that’s it for me. Fiance makes much more, but up until just recently was totally on commission, making it hard to budget anything. Things are getting more straightened out now that he has a steady income and we are able to pay off debts. I will add that both of us started out with nothing. Neither of our families are well off and have never helped us financially with anything as adults. In fact, we’ve had to help them at times.
– How much do you try to save a month? Nothing, obviously. At least I don’t really succeed at it. With FI’s better income now, we have been able to put more toward debts. We are paying more than the minimum on his student loans (relatively small and I want them paid off by the time mine kick in) and we’ve always paid off the credit cards each month. Buying rings has reduced our savings this past month, but we should be getting back on track within the next month or two.
– What do you feel you spend most on, and what do you try to sacrifice? Rent, more than half of my income goes to rent. Also, car payments. We’ve reduced our entertainment budget significantly over the past few months to try to save more money.
– Any other secret tip you may have? I don’t have any secret tips. Just do your best with what you have and try not to compare your financial situation to other people’s situations.