(Closed) POLL: How much is in your savings? and HOW do you do it???

posted 5 years ago in The Lounge
  • poll: How much do you have in savings??
    $0 - $1000 : (38 votes)
    14 %
    $1000 - $3000 : (27 votes)
    10 %
    $3000 - $6000 : (36 votes)
    14 %
    $6000 - $10,000 : (20 votes)
    8 %
    over $10,000 : (94 votes)
    35 %
    MORE!!! (please share hehe) : (51 votes)
    19 %
  • Post # 16
    Member
    5095 posts
    Bee Keeper
    • 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. 

    Post # 17
    Member
    3221 posts
    Sugar bee
    • Wedding: September 2016

    willow_1960:  

    l’m 27, I have about 19k in personal savings, and I make low 30ks.  I save by putting aside a certain portion of my cheque each month into my savings accounts when I get paid.  I try to be responsible about not eating out and eating at home with my partner. He makes a lot more than I do, so we divide up our expenses proportionate to our income and neither of us feels particularly pinched. Our savings aren’t particularly divided up into categories (retirement, wedding, travel, house savings, etc.) but we share priorities so when the time comes to pay for something out of savings we talk about how much we each put in.

    Post # 18
    Member
    926 posts
    Busy bee
    • Wedding: November 1999

    We are in our mid to late 20s and have very good savings according to the poll options

    Salaries are average (probably well below the averages based on the salary threads on here! lol), but every month we manage to put away about 50%. We do live quite cheaply though so it’s not for everyone. Our car is a total crapbox (so no car loan), we rent a tiny flat 40 minutes out of the city, no smoking or drinking, no expensive hobbies, we use public transport whenever available so minimal petrol costs, no fancy purses or clothes, we don’t really go to the movies, and I get my hair cut once a year, lol..

    I maintain 3 accounts – the home loan, an offset for the savings, and the cash account which only ever has about $1k at a time. I think that helps a bit cos when you have to top up, it reminds you how much cash you are using.

    Post # 19
    Member
    1017 posts
    Bumble bee
    • Wedding: October 2015

    willow_1960:    I’m 29

    I make $140K/yr and my SO makes double what I do and I put at least half my paycheque into my savings and investments so I’ve accumulated quite a bit.  My work deducts 9% of my income and matches for retirement savings.

      My biggest spending is on our mortgage and I just got a new vehicle.  My savings is in a separate account but I still intend to spend that money for vacations and a wedding eventually so thats why I collect a savings rather than invest all my money.   My SO has more investments rather than a savings bank account.

    I try to cut costs by buying the cheapest I can in disposable things like toilet brushes etc!!  It actually makes a difference!  I also like coupons and sales and buying bulk.  I don’t buy a lot of stuff, but when I do I tend to splurge.   Buying less, but better quality items saves me in the long run because I don’t have to buy as many.

    For 23, you are doing awesome, you should be really proud. When I was 23 I had zero savings and a large student loan.  It felt good to pay off that loan though

    Post # 20
    Member
    14976 posts
    Honey Beekeeper
    • Wedding: June 2011

    willow_1960:  Our investment accounts are mostly just for growth probably until we retire.  Or for future kids college funds.  We don’t have an end goal in mind for that money since we just don’t need it right now.  The goal is to just let it grow for whatever we may need it for.  We have an seprate uninvested emergency fund, which could also be college funds or retirement funds if we never use it.  And we have an additional uninvested  “usable savings” account which we use for house upgrades, maintenance/vacations/cars/etc (this varies between 10-20k). So as far as thinking in the short term, we don’t even think about investment money since we’re  not really sacraficing anything day to day and have enough in the useable account to not have to consider the investments.

    Honestly, I think I am super lucky to be where I am.  This has been afforded to me by lack of student loans (huge thanks to my parents for paying for my college eduction) and living at home after graduation to save.  And being able to save enough to throw money at the stock market when it crashed in 2008.  (though by 2009, I had lost one third. That was hard to stomach, which is why I say make sure to invest only what you can afford to lose.)  The timing was also lucky for me that Darling Husband and I started to invest when the market was at rock bottom.

    Post # 21
    Member
    47255 posts
    Honey Beekeeper
    • Wedding: November 1999

    willow_1960:  My secret to saving is no secret. Pay yourself first. Set up automatic deductions from your payroll to your savings account. If you can’t do that where you work, have your bank automatically transfer the money when your check is deposited.

    Then you live on the rest. If you rely on putting something in the savings account at the end of the month, there will be nothing left. You will spend what you have. You can also learn to live on what is left after your savings are deducted.

    Post # 22
    Member
    1939 posts
    Buzzing bee
    • Wedding: May 2018 - City, State

    Looks like I’ll give some representation to the young brides out there. 

    – How old are you? I’m 21. (full time student, working part time around 15 hours/week)

    – How much do you have in savings? Around $5k (not including tuition money set aside, see below)

    – 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.?

    I have savings account that I absolutely do not touch because I dont have access to it. But that is strictly for tuition and books. Every year I write my mom a check for the full cost of tuition and books estimated for that year and put it in that account so I know that its not extra money, its money that is going to be used when my tuition bill comes. But honestly I’m not a huge spender so I’m good at saving. 

    – What’s your annual income?

    Its difficult to know for certain, but I’d guess around $25k. I work around 15 hours a week because of school. 

    – How much do you try to save a month?

    As much as I can. I have a spreadsheet set up of my “fixed” expenses then I track what I make in tips (I’m a server) on my phone then at the end of the month balance that and pay my bills, everything left goes into savings. This is usually about $700/month 

    – What do you feel you spend most on, and what do you try to sacrifice?

    Obviously I spend the most on tuition and books, but I’m in my last year so in January I will write my last HUGE check. I also bought a brand new car so my car payment is around $200/month, but I pay double that so I can have it paid off in half the time the loan is actually out for.

    I also am addicted to eating out lol. Fiance and I are trying to get better about that. 

    – Any other secret tip you may have?

    Convince yourself you are poor. Sounds weird, but I tell myself I’m poor any chance I get and it keeps me from wanting to go shopping or spend money. Also, if i want something random, i wait 3 days to see if I still want it (I just bought an espresso machine and I followed this rule). For clothes I set a price that I would pay for that item and if its less or equal then I’ll get it, if it’s more I wont. 

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    • This reply was modified 5 years, 2 months ago by  Hodgy527.
    Post # 23
    Member
    441 posts
    Helper bee
    • Wedding: June 2019

    I am 30

    I have between $100,000 & $150,000 in savings

    I have many accounts and don’t put much in the actual savings account. I have bonds, money market, savings, checking, roth IRA and 401k

    I make $48,000

    I try and save about 50% of my take home pay/mo

    I spend the most on my mortgage which is only $748/mo. I don’t sacrifice anything I just don’t buy unnecessary things. If I want that coach bag or makeup,I buy it. I just don’t spend frivolously. I don’t care about fancy clothes and Loubie’s like some of my friends. 

    If you use a credit card, pay it off every month! Who wants to pay interest on that $5 coffee from Starbucks?! Also, don’t buy things you truly can’t afford and pay cash. The only loan I have is for my house and I put down 15%. Everything else I pay cash for our out on a credit card than pay in full before the due date

    Post # 24
    Member
    4891 posts
    Honey bee
    • Wedding: October 2014

    I forgot about a money management account I have out there, so just voted with what was in my normal savings account in the poll.

    – How old are you? 33<br />

    – How much do you have in savings? About $6K (just in my savings account), but also have a wealth management account that has about $20K in it – from when my house sold. I also have a 401K and a ROTH IRA.<br />

    – 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.? I have an actual savings account, but also have other money management accounts, as mentioned above.

    – What’s your annual income? $36K

    – How much do you try to save a month? I have debit card purchases brought up to the dollar, and the extra amount goes to my savings. This year I did start transferring a certain dollar amount each week, but that was stalled once wedding planning really went into full motion.

    – What do you feel you spend most on, and what do you try to sacrifice? Make-up, clothes… stuff I don’t really need. If I like something, I’ll usually jusy buy it unless I can’t justofy it or know I could always get it down the road. I’m trying to cut back though. All purchase this month have been soley wedding related (minus food and gas).

    – Any other secret tip you may have? I’ve had a savings account since high school, and although it had more in it since then, I’ve used the money towards card down payments and other big purchases. But, it also helped that during college when my cost of living was lower, I worked 2 jobs. One job paid my bills and was placed into checking, and the other one I moved to savings right away. That was 2 summers and worked well.

    • This reply was modified 5 years, 2 months ago by  Kacie209.
    Post # 25
    Member
    14976 posts
    Honey Beekeeper
    • Wedding: June 2011

    FutureMrsHodgy:  Convince yourself you are poor. Sounds weird, but I tell myself I’m poor any chance I get and it keeps me from wanting to go shopping or spend money. Also, if i want something random, i wait 3 days to see if I still want it.

    This is so true! Logically, I know we’re not poor, but I spend like we are, and have honestly convinced myself that we are.  Darling Husband says to me all the time to let go a little and that we actually have more than I feel like we do.  I sometimes feel guity when I buy a big ticket item we dont need (except vacations) and have to convince myself its ok to splurge.  I hestitate not even for just 3 days, but for months, sometimes over a year to buy something I want.  I just bought a sound bar, that I have seriously been looking at for like a year.  It took me 2 years to buy a new watch.  I’ve wanted a new down puffer for like 3 years now but still wear the one I have since it’s still actually in perfect condition.

    Post # 26
    Member
    616 posts
    Busy bee

    -How old are you? 26 and 29 

    – How much do you have in savings? Unfortunatly we were not allowed to renew our lease and we had to move unplaned and we drained the almost 5K we had saved but were starting againand have almost 1k

    – 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.? I have separate accounts. my 401K MY savingings account and OUR savings account. Fiance also has his own 401K and his own savings account. using money from our savings is a team decision and we use our own savings as we please. The only money we plan on merging is our joint account used for house bills and rent. and Our savings which we are using for our futer down payment on a house. We prefer our money separate it works for us.

    – What’s your annual income? $40k and $35k

    – How much do you try to save a month? Every paycheck I put $200 in my own saving which I usually have to use but its there as a fluffer so I dont burn through my checking as fast. and $100 goes into the joint account savings. same for Fiance. after bills are paid from the joint checking at the end of the month if there is extra money it gets moved into the savings.

    We also both have our own 401Ks I personally put 5% in per pay Im hopping once a few more student loans drop ill be putting in more soon! 

    – What do you feel you spend most on, and what do you try to sacrifice? If I didnt have student loans I would feel much more secure. but between Fiance and I we have about $1500 per month in student loan payments.

    – Any other secret tip you may have? We always put half of our tax refunds in the joint account no if ands or butts I usually like to take the rest and get the credit card back to $0. its for emergencys and that usually means the car needed work and I didnt have the cash. 

    Keeping our debts as low a possibe is our goal at the moment but we work hard to save

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    Post # 27
    Member
    1245 posts
    Bumble bee

    How old are you? 28

    – How much do you have in savings? $3000

    – 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.? 3 Accounts, Chequing, savings and a high interest TFSA

    – What’s your annual income? 45-50k

    – How much do you try to save a month? $400.00 right now. I have a personal laon that takes up half my income (so that I’ll be debt free ASAP). I try to save $100 a week, but usually half of that ends up paying my credit card bill which is my gym membership and phone bill.

    – What do you feel you spend most on, and what do you try to sacrifice? My damn loan! But other than that, eating out and groceries…

    – Any other secret tip you may have? Use a budget and be accountable! Now that I use an app that tracks my finances Im much more mindful.

     

    SO is on the oppostite spectrum, he made his first investment at 23 and over 10 years later he is well on his way to being set for retirement. He’s helped me a little, and once I’m debt free, together we will be saving 1k a month! Woot!

     

    Post # 28
    Member
    1019 posts
    Bumble bee

    I am 20, and I have just under $900 in my savings account. That probably sounds bad compared to most other replies so far, but considering that I am a full-time student who makes minimum wage at a job that I have had for two months (and will give me an annual income of ~$8k,) I don’t think I am doing that poorly. However, keep in mind that I still live with my parents, so I can get away with putting just over half of my average paycheck into my savings account each week, giving me just over $400 in savings each month. The money in my checking account usually goes toward extras such as eating out…I am lucky in that my parents are able (and willing) to pay for school and most groceries, too.

    Post # 29
    Member
    288 posts
    Helper bee
    • Wedding: September 2014

    -How old are you?  25

    – How much do you have in savings? $0! Just got married in September and that cleared us out.

    – 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.? We have three accounts, two are checking and one is savings. 

     – What’s your annual income? $35K

    – How much do you try to save a month? We are trying to start with $100 a paycheck, we have a vacation coming up during the holidays and we are trying to focus on setting some money aside for that. 

    – What do you feel you spend most on, and what do you try to sacrifice? Our mortgage is a big chunk, I also have $60,000 in student loans…. Husband doesn’t have any. So I would say majority goes towards mortgage, student loans and car payment. I would never wish student loans on anyone. It’s a huge stress for me but it’s what I had to do at the time. My husband will never understand the burden of it.  

    – Any other secret tip you may have? We used to eat out alot but now that my husband has been working late nights, I try and eat at home as much as possible. It’s easiest for me to print out calendars of the next three months to come, and write out what bills are due and when so I can decide what I need to pay per paycheck. 

    Husband does not have any student loans and makes the same amount of money. 

    Post # 30
    Member
    6436 posts
    Bee Keeper

    willow_1960:  If you’re making 50K a year, that’s about 4K a month, how are you only save 400?  You could easily save almost a grand each month.  What other expenses do you have?  I’m not trying to be rude, but am genuinely curious.  As somone who makes less than you, I’m able to put more away each month, but have several costs (a child to name one).

    The topic ‘POLL: How much is in your savings? and HOW do you do it???’ is closed to new replies.

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