(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 # 31
    Member
    5096 posts
    Bee Keeper
    • Wedding: December 2014

    FutureMrsK2014:  I totally hear you on the student loans. It’s something I stress about all the time. My are deferred while I’m still in gard school, but the thought of starting to have to pay them makes me sick. Fiance has a very small student loan that we want to pay off by the time I graduate, his tuition was covered because he served in the military. Mine are over $50K from undergrad and grad school. I can’t tell you how many times I’ve wished that my parents would have paid for at least some of my schooling (I’m so jealous of those that have parents that do), but alas, they didn’t have the means. I worked multiple jobs (I think I had 4 at one time) all through undergrad, but that barely covered the rent in Boston, so anything that wasn’t covered by scholarships had to be covered by loans. I also chose to be a research scientist, so going to a large research university in a city where I could get an internship was really my only option. I couldn’t get into the field by going to community college or a smaller school that would have been cheaper. 

    Post # 32
    Member
    2639 posts
    Sugar bee
    • Wedding: April 2014 - Italian Villa

    w- How old are you?

    I’m 23, Darling Husband is 26.

     

    – How much do you have in savings?

    Right now, only about $1500, which is really scary for us. But I’ll be getting a $7k paycheck on Friday, and another pretty good one next month (ah, the joys of real estate-  feast or famine)

    We would have a lot more, but we bought our house about a year ago, and every spare chunk of change is going to remodeling (it was a 70’s time capsule when we bought it). It’s scary to have so little in the bank, but we are expecting a profit of at least $25k when we sell in the spring. 

     

    – 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 one checking account where all of the money comes in, then we separate it into three savings accounts: student loans, car, and house. The student loan and car accounts just help me separate payments, while the house account is both for our mortgage and renovation funds (and is therefore the largest). We have automatic transfers to the savings accounts from checking every 2 weeks when Darling Husband gets paid, and if there is extra (overtime or my real estate money), we’ll put it wherever we need it (usually the house account).

    – What’s your annual income?

    Darling Husband makes about $40k per year before taxes, and this year I’m going to make about $15-20k before taxes (rough year).

    – How much do you try to save a month?

    Whatever we have excess. We don’t have specific goals because our income can be very irregular. We live off DH’s pay, and mine is for renovations and fun stuff. We are very responsible spenders and never eat out any more. 

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

    We definitely spend the most on the house, between the mortgage and renovations. I always pack us lunches for work, and there is a lot of debate and checking out the credit card bill (which we pay off every month) before we ever go out to eat- maybe once every two or three months. We also sacrifice personal purchases. For Darling Husband, that’s video games, and for me, that’s clothes/shoes. We just make the old stuff work!

    – Any other secret 

    Pay off your credit card every month. If you can’t do this, you’re spending too much. 

    Keep track of where you are spending.  DH used to get snacks from the gas station every shift, until we realized he was spending $200-300 per month. I have to pack his lunch or he won’t, but at least we aren’t spending the money. 

    llow_1960:  

     

    Sorry for the weird formatting,  I’m on my phone. 

    Post # 33
    Member
    3276 posts
    Sugar bee
    • Wedding: June 2014

    How old are you? – I’m 21, Darling Husband is 23

    How much do you have in savings? – Over $25K, but will have grad school loans when I graduate, but I will also be working then too, so hopefully it’ll increase not decrease. 

    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.? – That is strictly our savings that we do not touch, we have a separate checking account for all our expenses

    What’s your annual income? – I’m a full time grad student and daycare teacher (obviously not making much), Darling Husband makes around $55K at his salary job then about 10-20K a year working at home on the farm. We’ve both been working since 16. 

    How much do you try to save a month? – We save a few hundred a month, but we put about $600 a month in retirement and investments. It’ll increase when I finish grad school.

    What do you feel you spend most on, and what do you try to sacrifice? – We spend the most on eating out and gas, but we never splurge on anything really 

    Any other secret tip you may have? Don’t waste money on things that you don’t NEED. You need a house, water, etc you do not need $50 shoes or clothes every month. 

    Post # 34
    Member
    602 posts
    Busy bee

    -How old are you?

    24

    – How much do you have in savings?

    $2800 personal savings

    $1000 joint savings with husband

    $5100 in 401k

     

    – Do you mentally separate it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.?

    I have one personal savings account and one joint savings account with my husband

    – What’s your annual income? 

    $62,800 is my personal salary. My husband’s income fluctuates year to year as he is paid hourly (Railroad Conductor) but it looks like he will make around 70k this year. 

    – How much do you try to save a month? 

    I automatically split my paycheck to put in 5% to each savings account so between the two accounts right around $320 on a typical two paycheck month. I also invest 6% into my 401k as my company matches 125% up to 6%. 

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

    The mortgage is my biggest payment at $840 a month. I have cut back on eating out in order to save more money. 

    – Any other secret tip you may have? 

    Try to pay off any debt with interest as quickly as possible. I would be able to save more each month but I have a three year plan to pay off my student loans ($17k at 6.8% interest) and car ($22k at 2.9% interest) then that will free up an extra $1k a month to focus on building savings

    Always invest into your 401k what your employer will match at the very minimum or you’re giving away free money!

    Utilize any pretax benefits such as a flexible spending account for medical costs.

    Set up automatic deductions into a savings account and increase the amount you deduct each year. 

    Pay close attention to your credit score. A great score means lower (sometimes zero) interest rates when it comes to a mortgage, cars, etc. which can end up saving you thousands. 

     

     

     

    Post # 35
    Member
    553 posts
    Busy bee
    • Wedding: September 2017

    – How old are you?

    25

    – How much do you have in savings?

    $150

    – 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 online savings account at a different bank completely separate from my checking account. I do have a virtual wallet savings attached to my checking account that I plan to use for tuition. I’ll put $100 into that every check.

    – What’s your annual income? 

    Just started my part time job mid-September with varying hours but it’ll be between 13K – 18K. I’ve been working more hours and hoping to come out at the higher end of that spectrum. I also freelance and make a little extra on the side. 

    – How much do you try to save a month? 

    I have 10% of each check direct deposited into my savings account. It looks like it’ll average around $100 per month.

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

    My largest required bill is our cell phones at $170 per month. Lately I’ve spent a lot on car parts/repairs. I made ~$700 this month freelancing and it was all spent at Autozone and towards an e-ring. I’m left with less than $1 in my checking account a week before my next paycheck. I used to eat out a lot more than I do now. The only time I really eat out now is if someone else is paying for it. This month I spent $250 on non-necessities with date nights and show tickets. I REALLY need to do better in that category.

    – Any other secret tip you may have?

    I wish I had some kind of secret tips to give. I thinking budgeting and discipline are the most important things.

     

    Post # 36
    Member
    268 posts
    Helper bee
    • Wedding: December 2025

    willow_1960:  I’m an accountant, so budgeting and keeping track of finances somewhat comes naturally ๐Ÿ™‚ Fiance and I have joint accounts, and we each have our own checking for our own eyes only. Also, we’re on the higher end, but only because Fiance makes much more than I do.

    – How old are you? Late 20s

    – How much do you have in savings? Around 60K

    – 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 think it just ended up that way. I have an ESPP account through work, and I contribute to 401K a little. Also, we have a savings account that we both don’t touch. I also set up a vacation fund account for us ๐Ÿ™‚

    – What’s your annual income? Our disposable income is roughly $120K

    – How much do you try to save a month? $4K

    – What do you feel you spend most on, and what do you try to sacrifice? We give money to our parents every month since his parents and my mom are retired (but SS and 401K payments doesn’t allow them to do much living in a high COL area) so if you add in our mortgage, that’s roughly 40% of our monthly expenses. We are fortunate that we do not have to worry about money too much. We try to sacrifice by not eating out as much and holding off on impulse purchases (I’m so guilty of this!). 

    – Any other secret tip you may have? It’s not easy to save, but for me, I calculated the savings amount backwards. I made a list of stuff we NEEDED to spend on after the mortgage and giving our parents money (transportation expenses, insurance, food, utilities). See how much that will cost and allocate yourself a little spending money (don’t make yourself feel guilty for spending! It makes saving easier). Then you can see how much you can save realistically.

    We also use credit cards that offer cash back – I actually think credit cards are a great way to budget. People think cc get you into the black hole of debt when in reality, you can just tell the cc company to set your limit at something you feel comfortable with spending ($500, $1000). That way you can track all your expenses, even the $1 candybars! And you won’t end up spending more than you can’t afford. Not gonna lie – I do look forward to the annual check I get from my Costco Amex ๐Ÿ™‚

    Also, I would suggest holding off on investments such as stock accounts until you feel more comfortable financially. The rule I went by in my early 20s was “don’t invest something you can’t afford to lose”. Hope this helps!

    Post # 37
    Member
    576 posts
    Busy bee

    – How old are you?

    I am 24 years old.

    – How much do you have in savings?

    I currently have 3400 in savings.

    – 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 a savings account linked to my checking.

    – What’s your annual income?

    I make 38k a year.

    – How much do you try to save a month?

    I save about 150 a month.

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

    honestly, eating out and starbucks.

    – Any other secret tip you may have?

    once you put your money into savings DONT TOUCH IT :)<br /><br />

    Post # 38
    Member
    1556 posts
    Bumble bee
    • Wedding: May 2014

    willow_1960:  If you are counting retirement 401(k) accounts, then I’m really good at saving!

    I have 9% put into my retirement account each paycheck, I’m 32, I’m in oil & gas as a geophysicist. If I continue gaining income and saving at this rate, we’ll have a healthy retirement income. I’d like to maximize it to over 9% in the future.

    I have 5% taken out of my paycheck each month to go towards our Discount Stock Purchase Program. This amount accrues for 6 months, then is used to buy stock. Traditionally, I’ve used this for major expenses that come up, so more of a rainy day fund than a true longterm savings.

    I also put a few hundred dollars per paycheck into my bank savings account for vacations, etc.

    Currently, I’m looking around for ways to be a bit better about longterm financial planning, and setting up accounts to help with kids.

    Post # 39
    Member
    260 posts
    Helper bee
    • Wedding: June 2015

    willow_1960:  Just felt I had to jump in here.

    The ability to save is also hugely affected by cost of living in whatever area you live. While it certainly sounds like a lot of bees have great savings practices, it also sounds like a number have a reasonable cost of living. 

    If you are living in one of the more expensive cities in the US your salary just isn’t going to go as far. 

    Post # 40
    Member
    553 posts
    Busy bee
    • Wedding: September 2017

    I’m determined to pay more than the minimum on my private student loan (at least a couple hundred) per month but car repairs have thrown a huge snag into that. 

    Theres little point in saving with big interest debts on my back.

    Post # 41
    Member
    288 posts
    Helper bee
    • Wedding: September 2014

    SithLady:  I hear ya! This post makes me feel poor just even responding! lol Are you still living in Boston??? My husband and I want to move there in the next two to three years and I keep telling him the cost of living will just increase 50%!! But we are hoping to have everything except my student loans, paid off. If you still live there, PM me and I would love to chat! 

    Post # 42
    Member
    458 posts
    Helper bee
    • Wedding: May 2014

    How old are you?

    28

    How much do you have in savings?

    Over $8000

    Do you mentally separate it from the rest of your money, or do you have an actual savings account, or several accounts for different savings purposes?

    I have an actual savings account. Darling Husband and I have our own accounts from before we were married (this is the personal account I’m talking about), but we also have a joint checking and savings as well. We hope to open a Roth IRA here soon, and look into other investments now that we are married/have a good chunk saved up.

    What’s your annual income?

    ~$45,000/year

    How much do you try to save a month?

    I try to put $100 from each paycheck (2 a month) directly into savings. That doesn’t always happen, but I’ve been trying to be really strict with it recently. We do the same with our joint account as well.

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

    We spend the most on our mortgage, bills (cable, electric, gas, phones, etc.) and going out to eat. I’m not the best cook/don’t really like to cook, so we eat out more often than not.

    Honestly, Darling Husband and I make enough, and we don’t have kids, so as long as our major expenses are covered (the ones listed above), our credit card(s) are paid in full each month, and we’ve made our contributions to our savings, we essentially use the leftover money to do whatever it is that we want. I guess our sacrifices are that we don’t constantly go shopping, or take trips all the time (like we would want). We save up for trips or vacations, and we try to limit “random” spending like clothes/shoes/makeup/stuff that we don’t NEED but we WANT. 

    Any other secret tip you may have?

    Now that I’m making good money for the first time in my life, I’m being strict with setting up guidelines for my savings contributions from my personal and joint accounts. It’s $100/paycheck, NO MATTER WHAT. If we get raises/extra money from anywhere, that goes directly into savings and I up the amount we contribute. In the future, I hope to be putting in closer to $200/paycheck, at least in our joint account. I also have a minimum that we keep in checking for emergencies, but if there is way too much in checking, I’ll just pick a dollar amount that seems good and transfer to savings as needed. Once the money is in savings it is NOT to be touched. It’s there for emergencies ONLY, or if we’ve discussed that we will use it for something, like a big trip/purchase.

    Post # 42
    Member
    268 posts
    Helper bee
    • Wedding: December 2025

    Monk6552:  I totally agree. While it sounds like we have a lot, it actually takes a lot of discipline to save. The COL in SF is ridiculous, but it’s where all my friends and family are at!

    Post # 44
    Member
    602 posts
    Busy bee

    mrs.joiner:  I make almost $63000 a year by the time taxes, health insurance, flexible spending accounts, etc. come out of my pay my take home pay is roughly $3200 a month so if she is making less than I do depending on her deductions she is most likely bringing home less than that. So for her to live on her own without a second income to help with bills I think her managing to save $400 a month is pretty good!

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

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