(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 # 46
    6436 posts
    Bee Keeper

    future.mrs.koban:  I was just curious.  I’m also paying off a home and a car, but make less than both of you by a good bit which is why I was asking.

    willow_1960:  I wasn’t trying to offend, I was just genuinely curious since I know the cost of living can be expensive.

    Post # 47
    553 posts
    Busy bee
    • Wedding: October 2014

    we are $20,000 plus in savings. My parents always instilled in me to save what I can. So even if I make 7$ an hr at 20 hours a week I would still try to put at least 20% into savings. Now we are making close to 80k combined we are able to save more. I just save what I can and what I won’t miss. I live by the idea that you should have no wants. so when shopping I love to look but try not to buy it just because I want it. Some months you save more some months you save less (the past few months I haven’t saved a single dime because of my wedding but now I’m back on the bandwagon) Lastly my #1 rule of all is if you “borrow” any saved money, you must pay yourself back ASAP. I dont touch my savings unless it’s something we really want or need. my husband had an opportunity to buy a fantastic toolbox with over 10k of tools inside for $2,200 and we bought it. You best believe he’s paying the bank back!! 


    Its a a good system that works for us. No spreadsheets no stress no problem. 

    Post # 51
    56 posts
    Worker bee
    • Wedding: Atrium at the Curtis Center

    I learned a lot from the book, “I Will Teach You To Be Rich” by Ramit Sethi. The title is corny, but the I found the philosophies on financial health to be very useful. Setting my budget up in the way recommended by the book allowed me to start saving even when I was was a “starving grad student.”

    Post # 52
    2573 posts
    Sugar bee

    Monk6552:  i totally  agree  it also doesn’t take into account if lets say a person  has just  bought a house or has paid for education. 

    Post # 54
    452 posts
    Helper bee

    I guess I wouldn’t even consider our 401(k)s. That’s not savings to me, that’s money that we HAVE to put away. I treat retirement savings like a bill. As such, my Darling Husband and I are both 32 and we have almost $200,000 in combined 401(k)s plus I have a defined benefit pension program (in which I am vested; he’ll be vested in the same program in a couple of years). We make around 100k together

    We have almost $10,000 in emergency fund. and around $400 in what we call our funny money. It’s money that’s left over at the end of our paychecks and we slide it over to our savings account. If we want to do something fun together or treat ourselves, that’s where it comes from.

    Treat savings and investing like a bill. It will pay off. 


    Post # 55
    5364 posts
    Bee Keeper
    • Wedding: May 2016

    I have a VERY unique situation due to some shitty circumstances. 

    I’m 22. A student that graduates in May. I’m in criminal justice so I won’t be paid very well. Starting out in the 30s. I get a little over $600 a month and a 100 goes straight into savings. The rest goes for bills. I have over 8k in savings at my main bank. Other accounts I have over 60k. And then I have other investments, retirement and roth IRA that is in the hundreds of thousands. I obviously don’t plan on touching this until aobut 30 years from now lol Just gonna let it do it’s thing. 

    I can’t wait to start my first big girl and continue to grow it. I pretend like what I have doesn’t exist and try to live on the 600 I get a month but it doesn’t always work like that. Especially when I have some activities (like being in weddings or traveling) or some bills that I don’t usually have (property taxes, car insurance, house insurance and things like that). 

    My Fiance is a finance major and I have financial advisors. They all help me stay on track and make sure I’m not going crazy. 

    Post # 56
    1125 posts
    Bumble bee

    – How old are you? 23

    – How much do you have in savings? I personally have just over $20,000. Fiance has about $5,000

    – 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.? Right when I get paid, I subtract the money I need for gas/food/etc and put everything else into savings. I have one account currently, but I think I’m going to get another one with higher interest.

    – What’s your annual income? about $22,000 but it varies. 

    – How much do you try to save a month? It’s different every month. I don’t have any big bills right now, so I’m able to save about half of what I make. After we get married though, that will change. We live in an expensive area, so most of our money will go to our apartment and car insurance/gas. We will still try to save at least $200 monthly though.

    – What do you feel you spend most on, and what do you try to sacrifice? We eat out pretty often, grabbing lunch or dinner here and there adds up. BUT it’s what we enjoy doing, and we don’t spend much money on anything else. I get my haircut for $20, I do my own nails, and when I go shopping I don’t spend very much. I like thrift stores and Marshall’s/TJ Maxx. 

    – Any other secret tip you may have? Personally, I enjoy experiences more than stuff. So I would rather save up to DO something rather than have another pair of shoes when I already have plenty of heels. Thankfully Fiance is the same way, so we’re pretty good at saving our money. 

    Post # 57
    1706 posts
    Bumble bee
    • Wedding: July 2012

    – How old are you? 27, hubby is 29. We plan on buying our first home next year.

    – How much do you have in savings? Almost $2.5k

    – 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.? <br />Actual savings account, my husband gets paid every Friday, I get paid on the 15th and 30th. His second paycheck in the month (after rent and other bills have been paid) goes to savings, and most of his third and fourth paychecks do as well. My 1st paycheck mostly goes towards bills, the second one 2/3 to student loans, and then the rest to savings. All extra money I get for temporary staffing work also goes towards savings.

    – What’s your annual income? Well, it was going to be around $140K/year, but the last two months I haven’t received the extra work we thought I would, but the next two months might make up for that, so somewhere between $120-140k.

    – How much do you try to save a month? Aiming for $2.5-3k, we emptied the savings account last month to pay off our credit card, so now other than my student loans we are debt free. So far this month, from nothing, we put just shy of $2.5k in savings. 

    – What do you feel you spend most on, and what do you try to sacrifice? Rent is without doubt our largest expense, I chose our appartment because I could walk to work from there and it has access to anything and everything we could want within a mile radius, but then the office I was working at closed down. We abhor the idea of moving again, so we suck it up and pay the $1,350/month, plus electricity and water/sewer/trash, which comes to about $1,500. The first of the month is when we pay most of our bills (rent, phone, internet, etc.). Half way through the month I make my student loan payments (almost $1k), the smallest loan will be paid off this next month which will save us $120/month we can put in savings, and we are currently paying $140/month for our phone plan, but our contract is up this month so we’ll probably switch to Straight Talk, which will be $90 a month, and that extra $50 can to to savings. I try to cook a lot, that saves a lot of money on food, as in hundreds of dollars a month, which can also go to savings. I don’t go shopping, I don’t buy new clothes or shoes or nail polishes, I do my own manicures if I want one (have all the stuff for gel nails at home, which cost me less than going to the salon to have it done 4 times). I drive a 1996 Honda Accord with rust, because it runs well and we own it outright, so while I’d like a newer car with a working radio and more comfortable seats, I’m waiting until we can put 1/2 down and then have the loan we’ll take out for the other half paid off in 6-8 months (only reason for the loan will be to build up credit for buying a house). I try really hard to not get caught in a “keeping up” lifestyle, and don’t try to justify purchases “because I deserve it” or other such pitfalls. We budget for our “splurge” money, I get a massage every other week, we go to movies and do things with friends (Like those painting and wine classes), hubby has his computer games. I’ve suggested we get a roommate to save money, we live in a two master bed and master bath appartment, thinking we’d have a spare room for visitors, but it’s been used four times in a year, but he refuses saying the savings isn’t worth having to share our living space. I try to use up what I have before buying more of something. When there is something I really want but don’t need (for instance, my favorite hair accessory maker had a 48 hour flash sale for 30% off, which happens *maybe* 2-3 times a year, and it would have made a hair fork I really want more reasonably priced), and I have the money for it, I put that money into savings, and remind myself that in a few years once we are completely debt free, we will have literally extra tens of thousands of dollars to do with as we wish, and a little delayed gratification is worth it! 

    – Any other secret tip you may have? Honestly, having a separate account for savings has helped a lot. We pay ourselves first with our money, move it from checking to savings, and then our bills, and then what we have left over can be fun money. You DO need fun money, but spend a little time every few weeks thinking about what you *really* want to spend it on. If you can, carry it in cash, and once that is gone, it is gone until your next budgeted amount of fun money comes in. That Starbucks Chait Tea Latte made with soy milk cost me nearly $5 every few days, but now I get it maybe once a week so that it is an actual treat instead of a bad habit. ๐Ÿ™‚ I set goals : Once we have $10k in savings, I can start putting some money aside each month for something I really want, like a setting for my upgrade engagement ring. It is something I want really bad, and it makes me work harder at saving money so I can reach my goal faster so I can get what I promised myself faster! 

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    Post # 58
    1081 posts
    Bumble bee
    • Wedding: October 2014

    I just turn 33 this month and have about 20K saving (could be more if it’s not for the wedding). I make mid 50K. from mid 20 to late 20, I made mid 20K to 40K. 


    1) live like a college girl as long as possible

    2) live with parents before getting married.

    3) Each time I am about to spend, even just a starbuck coffee with snack, I will ask myself do I really need this? 

    4) When I was in my 20s, I open a seperate saving account and do an auto transfer from my cheque account to force myself to save money. These money to me is not “real money”. I do not touch it unless I have no choice. If by any chance, I have to touch that saving account, I will make sure I slowly put back the money. 

    5) I set a general rule for myself that I have to have at least 10K emergency fund, rather or not I have an property. Ideally, I keep average 20K in the bank. 

    6) I do online banking on a daily basis. With the technology, it’s so easy to overspent. With online banking daily, I will remember how much I have on hand and how much I have spend this month. Love the new financial chart program with my bank, it break down everything for me, so I don’t have to set up a spreadsheet. 

    7) Generally, I keep 1K cash flow in my cheque account. 

    8) Even though I do save as much as I can, I do pamper myself once in awhile. I started this trend 3 years ago that I will buy something nice for myself as bday gift to reward my hard working year. (i.e. purse but it will never over 1.5k) 

    9) goal is my motivation. I could have bought myself a new car long time ago but I delay the process. Even though I’m still living with parents (where I live, housing is very expensive), I set a goal that I have to have my property before 30. so I save up downpayment for it, and rent that apartment unit out when I was 29… just before I turn 30… I felt that the goal should be easier if I did not invest money in school but education is something nobody can take away from me. Plus, being full time plus go to school at night, leave me not much time to go out with friend. It’s indirectly help me save up. 

    Post # 59
    54 posts
    Worker bee
    • Wedding: November 2013

    JenGirl:  I’m an aggressive saver and consider myself pretty educated on personal finance – but I must say, I am impressed by yours!  

    Few Qs for you: where do you live/how much do you pay for housing a month/I noticed you said “we” at some points – do you have a SO that also has some salary that pays for things?

    willow_1960:  If you want to start tracking your expenses, I highly recommend mint.com.  I’d also recommend having your company automatically place a % of your income into savings directly so that whatever remains in your checking is considered what you spend.

    To answer your questions:

    – How old are you? late 20s, my husband is 30

    – How much do you have in savings? we have 40k in liquid savings which we consider our 6 month emergency fund/downpayment for a house.  I won’t go into the amt we have in our 401ks – but we have a good amt.  We also have a few mutual funds (just for investment purposes) that aren’t alloted for any particular thing, but it’s always fun to watch your money grow! 

    – 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.? Absolutely I mentally separate savings apart from checking.  The rule is, one it’s in savings, it doesn’t come out until whatever purpose it was saved for.  So for ours, it’s for either the downpayment of our house or in case we need it for emergencies. 

    – What’s your annual income? I’m particularly impressed by JenGirl’s saving rate because I do about the same amt of saving, but earn a lot more… which tells you how aggressive she is!  I earn about 90k, my husband earns 100k.

    – How much do you try to save a month? We live solely on my husband’s income.  Because we are trying to save for a house, we try to save all of mine.

    – What do you feel you spend most on, and what do you try to sacrifice? We eat out far too much – so we have been trying to cut back (but it’s hard!).  Holiday seasons with travel also cut into the budget. 

    – Any other secret tip you may have? Mint.com or another budget financial planner website is something I would highly recommend.  If you really want to be a saver/net worth builder, I highly advise reading books such as the Millionaire Next Door. 

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    Post # 60
    576 posts
    Busy bee
    • Wedding: June 2014

    – How old are you?

    My husband and I are both 24.

    – How much do you have in savings?

    Together we have a little over $21,000. It got a little depleted due to our wedding in June, and then we rescued a dog in August who’s currently at the vet getting another $1200 of work done (he has bad teeth), but this should be his last visit for a while. This doesn’t include our RRSPs and RPPs, which total around $80,000.

    – 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 multiple savings accounts. We have TFSAs for general savings, and two high interest savings account for an emergecy fund, and one for planned expenses (right now it’s allocated for home rennovations and a new vehicle for my husband).

    – What’s your annual income?

    We make around $150,000 per year before taxes. We’re both salaried, but get paid overtime, so it can be more if we work more.

    – How much do you try to save a month?

    We shoot for at least $2500 per month, and more if we can. Some months it’s a lot more, and some months there are unexpected expenses that come up and it’s a little less.

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

    I don’t feel like we really sacrifice much. We don’t really have expensive hobbies or anything like that, and we’re homebodies, it’s pretty conducive to saving money, lol. We still go out with friends a few times a month, and go on fun dates. We’re going to Mexico in December, and aside from the wedding that’s our biggest expense this year.

    – Any other secret tip you may have?

    I don’t really have any secret tips. I like to save money and hate being in debt, and my husband feels the same, so we do our best to save. Even when I was single I saved at least $300-400 per month, while earning $38,000 per year. I saved up enough to put a downpayment on a condo, so now my husband and I have an income property, which is pretty cool. My husband bought his house before we met, using the first time home buyer’s plan (it’s a program that allows you to withdraw from an RRSP with no penalties to put a downpayment on your first home).

    We use mint.com for budgeting, it’s great because you don’t have to save receipts or write stuff down, you just have to go online and check that you’re within your budgets. It keeps us on track.

    Also, I guess I do have one tip. It’s much easier to save when you have a dedicated savings account, and it’s even easier when it takes time to get money out of that account. It takes 24 hours or more to transfer money out of any of our savings accounts, which means we can’t just use that money on a whim. We have to plan ahead to use it. It makes you think a lot harder about whether you really want to use that money or not.

    • This reply was modified 5 years, 2 months ago by  luckyshot.

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

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