(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 # 61
    9544 posts
    Buzzing Beekeeper
    • Wedding: August 2013

    tingles:  Yes, I am now a we! I got married about a year ago. My husband just got a job a few weeks ago and he now makes just over $100k. But he’s also paying off student loans and has been unemployed/working temp jobs for the past two years, worked for a year before that and was a student before that. So his stable salary will definitely help us loosen the purse strings a bit with spending. But I’ve been the primary breadwinner over the last 4 years that we’ve lived together, though I won’t be moving forward. And my husband also maxes out all the stuff that I do.

    We live in Cincinnati, in a not-so-great neighborhood. It’s not a really bad neighborhood and I don’t feel unsafe, or anything like that, but we make several times the average household income for our area. So we pay $750 per month to rent a large, two bedroom house. It’s not a super nice house and the finishes are all pretty cheap, but it works for us. My cell phone is $24 per month (no data). Husband pays the utilities, so I’m not sure exactly how much that is per month. We drive cheap, high mileage/gallon cars and his is over a decade old (and I got a fantastic deal on mine). We eat most of our meals at home and my husband always packs a lunch (buying lunch at my work is my biggest financial splurge and that’s about $20 per week). We buy generics on almost everything.

    I really think the biggest thing is that I grew up without a lot of money and his parents are super fiscally conservative. So we both consider ourselves poor and spend accordingly. We just never really caught up to the fact that we are not actually poor. So it doesn’t even feel like we’re restricting ourselves. We make good money but still choose to shop at Goodwill and those super duper discount stores that have stuff nobody would buy from 5 seasons ago. Most of my work wardrobe is years old and made up of hand-me-downs from my grandmother (seriously). Last weekend I got dressed up in a dress I inherited from my mom that she bought bad in the 80s. The only thing we really splurge on is travel. We spend a hell of a lot of money on our vacations, but that’s a priority for us. 

    I think it really comes down to the fact that I don’t like spending money. I enjoy saving money. I am completely baffled by people who shop for clothes for fun, because spending money on unnecessary things is just not fun to me. It’s painful. And I feel guilty. Even if I can afford it. I actually have been working on not feeling bad when I do buy things that I really want/need. And that the other big thing, I have pretty low expectations about what I “need”. I’m so grateful that I grew up without much money because it really helps you know that you can get by without spending much, if you just make up your mind to do it. 

    Post # 62
    2692 posts
    Sugar bee
    • Wedding: November 2012

    HA!  Not much.  LOL.  i am a sahm and we have 4 kids…. most of our money goes to day to day things.  

    I am not going to count hubby’s (or my) inheritance… that is not money we saved and he (we) won’t get that until his parents (my father) pass (hopefully not for a LONG time… so it’s not counted as savings for us… though it’s good to know we have money coming for the distant future).

    I am also not counting my kid’s inheritance or hubby’s 401 savings from his job.

    – How old are you? – 34 (just had a birthday)

    How much do you have in savings? – currently that we can touch right this minute like today: less than $1000.  What we will have by December: close to $2000.

    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.? –  No… it’s all lumped in.  We don’t have a separate savings acount… we used to but since we’re not really saving much of anything, it just doesn’t make sense.  

    What’s your annual income? – I am not even sure how much exactly hubby makes.  He tells me but i don’t pay atention LOL.  We are doing fine so it never really mattered to me (well, most days it doesnt’).  As long as we can meet our needs it’s all good.

    How much do you try to save a month? – I try to put aside at least $100 amonth. But it never stays put away.  

    What do you feel you spend most on, and what do you try to sacrifice? –  We spend most on the kids: birthday parties, school activities and fees, holidays, extras and of course fun stuff like going to the movies, the mall, the pool. the beach, etc…  i also have a baby who needs diapers and other things.  We have sacrificed in the last year or so going out so often… we don’t do that so frequently anymore (or eat out as much… maybe 2x a month now) and we only took 1 vacation this year (and it was for 3 days).  We don’t have a lot of the newest gadgets either.  But we never have to sacrifice what we need.

    Any other secret tip you may have? We use to be really great savers.. well i was, i was always the saver.  i always put aside maybe 25% of what i made.  But i realized pretty quickly that i was saving and not enjoying life…. and that was when we could save… now with just hubby working and all the stuff we have to pay… it’s not something we can do right now.  We save for stuff we want to buy… mainly big ticket items.  And a part of hubby’s check goes straight to savings but that is money we cannot touch right now… so that doesn’t count as it is automatically saved for us.  But as far as savings that we have saved ourself… unless it’s for a vacation or to buy something, we don’t save much.


    Post # 63
    437 posts
    Helper bee

    I’m 28, but not comfortable with giving actual numbers. My husband and I make good money and save very well. We have a nice savings account that consists of six months of all our bills. Everything else after that goes into an investment account. Individually, we put on average of $2,000 a month towards investments, so about $4,000 a month total. This money is also, in our mind, savings because it is spendable anytime if we need it. We just make more money off it then we would if it was sitting in our savings account making .89% of whatever the rate is now.

    We also max out our retirement options, so we each put $17.5K away every year. Our HSAs are maxed out too.

    We both value our money and don’t spend it on silly things, but when we do spend it… we want something nice and would rather pay more money for something better built that will last. A lot of people we work with would call us cheap, but that’s totally not the case – we just don’t waste money, but we don’t go without. I don’t need a Camaro – I have a pretty Honda that is paid off and gets 44MPG. If I want something, I buy it. Our weakness is our home. We spend “good” money on landscaping and high quality home furnishings (nice pots and pans, solid wood furniture, etc.).

    Tip wise! I think the hard part of saving for most people is finding the line between their needs and wants. Draw up a list of your bills, create a budget, and stick to it. If you spend $100 or so more a month then your needs then that’s not bad, but if you are constantly spending $500+ a month more then your needs then you need to reevaluate your spending.

    Post # 64
    2752 posts
    Sugar bee

    I’m gonna behonest here.  I hit Lotto.  I’m set for life.  So are my kids and their kids, if they have any.  No specifics, I’m just very, very lucky.

    Post # 65
    56 posts
    Worker bee
    • Wedding: Atrium at the Curtis Center

    willow_1960:  Great! I hope it helps you as much as it helped me. I feel so financially healthy – not easy with a wedding coming up!!!

    Post # 66
    706 posts
    Busy bee
    • Wedding: October 2011

    willow_1960:  We are 29/30.  We make just under $100,000 between the two of us.  We have about 15k in our savings account, plus an additional $200k in retirement and investments.  We also own our home.  BUT, half of that 200k plus the down payment on our house came from an inheritance.

    That being said, we are able to put away $1500/month into savings and an additional $1000 for our ROTH contributions (we’re paid over 10 months).  

    We do it by living very frugally.  We don’t go out to dinner very often, we don’t buy coffee or clothes or have fancy cell phones.  We don’t pay cable.  We also limit our spending per month.  We spurge on things like good organic food, good wine.

    We do have a baby on the way, so a lot of our spending habits will have to shift when we start thinking about childcare options.


    Post # 67
    313 posts
    Helper bee
    • Wedding: October 2014

    We are 26/28 and make roughly 85k after taxes a year. We have close to 10k in savings (after a 10k wedding three weeks ago) we normally keep about 20k in. I have about 30k in retirement. We put money in our daughters 529 education account and some mutual funds for her wedding and car etc. She is 2. We own a very very affordable home since we bought a forclosure and fixed it up. We don’t buy many fancy things but we do buy stuff for our daughter. I usually don’t spend without a coupon. We both don’t have student debt and we are fortunate to have my mother for childcare. I will say what works for me is auto depositing it to savings every paycheck so it’s like we never had it to spend. Dave Ramsey was a huge motivation for me!

    Post # 68
    1284 posts
    Bumble bee
    • Wedding: September 2014

    Heya! We are newlyweds and have lived together/had joint finances for less than a year. I am 23, he is 24. No student loan debt for either of us, no credit card debt for either of us, but a 20k wedding and a 10k honeymoon.

    I didn’t start working until August (finished school last semester) and we were funneling most of our extra money into the wedding and honeymoon, so our savings account needs some love! It’s building quickly now that I’m working, though.

    We contribute 5% to each of our 401ks and his company matches his. We have one checking account and two savings accounts – one for short term savings/emergency, and one for long-term. We always have 2k in the emergency fund just in case, but we are trying to save up 6 months of living expenses just in case. We have 8k in our general savings account.

    We make about 80k take-home a year and we can pretty easily put 2k in savings in per month, or about 30%. We live pretty cheap but not crazy cheap … We live in a very inexpensive area and we both drive the cars we got in high school.

    Our next big purchase will be a truck that we will purchase soon, then we’ll start saving for a down payment.

    We are very meticulous about our budget. We have $100/month each to spend freely. I choose to take $10 out a week for coffees and whatever, then I have $50-$60 to buy myself something I want at the end of the month. Darling Husband rarely spends all of his money regularly in the month but he loves to blow a ton on scratch tickets and black jack once in a while 🙂 lol.

    We also budget separately for eating out/fun stuff we do together. We budget gift savings for birthdays and Christmas. We are just planners!

    Post # 69
    4028 posts
    Honey bee

    – How old are you? 26 (me) and 28 (DH)

    – How much do you have in savings? Only about $5,000 in standard savings at the moment. We put $30,000 down on our home this past June, so we are in the process of rebuilding our savings. We have about $25,000 combined in our 401ks (which are separate accounts).

    – 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.?

    Yes, we have a separate joint savings account that is for emergencies. I have a savings account that’s for general purposes and he has one for general purposes as well.

    – What’s your annual income? Just north of $100k combined

    – How much do you try to save a month? About $750-$1,000 a month

    – What do you feel you spend most on, and what do you try to sacrifice? The basics–food, mortgage, ultilies….other than that, eating out (we go out about 3-4 times a month). We don’t spend a lot of money on other stuff (other than 1-2 vacations a year).

    – Any other secret tip you may have? Make savings automatic. Have it auto-withdrawal from your account so you don’t have to remember doing it and you won’t have a chance to spend it.

    <br /><br /><br />

    Post # 70
    1017 posts
    Bumble bee
    • Wedding: October 2015

    There are so many good tips here, I’m totally going to consider all this great advice !

    Post # 71
    52 posts
    Worker bee
    • Wedding: December 2014 - The Boatshed Restaurant

    – How old are you? 26 (medical student) and 30 (postdoc researcher, PhD finished 4 years ago)…so we have a combined university education (and expense) of 16 years. Thankfully university in the UK/Australia isn’t as expensive as other places and we’ve payed all off to date.

    – How much do you have in savings? $100k+ (this doesn’t include FI’s superannuation)

    – 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? It’s all in a high-interest savings account…waiting to be a downpayment on a home.

    – What’s your annual income? Mine is low as a student ($20k), Fiance $100K

    – How much do you try to save a month? 20% of our income…plus my tax return each year goes straight into savings.

    – What do you feel you spend most on, and what do you try to sacrifice? Rent! So keen to buy our first home, so I can pay my own mortgage rather than someone elses haha. Other things we’re as frugal as can be…buy fuel on the cheapest day (it’s cyclical in Australia), use coupon deals for holidays, shop around for prices when we need to buy essentials (e.g. fridge).

    – Any other secret tip you may have? Save where you can, either by putting money into a savings account or having it directly put through from your pay…and don’t waste your money when you don’t need to. Brand new car, brand new iPhone, expensive clothing etc…if you want to save, these things are all non-essential.

    In the near future our combined income will exceed $200k easily, but I don’t think we’ll be any less scrupulous…yes a holiday each year will happen (it doesn’t at the moment)…but we were both raised by conservative parents with relatively low household incomes, so manage money very well and don’t splurge. It helps that we’re both on the same page in terms of spending/saving…it makes it easy and there’s no conflict.

    Other things that help us…we pay for things with money that we have. No credit cards (and no interest). I remember going to FI’s family home in London a few Christmas’ ago…and went on a big shopping spree! I’d planned how much I wanted to spent in advance and stayed within the budget…FI’s Mum was horrified at how we were going to pay it off (on credit) and looked even more shocked when we explained it was all already paid for. FYI my version of a splurge is about $1000 and everything I got was very good quality and on sale…not too extreme.

    In terms of wedding planning…I’ve employed friends and family where possible, so to a degree there are ‘mates rates’ going on. For other things like photography, I shopped around and ended up getting an excellent deal with the proviso that a new employee could be the second photographer…yep, sure! Everyone has to learn (and the business owner is the primary photographer). 

    • This reply was modified 5 years, 2 months ago by  LLS88.
    • This reply was modified 5 years, 2 months ago by  LLS88.
    Post # 72
    9782 posts
    Buzzing Beekeeper
    • Wedding: April 2019

    – How old are you? I am 24

    – How much do you have in savings? In my main account/savings account I have almost nothing except for some money for my appointments. In my other savings, where any dividend money not reinvested goes and sometimes my parents put the money in there for purchasing shares so I do it rather than them doing it for me, I have just under $10k.

    – 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 3 accounts, although they are all linked together, it is easier to separate them out mentally when they are in different accounts.

    – What’s your annual income? Probably less than $10k, taking into account my weekly allowance and also dividend payments.

    – How much do you try to save a month? I put $10 away into my dividend/savings each week, so I save about $40 a month, although I should save more.

    – What do you feel you spend most on, and what do you try to sacrifice? I spend a lot on books, snacks and eating out, I do avoid buying clothes unless I absolutely need them.

    – Any other secret tip you may have? Don’t follow my example!


    Post # 73
    1141 posts
    Bumble bee
    • Wedding: August 2015

    cqui90:  Your annual income is less than $10K a year and you are unemployed.  What is your secret?  You must have one hell of a weekly allowance to bring in that much cash a year!

    Post # 74
    9782 posts
    Buzzing Beekeeper
    • Wedding: April 2019

    Ellicott:  Like I said above, a lot is dividends, I have lots of investments, so that was just an estimate of how much the income is, not just from allowance, if it was based on just allowance it would be a LOT less lol.

    Post # 75
    2347 posts
    Buzzing bee


    How old are you? 27

    – How much do you have in savings? A little over 50k

    – 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 invest almost all of my savings, using IRAs, index funds, and I have some old retirement funds that are still growing from my last job. I keep a small amount accessible in a savings account. 

    – What’s your annual income? It has changed a lot in the last five years. When I started saving I made 30k pre tax. My highest salary was 65k. I recently quit that job and am building feelance clientele- at my current rate I’m making only 15k a year. I planned for this so it’s fine, I project to make around 30k within a year and a half (that’s realistic based on clients I have now, etc.) It’s basically like I’m starting a business- I think long term I could reliably pull in 60k or more a year, but it will take time to get there. For me it’s worth it to take this short term hit because now i get to work from home 🙂

    – How much do you try to save a month? At least 50% of my income. 

    – What do you feel you spend most on, and what do you try to sacrifice? I live in New York City, so my highest cost by far is my rent. I don’t eat out often. I cook every night, Fiance takes his lunch every day (I make it for him). We don’t have cable. We don’t have a car (since public transport is so good here). I buy things to last. I have had the same boots for 6 years, they still look new. They were $300, which seems like too much to be frugal, but they will last probably 15-20 years. I get things fixed instead of getting new things. Re-sole shoes, mend clothing. I make our cleaning products (it takes like 5 minutes)- spend as little money as possible on disposible items. We rarely use paper towels (basically for kitty vomit). We have a costco membership, I cook everything from scratch. 

    – Any other secret tip you may have? Learn as much as you can. Learn how to gut your budget down to nothing. Don’t eat out. Learn to live frugally, below your means. Don’t increase your lifestyle just because you start to make more money. Learn to have fun without spending a lot. I still live like a college student in most ways. Get rid of cable. Read the Mr. Money Mustache blog. 

    <br /><br />Read more: http://boards.weddingbee.com/topic/poll-how-much-is-in-your-savings-and-how-do-you-do-it/#ixzz3HfdJFj35

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

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