(Closed) Savings Poll

posted 7 years ago in Married Life
  • poll: How much in savings ( not including 401ks, stocks)
    5,000-10,000 : (18 votes)
    16 %
    10,000-20,000 : (15 votes)
    14 %
    20,000-30,000 : (10 votes)
    9 %
    30,000-40,000 : (4 votes)
    4 %
    40,000-50,000 : (6 votes)
    5 %
    50,000-100,000 : (15 votes)
    14 %
    Less than $5,000 : (36 votes)
    33 %
    Other : (6 votes)
    5 %
  • Post # 3
    Member
    13099 posts
    Honey Beekeeper
    • Wedding: July 2010

    I don’t feel like you get a fair representation of people’s savings by eliminating stocks/401ks/mutual funds/IRAs/etc.  As our savings account grows, Darling Husband and I transfer more money into these other saving sites that provide us with more financial growth.  So our savings account doesn’t necessarily have a ton in it as we keep our savings in other higher-yield places.  Despite the savings account not really rising – our savings are growing.

    Post # 5
    Member
    8738 posts
    Bumble Beekeeper
    • Wedding: September 2011

    Also, you are missing the more than $100,000 option. That may apply to some here.

     

    @Mrs.KMM: I agree. Just because  money is in a retirement vehicle or an investment account doesn’t mean it is not available money.

    People may be placing their savings in low risk investments rather than a pure savings account since interest rates are SO low. Also, there are exceptions to not being allowed to withdraw from retirement accounts (such as first home purchase, etc) that makes that money slightly more liquid and “available”.

    Post # 6
    Member
    608 posts
    Busy bee
    • Wedding: August 2011

    @FutureKMM agreed. 
    @
    ams12 I’d look at your overall networth rather than savings.   you are probably making more progress than you think.  Just because you may not have added 10k in savings this year, you might have increased your networth by well over that.  Paying debts down is a big deal but you can get discouraged by only looking at savings.  Look at the big picture, not just a slice of it.

    Post # 7
    Member
    2889 posts
    Sugar bee

    I agree, this is not an accurate representation without assets. For example, we have liquid savings in the bank but don’t have 401Ks or a house. You pay a mortgage payment but you also have equity in your house that you could sell it and get cash, where as my rent payments do nothing.

    Post # 8
    Member
    608 posts
    Busy bee
    • Wedding: August 2011

    @ams12 If you are concerned about not knowing your options or about other savings options I’d suggests you start reading and maybe look into some financial classes.  There are some great books out there, just read several because some get a little out there.  Also I’ve heard wonderful things about Dave Ramsey’s Financial Peace courses.  $100 for 13 weeks of classes. 

    Post # 10
    Member
    2066 posts
    Buzzing bee

    @ams12 – If you’re trying to save more, have you tried tracking your spending?  When we merged finances, we started using mint.com (awesome and easy to use) to track things.  You also have the option to create savings goals, which has really helped us keep our short term and long term savings goals in mind. 

    Post # 11
    Member
    3049 posts
    Sugar bee
    • Wedding: January 1991

    Right now we have very little in our savings. But we’re taking a Dave Ramsey class that I would recommend to everyone! It’s Financial Peace University

    fpuonline.daveramsey.com

    He teaches people how to save, budget, and how to stay away from credit/debt. We’ve enjoyed it so much and love to be on the same page financially. Although we probably won’t take ALL of the advice, we are learning so much!

    Post # 12
    Member
    8738 posts
    Bumble Beekeeper
    • Wedding: September 2011

    @texasmeredith: I LOVE Mint.com

    It really helps me to see where all my money is going so I can adjust my spending habits.

    It also helps me budget out my “required monthly expenses” so I can see what amount is left of “non essential” purchases.

    Post # 13
    Member
    822 posts
    Busy bee
    • Wedding: January 2012

    We are generally quite good with our savings but over the christmas period we spent a bit more than we should.  We have budgets for everything including sanity money each week that is our spending money.  We should be able to live off FH’s income and save mine but it doesn’t always happen like that but we still are managing to save quite a bit.

    We have a mortgage and I have a small student loan that is interest free but other than that we don’t buy anything until we can afford it.  We have saved enough for our wedding which is in 11 months but want to continue doing the house up before the wedding.  We are doing it ourselves so anything we save between now and the wedding will be going towards renovations!

    Post # 14
    Member
    3871 posts
    Honey bee
    • Wedding: November 1999

    If there was an option for ‘not enough.’ I would so choose that.

    Post # 15
    Member
    246 posts
    Helper bee
    • Wedding: July 2010

    I counted what is in our savings, money market and CD accounts. I don’t think people should include their retirement accounts because withdrawing money from them is way too risky with the penalities associated with it. I know it counts towards net worth but you can’t just go in and take it. I guess technically CD’s have an early withdrawl penalty but you don’t have to wait 40 years from now to get the money 😉

    Post # 16
    Member
    8738 posts
    Bumble Beekeeper
    • Wedding: September 2011

    @hrev2010: Retirement accounts can be withdrawn from in certain situations such as:

    1) Un-reimbursed Medical Expenses

    2) Medical Insurance if you are unemployed

    3) Disability

    4) Higher education expenses for you, your spouse, your children or your grandchildren

    6) Home purchases (purchasing, building or rebuilding your first home). Qualifies as “first home” if you have not owned a home in the past 2 years and can be used for your spouse, children, grandchildren or parents/ancestors

    7) Call to Active Duty

    There are others too:

    http://www.investopedia.com/articles/retirement/02/111202.asp

    The topic ‘Savings Poll’ is closed to new replies.

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