(Closed) What do you consider to be a good amount of savings? (Ideal)

posted 5 years ago in Money
  • poll: What is your ideal amount of savings, realistically.
    Under $2,500 : (1 votes)
    1 %
    $2,501-$5,000 : (8 votes)
    6 %
    $5,001-$10,000 : (29 votes)
    21 %
    $10,001-$15,000 : (27 votes)
    20 %
    $15,001-$20,000 : (12 votes)
    9 %
    $20,001-$25,000 : (12 votes)
    9 %
    $25,001-$50,000 : (15 votes)
    11 %
    Over $50,000 : (33 votes)
    24 %
  • Post # 3
    Member
    1902 posts
    Buzzing bee
    • Wedding: July 2012

    I honestly don’t think you could put a number on it. My husband and I both earn well under $50K a year, but we’ve had up to about $95K in savings. We’re buying a house now, so we’re down to about $55K and still got to pay a bit more money. After settlement, we should have about $15-20K left in the bank, which I know is technically a lot, but it doesn’t feel like much when it’s only 20% of what we used to have!

    I guess I wasn’t a lot of help with that answer – I suppose the “good” amount to have in savings is whatever you can save. We’ve put every dollar we didn’t need into savings for many years now (even before we met each other), so even on a small income, we’ve always had a good safety net.

    Post # 4
    Member
    502 posts
    Busy bee
    • Wedding: October 2013

    I think a good amount to aim for is 6 months salary, that way you can have a buffer if anything goes really wrong.

    Post # 5
    Member
    2076 posts
    Buzzing bee
    • Wedding: June 2014 - British Columbia

    1/3 of your annual salary for emergency funds was what they taught us in my college Financial Planning class. But I generally just set up a biweekly auto-debit between Fiance and myself to a joint savings pool.. as I’m not even near the 33% of my salary mark.

    Post # 6
    Member
    4914 posts
    Honey bee
    • Wedding: October 2018

    6 months’ expenses, at least. A year, if you can do it. 

    Post # 9
    Member
    8484 posts
    Bumble Beekeeper
    • Wedding: April 2014

    Someone left their receipt in the ATM at my store the other day and I glanced at it before I threw it away. They had almost $5000 on their card and I was impressed. Most of the ones I throw away have like $400. 

    Post # 10
    Member
    1902 posts
    Buzzing bee
    • Wedding: July 2012

    @LovelyLaura8:  I think, unless you’re saving for something in particular (car, house deposit, etc.) then your goal should be something that changes. When I first started saving, my goal was $100, then $1000, then $5000, $10000, $20000, etc.

    As other posters said, I think a “safe” amount is a third to half of your annual salary, just as a safety net, but I don’t think there should be a point where you save and then stop, saying “Well, I’ve got that safety net, I don’t need to keep saving now!” The goal with saving should be to save as much as you possibly can. If that means you can afford to save $100K, then good on you! If you can only afford to save $5K, then that’s just as good. It’s all relative.

    Post # 11
    Member
    3053 posts
    Sugar bee
    • Wedding: February 2015

    @LadyElva:   I think, unless you’re saving for something in particular (car, house deposit, etc.) then your goal should be something that changes.

    +1!
    I used to look forward to the day I had a grand in the bank! Then it became 10 grand, then 15 (then 10 again because I bought a car =( lol), now I’m at 20 and I can’t wait till I get to 25. I wish I had saved more when I was younger though. I’m only 23 now but if I had actively saved before like I do now, I would have SO much more money! I blew a lot during my college years.
     
    I definitely think if you have something you’re saving FOR it helps. Combined we have our 6 month emergency fund, wedding, and honeymoon covered. Now my goal is to save for a house! Starting in September, I am elligble for a company matched 401k so that’s going to eat up a lot of my income since I only work part time & am going to be maxing out my 401k (it will be the only investment account for a while)

    Post # 12
    Member
    10574 posts
    Sugar Beekeeper
    • Wedding: January 2011

    What do you mean by savings?  Money just sitting in a savings account?  Or retirement savings and other investments?

    The latter is going to change based on how long you’ve been working, how close you are to retirement etc.  Right now I have more than I want sitting in a HISA, but there’s fairly short-term plans to spend it.

    Post # 13
    Member
    9601 posts
    Buzzing Beekeeper
    • Wedding: September 2013

    I would agree with 6 mos- 1 year of living expenses.  I don’t want to keep all of my money in a general savings account, I’d rather have most of it in retirement savings or other investments with  the 6 mos -1 years of living expenses in a general (read: accessible) savings account.  For example, I take out a certain amount pre-tax of every paycheck and it goes into deferred comp.  So it’s savings, but I don’t have easy access to it like I do my general bank savings account.

    Post # 14
    Member
    1293 posts
    Bumble bee
    • Wedding: December 2018

    @LovelyLaura8:  Shit, I just realized you said if you make 50k. I voted for 50k in savings based on what I thought the question was – what is ideal for me – but I will change my vote to 15k. That’s far more reasonable, and I will also learn to read before I click.

    Post # 15
    Member
    6215 posts
    Bee Keeper
    • Wedding: August 2013 - The Liberty House

    I voted 50k+. I don’t feel comfortable unless I can pay to replace everything I need and pay a year’s expenses.

    Post # 16
    Member
    2902 posts
    Sugar bee
    • Wedding: March 2014

    20k minimum in the bank that you can withdraw in an emergency. Anything over that should be making you money (high interest, investments etc. No, I don’t think retirement should be considered savings. You should not touch that until you are retired so it doesn’t help if you get in a sticky situation. 

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