Savings

Mrs.LisaP

How much money do you have in savings??

Our investment guys was over a few weeks ago, and told us before we do anything else we need to have ATLEAST 10,000 cash in savings (not including other investements, just savings). And that was a big atleast. We have about 5,000 in there now, but we are going to start being more aggressive with putting money in to try and get to atleast 10k.

It got me thinking...does everyone really have that much in savings? Also, how important to you is it to have a good chunk of money in savings?

SimplyMistaken

We do not have anything.  Just having moved cross country, etc wiped us out.  Here we are moving again.  We want to buy in a year or two so we are going to get aggressive about it, but saving in this economy has been more than tough for us, it has been impossible!

MrsNolan

Nope. We too have about half of that. We used to have closer to 10K before my husband lost his job 2 years ago and took a much lower paying job. We blew through the money real quick. But I guess that is what it's there for. Thank goodness we had it. Now that he has a better paying job, we hope to start rebuilding our savings. Except, now I want another baby, so that money will be going somewhere other than the savings account for awhile

dmw531

We currently have about 7k in savings.  We could put in more each month but I don't like our checking to get low, so we keep a good amount in checking that we never spend in addition to savings.  I just like it being there and readily available in case we were to need it right away. 

We are going to try to save more in the coming months but we also have a lot of expenses coming up with things needed to be done on the house, and now that we're expecting. 

I hate money. lol.

LuvNCupcakes

We currently have about $1500... We had more but we knew we would have to use some of it for the wedding, last minutes expenses and tips and what not.  We are currently creating a new budget since we have a few student loans that we are now trying to take care of.  As a part of the new budget we do have about $1000 a month we will be moving into savings.  We are doing that now and for us we have opposite pay schedules where we just put $250 a week into savings and we don't even think about it.  Which is nice because it is a - one less thing I have to remember to do and b - we can't spend that money before it is transferred.  Once we get the student loans paid off we will be opening a separate account and have a certain percentage automatically transferred fro retirement savings

Since we are a ways away from TTC at least 9 months we figure by the time the baby comes we should have about $16k and that is if we get pg right away...

homespunmetier

we have more than the recommended 10k. my income covers all our bills and expenses while alex's income goes directly into a high interest (LMAO) savings. we don't see any of alex's pay ever its like he doesnt work ahaha. our goal is to get to a certain amount and buy another home while staying as debt free as we can. if i was running our budget we would have zero in savings right now lol.

timark99

We have more than the recommended 10K too.  DH and I live in a house that we only need a little over 1 of our incomes to support us bills/monthly expenses etc.  So we have been steadily paying off other debt like credit cards, cars,  and loans etc.  However I have our banks setup that each week they take 100 bucks from our checking and move it directly into savings, glad we have since we don't miss it and there is always something coming up that I don't want to make the transfer myself.  It really helped us to save these last couple years.  However, since we are planning on moving in the next year or so into a new house we'll see how much that savings acct gets depleted.  But we got married earlier this year and managed to do it and the honeymoon without racking up debt or dipping into the savings.

jayefay

Just in our regular money market we have about 35K.  This includes our 9 month emergency fund, baby fun, new car fund and general savings though. 

For us this is very important to have, as DHs stipend could change every semester, and his car is getting pretty rickety.  A lot of families wouldn't foresee wanting that much, but for us it makes sense.  This is probably the max we'll ever keep in savings though, until our expenses increase thus increasing the emergency fund pool.

Syndelin

Not nearly enough...  Right now we have probably 3k in savings, but that's basically our wedding budget as we go along here, so probably will be down to nothing in savings (and maybe a little bit more debt, unfortunately) by the time the wedding is over.

 A couple fairly large monthly payments drop off right around then too though, so we should be able to build our savings up fairly quickly after everything calms down. 

Kat174

i have almost that... will have it by xmas for sure.  but... that's cuz i'm saving for a down payment on my own condo... so this is my house money.  after that, everything else is tied up in investments because they make more interest.