Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Curious about where I stand
Some background info: I'm 28, husband is almost 31, we have been married 2 years (together for 9) and have owned our own home for the past 3.5 years. We have always had a hard time saving money and only recently started to be able to keep money in the savings account... in the past we have saved, but then spent (first house, then wedding)... currently we have about $7k in our savings, and only what's necessary for bills and daily spending in our checking accounts (we have combined for both). We don't have kids yet, although I'm definitely looking forward to starting a family soon, and I'm hoping my husband comes around by the fall/winter.
I guess I'm just curious about where other couples stand who are in similar situations as ours. I grew up not having much, so to me, this seems like a substantial amount, but it seems to be minimal to other people.
Re: Curious about where I stand
I think it's great that you already own your home. My husband and I have been married for 2 years (we are both 27 yrs old) and we have been renting. We are trying to buy a home and have managed to save 100K. We live in a very high cost area, putting 20% down on a home will knock out a huge amount of our money.
I think a great principle to live by is to live BELOW your means. If you do this you will always be able to save money. For example, though we have a good amount in the bank, I am still driving around my first car that I bought in cash at the age of 16. I watch some of my friends who are in debt go out and buy a new car and it blows my mind.
Money is a tool - make it work for you by PLANNING your spending.
Know your income, necessary/fixed items and then non essentials . Savings is a bill you pay (to yourself) first. (and many people use multiple savings accounts for different savings goals)
Know your goals. Have a plan to meet them. Implement plan.
You want to be sure you are adequately funding retirement accounts
I would be more comfortable with 6 months of expenses in an emergency fund in addition to general savings.
Smart Couples Finish Rich by David Bach is an excellent read.
You have a decent savings for "oh crud" circumstances like needing to make a home or car repair.
As PP mentioned, strive to make that savings have at least 6 months of living expenses in it and always keep that level.