Savings?

[hyunelan2]

Once again, the geographer/statistical-analyst in me is coming out to look at the demographics of our site. Today's topic, saving money.

Although I think I know the answer, how many of you have substantial savings accounts? I don't mean the $300 that's tucked under your pillow, or the $300K you could get for selling your 2nd house on the waterfront (I doubt that's anyone here), but actual substantial liquid funds that you could have access to in, lets say 72 hours if needed.

Everything says that 'we' are the credit card generation, that we have no money on our own, and are going to live in debt forever. I'm just wondering how true it all is?

I've included a few different poll categories for people to choose what suits them best:

[05xd]

Polls,where are the polls? lol
Im not even sure how much is saved away at this point.

EDIT....I type too slow

[hyunelan2]

^^It posts a message before the polls, I was typing in the polls, it should be there now.

[05xd]

Im goin to be safe and def take option #4.I know its not over 5k

[babot]

i do save... but in mutual funds and stocks.. not in saving accounts

[thewilson]

i have money in the 401k but as far as savings im at like 0 or negative I am actually closing out the 401k for school tuition so I went ahead and put down 0

[BobMs_wht2k2]

If you count my 401k and her 403b than we fall into the $10k+ category. But we've scrimped and saved to get $6k back into the savings. That's 4 mortgage payments incase something bad happened.

[hyunelan2]

^exactly. We've got our retirement plans and investment accounts, but keep a few months worth of salary in a high-yeild savings account, just in case. We put $100 from each paycheck towards that amount. It's a pretty-hefty amount right now, but we're planning on getting a bigger house in another year or two, so that's where some of that will end up.

[BobMs_wht2k2]

Yeah, we had $11k in savings, but all of that went towards this house. So basically we've saved $6k in less than 2 years. We had a little over 8k, but we had to catch up on property taxes through our escrow.

[hyunelan2]

I can't wait until a few things are paid off. Our furniture is paid off this month, which leaves only the 2 car payments (and the mortgage, obviously). Elantra is done in June, then I'll put 2/3 of that money towards the Santa Fe payment, which will be done the following July. When all that is done, it'll be an extra $750/month that I'll put straight into savings. I can't wait.

Then, of couse, we'll buy the new house, one of the cars will need to be replaced, and I'll be right back where I am now, or worse.

[BobMs_wht2k2]

LOL . . . .it's always something ain't it!

[evan938]

i dont have much. i make 1270/mo after taxes, plus whatever i bonus, which after taxes (****ty 38% on that) is usually 3-500$...pay 565/mo rent, 60 for my cell phone, electric is 80/month, cable/internet is 75, car payment is 155 now, insurance is 210......thats about 1150/mo. then there is gas for my car, groceries, etc. really, if i dont hit a bonus check every month now, im just scraping by

i would like to start putting some money into saving so i can have it if something comes up, or so i can start saving for a house, but right now, its not a very feasable idea

and FWIW, i just checked my savings acct i have not touched in probably 4 years, i have $1.86

[ba_feitl]

outside of retirement accounts we could add up savings and checking to break the 10k barrier if we had too. If you throw in non-liquid funds then we'd be much happier with home equity and 401k/ira's

Brad

[BobMs_wht2k2]

I didn't even think about equity in the house. . .

[05xd]

We have a little over 10k in equity in our house that we bought 2 months ago.I totally forgot about equity as well.I guess thats one you hardly think about

[hyunelan2]

Yeah, the hard thing about home equity is to really get it, you have to sell your house (or take another loan against it). That really isn't a 'savings' plan though. Basically is only good for moving up from one house to the next, or getting you out of a REALLY BIG jam if you need to sell the house.

I've got about $25K in equity on my side at the moment. It would be a lot higher if I would have bought the house a year earlier than I did, when the boom was still going on. Now the equity increases are still there, but they've slowed to a trickle.

[BobMs_wht2k2]

Also house equity is a great retirement "insurance". Wife and I planned on selling the house in about 20-25 years so we could retire at 55 with her teachers retirement. Then planned on a condo or smaller house with less maintenance.

[Ugzz]

money in:
1350 a month @ 37.5 hrs & 13.50 an hour
(yes do the math i get RIPPED in taxes, its about 1/3 of my pay)
the above number also includes a 30$ deduction that goes to another account.. and its empty at the moment... lol

Money out:
health insurance: 125
health pharma care: 40
car payment: 250
car insurance: 110
cell phone: 50
rent:300
utils:165
total out: $1040
left over: 310

and i still gotta pay for gas and food and i have a girlfriend.. so yeah.. i have like NOTHING left to save.
i try and do some computer consulting on the side but its few and far between.. maybe like 50 a month average extra cash.. but in my situation every penny counts..

I had a savings account up to 8gs when i lived with my parents.. then i moved out and bought a car a while back and it dropped a few thou.. then that car died a year later and i bought another cheapy.. and it needed fixed and and and.. needless to say theres only 400 bucks in there at the present time.. and it sucks

[BobMs_wht2k2]

Wow. . . it's scary my mortgage alone is more than a lot of y'all bring home a month!

[Cypher]

Money i take home a month: 1700-1800 probably more.

Bills:

cell ~ $50
Insurance ~ $136
loan = $50
then theres gas and food for driving to school and since i'm never home. i'll start saving money soon.. but it won't stay for long since it'll be going into a car.