Ancalagon the Black Posted June 10, 2005 Share Posted June 10, 2005 Given that Greenspan has once again described the US savings rate as "negligible", I was curious as to how much people here save. Keep in mind that "savings" refers to bona fide savings--cash accounts, CDs, money-market funds. Even low-risk investments such as bonds are out (and stocks are definitely out). Also keep in mind that most financial advisors reckon you should have at least three to six months' worth of expenses saved up for emergencies. Link to comment Share on other sites More sharing options...
Thiebear Posted June 10, 2005 Share Posted June 10, 2005 Seems to me: If i have 300 saved a 300 dollar emergency pops up.. If its 3k its a 3k emergency.. I prefer 300 emergencies .... edit: I have 1 Upromise credit card with 4k out of 5k on it... I do put 330 a month in my 401k though.. Link to comment Share on other sites More sharing options...
Heidenreich Posted June 10, 2005 Share Posted June 10, 2005 I put 200 a month into my 401K, and i have about 7 grand in a savings account. I haven't put any more in there, i'm climbing out of credit card debt right now. I thought about using the 7K to pay off the cards, but I'd rather keep that money just in case...... Link to comment Share on other sites More sharing options...
chiefhogskin48 Posted June 10, 2005 Share Posted June 10, 2005 I save 15% of my gross income, but if you take out 401 k, I only save 6%. Bear in mind that an additional 6% is forced savings through our "wonderful" Social Security program, but I guess this doesn't count because I may never see a dime of it. Link to comment Share on other sites More sharing options...
jbooma Posted June 10, 2005 Share Posted June 10, 2005 My wife and I put away at least 15% of our salaries in our 401k and try to save an extra 1% of our gross monthly income. Link to comment Share on other sites More sharing options...
Ancalagon the Black Posted June 10, 2005 Author Share Posted June 10, 2005 Pretty nice bell curve we have going on right about now. Just a note: 401ks don't count, as that money is earmarked for retirement. It does not have the liquidity of "true" savings. Originally posted by Heidenreich I haven't put any more in there, i'm climbing out of credit card debt right now. I thought about using the 7K to pay off the cards, but I'd rather keep that money just in case...... Dude, you MUST use the savings to pay off your credit card debt. You are losing a heap of money to interest and are probably getting next to nothing with your savings. If you pay off your debt with your savings, you'll be virtually making money. And if an emergency comes up, you can always use your card and be no worse off than you are now. Link to comment Share on other sites More sharing options...
twa Posted June 10, 2005 Share Posted June 10, 2005 I keep about 10,000 in regular savings accounts, any other I funnel into property. I carry a large health ins deductible which is the main reason for cash ,and of course sometimes you can find a bargain if you have cash available. I probably should set up a HSA or something as far as health care exspenses. Link to comment Share on other sites More sharing options...
mardi gras skin Posted June 10, 2005 Share Posted June 10, 2005 I won't start saving money in a cash account until I have my house paid off. The savings realized through an extra $1000 a month on the mortgage is outrageous. Link to comment Share on other sites More sharing options...
NASMTrainer Posted June 10, 2005 Share Posted June 10, 2005 Between our 401k, profit sharing and yearly stock options we do pretty good. We also try to stick a little cash in a savings account. Link to comment Share on other sites More sharing options...
SkinsNut73 Posted June 10, 2005 Share Posted June 10, 2005 I recently read an article on this topic that said 80% of Americans are two to three weeks away from disaster due to the lack of liquid savings. Unfortunately, we know several families who have fallen into that boat over the last few years. One spouse gets laid off and unemployment helps, but isn't enough. So they ended up selling homes and moving to less expensive neighborhoods (downsizing), or cashing out 401k, or maxing out credit cards. My parents were not very responsible when it came to finances (still the best parents I could ask for, but lacked in this area). I learned from their mistakes. We have one year's worth of salary in liquid savings. Link to comment Share on other sites More sharing options...
Kilmer17 Posted June 10, 2005 Share Posted June 10, 2005 Im always amazed at people who simply dont have the financial savvy needed today. Personal finance should be a mandatory high school course. It would save our country BILLIONS if everyone could do simple things like balance a check book and live within his/her means. Link to comment Share on other sites More sharing options...
Riggo-toni Posted June 10, 2005 Share Posted June 10, 2005 Originally posted by Kilmer17 Im always amazed at people who simply dont have the financial savvy needed today. Personal finance should be a mandatory high school course. K - I absolutely couldn't agree more!!! That said, I admit I don't have enough in liquid savings. I do put a substantial portion every month into my 403B and Roth IRA. Link to comment Share on other sites More sharing options...
Leonard Washington Posted June 10, 2005 Share Posted June 10, 2005 well step 1 would be get a job for me. :laugh: i get a stipend from the nih but i try to give 10% of my pay to God and another 10% for me. Link to comment Share on other sites More sharing options...
big z Posted June 10, 2005 Share Posted June 10, 2005 I switched to Geico!!! i was gonna click the 'i ain't saved $ht" button, but the closest thing was pretty much zero....i didn't like the sound of that...so I decided to take the denial route and click I could live for years w/o earning another cent... Link to comment Share on other sites More sharing options...
Heidenreich Posted June 10, 2005 Share Posted June 10, 2005 Originally posted by Ancalagon the Black Dude, you MUST use the savings to pay off your credit card debt. You are losing a heap of money to interest and are probably getting next to nothing with your savings. If you pay off your debt with your savings, you'll be virtually making money. And if an emergency comes up, you can always use your card and be no worse off than you are now. If i had brutally high interest rates, I'd agree with you. I consolidated my debt onto one of those 0% financing deals. (MBNA Extra points, so I get a Redskins Credit Card to boot!) But you're right. I could just as easily use the savings to pay off the card, then put the credit card payments back into the savings account instead. I just know how I am, and if I had zero credit card debt, I would run out & buy something stupid, like a TV, or a boat, or something. At least this way I have some checks & balances for myself..... Link to comment Share on other sites More sharing options...
twa Posted June 10, 2005 Share Posted June 10, 2005 I do something like that with my wife's card. It is simply a lower limit card tied to a savings account balance. While she can simply transfer money from another account to raise the limit,the fact that she has to do more than pulling out the card for large purchases makes her think beforehand......As far as me ...spending is not a impulse,more like torture;) . I think of what it took to make it and if it is worth that much work :laugh: Link to comment Share on other sites More sharing options...
halter91 Posted June 10, 2005 Share Posted June 10, 2005 unfortunately, I live check to check. Link to comment Share on other sites More sharing options...
Kilmer17 Posted June 10, 2005 Share Posted June 10, 2005 Originally posted by halter91 unfortunately, I live check to check. There's no reason you should have to do his. Admittedly, I dont know your situation, but I bet I could find 200 bucks a month in your expenditures you could change into savings. Link to comment Share on other sites More sharing options...
atloldskin Posted June 10, 2005 Share Posted June 10, 2005 For you younger members, try to save 10% per year. This includes savings, 401k contributions, insurance and debt reduction. I probably save 30% per year right now. Link to comment Share on other sites More sharing options...
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