NBR: money and savings

jesse sunday · April 2009

in a discussion with other moms, staying at home and working was a topic. One woman admitted that they have 75k saved up and that is why she is able to be a SAHM. She left her job and does not plan to return until that nest egg takes a dig dip. What are your thoughts?

Is it normal for a couple early 30s to have that much money saved? I was shocked when she blurted out that figure. Wish we had that bank roll....

happytobemrs.m · April 2009

IMO that is NOT normal. It is great for them, but we do not have anything near that and I feel pretty good about our financial situation.

GRKaters · April 2009

LOL... nowhere near that. Not even by a big fat long shot. We still afford for me to stay at home.

?

thumbkin · April 2009

Do you think she is counting everything, retirement, 401Ks all that. I wish we had that. It would be wonderful. I don't think it's normal at all.

TakYelgif · April 2009

happytobemrs.m:

IMO that is NOT normal. It is great for them, but we do not have anything near that and I feel pretty good about our financial situation.

This

they could have possibly lived off of one salary while she worked which in turn may have allowed them to save that much but no that is not the norm by any stretch of the imagination.

katydid2007 · April 2009

Depends on what part of the country they live in and what they do for a living. In my area (NY/NJ/CT) and for my age group (I'm 34), I don't think that's abnormal.

Lucky_Dragonfly · April 2009

It is possible and I am sure good friends of ours have something close to that saved, but it def makes it easier when your parents pay for both of your wedding recepts and they give you the down payment for your house and take you on almost every vacation. Plus her H was over in Iraq for a year so he made almost 1K a week that 75% was banked.

lildutch · April 2009

I doubt that's what they actually 'saved' each week from their paychecks. To have a savings like that they probably did some investing. I did some real estate investing when the market was hot and made a good amount of money. But there would never, ever be a time that I would say how much money I had, how much money I make, or how much my DH makes!!!

Amy Schramm · April 2009

katydid2007:
Depends on what part of the country they live in and what they do for a living. In my area (NY/NJ/CT) and for my age group (I'm 34), I don't think that's abnormal.

ITA. Most of my friends (in our 30s) have alot more money in savings than that. It's not uncommon here for people to put down at least $250K on an apartment, in cash, so I'm presuming they have more than that in savings.

It's not too hard to have a ton in savings if you and your husband both work and each have significant incomes and you live within your means.

inbetweendreams · April 2009

I wouldn't say it's normal, but I could see a couple in their early 30s having that much saved if they didn't have debt to begin with, lived below their means, made wise investments, etc. There are women on the MM board that are able to budget to save several grand a month. A few years of that, and you'd have tens of thousands before you knew it. I guess it depends on your income and lifestyle.

JollyGreenGoat · April 2009

We have a little over $100k saved up, BUT it's for that very rainy day when either of us may lose our jobs or our mortgage adjusts to an ungodly rate. We have $150k in negative equity on our house but don't want to drop our life savings on it, so we're just holding out. The money, as far as we are concerned, doesn't exist. We don't touch it, EVER.

We live frugally. We only go out to eat when it's a special occasion. I make DD's food, use Target brand diapers, formula, and wipes. We only have one car payment and the other car is paid off. We will not purchase anything unless we think hard about it first and ensure that we can pay it off next month when the credit card bill comes.

This is outside of 401k or stocks.

I sound like a complete tightwad, I'm sure, but I was raised in close proximity to my grandparents who suffered horribly in the Great Depression and passed on their frugle nature to me. It's just how I am now. I may have $100k in the bank, but I sure as heck don't look or act like it. I have a Honda Civic, not a Lexus. I shop for clothes at Kohls and Target, not Banana Republic. I enjoy making DD's clothes and food.

victoria1977 · April 2009

nyc212:

katydid2007:
Depends on what part of the country they live in and what they do for a living. In my area (NY/NJ/CT) and for my age group (I'm 34), I don't think that's abnormal.

ITA. Most of my friends (in our 30s) have alot more money in savings than that. It's not uncommon here for people to put down at least $250K on an apartment, in cash, so I'm presuming they have more than that in savings.

It's not too hard to have a ton in savings if you and your husband both work and each have significant incomes and you live within your means.

This.

*parrothead* · April 2009

I don't think this is shocking at all. (Other than the fact that it is very tacky of her to blurt that out, which from my experience with people that talk about their money, means she's lying.)

But if a couple has two incomes and makes saving a priority then it wouldn't be that shocking to have that much. We are aggressive savers and it adds up quickly when you really make it a priority.

Supernannyusa · April 2009

nyc212:
katydid2007:
Depends on what part of the country they live in and what they do for a living. In my area (NY/NJ/CT) and for my age group (I'm 34), I don't think that's abnormal.
ITA. Most of my friends (in our 30s) have alot more money in savings than that. It's not uncommon here for people to put down at least $250K on an apartment, in cash, so I'm presuming they have more than that in savings.
It's not too hard to have a ton in savings if you and your husband both work and each have significant incomes and you live within your means.

ditto this. we'd never be able to buy a house in our area (southern CA) if we didn't have AT LEAST that much saved. Hence, we both work and live within our means.

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