Clicky Poll - How much do you have in your E-Savings Account?

Sept1799 · February 2010

With your LO coming, did you save more money than you normally would have? How much do you have in your savings account?

[Poll]

Sept1799 · February 2010

When we found out Daniella was on her way, we started to save like crazy (not that we were not saving before but we really stepped it up).

scubaspot · February 2010

When DH and I married it was known that I was going to be a SAHM so we made sure that we always lived well within my DHs income. All the money I made as a teacher went into savings and was used to pay off college loans/ car loans.

When we found out we were expecting I had to leave work so my income ceased to exist but as we already had a good nest egg and spending habits we haven't had any issues.

erinkate23 · February 2010

We have a few diffrent savings accounts (college/retirement etc), but I'm counting the "regular" one.

I am seriously impressed with the people who have 30K+ if it's in regular old savings - holy crap!

Ginlyn0 · February 2010

erinkate23:

I am seriously impressed with the people who have 30K+ if it's in regular old savings - holy crap!

This!

dcunningham2 · February 2010

erinkate23:

We have a few diffrent savings accounts (college/retirement etc), but I'm counting the "regular" one.

I am seriously impressed with the people who have 30K+ if it's in regular old savings - holy crap!

Ditto! We have about $10K in savings, I want to get it to around 15 and then extra money will go towards paying off debt.

IrishBrideND · February 2010

Our emergency savings (which is what I assume you mean) is 6 months of expenses, which is what tends to be recommended.

That isn't our regular savings though. Our other savings is less liquid.

dcunningham2 · February 2010

dcunningham2:
erinkate23:

We have a few diffrent savings accounts (college/retirement etc), but I'm counting the "regular" one.

I am seriously impressed with the people who have 30K+ if it's in regular old savings - holy crap!

Ditto! We have about $10K in savings, I want to get it to around 15 and then extra money will go towards paying off debt.

and to answer your second question, once we started TTC I put $150 a month into an envelope to pay for big baby items. Considering that was last May, I was a little surprised that we already have enough to buy the must-have big items now (crib, dresser, car seat, stroller) After baby is here, I'm sure that money will be put toward montly expenses like diapers, food, clothing, etc.

JenGK · February 2010

The only way I have been able to build it up as much as I have is through automatic withdrawals -- I treat it like a bill.

kimandjared · February 2010

Man, we suck at saving!!! We only have a couple thousand dollars in our savings!!

bakedlaurabean · February 2010

We save regularly, but haven't save any extra since I became pregnant. Our current savings rate is fine regardless of that.

BBachmann · February 2010

We had a great savings, but we ended up spending most of it on buying our house and spent more of it than we had anticipated. But the market was right and we had to sacrafice. We are trying to build it up again. It's a slow process.

I'm also very impressed with the $30,000+ people. And jealous.

Rory419 · February 2010

Yeah we were putting half of my paycheck in savings for months, and even living with my parents for the first half of the pregnancy to cut down on spending. DH and I are 23 and 24 so I had never seen that much money in one place before and it was pretty cool :-) Unfortunately most of that savings is waaaay down now considering we put a 15% downpayment on our house. It is still something though!

BelhurstBride · February 2010

We have multiple savings for multiple purposes. I answered what was in our e-savings because that's what the question asked, but we have considerably more in other, less liquid, areas. I wonder if some of the people answer 30k are considering all of their savings?

mjm123 · February 2010

We're trying to save more with LO on the way because we'd like to buy a house sooner.

I think the amount people have in savings really depends on where people live. Among my friends, I would say it's pretty common to have over 30,000 in their online savings BUT 30,000 wouldn't even get us a 10% down payment on a house.

bchippie · February 2010

BelhurstBride:
We have multiple savings for multiple purposes. I answered what was in our e-savings because that's what the question asked, but we have considerably more in other, less liquid, areas. I wonder if some of the people answer 30k are considering all of their savings?

This. We have separate and joint 'savings' accounts, and then there are other liquid and not-as-liquid savings. I answered what is in our 'joint' bank savings account, but we have easily double that if you consider other stuff, even completely avoiding strictly retirement funds.

mjcleve · February 2010

$30,000 in savings?! Wow.

Jennicap · February 2010

We have 4-6 months of expenses in savings, a min of 3 is reccommended by most financial institutions.

Mrs_Springbride · February 2010

BBachmann:

We had a great savings, but we ended up spending most of it on buying our house and spent more of it than we had anticipated. But the market was right and we had to sacrafice. We are trying to build it up again. It's a slow process.

I'm also very impressed with the $30,000+ people. And jealous.

This exactly! I am excited if we can save $50 a month now with all the expenses of the baby coming.

homebird · February 2010

Yeah, I'm sure I'm showing how "poor" I am here, but what the heck is "e-savings"?

We have a savings account and a checking account. That's it. I didn't know there were specific kinds of savings accounts. Embarrassed

IrishBrideND · February 2010

homebird:

Yeah, I'm sure I'm showing how "poor" I am here, but what the heck is "e-savings"?

We have a savings account and a checking account. That's it. I didn't know there were specific kinds of savings accounts.

I don't know if this is what the OP meant, but it generally refers to an emergency savings accounts. Its a just in case account. It should cover about 6 months of expenses (in case one of you gets injured or laid off). Its liquid, meaning you can get to the money very quickly. Its also for unexpected expenses (like if you get pregnant unexpectedly...which is what we are using ours for).

Other long term savings tend to be more diversified and might not be as liquid. Those are good for college savings, retirement, and saving for long term goals like a down payment on a house.

DorisLevine · February 2010

mjm123:
We're trying to save more with LO on the way because we'd like to buy a house sooner.

I think the amount people have in savings really depends on where people live. Among my friends, I would say it's pretty common to have over 30,000 in their online savings BUT 30,000 wouldn't even get us a 10% down payment on a house.

Exactly -- we have over $30,000 in an ING savings account, but it was originally started as a goal to get to around 80K for a down payment on a house. We have been saving around $4,000 a month for the last two years with this goal in mind and when we got pregnant we just kept saving. This is completely separate from any retirement savings accounts we have.

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