CP: Your savings

EmSue412 · April 2012

So I'll give a brief summary for why I'm asking this question. My DH and I got into a conversation with 2 other couples about our financial situations... not good. They say money is not a good topic of conversation among friends for a reason, lol. Anyway, we disagreed on certain things which leads me to my question.

So roughly, how much money do you and your DH/SO have in savings? Just money, no stocks or 401k, or anything like that. I know this could be a touchy subject in real life, but I figured it wouldn't be so bad to ask here. Plus it's anonymous. Thanks ladies.

[Poll]

mrsemily08 · April 2012

I'm a lurker here (a long time nestie - since 2007 - with a brand new name for various reasons; I've just never posted on the BMB mostly because my girls were preemies), so sorry to intrude, but I am wondering why you exclude stocks? I'm just curious, in some part because our emergency fund is not cash.

EmSue412 · April 2012

mrsemily08:
I'm a lurker here (a long time nestie - since 2007 - with a brand new name for various reasons; I've just never posted on the BMB mostly because my girls were preemies), so sorry to intrude, but I am wondering why you exclude stocks? I'm just curious, in some part because our emergency fund is not cash.

Hi lurker! Haha. Well, the only reason I excluded anything else was because that's what our conversation with our friends revolved around--- just cash money in the bank, so to speak.

I certainly do think many people have their emergency money in other forms of savings, like stocks, retirement accounts, etc.

EmSue412 · April 2012

BlinkMe182:
I'll throw myself out there- I WISH I had $10,000 in savings!!!

Not to embarrass myself. I wish I have $1,000 in savings. H & I do not have a large savings at all.

Thank you for being honest! DH and I were in a similar situation up until very recently--- for many of us, it is not an easy time. That's sort of where the conversation with my friends began.

mrsemily08 · April 2012

I feel so creepy delurking

I promise I have been a long time poster - on multiples, on MM on TK, on my wedding board... I just decided I needed to go a little more incognito in general since I was using my old AIM name and I realized a couple of folks I went to college with are on MM, lol.

EmSue412 · April 2012

mrsemily08:
I feel so creepy delurking I promise I have been a long time poster - on multiples, on MM on TK, on my wedding board... I just decided I needed to go a little more incognito in general since I was using my old AIM name and I realized a couple of folks I went to college with are on MM, lol.

Haha, certainly doesn't bother me. Welcome!

mrsemily08 · April 2012

I'm curious about the poster with over $100k in cash. Is that for a down payment? If not, why so much in cash?

I'll be honest - we have a lot of student loan debt, so our cash saving is way below where I'd like it, but we do have a 3 mo emergency fund in stocks. All of our cash is earmarked currently (for tuition, a car downpayment, and some house repairs) so it sounds like we have more than we do!

catahoulatte · April 2012

I'm curious about that 100k poster too! But because I want to be friends with her. LOL

Then again, if it was me, I don't know if I would come forward to tell people I had that much cash sitting in the bank.

BnchaNums · April 2012

We keep 6 mos expenses in cash and invest the rest. I think that what we keep in cash is overkill bc it doesn'tearn any interest, but it makes me feel better since I sah. I think talking about money is both interesting and helpful, but that's why I'm a regular on mm.

mrsemily08 · April 2012

BnchaNums:
We keep 6 mos expenses in cash and invest the rest. I think that what we keep in cash is overkill bc it doesn'tearn any interest, but it makes me feel better since I sah. I think talking about money is both interesting and helpful, but that's why I'm a regular on mm.

me too (re MM)

I would want the cash too if I SAH. I actually really want 3 mo in a cash efund, but we just can't pull it off right now (or anytime soon).

SarahPLiz · April 2012

We have quite a bit in cash because I don't trust the market. Yeah, that's stupid for an accountant to say, but it makes me nervous. ING Direct gives us 1% and that's better than the return on investment over 5 years for the endowment where I work. That's good enough for me. Plus, we have access to it whenever we need it.

eesome · April 2012

We only have about $800 in savings. But, now that I have a new job and make more, I will be saving better.

Roselis · April 2012

I have $900. Im hoping to increase that once my divorce is final and I pay off all of these other divorce expenses

StefandTodd · April 2012

Oops, I didn't count 401K, but did count stocks. Our stocks ARE our emergency fund. They're in "safe" enough stocks that we're not concerned about losing them, and completely accessible (as cash) at any time.

So anyway, I might've ruined your poll...but there's no undo/edit button....

ClickMama · April 2012

Most of my savings is in 401k but even there I left a good chunk in cash. I also had purchased quite a bit of my old company's stock and they got purchased in a stock deal so I just got reminded come tax time of it.

heathlyn9 · April 2012

BlinkMe182:

I'll throw myself out there- I WISH I had $10,000 in savings!!!

Not to embarrass myself. I wish I have $1,000 in savings. H & I do not have a large savings at all.

You are totally not alone. C has more money in HIS savings account then DH & I do. That's his money though & we don't plan to touch it.

bundymommy · April 2012

We have a substantial amount, but like someone else mentioned, it's for a down payment on a house. Also, my father died when I was a teenager, so I was eligible to receive social security, which is part of that savings. I have never spent any of that money, and it's being saved for our house someday.

JenWhite123 · April 2012

We could live a year w/o income on our savings.

EmSue412 · April 2012

Thanks everyone. Very helpful (and proved my point)! Thanks for your explanations and comments as well.

Monsieur_et_Madame_Ha · April 2012

We hardly have any savings at all BUT we are *thisclose* to being credit card debt free. I don't know if we'll start saving money right away when we are, but at least we'll have something to fall back on should something happen.

gy86 · April 2012

I think debt to savings has a TON to do with this equation.

I don't have a lot of cash in savings, but I have three CCs with zero balances, each with a fairly substantial credit limit. In the event of an emergency, I could charge things like groceries and gas and as a result stretch my savings cash a lot further. If my line of credit was maxed out or nearly maxed, I'd feel a lot worse about only having $3K in savings.

Additionally, if I had student loans, home loans, or auto loans requiring monthly payments and only had my current amount in savings, if I ever found myself without an income, I'd go into default on those loans in a matter of months and face ugly ugly situations like bankruptcy, foreclosure, delinquency, collections etc which would permanently affect my future ability to generate wealth, save, and invest.

Brilanea · April 2012

The Dave Ramsey books & programs are amazing if any of you want tips on how to save more. Common sense stuff that you don't think of. Life changing for us.

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