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January 2012 Moms
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Money

csupallacsupalla member
in January 2012 Moms
Curious about savings and debt. If you are cool with sharing, roughly how much debt and savings do you and your SO have, not including any mortgage you might have?
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Re: Money

  • bigbearbigbear
    Well we started of good then we had a gazillion things go wrong. Result: no savings tons of debt.
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  • meg_2006meg_2006 member

    Debt $1900 (car)

    Savings: $900

     

    But we are about a week and a half from closing on our house ($90,000), and will lose some of that savings getting the house ready.  We had more saved (about $3000) until we had DS, then had to drain it and are building it back up again.

    We live in a low-income area, and DH and I don't have high paying jobs...although DH is moving his way up in the ranks pretty quickly.  But we always put at least 10% of our paychecks into savings. 


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  • raefreraefre member

    Paid off my car at the end of July, so no more car debt.

    I have my student loans, which is about $100k. Now that the car is paid off, we will be putting both car payments toward the smallest loan and going from there.  I should be able, if all things go well, have that paid off in about 7 years. 

    Savings? I don't do "savings" as long as I have debt. (I do have a 3 month emergency fund.)

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  • bobbi5342bobbi5342 member
    Too much debt, not enough savings! We were doing well until a few months before the baby was born....need to get back on track!
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  • caitie2002caitie2002 member

    $2500 debt on DHs truck.

    about $3000 in savings (e fund plus a Christmas account)

    and we have a mortgage- about $150,000.

    We also have pretty large 401ks.

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  • talitha712talitha712 member
    I'm down to 26k on my student loans graduated with close to 60k. That's our only debt besides our mortgage our car was paid off within a year of buying it and we pay off our credit cards each month.

    Savingswise, we have 5 or 6 months worth of expenses in an efund. We don't contribute to that account monthly at this point and direct all extra to paying my loans off. Our goal is by the end of 2013. When we do use money from the efund we replace it as soon as possible.

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  • csupallacsupalla member
    Coolthanks for sharing! We've always wondered how we might compare to others in their late 20's, so I just thought I'd check.
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  • dizzycooksdizzycooks member

    Debt: ~$40k, (we just bought a car, goal is to pay that off (10k) + one student loan (10k) by the end of 2013), and 2 mortgages

    Savings: 4 months of expenses

    We are working on the student loans and now the car loan.  When those are gone we'll go back to saving and consider how we want to handle the mortgages.  Right now we have renters that pay one of the mortgages.

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  • Sascha3Sascha3 member

    I don't count our cars or mortgage as debt...to me that is a living expense.

    We basically have no credit card debt...we pay off our balance each month.  I have about $15k in student loan debt.

    We have a substantial amount in IRA's for each of us, a mutual fund equal to about 6 months living expenses and about 6 months of living expenses in cash reserves.

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