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How much Money do you have Saved???

Frequent Contributor

Re: How much Money do you have Saved???


Tim_S wrote:

Age - 50m (wife is 46)

Savings - $110,000

Wife's 401k - $200,000

My 457b - $80,000

My pension - $4,000/month for life with annual 3% increases (eligible to retire in 4 more years!)

My FICO - 760

Wife's FICO - 820

 

My advice to younger generations - Save now, even if you can't afford it. do it anyway.


Smiley Sad I wish I worked in an era when pensions were still viable.  But I guess it was another one of those short-sighted financial decisions that bite us in the butt:  companies / local and larger governments / individuals who chose to have the money in hand than socked away for the future. 

 

Message 151 of 172
New Visitor

Re: How much Money do you have Saved???

Age 27, 

Savings 12k 

with some debt >_> 

Message 152 of 172
Moderator

Re: How much Money do you have Saved???


Revelate wrote:

Well since I started gathering my poop in a group last night doing my taxes and paying some outstanding stupid things, and this morning ran through the initial budgetting swag post-mortgage with expected school expenses (not as pretty as I'd hoped on my reduced salary but ah well, will make it work).

 

Age: 40

 

FICO: in signature,  ~700 on the majority of credit scores not named Vantage or EQ FICO 9 (and industry options there).

 

Financials in round numbers:

 

Debt: 251k, all mortgage other than <$300 in secured installment loans which are just tradeline farms at this point

Cash on hand: 30k

Brokerages: 127k

Retirement: 80k

Lending club: 47k

Depreciating auto asset: 12k

Home equity: 100k

 

My only savings goal at this point is trying to keep my annual 401k contribution maxed (I don't get matching, just trying to stuff as much as I can into a tax advantaged retirement account), and if I have to kill that I will to keep whatever I settle on as my emergency fund intact.  2 year plan with school, will re-evaluate after graduation.


Thought it might be interesting if people updated posts after some period of time as this one was made 10 months ago before job loss in August and school falling apart in November and my being suboptimally overly invested in tech.  I should do this exercise more often, only outstanding outlays currently are 2016 taxes which I'm almost assuredly getting a return this year, and call it $2000 in slush fund spending I have planned (Apple Watch, new blinds for the replaced and slightly resized condo window, and some durable luggage for the travel gig).

 

Financial planning is pretty easy now: half my expenses for a year are paid for, may have had a renter (who's a trustworthy acquaintance of mine) fall into my lap yesterday for a room at 1K/month+utilities or so with the added bonus someone watches my place that I'm going to be away from 95% of the time, and I'm back to a decent salary, so this should be a good year financially.

 

Debt: 239k mortgage, 8k HELOC.

Cash on hand: 8k

Brokerages: 144k

Retirement: 104k

LendingClub: 47k (I'm unwinding this now).

Auto asset: going to drive it until it dies so depreciating it doesn't do much.

Home equity: 153k, somewhat rosy estimate but my next door condo complex neighbor recently sold for 400k so using that as a current market value.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 153 of 172
Frequent Contributor

Re: How much Money do you have Saved???

26 years old

 

$1,500 - checking

$4,000 - Savings

$3,500 - investments

 

Really only been focusing on this for the past 6 months, and plan to triple each in 2017!

 

For people who struggle to save (like I did before BK), using the apps digit and/or acorns can be very helpful in slowly starting to get savings/investments going, and once you start to see them grow it's much more motivating to save money when you can!


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Message 154 of 172
Regular Contributor

Re: How much Money do you have Saved???

I have nothing in savings at the age of 22. Lol The majority of the money I have in my bank account is a total of 8k+ but every penny of that is either going towards my tuition or loans. I want every penny of my loans to be paid off by 2019 because that means less interest have accumulated!! Smiley Happy 

Message 155 of 172
Valued Contributor

Re: How much Money do you have Saved???


800ficogirl wrote:
Hi I'm curious to know what my peers savings account & etc look like,.. Since this is a safe place to share financial info, let's grow our savings & credit together

Me:

Age -33F
Savings- $3500
Fico - 672

Goal by year end~
Savings - $20,000
Fico- 750

Age 58M All monthly bills about 1600 dollars...SSDI income 2052 dollars.

Debt <60k including house

Savings >500k...mostly in tax deferred 401k and retirement savings...all of which is available without penalty due to disability.

 

Sad thing is, I can not really enjoy this money... also due to disability. I was much happier when I was working and struggeling to pay bills.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 156 of 172
Established Contributor

Re: How much Money do you have Saved???


sarge12 wrote:

800ficogirl wrote:
Hi I'm curious to know what my peers savings account & etc look like,.. Since this is a safe place to share financial info, let's grow our savings & credit together

Me:

Age -33F
Savings- $3500
Fico - 672

Goal by year end~
Savings - $20,000
Fico- 750

Age 58M All monthly bills about 1600 dollars...SSDI income 2052 dollars.

Debt <60k including house

Savings >500k...mostly in tax deferred 401k and retirement savings...all of which is available without penalty due to disability.

 

Sad thing is, I can not really enjoy this money... also due to disability. I was much happier when I was working and struggeling to pay bills.


Ain't that the truth. You never realize that in youth. I'm still young but I almost died last winter with double pneumonia. I was in the hospital and the whole bit. It took me months to recoup and I had a very hard time with my lungs, getting enough oxygen so I couldn't walk far, less than 20 feet, and it all hit me what my elders had been telling me for years. Your health is more important than gold. I realized, albeit briefly what it's like to have pulmonary and heart problems where you can't even walk a few steps let alone up the stairs without passing out and doubling over.. I've since recovered but I would give all the FICO and credit and cash in the world to be healthy if I had a disability.

FICO- Experian: 786, TransUnion: 779, Equifax: 804 (Updated Monthly)
Message 157 of 172
Highlighted
Established Contributor

Re: How much Money do you have Saved???

Age 41 male

cash $37k

457- 642k (other investment approx 40k)

pension ..80k  a year   eligle to retire next Feb (no state city or fica tax)

property.. primary home value 500k paid off and a 200k condo recent still have mortgage

income 2016- 175k 

Fico 8 11/8/16
Equifax 836, TransUnion 836 12/30/16 , Experian 842 1/11/17 . AAOA 12 years Oldest 20
No inquires since 2014
All credit reports frozen
Fico 8 Equifax Bankcard 866 12/27/16
Message 158 of 172
Established Member

Re: How much Money do you have Saved???

Age: Millenial lol Just started my first "real" job last year!

Emergency Fund--------------------------------------------------------10,500

Goal Fund (saving for a new-er car)---------------------------------3,000

Fun Fund (just got back from Vegas lol)------------------------------ 300

Checking--------------------------------------------------------------------1,900

Roth IRA-------------------------------------------------------------------  6,300

401k--------------------------------------------------------------------------8,000

Taxable Investments-----------------------------------------------------2,800

 Loan I gave to S/O @ 1.2% APY for student loan lol----------- 3,000

 

Only "debt" are the current charges on my CC (which I PIF). Managed to very narrowly avoid student loans! Car is an 11-year old Toyota. So it's probably worth $25. lol No house- yet!

 

I only budget ~20% of my take home as my do-whatever-I-want-with-it spending money. My paycheck usually vanishes from my checking account the moment it hits my checking because it gets auto-transferred to savings and my non-DIY investment accounts. The only reason I have quite a bit in checking is because 1) I like keeping some padding in there just in case and 2) the occasional three-paycheck months lol. 

 

Oh, and I charged interest rate to my S/O because he's...kind of awful with money lol. His dad gave him a really nice car (hand-me-down, but really nice) for getting his degree-- fully paid-- but he decided to sell it and get an even nicer car when he landed a job. So instead of not having to pay car payments, he's had to make car payments instead of killing his student loans.

 

For some reason (interest rate hike?), one of the "smaller" loans's rate got jacked WAY up so I told him I'd lend him money to just pay it off. With interest because this wouldn't have been a problem if you didn't have to get a nicer car.  lol "I'll give you a rate better than you'll ever get for any new car!"

Amex BCP 20kUber Visa 14kCap1 QS 12kBoA Rewards 10kDisco IT 9.5kBarc Cash Forward 7.5kUSB Cash+ 500 lol
Message 159 of 172
Frequent Contributor

Re: How much Money do you have Saved???

33F 

 

Total saved; combined all investments, 401k and savings:150,000

Debts: Mortgage only 
Home Equity: 100K


How did I save? I am frugal. After years of having bad credit and things going into collections; being broke in my early 20s, I learned a lot. Now, all we do as a family is save. Stay home. Don't spend on things we don't need. Vacations are minimal because savings is important to us.  We are well on our way to hitting over 200K by the end of this year.  
There's so much I want to do like renovate my home and backyard, but that will wait once I hit my goal. Then I'll budget every single cost and expense; research deals. 

 

If we can do it, anyone can. It's not easy. We stay home a lot while everyone on facebook post their eating out meals, vacations, road trips, new purchases. We are sitting at home, eating home made meals, reading books, watching movies and waiting for vacation to come around in the summer. Smiley Very Happy

 

Message 160 of 172