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How much Money do you have Saved???

Valued Contributor

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

^I understand that feeling. I have enough in savings to pay off my student loan, but I am afraid to spend the money. I don't want to be short on cash.
Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804
Message 61 of 172
Established Member

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

Age -28M
Savings- $125k
Fico - 798

Goal by year end~
Savings - $150k
Fico- 800+

Message 62 of 172
Regular Contributor

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

Very well done Tblank!






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Message 63 of 172
Regular Contributor

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

Good thread, reading some of these posts makes me realize I should focus on saving more.

 

Me: 28M

Savings: $7k

Investments: $9k

Retirement: $26k

 

I did take out about $40k in 2014 for down payment and closing costs on a home purchase. Looking forward to the day when I'm splitting the mortgage payment with someone ;-)

FICO Scores (4/4/15): EQ: 748 TU: 777 EX: 778
My Cards:
Amex BCP $25k (March '14) | Cap1 QS $8k (Oct '07) | Arrival + WEMC $10k (May '15) |
PNC CashBuilder Visa Sig $8k/NPSL (March '11)
PNC Points $1k (June '07 - First card at 19) | MB Financial MC $3500 (May '13) | Chase Amazon Visa Sig $6k/NPSL (April '09) |
Macys $1200 (Nov '12) | Citi Double Cash $9k (Jan '15)
Message 64 of 172
Moderator

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

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.

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 65 of 172
Valued Contributor

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.


Dang! I hope that I am doing as well as you by the time I get to 40 (which isn't that far away). I think my only hope at this point is to win the lottery.

Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804
Message 66 of 172
Moderator

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


Annipoo wrote:

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.


Dang! I hope that I am doing as well as you by the time I get to 40 (which isn't that far away). I think my only hope at this point is to win the lottery.


It was somewhat luck being in at the ground floor of the modern IT industry and being exceptionally good at it even if I never won the lottery via stock options or anything like that, and then staying mostly single without expenses throughout my adult life... and I'm not doing well enough to afford a place to actually call home in a good school district if I do manage to have and raise kids; whoever is my partner in that is going to need to bring non-trivial assets or call it 50k in income on the table, and not mind working after the kids since I can work from home at my current salary for the next decade or so to make that work.  Maybe move somewhere cheaper, back to Texas or something.

 

End of the day it's not how much money you make or you have, it's how you live, and I need to get better at doing that second part.  You're likely doing much better than I am on that front Smiley Happy.

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 67 of 172
Regular Contributor

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

I'm just starting out, really...so my debt is rather high, and savings are rather low. My plan is to be completely out of debt by age 26, and have a good chunk of change saved up around this time.

 

Here's where I stand right now. Everything is just estimates/ball park numbers, of course.

For retirement/401K I put away 6% of each paycheck. My company matches 25% on the first 6%...so a little free money. Yay!

For savings...I am doing the "52 week challenge" (starting at 52, working my way to 1) along with the "365 day challenge" (starting at $.01, making my way to $3.65). I am also depositing all my lose change once every 6 months for added savings.

 

23F

Savings: $2100

Retirement/401K: $1000

Debt: $37000 ($23k in student loans; $14k car loan)

 

My hopes for the end of the year (December 2016)

Savings: $3800

Retirement/401K: $4200

Debt: $25000

Scores & AAoA (9/2017): AAoA: 43 months | Capital One - 752 | Discover - 788
My Wallet: PNC CashBuilder $5000 (AU) | Sears Card $4250 | Macy's $600 | JCP $1000 | Sears MC $2001 | Victoria's Secret $1000 | Commence $5000 | QuickSilver $3000 | Discover IT Chrome for Students $8500 | Chase Freedom $7000 | Sheetz $6000
Last App: July, 2016
Message 68 of 172
Regular Contributor

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

Very good savings posts. I'm happy to see so many of us have a safety net without the necessary use of credit. I read an article that said over 62% of Americans had less than $1000 saved and it blew my mind. I was already interested in personal finance and frugality,. But that article has driven my desire to push even harder towards reaching my goals. That also triggered my curiosity of what others savings, debt, credit, and networth looks like. I appreciate you all for replying this insight is helpful.

Question- Have any of you done anything extreme to help boost your savings and debt repayment like sold a car and take bus,? Moved to a smaller apartment, or got roomates?. Substantially reduced spending?.






Starting Score: 524
Current Score:672-709
Goal Score:800

WellsFargo $2700 - NF Rewards Visa Signature $5000 - NF Rewards $3200 - Barclay $5500 - Walmart $3500- Sleep center $2000 - Cap One Quick Silver $4500 - Khols $300- HHGreggs $3000 - NFCU Checking Line $15,000 - Chase Sapphire Preferred $5000
Message 69 of 172
Valued Contributor

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


800ficogirl wrote:
Very good savings posts. I'm happy to see so many of us have a safety net without the necessary use of credit. I read an article that said over 62% of Americans had less than $1000 saved and it blew my mind. I was already interested in personal finance and frugality,. But that article has driven my desire to push even harder towards reaching my goals. That also triggered my curiosity of what others savings, debt, credit, and networth looks like. I appreciate you all for replying this insight is helpful.

Question- Have any of you done anything extreme to help boost your savings and debt repayment like sold a car and take bus,? Moved to a smaller apartment, or got roomates?. Substantially reduced spending?.

I have taken steps to reduce spending and boost savings. Probably not what people would consider drastic measures, but it definitely saved me some money. I switched car/bike/life insurance companies and saved a lot. I went from paying $60/mth on whole life insurance to paying just $117 (approx) per year on term life, and doubled the death benefit. I called Time Warner and negotiated a lower rate on cable/internet. Same for AT&T with my wireless bill. I got uprgraded service from both of these companies for less than I was paying before. I made a budget for myself that includes saving monthly for long term expenses and controlling my grocery/take out food spending, as well as gas and other spending. I am using rewards cards for all of my spend to capitalize on the cash back. I haven't redeemed any cash back yet, just saving it all up until I can pay a month's worth of expenses with it. Then I will use it for those bills and put that month's salary into savings. We also sold some of our junk that was laying around the house. I have toyed with the idea of selling one of my Jeeps, and just driving the other one daily, but that would leave us with only one 4x4, and with the unpredictable KY winters, we should probably both have access to a 4x4.

 

The ultimate plan is to save enough so that we can buy a home in cash (land is pretty cheap in KY, and we could put a mobile home on it if we had to). Something small and cheap. Then live there while we save enough to comfortably buy a mini farm or a bigger place. We are going to try to stair step our way to a nice home and a lot of land, so we will start with something very cheap so that we can save all of the money that we have been spending on housing. We want to be able to buy with minimal (if any) debt.

Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804
Message 70 of 172