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How much Money do you have Saved???

New Contributor

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

Age: 23M

Cash Savings: $7k

Stocks: $1k

401k: $6K

 

Debt:

$46K Student Loans

$15K Car

 

FICO: 760

 

I started my full time career this past summer after graduating college. My goal is to have $12K cash saved by my one year anniversary of starting work. Student loan payments suck!

New Member

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

I got my first real job in september and I started saving around the end of october. I'm in the public sector and I live in one of the most expensive part of the country , so saving has been a huge sacrifice. 

 

24F

Savings:$3,700

TSP:$1,971

 

Debt:

Student Loan: $6,503.

 

 

My goal is to have $8,000 in savings by the end of the year.

 

 

 

 

 

Established Contributor

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


tblank7 wrote:

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

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


maxresdefault.jpg

 

Seriously, though.  That's pretty impressive.

Valued Contributor

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


TanyaTurner wrote:

I got my first real job in september and I started saving around the end of october. I'm in the public sector and I live in one of the most expensive part of the country , so saving has been a huge sacrifice. 

 

24F

Savings:$3,700

TSP:$1,971

 

Debt:

Student Loan: $6,503.

 

 

My goal is to have $8,000 in savings by the end of the year.

 

 


Best wishes - hope you reach your goal.

 

animated gif

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Regular Contributor

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

Age: 31M

Cash Savings: $4k

Stocks: $0

401k: $0

 

Debt:

$0

 

FICO: 760

 

Don't earn much, don't borrow much.  Wish I had more money but I never graduated college.  This is the most savings I have had in 6 years.  Living hand to mouth but not borrowing what I can't pay back.  My car needs about $700 worth of work, then going to invest some of what's left.  Very impressed by the young man with six figures.




My credit .... It's over 9,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Regular Contributor

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

Good way to live not borrowing more than you can pay off,.. With that in mind & your excellent 760 credit score, I take it you always pay your cc balance in full. This is something I recently adopted because it is the best way of doing things, better on my wallet long run, and also better for my Fico. Kudos to you!






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
Established Contributor

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

I am reestablishing credit and savings after some periods of unemployment/underemployment.  My ultimate goal is to have mid-to-high 4 figures each in savings accounts and Checking (as a buffer for spending) and PIF credit cards that I would use sparingly.  Once that's established I'll work on getting my liquid assets to above 10k and establish a brokerage account and Roth IRA to go with the 401k from work.  I'm also increasing the contribution (with no match) to 10% pre-tax to my 401k.  

Frequent Contributor

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


JonE wrote:

I am reestablishing credit and savings after some periods of unemployment/underemployment.  My ultimate goal is to have mid-to-high 4 figures each in savings accounts and Checking (as a buffer for spending) and PIF credit cards that I would use sparingly.  Once that's established I'll work on getting my liquid assets to above 10k and establish a brokerage account and Roth IRA to go with the 401k from work.  I'm also increasing the contribution (with no match) to 10% pre-tax to my 401k.  


If you don't need that 10% 401K contribution to reduce your taxes, I would put $5500 into a Roth IRA first, then the rest into your 401K.  I say that because from what I've seen, most 401K plans with no matching are not worth contributing to (with the exception of dropping down a tax bracket):  the investment choices are limited and they usually have high fees. 

 

A Roth is great specially if you think you're on the low side of your lifetime income range.  In fact, I would generally suggest opening a Roth immediately to any person just starting out in the work force (which may not be in your case). 

Regular Contributor

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

+1

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)
Regular Contributor

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

I'm 32 and have around $60k in savings with around $70k in investments but only about $25k in 401k. My only debt is a mortgage at 3.5% and a car loan with about a $20k balance at 1.75%. The house has appreciated extremely well, so the plan is to sell as soon as we can avoid capital gains, potentially rent for a while until the housing market cools a little, then use the equity we cash out of the house along with savings to put a huge down payment on the next place and pay it off in less than 10 years so we can spend our forties doing a lot more traveling. We didn't travel when we were younger, so that's become a priority lately and we've been to Central America twice already in 2016!

CLs: Chase SW $35k, Amex Everyday $32k, Discover $29k, Costco Citi $21k, Best Buy $13.5k, CU Denver MC $12.5k, Chase Freedom $10k, Nordstrom $10k, Express store card (1st credit card!) $3.2k

Starting score 12/2010: 510
Current score 12/2016: 835