[binary visions]

Okay, so Jenn and I have been discussing finances and she doesn't believe that she's banking enough. I contest this and say that she's banking more than the average person, and her cushion is far higher than the average 24-year-old.

I know we probably won't get a really good cross section of the population here, but I thought I'd post up an anonymous poll to see how much people bank out of their take home pay. Also, I'd like to see some posts on how much you'd consider a good cushion to be. Dollar amounts are irrelevant since we all have different standards of living, but how long could you live if you lost your source of income? If you're a lot older than 24 or have a family now, what were you banking and living on when you were at this stage in your life?

If you don't fit into the above categories (that is, you bank significantly more than half your income, or could live for a lot more than 8 months on your savings), post up.

edit: Oh, and just to be clear, I'm talking about easy to access, savings funds. Not emergency, I-have-to-cash-in-my-401k-cause-I'm-broke funds. Just funds you have readily available if you lost your job and needed to support yourself for a while.

 

[DRB]

Poll? I don't see no stinkin' poll.

 

[Konabumm]

where is the poll NOOB

 

[binary visions]

Jesus, it takes more than six seconds to type in 8 options into the poll. Impatient buggers, both of you.

 

[johnbryanpeters]

I have somewhat more than a year's salary in fluid funds.

When I got out of the Army in 1969 I had enough money in the bank to pay cash for my college education in subsequent years...

'Zat what you wanted?

 

[I Are Baboon]

Do retirement accounts count (i.e. 401k, 403b), or just savings accounts?

 

[Konabumm]

remember things like 401k and IRA also count as "savings"

 

[binary visions]

Oh, and just to be clear, I'm talking about easy to access, savings funds. Not emergency, I-have-to-cash-in-my-401k-cause-I'm-broke funds.

 

[DRB]

oops. I answered for today not when we were 24.

We were dirt poor and saving was a luxury that just wasn't happening.

 

[Snacks]

I could live off my savings for almost a year. I would need to make some 'life style' adjustments to make it work....eating out less, no large purchases, scale back on the trips, but all the bills would get paid.

Oh, I'm 33, no kids but at 24 I still saved more than I spent.

 

[johnbryanpeters]

Oh, and just to be clear, I'm talking about easy to access, savings funds. Not emergency, I-have-to-cash-in-my-401k-cause-I'm-broke funds.

Jes' shaddup and listen to the old lady. She's on the right track.

 

[laura]

We could live comfortably for about 8 months on our savings. Since I started this assistantship our saving has dwindled considerably but we still put back aproximately 15-20% of our take home cash monthly, if there are no surprise expenses. TN also has a 401k that he puts into monthly and I have an IRA that is 4 years old. I'm 24 and he is 29.

 

[blue]

Bank=Whatever's leftover after you pay all the bills, food, rent, correct?

*chinscratch*

Edit: Then again, I'm 18. I probably shouldn't be voting.

 

[binary visions]

Jes' shaddup and listen to the old lady. She's on the right track.

I know she's on the right track. She's the one who doesn't believe she is.

 

[laura]

And to second Jenn's concerns, I wish we were putting more back as well.

 

[jacksonpt]

I save virtually nothing. I'm just happy to be able to pay my property/school taxes each year.

 

[I Are Baboon]

OK, so just easy-to-access savings? Not enough. We had a pretty good nest egg going, but we emptied it when we bought the house. We're still trying to get that going again but we have too much fun spending what we earn.

 

[llkoolkeg]

I'm married so I haven't seen a bank statement or checkbook in years...

 

[Polandspring88]

I'll tell you in 4 years when I am 24.

 

[Ian F]

For the most part, my savings is my 401k at 15% per paycheck. I do have more liquid savings that might last a month or two if stretched, but I don't add to it as much as I should...

Fortunately, my expenses are relatively low and the only debts are the house and car.

 

[oldskoolbiker]

I'm married so I haven't seen a bank statement or checkbook in years...

Better be careful, my old boss did this until one day he looked at the credit card bill and the balance was 20K. He had to refinance his house to get the money to pay off the credit card bills his wife created while she was in charge of the finances.

Regarding the poll question, I don't want to go into my finances since I'm a few years over 24, (I'm 32), but you could look at what Suze Orman has to say in this book: http://www.amazon.com/gp/product/1573222976/104-7830431-2704732?v=glance&n=283155
It seems to be directed toward people in your age bracket.

 

[DRB]

When we were your age we had the exact same problem. I remember being frustrated with Emma and her seemingly constant nagging about it.

We ended up going to see a financial advisor. Ask around to your friends and co-workers if they have a financial advisor they would recommend or I suspect you would have access to one thru your bank). Pack up all your financial records and go see them.

We did that and Jenny really put Emma at ease with what we were doing and where we were in the grand scheme of things. In addition she gave us direction and advice on where we needed to be heading and a plan that we could follow that made sense.

To this day Jenny is still our advisor. We see her every year (it used to be every 6 months). The first thing she does every meeting is pull out that initial folder she filled out then and compares it to our current situation.

 

[seismic]

I save like 50% of my income and I could live a little more than a 1 year from my savings.....although not like a king.

 

[dogwonder]

Between employee stock purchase and 401K, I bank over 15% per paycheck. I've got enough cash in my savings / stocks to last comfortably for 6 months, but then again, I'm over 30 and have been saving for a while. I was putting aside the same amount at 24 but the fund wasn't nearly as big and would be staring at probably 3 months max worth of savings.

 

[Greyhound]

At 24.......nuthin'. Nada. Pay the bills and whatever's left over, go party. Wake up, rinse and repeat. You're young....life goes quickly. Don't forget to enjoy it a little before getting too uptight about what your cushion should/could be.

*Ahem*
You're also at one of the most laid-back, chillin', partying universities on the East coast. Go enjoy it some, ya nerds!!!

 

[llkoolkeg]

Better be careful, my old boss did this until one day he looked at the credit card bill and the balance was 20K. He had to refinance his house to get the money to pay off the credit card bills his wife created while she was in charge of the finances.

Both credit cards are in my wife's name, so she can shop herself silly if she wants to! Truth be told, she is more patient & thrifty than I and can extract more economic value from my wages...so she handles all the $$ issues. I delegate whenever possible yet retain veto power which has never had to be used. It works well for us.

 

[antimony]

I bank 50% of what I make (of course, I make **** as a chemist) for now. Once the house comes I will bank more like 20%. I could live very well for 7 months on what I have in the non-emergency savings.

This hasn't made me feel better. Oh well. Looks like chemistry by day, and stripping or bartending by night for some extra money.

Edit: With all the potty-mouths on here, I can't believe the "s-word" is blocked. Gracious!

 

[Rockland]

What savings I had was mostly consumed by purchasing a house last year. I just closed my savings acct because what what was left over was earning less than the monthly savings fees at my bank. Fuggers :mumble:
I've got a pretty aggressive 401K going. It's all automated and managed. I don't even think about the money. I just don't consider touching it, and let it grow.

 

[binary visions]

This hasn't made me feel better.

62.85% of the Ridemonkey population banks less per month than you do... and you could live for more than a year on your savings account kiddo, 'cause I know what your bills are

 

[antimony]

62.85% of the Ridemonkey population banks less per month than you do... and you could live for more than a year on your savings account kiddo, 'cause I know what your bills are

7 months based on what I will be paying when I get the house, meat head. And I will have less in savings at that point. Also, I am sure most people on here make more than me, so really, they are saving more than me even if it's a smaller percentage.

 

[DRB]

7 months based on what I will be paying when I get the house, meat head. And I will have less in savings at that point. Also, I am sure most people on here make more than me, so really, they are saving more than me even if it's a smaller percentage.

Get the meat head and go to a financial advisor. I promise both of you will get some piece of mind. BV will learn that you aren't a nervous nelly and you will see that you are probably sufficiently covered.

After 13 years of marriage (that would be as of today thank you very much) the worst fights we have ever had were about money. Jenny pretty much ended that.

 

[antimony]

Get the meat head and go to a financial advisor. I promise both of you will get some piece of mind. BV will learn that you aren't a nervous nelly and you will see that you are probably sufficiently covered.

After 13 years of marriage (that would be as of today thank you very much) the worst fights we have ever had were about money. Jenny pretty much ended that.

Happy Anniversary!

We have a free financial advisor at my work, so maybe I'll chat with him on his next visit to the company.

 

[Anders]

i could live quite some time on my money now cause i live with the folks , and besides for cheap rent and bikes i have no big money sinks. plus if i lived on my own i probably couldnt keep getting new bikes. i got my priorities straight

 

[DRB]

Happy Anniversary!

We have a free financial advisor at my work, so maybe I'll chat with him on his next visit to the company.

Thanks.....

Try and get both of you in the meeting at the sametime, I think it really will help.

 

[binary visions]

After 13 years of marriage (that would be as of today thank you very much)

Happy anniversary, DRB. Congrats on finding someone who will tolerate you that long

 

[SkaredShtles]

Jeezus, guys. Live a little. Save some money then go blow it having fun. You're only in your 20's for 10 years you know.

I would recommend avoiding debt, though. That's a monkey nobody needs on their backs.

Work less. Play more. You never know - it could become a lifestyle.

 

[bluebug32]

I bank 50% of what I make (of course, I make **** as a chemist) for now. Once the house comes I will bank more like 20%. I could live very well for 7 months on what I have in the non-emergency savings.

This hasn't made me feel better. Oh well. Looks like chemistry by day, and stripping or bartending by night for some extra money.

Edit: With all the potty-mouths on here, I can't believe the "s-word" is blocked. Gracious!

I see your concern. With all the talk of no social security and retiring in the poorhouse, it's easy to over-worry. I'm also 24 and I know that many people in our boat are strapped with debt and can't even afford to move out of their parent's house. 20% is pretty darn good, however, and if I could bank even half of that every paycheck I'd be a happy camper.

Granted, I live in the Northeast where you have to practically pay to even breathe the air. Fortunately I have no debt or loans, but I live in a one bedroom apartment, have a career doing what I got a degree in and still just manage to pay the bills with just a little left over, with only few occasions to splurge (ie: bike stuff). Saving much really isn't an option for me right now (as much as I would like it to be), but I'm happy with my life even if it doesn't afford me exotic vacations and carbon components. I know I'm on the right path and that this is only one stop along the way.

 

[binary visions]

Jeezus, guys. Live a little. Save some money then go blow it having fun. You're only in your 20's for 10 years you know.

Sheesh, we just went to Bermuda for 9 days. It's not like we sit at home and huddle around a pile of money, counting and re-counting it.

Well, Jenn does, I just watch her with a beer and heckel... it's a wonder she still puts up with me

 

[stosh]

I just voted, thing is my easy to access savings doesn't mean crap because it will all be used in 3 weeks.

However I would hope to be at similar levels by the fall.

 

[stosh]

I know I'm on the right path and that this is only one stop along the way.

Wow, so you did learn something from that 12 step program.