S/O Money & Savings

FutureMrsTR

I'm making this a clicky poll so it can be anonymous.  I was going to ask the amount of savings everyone had, but I think the months of living expenses might be a better measurement since posters' incomes and lifestyles vary so much here.

In addition, if you feel like commenting, are you comfortable with how much savings you have? 

To answer my own question, I would be super comfortable with ours if H was working OR if it was only me OR if we weren't planning a big move sometime soon that might eat into it.

emilyinchile

I said more than a year, but that's due in large part to an inheritance in dollars I received that would go a lot farther in Chilean pesos. So yes, comfortable because obviously we could surive just fine in the event of an emergency.

However, we really don't save that much every month, and I don't want to touch what I already have, so right now we're going through a process of figuring out our budget and trying to save more each month to have as savings for stuff like apartment projects and travel as opposed to my saved up "in case of emergency" fund.

Birdie1483

I was pretty comfortable with my savings until

1) I moved 100 miles
2) Bought a car
3) Had to put almost $1000 worth of brake on new (used) car
4) Had an IDIOT pull out infront of me and total my car right after new brakes
5) Had a paycut

Needless to say, I'm not so comfortable anymore.

squirrly

We've got enough truly liquid savings to be comfortable.  And then there's a bunch of other stuff.  I've got a collection of investments that I could liquidate, but that takes about 14 days to get the proceeds.  I also have a variety of retirement accounts, some of which I could take loans from if we had a serious emergency. 

jesibel14

We just bought a house in June AND just got married last month, so we only have about $4K in our savings right now.  It's a little scary to have such a low stash, but we're expecting 8K from the gov't for the first time home buyers credit, in addition to DH's hefty bonuses in Jan and March, so we'll be more comfy in no time.

FutureMrsTR

:::considers moving to Chile:::

Yeah, I started saving hard core last year around this time once we decided we wanted to move closer to our families as soon as possible.  Then H got laid off and I got really paranoid so I saved even more and had about 3-4 months saved up.  Then we added what we got from wedding gifts to it so we're at about 4-5 months living expenses.  But neither one of us will be comfortable moving until we have at least 6 months, plus one full time job or a full year if neither of us have a full time job.

quotequeen

In addition, if you feel like commenting, are you comfortable with how much savings you have?

I think comfortable is relative.  I'm comfortable in that I wouldn't completely panic if I lost my job.  I'm a little less comfortable than I was before I closed on my condo, since my monthly expenses and overall obligations have increased, and part of my savings went to the DP.  I'll never be comfortable enough to think that I can financially withstand anything life can throw at me, or that I shouldn't keep saving/investing.

stillundecided4

We have more than a year of living expenses saved. But that will likely drop to 6 months soon. We just discovered LOTS of black mold in our basement and I expect removing it will eat up a big chunk of our savings. Things like that happening is why I'm so anal about putting as much money into savings as I can every paycheck.

noodle_oo

I think we are pretty comfortable with our savings.  I brought a good savings to our marriage, I lived at home for a while and went to college on scholarship, so no student loans helped me save.  DH is doing better now, but he has student loans and a smaller savings than me.  We bought a house last year, a big chunk went into that.  We saved up to pay for our wedding 100% ourselves.  That was a little hard spending this huge amount of money on a wedding that could be a bigger savings or go towards our mortgage, but we could afford it.  We actually ended up getting more cash than I was expecting (!!) as presents, so that is a nice little replenishment to our savings.

Anyway, I think age has a lot to do with it.  We're in our early 30s, so we're doing pretty well now.  In our mid 20s, I was doing okay and DH was struggling, grad school and a few career changes will do that to you. But we've had a few years to catch up and living together helped (in an apt we were saving pretty well).  With the house, we don't save quite as much but we're paying down the mortgage which is (hopefully) a good investment.

I personally believe you shoudl really have at least a 6 mo emergency fund.  Or at least a goal to have that.  I *LOVE* Suze Orman's books and those really helped both of us learn to prioritize our spending.

quotequeen

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:af52657c-a0b9-4c23-8c78-f51dff7d3004">Re: S/O Money & Savings</a>:
[QUOTE]QQ, this is off topic, but I see your sig and I'm sorry that you feel unloved. I had a high decline rate, too. I want to tell people who complain about adding +1's to get over it because not everyone you invite will come. I had way too much food and cake leftover.
Posted by zippityb[/QUOTE]

Aww, thanks.  You know it's funny - there are SO MANY posts on here about people adding randoms onto the invitations and adding +1s they weren't invited with.  I haven't had a single instance of people adding others.  And, I invited all single guests to bring a +1, and NOT ONE has RSVPd with a date.  I don't know if I just have a really unusual guest list or what.

The main reason I'm sad is that we have a 150 adult minimum, so we are going to be wasting quite a lot of money.

FutureMrsTR

I like Suze Orman too, but I think I like Dave Ramsey more

Calypso1977

our in the bank savings is not what id like it to be, but i'm quite happy with our retirement savings.  between us, we have 2 pensions, 2 401Ks, and a couple of whole life insurance policies.  i know we are doing WAY more than most our ages in that area, but even so, i still wonder if its enough.  

IMO, the key is to live within your means, and if you have a mortgage, pay it off as soon as possible, and dont borrow against it for ANYTHING.  we also are very discplined about banking 1/2 of our tax return each year and using the other half for home improvements.  sure, its tempting to take a big trip or vacation with taht money, but we feel our method is best for us.

MattsPenguin

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:e6274c97-f63b-411a-9a56-acf41a29b51d">Re: S/O Money & Savings</a>:
[QUOTE]In Response to Re: S/O Money & Savings : Aww, thanks.  You know it's funny - there are SO MANY posts on here about people adding randoms onto the invitations and adding +1s they weren't invited with.  I haven't had a single instance of people adding others.  And, I invited all single guests to bring a +1, and NOT ONE has RSVPd with a date.  I don't know if I just have a really unusual guest list or what. The main reason I'm sad is that we have a 150 adult minimum, so we are going to be wasting quite a lot of money.
Posted by quotequeen[/QUOTE]

That is really sad!

Regarding the +1's, I have only ever brought a date ONCE when I had a plus one (this was before FI).  And I brought a fellow sorority sister/friend of the bride who wasn't invited.  Bonus is that we traveled together, and I got to have someone that I was really good friends with there.  Actually, aren't those all of the reasons you say to invite a +1 for OOT guests?

[Deleted User]

I wish we had a lot more in savings right now. My good stash paid for our wedding while H paid for the HM in cash. We are both working right now, but it is hard bc I don't make very much and H has a lot of student loan debt. Thank God I don't have any.

We desperately want to buy a house, but know it will be a year or so before we can do so. I am definitely for living within your means and not using credit for anything. I was raised that way, while H did not learn a lot about money until he was older and got out on his own.

SnShne322

I said 9-12 months.  I'm comfortable with what we have in our savings, but I'll always go for more.  Any additional money (gifts, raises, bonuses) generally go to savings unless we have something we need the money for.   We both have retirement accounts and some other assets, but currently it's mostly liquid.  I'm actually less comfortable having it liquid, because I might as well be doing something with it and gaining interest. 

mgietler76

I am NOT comfortable with what we have. We are pretty aggressive savers though and it's so low since we paid down all debts we both had. Being debt free is completely worth the small savings account, we worked really hard to pay everything off and its a huge weight lifted (until be buy a house and go right back into debt lol)

arbolita

We have about 5 months worth in our savings, and maybe a years worth in our mutual funds?

quotequeen

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:85d24e77-4d08-42b8-9e95-72382422ae79">Re: S/O Money & Savings</a>:
[QUOTE]In Response to Re: S/O Money & Savings : QQ, I would try talking to your vendor.  We came in about 20 people under the 150 limit, and asked if we could do any upgrades since we were so short.  You might be able to upgrade your bar, or food, etc.  We ended up with the floor length linens we wanted (and were going to pay for anyway) being included in our price. 
Posted by kayakrunhike[/QUOTE]

Yeah, I know... I'm really bad about asking for deals that I don't think I'm especially entitled to.  I should have asked in the beginning about converting the person minimum to a dollar minimum.

ootmother2

Because of my occupation, most money comes in the annual bonus on the third Thursday in January, I always put 10'% into my saving. Then I fund my 401K to the max.

The rest is FUN

but Im older than most of you so my savings are on a different level

annagtz82

Both me and my fiance started putting away money in each of our savings accounts since we got engaged 9 months ago. I'd say we currently have about $14,000 combined saved up right now. We've been really tight with money so that means we've had to cut our spending to a minimum.

mandysmear

I am comfortable.  We have a lot of things in place like retirement funds, we own a brand new house so repairs won't be very likely and the first 5 years we have a warranty on the house, we have shares in my company, we have a low debt - although i want it gone completely, we have some life insurances that will cover 18 months salary if one of us gets sick or injurred.  Our savings is the lowest it's been because we put most of it into our down payment.  But, I am not concerned at all. 

Birdie1483

This is making me really depressed about how much my savings took a beating in the past 1-2 years. I have a small credit card bill that all extra money goes to while FI saves. We both aggressively put money in our 401k, however. I just really want to get this credit card paid off so I can start saving again. I don't know what I would do if I lost my job right now. I'd be fu*ked.

TurtlesAllTheWayDown

Well, we had a hell of a lot more before we decided to have a wedding. So now, yes, we still have some savings, but not what we're comfortable with. I'd say if *I* got laid off we would be totally fine, indefinitely. If FI got laid off we'd be okay for 3-4 months, but likely we'd have to downsize our apartment, stat. Ideally, I'd love 6 months of expenses in addition to an emergency account for car repairs, medical expenses and vet bills. I have a number in my head for both accounts and we are no where close.

Once we get there, have savings for a house downpayment, and pay off debt, we'll be ready for kids. So in, like, 30 years.

In case of a true emergency, we could also borrow against retirement funds and we both have a lot of credit.

Theresa626

We have 15,000 in an emergency fund plus we are contributing about 3500 a year to retirement funds and we have 6000 in a 2 year CD as a baby fund and 6000 in a furniture fund.  The 15,000 is one of our salaries for 6 months or two of them for 3 months.  But, I feel pretty secure because I have tenure so I'm probably not going to lose my job and we live off of just one paycheck anyway.  

zippityb

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:38ff897f-6fae-4f0a-91b8-d348518ced34">Re: S/O Money & Savings</a>:
[QUOTE]I am comfortable.  We have a lot of things in place like retirement funds, <strong>we own a brand new house so repairs won't be very likely and the first 5 years we have a warranty on the house,</strong> we have shares in my company, we have a low debt - although i want it gone completely, we have some life insurances that will cover 18 months salary if one of us gets sick or injurred.  Our savings is the lowest it's been because we put most of it into our down payment.  But, I am not concerned at all.  :)
Posted by mandysmear[/QUOTE]

Repairs will definitely be likely, but you're a lucky duck to have a 5 year warranty. Mine was only 1 year, and a whole heck of a lot of things went wrong in the house during that year.

katiewhompus

Right now we have about 3 months worth of savings if nothing bad happens. We had a lot more but then we the last few months have not been kind to the savings account. We are getting a lot of old debt paid off though so soon it will begin to build up again.

I always hear about how you should have enough money in your savings account to be out of work for 9 months, and wonder if anyone can actually do that.

It makes me really uncomfortable to only have 3 months worth though. We both have fairly set jobs  ( my position comes up for elimination yearly BUT I will just get reassigned in the county) but I'm a nut about money anyways. I could probably have enough money to live off of for years and years and still not feel secure.

smokeybailey

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:c68e5a01-c8af-4581-b84f-6d0b9df72852">Re: S/O Money & Savings</a>:
[QUOTE]We just bought a house in June AND just got married last month, so we only have about $4K in our savings right now.  It's a little scary to have such a low stash, but we're expecting 8K from the gov't for the first time home buyers credit, in addition to DH's hefty bonuses in Jan and March, so we'll be more comfy in no time.
Posted by jesibel14[/QUOTE]

Jesibel, you don't actually get $8k from the government.  It's a tax credit that you claim that may or may not yield that kind of a refund.  It depends on whether you have overpaid the government or are even.  If you have underpaid, this just goes against your tax burden.
I would hope that you are taking that $8K out during the year so that you can have it working for you rather than having the government take it so you can get a refund at the end of the year. 

katiewhompus

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_money-savings?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:fdee2985-e4c4-4236-98ee-8c055cc55eedPost:c296a964-a7d6-4690-a1f7-cfa54dd993d9">Re: S/O Money & Savings</a>:
[QUOTE]In Response to Re: S/O Money & Savings : Jesibel, you don't actually get $8k from the government.  It's a tax credit that you claim that may or may not yield that kind of a refund.  It depends on whether you have overpaid the government or are even.  If you have underpaid, this just goes against your tax burden. I would hope that you are taking that $8K out during the year so that you can have it working for you rather than having the government take it so you can get a refund at the end of the year. 
Posted by smokeybailey[/QUOTE]

Also, why didn't you just file for a tax amendment (is that the word? I forget already) and get the money earlier? We closed on our house in mid-April and received the credit in July. You do have to apply for it and they will audit you, so make sure you don't have any taxes owed or shadiness in your tax records.

Also (and this is me nitpicking but also being concerned) you had a ratified contract on your home prior to April 30th correct? You had until June 30th to close but had to have a contract by April 30th to claim the credit.

ETA: Apparently they have now changed it to closing by Sept 30th, but as far as I can see you still had to be under contract April.

smokeybailey

Tax refunds mean that the government is getting too much of your money during the year.  I would definitely update your exemptions (if possible) so that you can reduce your refund without incurring a tax burden.  A dollar today is worth more than a dollar sent out next April.

leia1979

I have a comfortable amount of savings now, but the downpayment for a house will likely require about $100k. I don't think about it in terms of months so much as having money for the down payment and enough extra to still feel comfortable.

Since we probably won't buy anything until 2012, I think I'm doing okay.

TheCranberry

I am happy with the amount FI and I have saved individually even though a chunk of it will be used to pay for the wedding.  The key to our savings was living below our means.  We both had grad school debt and worked aggressively to pay it off as soon as possible.  Once it was paid, we both put those old monthly payments nto savings as well as any additional money from raises. 

I'm looking for a new job that will probably lead to a pay cut so it's good that I'm not used to using my full salary.  I will hopefully be doing something that I love (I hate my current job) so that will make up for the loss in salary.