Savings less than 10k - Talk About Marriage
Financial Problems in Marriage When financial times are tough, it adds to the stress we deal with on a daily basis. This section is for talking about how financial problems affect our relationships and ways to cope.

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post #1 of 48 (permalink) Old 09-30-2016, 07:06 PM Thread Starter
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Savings less than 10k

Anyone couples here actually have a savings account more than 10k... we do but its TOUGH to save.. and yes less than 10k in it

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post #2 of 48 (permalink) Old 09-30-2016, 07:10 PM
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Re: Savings less than 10k

I assume by "savings account" you mean money in some moderately long term savings but not retirement.

It has varied a lot over time for us. If you are in school, there is no particular reason to save because your income will go up. If you are paying a mortgage, that is a form of savings. If you are maxing out your 401Ks, that is fine early in life.

Then it all just depends on your situation. A single average income and raising kids is really difficult. Two average incomes and no kids can allow some savings. 2 professional jobs and no kids can allow a huge amount of savings - if you don't start spending stupidly.
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post #3 of 48 (permalink) Old 09-30-2016, 09:58 PM
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Re: Savings less than 10k

I have considerably more than 10k in retirement accounts, savings accounts and in variable life insurance policies which are really an investment not so much a death benefit protective policy.
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post #4 of 48 (permalink) Old 09-30-2016, 10:14 PM
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Re: Savings less than 10k

It is tough to save, but the peace of mind that comes from having done it is immense. We've worked hard to create a savings account that will cover 6 to 12 months of expenses in case of an emergency. This is in addition to retirement savings, which we project to last as long as we might live.

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post #5 of 48 (permalink) Old 09-30-2016, 10:49 PM
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Re: Savings less than 10k

Let me check my statement...



The trick is also how much you spend, not only how much you have...
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post #6 of 48 (permalink) Old 10-01-2016, 12:55 AM
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Re: Savings less than 10k

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Originally Posted by socal04 View Post
Anyone couples here actually have a savings account more than 10k... we do but its TOUGH to save.. and yes less than 10k in it
why would you leave 10k+ in such a low earning place?
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post #7 of 48 (permalink) Old 10-01-2016, 02:45 AM
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Re: Savings less than 10k

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Anyone couples here actually have a savings account more than 10k... we do but its TOUGH to save.. and yes less than 10k in it
This is highly time-of-life dependent, you know.

If you're just out of college, have a car loan (hopefully a used car) and a mortgage, it's going to be tough. As you learn to cook at home and finally achieve that recommended "go out to eat no more than once a month" status, and treat things like manicures as the domain of the wealthy that they are, you'll be able to save more.

"Emergency" savings should be 6 months spending (not income). If you can't save this, then you're not at all prepared for a layoff - which 90% of Americans will experience some time in their careers...and more frequently, early in the career.

On average, Americans who are 55 years old have a "net worth" of $650,000...half of it in the home, half in a combination of savings accounts and retirement accounts. So, yes, a LOT of people have more than $10k.


To figure out how to save more, you'd want to chart out how much you're spending in various categories. The category names don't matter, just plot what you spent last 1-3 months, look for what feel like categories that took more than 5% of the income in that period, and watch them. Then ask:

1) Are these expenses required to keep me alive?
2) Are these expenses required to help me maintain my job?
3) Are these expenses required to maintain my health?

You can also do a web search for things like "what are the average expenses for a family of four earning $35,000 a year?" and get some stats - and see if there are categories where you're high and might consider reducing.

When I counsel people who come to me with spending issues, I ask:
1) How many days do you go between spending anything? No vending machines, etc? Average for Americans earning $50k is 3 days. Some people spend a little bit every day - this is addictive behavior.
2) How many subscriptions do you have? By "subscription", I mean things that you pay every month, no matter how much you use. Electricity, gas, cable TV, internet, magazines, etc. Mortgage plus 5 more is about the cap before you raise the red flag.

Good luck!

There are three kinds of business. Your business, my business and God's business. Whose business are you in? -Byron Katie
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post #8 of 48 (permalink) Old 10-02-2016, 07:54 AM
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Re: Savings less than 10k

I do now. When I was married it seemed that every time I had two dimes to rub together somebody always needed a quarter. was constantly obsessed with money, how I was going to pay the bills, where the money was going to come from, how long could "we" last with what we had etc. Now I only have myself to worry about. I have more than I ever did before. That is after two week long trips cross country this year (20 different states), a golf trip, buying a house, eating out almost everyday (usually all three meals), dating and in general having what ever I want.

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post #9 of 48 (permalink) Old 10-02-2016, 08:55 AM
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Re: Savings less than 10k

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On average, Americans who are 55 years old have a "net worth" of $650,000...half of it in the home, half in a combination of savings accounts and retirement accounts. So, yes, a LOT of people have more than $10k.
According to http://www.fool.com/investing/genera...-you-comp.aspx, the median wealth of households headed by someone 55-64 years old was about $144,000, with only about $45K in financial assets and the rest in home equity.

Note: the above article says "Americans", not "households", but I can tell from http://www.fool.com/investing/genera...res-where.aspx that they are talking about households, not individuals, because the latter article states that explicitly and the numbers are consistent with that.

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Last edited by tech-novelist; 10-02-2016 at 10:20 AM. Reason: More precise and up-to-date statistics
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post #10 of 48 (permalink) Old 10-02-2016, 09:31 AM
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Re: Savings less than 10k

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I do now. When I was married it seemed that every time I had two dimes to rub together somebody always needed a quarter. was constantly obsessed with money, how I was going to pay the bills, where the money was going to come from, how long could "we" last with what we had etc. Now I only have myself to worry about. I have more than I ever did before. That is after two week long trips cross country this year (20 different states), a golf trip, buying a house, eating out almost everyday (usually all three meals), dating and in general having what ever I want.


I'm right there with you. Never had so much money in my life after the divorce. Bought a house and new vehicle. Still feeling great financially. It's a good feeling.

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post #11 of 48 (permalink) Old 10-02-2016, 01:44 PM
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Re: Savings less than 10k

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I'm right there with you. Never had so much money in my life after the divorce. Bought a house and new vehicle. Still feeling great financially. It's a good feeling.
it isn't just the financial issues either. I have gained so much experience in so many different areas. I have gotten to see parts of the country I could only dream about in the past, experienced things that I could only fantasize about before and started living the life I have dreamed about for years.

At the center of every moMEnt of my life is ME!
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post #12 of 48 (permalink) Old 10-02-2016, 01:52 PM
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Re: Savings less than 10k

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Originally Posted by Married but Happy View Post
It is tough to save, but the peace of mind that comes from having done it is immense. We've worked hard to create a savings account that will cover 6 to 12 months of expenses in case of an emergency. This is in addition to retirement savings, which we project to last as long as we might live.
This is the way to do it. Six months to a year of expenses is needed to offset medical emergencies, job loss. The question is what is this amount for you?

We have a joint checking with savings account plus brokerage account where we can get better rates and retirement accounts funded by work.

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post #13 of 48 (permalink) Old 10-03-2016, 03:47 PM
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Re: Savings less than 10k

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Anyone couples here actually have a savings account more than 10k... we do but its TOUGH to save.. and yes less than 10k in it
Age is important here. When I was in my late 20's, I had no savings because I had just paid off my student loans. In my mid 40's, I do have a savings account with more than 10k. One key to saving money is to not eat out often. I bring my lunch to work everyday.

I have a middle class salary and a monthly home mortgage of $1,300 per month (3.75%) on a 15-year loan for a house that is currently 13 years old.

Other keys:
I spend little on car gas because I live near work and often ride a bike to work.
I have always bought used cars in cash, which meant no car payments and no requirement to have comprehensive car insurance.
I don't buy new clothing or shoes often.

I think I have a good grasp on how to spend money on things that I can really enjoy. For example, I do travel multiple times every year including three ski trips last winter.
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post #14 of 48 (permalink) Old 10-04-2016, 11:29 AM
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Re: Savings less than 10k

We have a larger family (5 kids still a home)...husband has a blue collar income (we'd be considered Middle class in our area though)... If I took our same income/ # of people in our family & put us in New York City.. we'd be lower income (Just tested it)...

Calculator here > Are you in the US middle class? Try our income calculator

We've always had more than $10,000 saved -even before we walked down the aisle -back then he worked in a Grocery store, I was in Dietary (neither good paying jobs- a few dollars above minimum wage back then)...both of us careful "savers".. we had a dream to buy a country home & have a family..

I would be a cheap miserable miser if we didn't have something to fall back upon in case of a variety of emergencies.. needing another car, transmission rebuild, a new roof, when our kids need $$ to take a trip with the high school Band, what if we needed a Lawyer ... anything can come up ! I refuse to pay interest on anything... (I like to make $$ off our credit cards)... in our 27 yrs together.. the only interest we have paid is on our house/ property.... got a loan for 14 yrs.. we threw all our money into that, making double payments .. and paid if off in 7....

2 sons in college.. we have them get loans in their own names.. but we help them out as much as we can ... We do live in a lower cost area of the country though.. our taxes are pretty low.. having a larger family.. we spend a nice chunk in gas filling up our Suburbans (we have 2 of them)..... one plus.. those 350 chevy engines seem to last forever...not requiring many repairs over the years.. so in this way.. it seems to even out..

Quote:
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One key to saving money is to not eat out often. I bring my lunch to work everyday.
This certainly helps save...I pack 4 lunches every morning.. and my own when I work...it would be a mortal sin in our family to waste money at a vending machine for instance.. when we eat out (we take advantage of $4 pizzas on Mondays), do smorgasbords for lunch ..If I have a coupon... this could decide where we go... we always order water to drink (pop prices really add up quick)

Years ago.. I was "tighter" with our money.. I have relaxed since we became debt free .. this was always the goal.. one thing I never skimped on was Family vacations.. we still took (2) trips to Disney & plan on another (18 hr drive from home)...we'd never stay on Property though.. still we'd hit 4 large parks in a week... just took a romantic getaway for our anniversary... $300 a night.. you only live once !... money is to be enjoyed too...

I couldn't do those things though.. if we didn't have a nice savings.. I wouldn't be comfortable.. one thing has always been vitally important though.. having an affordable health care plan for our family (husband has always carried one at work).. if he lost his job tomorrow...although we'd have money to fall back upon for a nice chunk of time to pay our bills... I wouldn't want this eaten by medical bills in the event of a health crisis.. that could destroy a family's savings in weeks...(I'd have to go full time where I work -to cover our family)...

Our oldest son is only making $12.50 an hour (has a bachelor's in Psychology, jobs that pay well, not so easy to find unless you get a Masters)...he is sucking up all the overtime he can get... he's saved a whopping $14,000 in 12 months.. He keeps saying he wants to buy a house.. then rent it out.. and buy another.. I think he's determined enough to make this happen. He's a chip off the old block.. though I think he's even cheaper than I was.. I joke with him.. he's never going to find a woman to put up with him..

Last edited by SimplyAmorous; 10-04-2016 at 11:34 AM.
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post #15 of 48 (permalink) Old 10-04-2016, 11:43 AM
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Re: Savings less than 10k

Spend that money into an MA Psychology / counseling type degree...
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