How much is in your bank account...?

Discussion in 'Community Discussion' started by acearchie, May 21, 2012.

  1. acearchie macrumors 68040

    acearchie

    Joined:
    Jan 15, 2006
    #1
    Now I know around me this is a taboo topic but I figured with the supposed anonymity provided online that people might be a bit more open.

    I am a student in the UK and still don't really understand the true value of money as I have yet to have had a paying job for longer than 4 months.

    I am also lucky/unlucky enough to live with my parents whilst studying as I can't afford the London rental prices plus if I can save the money then why not.

    I was wondering what people keep as their safety in their bank account. How much do you try and always keep in there for a rainy day/emergency (for example a new boiler).

    I have always been a saver of money so I suppose some people will have lots saved up even if they don't necessarily have a high paid job.

    In essence if you don't want to share how much you have I wonder if we could have a discussion on money in general and maybe how much you spend a week to maintain your current lifestyle?
     
  2. mooblie macrumors 6502

    mooblie

    Joined:
    Apr 23, 2009
    Location:
    The Highlands, Scotland
    #2
    So, are you going to kick off with your balance?
     
  3. acearchie thread starter macrumors 68040

    acearchie

    Joined:
    Jan 15, 2006
    #3
    Yep sort of left that one out.

    Well at the moment I am just south of £6,000. I am contemplating a masters degree and whilst it would be really nice to spend it on having lots of fun I realise that if I save now it'll pay off in the future.

    I'm not an impulse buyer and tend to save for the more expensive things rather than buying small things. I probably spend about £40 a week on food and about £30-40ish on travel

    P.s. before someone picks up on it. When I first started university living in london would have been too expensive especially since at that time I had no source of income.
     
  4. ucfgrad93 macrumors P6

    ucfgrad93

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    Colorado
  5. WRP macrumors 6502a

    Joined:
    Jul 20, 2011
    Location:
    Boston
    #5
    In my liquid bank account I have just about 2-years salary. I used to keep less but with the uncertain economic state we are in I decided to lower my 401k contributions slightly and keep more liquid in a high yield checking account. And no, I'm not going to tell you the amount of money that equals.
     
  6. ruvil macrumors regular

    Joined:
    Dec 26, 2010
    #6
    It is however some of my business... so please. Go ahead and tell me :)
     
  7. acearchie thread starter macrumors 68040

    acearchie

    Joined:
    Jan 15, 2006
    #7
    I am looking for a more general view. What do you consider a good amount for an emergency fund etc or would you rely on credit.

    I see posts around the web about would you buy an iPad "if you had the money" whilst I am not earning that much I do "have the money" but if I bought lots of things like that I would have none.

    I suppose I'm just looking to try and discuss a thought that popped into my head.
     
  8. WRP macrumors 6502a

    Joined:
    Jul 20, 2011
    Location:
    Boston
    #8
    Anything less than 6 months to a year of living expenses is setting yourself up for failure. I purchase nothing on credit. If I can't afford it, I don't buy it.
     
  9. acearchie thread starter macrumors 68040

    acearchie

    Joined:
    Jan 15, 2006
    #9
    This is perfect advice and the sort of answer I was looking for. I assume that you are in a steady job although you mentioned that with the economic climate it could go any direction.

    Probably a lot of the work I do will remain freelance and therefore it can sometimes be good and sometimes not so good, but I suppose that is something I will figure out when I come to it!
     
  10. WRP macrumors 6502a

    Joined:
    Jul 20, 2011
    Location:
    Boston
    #12
    I was freelance for years. That is how I learned this valuable lesson. I needed to absorb slow periods. A few years back I was owed for 7 months of work without getting paid. Sure, I was working that whole time, but dealing with slow to pay clients. That's rent, equipment, food, electricity, everything coming out of pocket with nothing coming in.

    As I am now 33 I decided to get off the freelance tip and go get the guaranteed big bucks my experience allows with rather good security. I do however understand the world economy is not really hot at the moment so I would rather be safe than sorry. My job is secure but one never knows. As soon as you get comfortable is when **** hits the fan.

    When I was in college I didn't have your bank account, but I also paid my own way and also lived on my own so every dime I worked for went to bills. Living paycheck to paycheck sucks.
     
  11. acearchie thread starter macrumors 68040

    acearchie

    Joined:
    Jan 15, 2006
    #13
    I actually started at another university and it wasn't for me. Here I was living on my own and paying for myself but I still got the saving bug and was able to always keep some money tucked away. I think it's just a habit that I spend a low percentage of what I could spend.
     
  12. ppilone macrumors 6502

    Joined:
    Jan 20, 2008
    #14
    I have a coworker that says the same thing and I find it interesting. I don't think purchasing on credit is always a bad decision - as long as you know you could afford whatever it is you're purchasing.

    For example I recently bought a new car and the interest rate I got on the loan was silly low. Low enough that it made sense to take the loan and invest the money I would have spent on the car, getting a higher interest rate on the money invested than I was paying on the car loan.
     
  13. shinobi-81 macrumors 6502

    Joined:
    Apr 11, 2012
    #15
    I have a reserve of 1 year's wages, which in my case is equal to 2 years of living expenses. Most of it is in bank accounts, but I tend to keep 15 to 20 % in gold.
     
  14. Starfighter macrumors 6502a

    Starfighter

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    Jun 17, 2011
    Location:
    Sweden
    #16
    Enough to pay next month's rent and (cheap) food during that time.
     
  15. Mr. McMac Suspended

    Mr. McMac

    Joined:
    Dec 21, 2009
    Location:
    Far away from liberals
    #17
    I won't give an amount, but being 60 years of age I'll be able to retire when I'm 62 and live comfortably for the rest of my life..
     
  16. Bigmacduck macrumors regular

    Joined:
    Feb 15, 2009
    #18
    I start getting nervous if the balance is south of 500k£
     
  17. rasmusonline macrumors regular

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    Oct 20, 2009
    Location:
    Ryanair's planes.
    #19
    Don't stint on food. :eek:

    Healthiness is more important than money. ;)
     
  18. Heilage macrumors 68030

    Heilage

    Joined:
    May 1, 2009
    #21
    Seven figures.



    With a minus in front of it. I bought an apartment, so I techincally won't have money in the bank for quite a few years.


    EDIT: I am a student doing a Bachelor degree, so I guess we could relate. I don't have an emergency fund, I just make sure to have enough cash to pay my monthly bills and have food. Luckily, I have solutions available to me if everything goes down the drain.
     
  19. iJohnHenry macrumors P6

    iJohnHenry

    Joined:
    Mar 22, 2008
    Location:
    On tenterhooks
    #22
    Knowing my numbers would be of no help to you, as we are at opposite ends of working-life.

    The cautions mentioned above seem wise in your situation, if you can swing it with your cash-flow.
     
  20. shinobi-81 macrumors 6502

    Joined:
    Apr 11, 2012
    #23
    I hope for your sake that is seven figures in Norwegian money. Unless you earn six figures per year in dollars, of course.
     
  21. And macrumors 6502

    And

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    Feb 23, 2009
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    92 ft above sea level, UK
    #24
    I have several years living expenses saved up. I save equivalent to about an imac each month, yet have a 2 year old mac mini as my main machine. I save up for each thing I buy, and only buy it when I have saved up enough.

    Getting out of debt (except mortgage) was the best thing I ever did, sorry if I'm all ex-smoker about it!
     
  22. Peace macrumors Core

    Peace

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    Space--The ONLY Frontier

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