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How much money do you have saved up?

dukebound85 said:
if i were you, id open a bank account in your own name and manage it yourself as opposed to having your parents do it all for you
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I have nothing to worry about it. My parents are saving my money whenever I have some in my pocket I just give it to them and they put it in a bank. I'm very trustworthy of my parents especially my dad who keeps the money very safe and my mom kind of lacks it lol.
 
Solemony said:
I have nothing to worry about it. My parents are saving my money whenever I have some in my pocket I just give it to them and they put it in a bank. I'm very trustworthy of my parents especially my dad who keeps the money very safe and my mom kind of lacks it lol.
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I think the point made was that if YOU do it, you learn how to do it, how banking works, and develop the responsibility to save money without the involvement of your parents.
 
br.avery said:
Does anyone have an online savings account? I want to get one with E-Trade but I don't have any credit...
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I've got an HSBC account; I've been very happy with it for the last 2+ years, except for the interest rate going down, but that is happening to everyone.

I was just thinking about some of the comments on this thread. I feel like some people consider "saving for something" as the same as "saving" money. Just from reading the OP first comment, he said he was "saving, maybe fore a cinema display". To me, that is not saving for the fact of being financially secure. I have separate savings that I'm not allowed to tough, but if I want something, like a new computer, then I would have to set aside a completely separate amount.
 
I gathered something like $1400+ (don't know the exact amount) with B-Day and Christmas gifts combined and bought teh new Unibody MacBook (2.4Ghz one). Also, parents gave me $500 or so and granparents 250$ so I bought a new Fender bass :p I'll say it was one heck of an x-mas :p


Victor
 
Nada. I plan to runaway and live off of the land like my ancestors did. My mom's backyard has a decent size bush.
 
Does anyone have an ING direct orange savings account? I'm looking into that too. How simple is the process of applying and do I have to have credit? Can I sign up if I'm only 17? and I plan on depositing $800 a month for 3 years. Will I earn alot of interest at 3.25% ?
 
Just paid for my last semester of my undergrad thank God. Out of state tuition blows, especially with no assistance. With my bank account thoroughly depleted, I finally feel as if I can start saving.

I've got about 2,000 saved with ETrade. 270 in my checking. 500 in savings. Just paid off my credit cards, and have my rent paid for through August.

I'm sitting pretty as it is right now. All the money I make which would go to rent will be going directly into savings. I hope to have about 25,000 by the time August rolls around.

That puts me in good position, as I'll be graduated and out of my lease. I'm hoping to find a decent place to lease for another year or finding a condo that I like, which I should have a decent chunk for a down-payment if need be.

It's such a relief to actually be able to save now. 9000 dollars every semester just for classes for the past 3 and a half years has been terrible.
 
wwooden said:
I keep the same amount in my checking. I have pretty much all my bills on auto-pay so I like to keep a buffer of money in there because I forget when the bills will come. I pay all the bills in my household and my roommate pays me back too. Our rent is $900 so if I didn't keep a buffer in there and say it took a couple days for his check to go through, I could be in danger of overdrawing the account if I only kept enough in there to pay bills.

I also have a portion of my paycheck automatically deposited in my savings account so I have gotten used to not seeing that money. I have about $16k in my saving and about $3000 in my checking, but only because it is the holiday season and I need to pay off the credit card that all the presents went on. I haven't looked at my 401k in a while, but I know it has gone down quite a bit. But I have plenty of working years left to built it back up so I'm not really that worried.

I was surprised when a friend asked me one time "Why do you save?" when I don't have any loans to pay off. I was like "because I want to have money in the bank and have financial security and prepare for the future". She seemed kinda baffled that all my money wasn't already accounted for in monthly bills and spending on "stuff".
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That part of your friend is what is wrong with this world. No one understand the concept of a emergency fund. After a fully funded emergency fund then it just nice to have it around for when something comes up that you want or save for.

I am currently building my emergency fund and now that it is nearing it 1/2 point of being fully funded some of that saving money is going to be devert to saving for wants. I still going to fund the emergency fund but going to slow it rate down by half.

Thing in my long term want category, New car, a house and some other more expensive items. But I still saving for just saving as well. If I do not have a goal it is just going to be put away for those later on....

It is the I want now going on that really screwing people over.
 
Rodimus Prime said:
That part of your friend is what is wrong with this world. No one understand the concept of a emergency fund. After a fully funded emergency fund then it just nice to have it around for when something comes up that you want or save for.
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I love the financial and mental peace that having a decent savings provides. I see some of my friends stress out about having to pay for repairs on their cars and such and they can't figure out how I can just pay for stuff like that when it happens and not worry about it.
 
Xfujinon said:
Plenty.

Let the economy crash and burn. It is somewhat humorous to me to see all those who ridiculed my simplistic, conservative fiscal lifestyle now eating their words as they cut down on bars, expensive clothes, and so forth. I've saved more than enough money to pay cash for any Mercedes, BMW, Jaguar, or Lexus and I just let it keep sitting in my bank, making free money as interest, and not spending a ding danged nickel. My wife and I get by just fine and dandy on her "meager" salary, which all her coworkers complain about, but we live comparatively well on. Compared to our old situation, it is the lap of luxury for us!

It isn't about how much money you make, it is about how much you save. We are wealthy far beyond our peers in the same age group because we save like crazy. Every time I think I need something (other than toiletries and food), I wait six months to see if I really need it. Works every time.

I've made exceptions for guns, though, in case of zombies or the apocalypse. My wife made an exception for a new pair of shoes for a Christmas party. But that's about it.

Save, save you Americans! Save and learn to live simple, free, and frugal!

I shouldn't post after three whiskey sours. I love Christmas vacation.
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Excellent post Xfujinon. Americans really do need to learn to save their money and start acting their wage :)

I especially love the part of making exceptions for purchasing guns in cause of zombies or the apocalypse. :D
 
br.avery said:
Does anyone have an ING direct orange savings account? I'm looking into that too. How simple is the process of applying and do I have to have credit? Can I sign up if I'm only 17? and I plan on depositing $800 a month for 3 years. Will I earn alot of interest at 3.25% ?
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I've got one. The application process is very simple, and AFAIK credit isn't an issue... you're sending them money, not the other way around.

You'll need all the account info from your current bank (if you have checks, its on there, otherwise account number, transit number, and institution number, or something). They also make you mail a cheque, just to confirm your account information.

All in all, very easy to deal with. Moving money from ING to my bank takes about three days, and is painless. My favourite thing with ING, which I haven't taken advantage of yet because I'm not working, is automatic money transfers... you can set it up so that twice a month or however often, $XXX will be taken from your chequing account and put in your ING account. It makes saving idiot proof. :)
 
br.avery said:
Does anyone have an online savings account? I want to get one with E-Trade but I don't have any credit...
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I have one with HSBC. As long as you don't need to contact customer service, they're good, but their customer service reps don't know what they're doing or speak English.

BTW, you shouldn't need good credit or any credit to open a savings account. You just need to be 18.
 
I used to be a pretty average saver, around $1000-3000 in savings.

Recently though we were lucky enough to win a large sum on the Lottery - 75% of it is saving itself, building interest for the future, and living off for food and bills. The rest (25%) has been spent or is being spent for impulse buys and gifts, charity, etc.

Best,
rose.
 
saving? huh - whats that then?

seriously none - and I am ashamed of myself at 34.

I have made it a new rule to save from day one in my new job (as you never know whats coming around the next corner)
 
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