At 33 years old how much are you supposed to have in your Savings Account?

[grymoire]

man... i just checked out ING Direct's website... they are not located in the Bay Area. the only office they have is in LA

[hosswhispra]

Hmm. I am 30 and I have $40,000 saved in my checking account. Don't know what to do with it--i.e. I hate counting money and investing. No rich family. No rich Uncle. All my earnings. LOL.

 

I'll tell yo what you can do with it-keep adding to it. Watch it grow.

[grymoire]

I'll tell yo what you can do with it-keep adding to it. Watch it grow.

 

or you can transfer it to grymoire's acct.

 

wow man... 40k? i am very impressed.

[hers]

Yes that is the coolest thing to do. Just let it sit there

 

do you ever treat yourself? have some sort of social life? go on vacations? or do you just keep saving for anything that comes up one day?

 

id love to have that much in my account. i'd probably have no life whatsoever and never go anywhere or do anything. but i also don't make a lot.

[grymoire]

Yes that is the coolest thing to do. Just let it sit there

 

got any tips for me? how long did it take to reach 40k?

[Night Pumpkin]

I am 25 and have $5000 saved up in various accounts.

 

Ideally you should be saving around 10% of your pretax income a year.

 

Also by your age, you should have invested in house. If you cannot afford one right now, rent to save money and invest the savings from renting as well.

 

For me, by doing this I was saving around 18% of my income per year before I became unemployed two months ago. Once I get work again, I will go back to that same level of saving.

[chigal28]

I had a very low-paying job (darn you, journalism!!) for 7 years out of college, so lived basically paycheck to paycheck, squirrelling $50 here and there in savings. A year ago I landed a better-paying job, so I'm able to make more substantial contributions to savings...but we're also working on paying down my husband's credit card debt, so I'm still not saving as much as I'd like. I've got about $6,500 in savings right now.

 

I also paid off my car in March, but then found an incredible deal on a piano (my No. 1 passion!!) at about the same time, so I treated myself to the piano and will pay it off in about a year by making payments in the amount of what my car payment had been. So, gain=piano, net loss=nothing.

 

I LOVE saving. To me, it's more rewarding and satisfying to make those contributions each paycheck than to go out and spend the money on new clothes, perfume, books, etc. I certainly do my share of shopping, but only in small amounts (piano being an exception), and I ALWAYS look for the bargains. I just got 3 fantastic spring dress shirts at Ann Taylor Loft for about $12 each!!

[Siberia]

It was a great decission that you invested in your passion--i.e. a piano. It makes working worthwhile

[hers]

That's incredible, siberia. I'm inspired!!

[grymoire]

I LOVE saving. To me, it's more rewarding and satisfying to make those contributions each paycheck than to go out and spend the money on new clothes, perfume, books, etc. I certainly do my share of shopping, but only in small amounts (piano being an exception), and I ALWAYS look for the bargains. I just got 3 fantastic spring dress shirts at Ann Taylor Loft for about $12 each!!

 

Man.. i hope that i also love to save. that's a good attitude.

[grymoire]

Wow man... this makes me even more curious as to how you cud save 40 grand... Sorry to ask you again but can you be more specific and let us know?

[grymoire]

I can advise only when I know where you typically spend your money..

 

this is where i spend my money:

 

- rent

- pg&e

- car payment

- car insurance

- credit cards

- cell phone

- magazines

- eat out

- snacks

- clothes

- colognes

- shoes

- skin care supplement

- movies

- netflix

- internet

- cable tv

- concerts

[Honey Pumpkin]

this is where i spend my money:

 

- rent

- pg&e

- car payment

- car insurance

- credit cards

- cell phone

- magazines

- eat out

- snacks

- clothes

- colognes

- shoes

- skin care supplement

- movies

- netflix

- internet

- cable tv

- concerts

 

How much do you spend on each item per month, average? It's hard to say otherwise. £50 on clothes might be good, £500 would be terrible...

[Lowconfidence]

I am wondering how much a 33 yr old person usually has in their Savings Account? and/or any other accounts.

 

Thank you.

 

A question with many factors to consider. How much you make a year, your college loan, type of transportation, length of relationships, proximity to family, type of city, hobbie, etc etc.

 

Me personally I'm close to 60k in straight savings. My retirement funds has taken a beating like everyone else. Probably only 75K. I also have investments worth more than my savings and retirement funds combined. It also took a beating from the market.

[Lowconfidence]

this is where i spend my money:

 

- rent

- pg&e

- car payment

- car insurance

- credit cards

- cell phone

- magazines

- eat out

- snacks

- clothes

- colognes

- shoes

- skin care supplement

- movies

- netflix

- internet

- cable tv

- concerts

 

- get a roomate

- don't buy magazines, read it from the internet

- go only to concerts you enjoy

- buy clothes/shoes when they go on sale

- avoid eating out unless it's with a girl......real waste of money

- watch only blockbuster type of movies at the theatre, go to comedies or dramas only if it's with a girl

- purchase a gym membership to save money, make yourself look good, and spend your leisure time otherwise you will end up spending your money

[amtjrtcet]

if nothing else you should have 6 months worth of your living expenses (mtg, rent, utilities, cable, insurance, etc) saved up...just in case.

[yellow_sweater]

$45k in a credit union

$11k in a 401k

$5k in a CD

$3k in a checking account

-----------

$64k total

 

I'm 26.

 

How?

 

1) Start working. This is kinda obvious, but if you're currently unemployed, I would suggest that you stop spending money on non-essentials until you have a job. No money in, no money out. I have worked since I was 9 or thereabouts. From 9-12, I was an assistant house cleaner with my mother. From 12-14, I ran a babysitting service. At 14, I got a job on a farm. I opened my first savings account with $400 squirreled away from birthday gifts and my little paychecks.

 

I think that the amount you make is less important than how you treat your job and finances. It's a mindset, really. My first job out of college paid $12k per year (you read that right). My current job pays mid-30k. MORE than enough to live on, save, and donate to charity.

 

2) Most important advice, EVER: Spend on the important stuff, save on the unimportant stuff. Even though I have a lot saved up, I have also traveled pretty extensively. I have a (fairly) expensive outdoor hobby, where buying good gear makes the difference between being alive and dead at the end of the day. I go out with my friends on a regular basis. To me, EXPERIENCES are important. I am totally willing to spend in order to have a unique, memorable, or otherwise special experience (I'm planning two months in Latin America as we speak).

 

Really, you DON'T need to be buying new clothes every month. I wear a pair of jeans for about five years, until they fall apart and I need a new pair. I just replaced my winter coat after wearing it nine years.

 

You DON'T need to be buying lots of cosmetics, perfumes, skin care nonsense, etc. I prefer to use natural products, and everything that goes on my body comes from a grocery store. People buy these things because advertising tells them that they're inferior and that the product will make them better. Bullsh!t. You are perfect as you are. Love yourself, and suddenly you really don't need the latest wrinkle cream. Having said that, I buy inexpensive CoverGirl makeup when I feel like decorating myself.

 

You DON'T need magazine subscriptions, Netflix, etc. Can you remember any of the articles that you read in your magazine? If not, it's not enriching your life. Read a classic piece of literature from the library instead. Did that movie really enrich your life? If not, go watch a sunset.

 

Going out drinking/ going out to eat is a huge waste of money, and it doesn't really increase your enjoyment of the experience. I go out with my girlfriends all the time for wine... we hide ourselves in the back of the bar where we're not bothering anyone and we spend two or three hours over one glass of wine.

 

If you're not going to remember it a year from now, don't spend money on it. It's not really enriching your life.

 

It's about EXPERIENCES, not THINGS. QUALITY, not QUANTITY.

 

3) Count your blessings. Due to a whole lot of fortune and hard work, I am not paying off college. I have never had a health care emergency. I am blessed beyond imagination, and I do my best to give to my community in terms of $$ and energy. I don't want to ever forget that I'm one slip away from an ambulance and bankruptcy due to medical bills. I do have health insurance, but I believe that for all good times there are bad times... that every situation is impermanent and that love for life comes from loving this moment as it exists right now.

 

There's my two cents... or a few more than two cents... whatever!

[StrawberryYogurt]

Hey Grygimore, I started a thread similar to yours a few months back. Anyway, it all depends on your life goals. If you want to get married and have kids or retire early, you better have a lot saved up at age 33 (this goes for women and men) . If you have a niche job, you bette have a lot saved up.

 

In your situation, Grygimore, with you on work visa status, I'd save as much as possible. I think at age 33, one should have at least 100K saved up, minimum, at your salary.\

 

Yellow sweater, I repped you, but I LOVE your philosophy! I live it and have lived it since college and am so very stress free and happy in no small part due to that philosphy of life!

[hers]

Get rid of cable TV and keep just netflix. I don't have cable and I just use netflix at $9 a month. Anything else I want to watch, I watch it from the website (ABC or something) or on link removed. You can also watch a million things on your computer on Netflix. Cable TV is ridiculously expensive and you don't even need it. Netflix is much cheaper. I save about $50 a month just on not having cable.

[StrawberryYogurt]

Oh, btw, when I said 100K, I meant 100K net worth, not like 100K just sitting in a savings account.

 

And for Grymore, maybe I'd say 50-75K since he's only worked for 6 years.

[yellow_sweater]

I live it and have lived it since college and am so very stress free and happy in no small part due to that philosphy of life!

 

Yay! ((hugs)) The best part is the part I put in bold... I mean, life isn't roses... sometimes I spend 60+ hours in the office to get everything done... I've had failed relationships... deaths in the family... but I believe in balance... for all these thorns, there are also roses. It's easier not to struggle against thorns, easier not to struggle for roses, easiest just to exist and be. Then there is no stress as you constantly try to arrange things how you think they should be arranged in the world.

 

Sorry, this is a thread about finances, not philosophy... but I do think that philosophy has a lot to do with it. Hard work for the sake of working hard. Practicing prudence and good judgment. Being prepared for the worst, hoping for the best, and knowing that both will happen in your life at some point. Etc.

[amtjrtcet]

Thanks Hers.

 

The reason I am asking is because I was talking to a friend yesterday. She is 32 and mentioned that she has 20k in her savings acct ... I felt very surprised and started to wonder if I do not have good saving habits.

 

I do have 401K. My company provides it.

 

If I lose my job I would be doomed. That's my honest reply.

 

Everyone is different.....everyones spending/saving habits are different...I'm 27 and I've got about $25K in savings....I've been working since I was 16. I've got a lot of debt too though, but its good debt...I own my condo and have a rental house and a new car....so even though my debt to income ratio is ridiculous, i don't feel bad about it.

[grymoire]

i just logged in and noticed that there are more replies... aw... thanks a lot guys.

 

i am gonna read each one of them and reply.

[Honey Pumpkin]

This is such an interesting thread!

 

I pare down my living costs. I have a small apartment, and it's been pretty cheap rent despite being v central.

1. I pay direct debit on everything I can to avoid any charges - a few pounds a month to 'manage' your account adds up
   
2. I have a travel card for public transport, and don't have a car. If necessary late at night I'll get a cab (but as I have no car, I feel that's okay). So my monthly travel costs are £42
   
3. I have a cinema monthly pass, which is £13.50 - all the films I want to see, I can see for that set rate
   
4. I have a basic phone/cable/internet package for £40 a month
   
5. I do all my grocery shopping online, so I get an order delivered once a week - I try to never ever do any other shopping apart from that, so get everything as cheaply as possible (food, toilet rolls, cleaning supplies, stuff for packed lunches etc)
   
6. I don't buy magazines ever - biggest waste of money going (it used to be a big thing of mine)
   
7. I go to the library most weeks and take out 8 or 9 books/cds/dvds - all free!
   
8. Coffee - I DO spend money in coffee shops, it's a weakness of mine, but I think that's justified! Say about £10 a week?
   
9. Evening classes - I do like an evening class, so I usually take one every three months (£100?)
   
10. Hair - my hair costs; about £100 every three months...
    
11. Socialising - I don't begrudge money on socialising at all; but it has to be with friends/dates; I would NOT eat out regularly on my own or get takeaways
    
12. I do spend a fair bit on make-up, perfume and cosmetics, but it lasts better and works better, and to be honest, I'm not going to change that. I only buy what I need, but when I need a new foundation etc I will pay for the top of the range that suits me.
    

 

See, I've been in a lot of debt previously, and NEVER AGAIN! I'm debt free at the moment, and it's a great feeling. I pay off my credit card every month no matter what (I do use it though, because I'm showing I'm a good credit-worthy person!).

 

I use banking online, to manage my account; I only keep what I need in my current account, everything else, absolutely everythign else gets shunted into savings account.

 

The other thing I do is to keep a budget book, and every day I write down everything I have spent, and keep track of things. This is how I realised years ago that spending over £50 a month on magazines was insane etc. It's a really good trick to do.

 

The other good tip is to take out your 'money' for the week (make it fairly low), and live in cash for coffees/newspapers/taxis/food etc. It feels much more real to spend money than to hand over a card. That's worked well for me.

 

Sorry, have got over enthusiastic here, huh? Just have been in bad places before in my life, and I am proud of how I turned it all around!

[redrose85]

I'm halfway through university, and don't make much money at my part time job, but I just don't feel comfy with no savings at all, so I started an ING savings account last year. I had to dip into it once when times got tough, and now I just have $25 a month pulled from my banking account into the ING account, and I barely notice it's gone. I just make myself leave that account alone and let it build up. It's not much, but it's there as a bit of a backup.