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

[EQD]

turning 22 and 6k saved.

i would have 10 if i wouldnt have bought my car.. and i'd have a hell of alot more if i would stop 'treating' myself. heehee

but life is for livin!

[grymoire]

Me personally I'm close to 60k in straight savings.

 

all i can say is WOW

 

- 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

 

thanks for your wise advice. i am going to completely stop buying magazines, shoes (have enough of them), and only go to select movies... i also seriously need to start cooking at home. ](*,)

[grymoire]

Oh God... you people are golden.... i can't believe you have saved SO much with a job that pays around 30k. I seriously can't believe. Thanks much for your advice (and inspiration).

[grymoire]

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!

 

thanks man..

 

hey i got a new name now - Grygimore.. haha.... EqD used to call me as GYRmoire... now Strawberry is calling me as GryGImore... bwahahaha

[grymoire]

wow, another great post... especially the bolded part.

 

even though this is about finances, there is a need for Philosophy because how we handle our money says a lot about our outlook on our lives.

[grymoire]

Great post!

 

You are very disciplined HP. I really mean it.

 

Wow, you get phone/cable/internet for 40 pounds? I pay $45 for my cell phone and $100 for cable/internet

[EQD]

thanks man..

 

hey i got a new name now - Grygimore.. haha.... EqD used to call me as GYRmoire... now Strawberry is calling me as GryGImore... bwahahaha

 

Hey now, its hard to spell. keep it up and your name will be gigiggitygimmymore

 

 

[grymoire]

Hey now, its hard to spell. keep it up and your name will be gigiggitygimmymore

 

 

 

roflmao

[renaissancewoman101]

It's amazing how many people here can save SOO much money.

 

Unfortuanetly the cost of living is high out here, so I haven't been able to save as much.

 

If you go out to eat, try to eat only half your meal so you can make another meal out of it. For grocery shopping, use coupons and such. Try not to buy brand name items (I have a hard time doing this).

[McLovin oo7]

We all have different income and different needs / spending habits so you really cant come up with a number.

 

I keep 12 months expenses aside as emergency funds and never touch it. Other than that, you earn and you spend on things you like.

 

A healthy ratio between your spending and saving is always desirable but hard to achieve.

[PixelPusher]

Before my Xwife and I moved, I was doing freelance and really bringing it in. I had about $11K in our savings when we moved, but we couldn't find jobs and it went bye-bye, especially trying to pay off all the credit debt my X got us into (and I allowed).

 

So after the divorce I basically had to start over at age 33. But as of right now, my girlfriend and I have about $8k in savings, $20K in retirement plans (401Ks), and $4-5K in home equity. Some of that savings is going to go toward paying for some doggie-dental work and a credit card. We have very little credit card debt, and a small student loan. Other than mortgage, our biggest expense is our car payment, and I can't WAIT to get it paid off (3-more years... ugh). I may start throwing extra $$/month to the payment to get it paid off faster.

 

But basically it comes down to your spending habits. What do you really NEED? Not much... so if there is something you want to buy, then save for it and pay with cash.

[grymoire]

Thanks Pixel.

 

At this point in my life I am happy with what I have. I do wish to buy a home but I am not planning to unless my immigration status becomes clear.

 

I just wanted to exercise some discpline in my spending habits you know... I feel like I have little self-control when it comes to spending. So I would like to develop that habit and save more.

 

I am 33 now.

[yellow_sweater]

Unfortuanetly the cost of living is high out here, so I haven't been able to save as much.

 

I think that this is part of the issue. Even though I have a low-to-mid range salary, I live in an inexpensive area of the country. My rent is $760/month, my internet is $30 per month, and my cell phone is $15 per month (on a family plan), for total living expenses of just over $800 per month. Also, I don't have car payments (I drive a paid-off used car), and I fill up my gas tank once per month (I use public transit or bike a lot). I live in the middle of my city so I also walk a lot.

 

If I lived in another place where there was a lot of traffic, no public transit, and expensive housing, I'm sure I wouldn't have such low expenses. On the other hand, I could make three times as much in salary, so I guess it might balance out.

 

If you go out to eat, try to eat only half your meal so you can make another meal out of it.

 

VERY good tip!

 

EDIT:

 

HP, good for you for being debt-free!!! You have some really great tips in your post. Thanks for sharing.

 

Another HUGE thing I want to point out is about eating in restaurants v. eating out... For the basic staple foods, I usually pay about $40-50 per week, which ends up being about $350-400 per month for food. Cooking is a very fun way to spend an evening, especially if you're doing it with your friends! Eating out in restaurants gets expensive FAST... just going out once per week for one dinner and one lunch will easily get you to $50 per week, which effectively doubles your food bills for the month. It's just not worth it. Going out to eat should be a treat, not a regular occurrence.

[chigal28]

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

 

Thank you!!!! It absolutely does, 100 percent.

[Alezia]

We try to save around 1000$ per 2 weeks (we're a couple here instead of one person so it helps). We both have a pension plan which we contribute to as well...

 

Still enjoy "treating" (clothes, traveling, restaurant etc...) ourselves on a regular basis but we're still anal about our expenses and try to cut down recurring expenses which won't bring us experience or fun as most as possible. I still can't go cheap on clothes and beauty expenses - that's "my" thing I guess.

I think it's ok for you to have a domain were you want to spend more of your money out of interest, as long as you stick to that ONE domain. The thing is I know a lot of people that think they NEED brand new clothes for the baby, NEED the best diapers around, don't cut on food or restaurants, always buy the latest gadgets and never go cheap on anything - then they wonder why they don't have any money left.

 

Ex: we paid the car cash... no montly billing/interest payments, we refuse to get a pay per month cell phone. We both refused to pay any student loans interest and got rid of them immediately before interest started accumulating. We don't have paid TV (I mean yes we got a physcial one with consoles, an antenna and stuff but no recurring fees every month for access)

We're pretty cheap and go with a 10$/month VOIP phone instead of getting a good quality phone line etc... we don't really buy brand name groceries except for a few items were the quality is really different (cereals). (We also don't want to sacrifice health for cheaper cost) Go t the library instead of buying books / magazines etc...

 

The only thing I'd really like to cut down is that we are paying 2 parking fees per month (quite high), but there is no way around it with our son and Canadian weather.

 

All in all, we could be saving a bit more but I'm quite happy with what we have and our experiences. Sure I could be 10K richer if we didn't travel to Europe, but we only live once right? I think we all have different ideas of what adds to our lives though. For me the occasional eating out, beauty products do "add" to my life - though they may not for yellow_sweater - so you need to find out what you value. Find what are your values, and see if they match with your spending.

[grymoire]

wow, and you are just 23

 

i feel so immature at 33

[purpleJ]

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.

 

wow IMO 20K in your early 30s is not THAT much. I do realise youre talkign American $$ but still if you started working full time in your early 20s you should have atleast about that, either as a house deposit or in a saving account.

That's just my personal opinion though.

[Alezia]

wow, and you are just 23

 

i feel so immature at 33

 

 

Well I have to admit that I'm ahead of the curve in terms of monetary spending, budgeting etc... I'm also very lucky that me and my partner do make good salaries (although we don't make 80K+ each per year either) so we can afford the luxuries.

 

I have responsibilities (my family) so I can't permit myself to waste cash on everything and anything. Then again I know some people who do have families and spend every cent.

[glegend]

It all depends on the person and what expenses they have. Some people can afford to save up much more money while other have to spend that money.

[Hammerhead]

one million dollars..nothing short of that, you hear me!

[grymoire]

one million dollars..nothing short of that, you hear me!

 

yep i hear ya... i always wanted to buy some Ferraris

[LAYAAN]

Your post made me realize that its doable. All we need is attitude shift and discipline.

I hope I'm not taking over Gry's thread, but I really would like to seek your advice on - 1) how do you maintain an expensive hobby? I want to learn n go scuba diving but I'm very hesitant to buy a good gear b'coz of cost involved. 2) I really want to travel, you mentioned that you have travelled extensively, can you please share how I can travel inexpensively? I would really appreciate that.

You can PM me too.

Thanx again for a great post, I'm sure lots of ENAers have found it useful.

[M7474]

Everyone's income and life situations change, do not compare yourself with others. What you need to do is (I think someone else stated) have 6 months of expenses saved up just in case you fall on hard times. For those of us who have been creamed by the current economy, it is nice to know you have a cusion. Trust me I am dying for a new car, mine is 10 yrs old 170k miles, but I have more comfort in my savings than being flashy for the ladies.

[JeckyllNHyde]

Grym, not sure if anyone mentioned it but if I where you I wouldn't feel "bad" for having 20K saved up. I remember you posting that you also have to support your parents who live abroad due to family traditions and them not being able to work.

[grymoire]

Grym, not sure if anyone mentioned it but if I where you I wouldn't feel "bad" for having 20K saved up. I remember you posting that you also have to support your parents who live abroad due to family traditions and them not being able to work.

 

I don't have 20k saved up... my friend said she has and that made me feel bad.