How much do you have in savings?

General discussion, shows, and everything else.

Postby Dieyoubastard! » Thu Nov 21, 2013 2:13 pm

burnthelies wrote:Few questions:
There's people here with 5000+ in a checkings account. Why don't you move that to your savings account, and keep 500 on your checkings for daily use? Does it cost money to have a savings account? Do you get an intrest rate on the money on your savings? How much?
How easy is it to transfer money between your savings and checkings and the other way around?

transferring money from account to account or even bank to bank now adays takes a click or 2.

As for saving interest rate Vs checking I think both are almsot the same and unbelievable horrible. You quite possibly are paying the bank to keep your money cause the interest rate barely or altogether doesn't cover currency deprecation due to inflation.
Last edited by Dieyoubastard! on Thu Nov 21, 2013 2:15 pm, edited 1 time in total.
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Postby Martin Payne » Thu Nov 21, 2013 2:14 pm

Anything over $1000 in checking is absurd. Low percentages and marginal gains are better than nothing.
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Postby gman EB » Thu Nov 21, 2013 2:17 pm

FACEPALM wrote:it all just got spent on a down payment on a house :(


This will be me in a few weeks. I've always been able to maintain a comfortable amount in my savings. Gonna be tough seeing it hit zero.

I do, however, have roughly 15k in a IRA account that I rolled over from my old job’s 401k. I’ve only been able to add about $50/mo to that account since leaving said job over two years ago. I start a new job on Monday where I will definitely be enrolling into their 401k savings plan and start all that back up again.
Last edited by gman EB on Thu Nov 21, 2013 2:23 pm, edited 1 time in total.
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Postby TheyWalkedInLine » Thu Nov 21, 2013 2:18 pm

Martin Payne wrote:Anything over $1000 in checking is absurd. Low percentages and marginal gains are better than nothing.



Not when you have automatic bill payments that amount to more than 1000 a month.
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Postby xNameHatex » Thu Nov 21, 2013 2:20 pm

TheyWalkedInLine wrote:
Martin Payne wrote:Anything over $1000 in checking is absurd. Low percentages and marginal gains are better than nothing.



Not when you have automatic bill payments that amount to more than 1000 a month.


exactly. last thing I want to do is go through the hassle of bouncing a rent check because I wanted to get my extra $0.23 interest.
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Postby T Baby » Thu Nov 21, 2013 2:24 pm

5K in checking
34k in 401k

Need to start a roth and manage my 401k contributions better next year. I'm a few thousand away from the yearly max contributions.
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Postby ooGracie » Thu Nov 21, 2013 2:28 pm

I have $x amount I transfer to short-term savings twice a month, $x amount I transfer to long-term savings twice a month, $x amount I leave in checking for all of my bills (which is way more than $1,000 so I can't see that making sense unless you don't have any bills?), and then I take out $x/wk for spending money (and have recently been buying money orders so I dont just use my card willy nilly and spend way more than my weekly budget).

It's been working so far.
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Postby captainsunshine » Thu Nov 21, 2013 2:29 pm

savings?
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Postby Martin Payne » Thu Nov 21, 2013 2:39 pm

You can have an auto-transfer from interest-bearing savings to checking for monthly bill payment with no penalty. My bills usually come the same week, so it's convenient.
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Postby I Hate The Kids » Thu Nov 21, 2013 2:49 pm

$15k sitting in savings. Plus, $15k credit line, untouched, with same bank. 401k from my previous employer and stock. Pretty happy about it but the money will be gone once I adopt another child.

Happier that my wife and I have put money in our daughter's account since she was born and she probably has $2k in there. I want to make sure if she goes to college that we can give her a really good amount towards it. Who knows what it is going to cost? Still, every little bit helps and I try to teach her to save money when she gets it. She is only two but thinks when she gets $5 that it goes in her piggy bank. She had $200 in her piggy bank last year alone.
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Postby macho insecurity » Thu Nov 21, 2013 3:01 pm

TheyWalkedInLine wrote:
burnthelies wrote:Few questions:
There's people here with 5000+ in a checkings account. Why don't you move that to your savings account, and keep 500 on your checkings for daily use? Does it cost money to have a savings account? Do you get an intrest rate on the money on your savings? How much?
How easy is it to transfer money between your savings and checkings and the other way around?




If you have US Bank like I do it only takes like two clicks to transfer money from your savings to your banking to your credit line, etc.


Looooove US Bank! So glad I went to them. They're better than my credit union. US Bank hooked it up with two lines of credit, a loan for my new motorcycle, and a CD in addition to my checking and savings account. They're good to their customers for being a large bank, too.
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Postby ooGracie » Thu Nov 21, 2013 3:07 pm

xbradicalx wrote:I wish I could get paid my entire yearly salary on jan 1st, then just pay my bills immediately. would make life SO fucking easy.


Until June when you realize you spent it all and have to eat ramen the rest of the year.

My best friend only gets paid once a month, and she is always flat broke from the 10th until the 1st.
Last edited by ooGracie on Thu Nov 21, 2013 3:08 pm, edited 1 time in total.
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Postby Boner In Sweatpants » Thu Nov 21, 2013 3:07 pm

ooGracie wrote:
xbradicalx wrote:I wish I could get paid my entire yearly salary on jan 1st, then just pay my bills immediately. would make life SO fucking easy.


Until June when you realize you spent it all and have to eat ramen the rest of the year.


brad hates soup remember?
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Postby captainsunshine » Thu Nov 21, 2013 3:08 pm

is it bad that when I clicked on my savings account an emoticon of a moth flew out?
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Postby Martin Payne » Thu Nov 21, 2013 3:10 pm

Hell, even BofA lets you transfer savings to checking with a few clicks (online) or at the ATM.
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Postby chollie » Thu Nov 21, 2013 3:12 pm

We got about $10k in savings. Wife inherited a piece of waterfront property (just land no house) that's probably worth about a $100k give or take. About $10k in college funds for kids. And when my ex died (BAYBAYYYYYY mama) kids got a $50k life insurance policy from her job. When that came through I was feeling much better about their prospect for paying for college.

Debts are not too bad. About $15k spread out over two cars. About $1000 in credit cards.

My financial future just gets better and better. Worrying about money is such a drag.
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Postby T Baby » Thu Nov 21, 2013 3:17 pm

I Hate The Kids wrote:$15k sitting in savings. Plus, $15k credit line, untouched, with same bank. 401k from my previous employer and stock. Pretty happy about it but the money will be gone once I adopt another child.

Happier that my wife and I have put money in our daughter's account since she was born and she probably has $2k in there. I want to make sure if she goes to college that we can give her a really good amount towards it. Who knows what it is going to cost? Still, every little bit helps and I try to teach her to save money when she gets it. She is only two but thinks when she gets $5 that it goes in her piggy bank. She had $200 in her piggy bank last year alone.


You need to start her on a 529 plan (college savings plan). From what I hear, they do NOT factor 529 money into financial aid calculations.

Sorry if you already have.
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Postby I Hate The Kids » Thu Nov 21, 2013 3:27 pm

T BAYBAYYYYYY wrote:
I Hate The Kids wrote:$15k sitting in savings. Plus, $15k credit line, untouched, with same bank. 401k from my previous employer and stock. Pretty happy about it but the money will be gone once I adopt another child.

Happier that my wife and I have put money in our daughter's account since she was born and she probably has $2k in there. I want to make sure if she goes to college that we can give her a really good amount towards it. Who knows what it is going to cost? Still, every little bit helps and I try to teach her to save money when she gets it. She is only two but thinks when she gets $5 that it goes in her piggy bank. She had $200 in her piggy bank last year alone.


You need to start her on a 529 plan (college savings plan). From what I hear, they do NOT factor 529 money into financial aid calculations.

Sorry if you already have.


Had no idea, actually. Gonna check it out.
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Postby Lucius » Thu Nov 21, 2013 3:30 pm

burnthelies wrote:Few questions:
There's people here with 5000+ in a checkings account. Why don't you move that to your savings account, and keep 500 on your checkings for daily use? Does it cost money to have a savings account? Do you get an intrest rate on the money on your savings? How much?
How easy is it to transfer money between your savings and checkings and the other way around?

The interest isnt worth it honestly, I got pennies per year on several grand, theres just no point. In my case I do a lot of yard/garage sale flipping and I like having access to the money at any time. With the savings account I had the only way I could remove the money was to actually drive to the bank and make a withdrawal.
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Postby Dick Pole » Thu Nov 21, 2013 4:04 pm

I owe my parents and the government maybe like 20k or something
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Postby k-shaps » Thu Nov 21, 2013 4:16 pm

Never enough. This city is too damn expensive.
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Postby Jeremey » Thu Nov 21, 2013 4:26 pm

Just shy of $50K in straight savings.

401K/Roth is separate
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Postby shitass » Thu Nov 21, 2013 4:30 pm

It's kind of a bummer knowing I'll never have a 401k cause I'm a bartender in a dive bar. On the plus side though, I'm a bartender in a very popular dive bar.
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Postby chollie » Thu Nov 21, 2013 4:51 pm

T BAYBAYYYYYY wrote:
I Hate The Kids wrote:$15k sitting in savings. Plus, $15k credit line, untouched, with same bank. 401k from my previous employer and stock. Pretty happy about it but the money will be gone once I adopt another child.

Happier that my wife and I have put money in our daughter's account since she was born and she probably has $2k in there. I want to make sure if she goes to college that we can give her a really good amount towards it. Who knows what it is going to cost? Still, every little bit helps and I try to teach her to save money when she gets it. She is only two but thinks when she gets $5 that it goes in her piggy bank. She had $200 in her piggy bank last year alone.


You need to start her on a 529 plan (college savings plan). From what I hear, they do NOT factor 529 money into financial aid calculations.

Sorry if you already have.


529 plans are great. But if you apply for financial aid they ask you to disclose any $$ in them.
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Postby xithyl » Thu Nov 21, 2013 5:17 pm

about $11,000. that doesn't include what i've contributed into my retirement savings plan at work for the last 2+ years.

trying to save for a down payment on a home, but i've been debating renting. read some interesting stuff on the long-term results of renting vs. buying - was pretty surprising.
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Postby LudovicoTechnique » Thu Nov 21, 2013 5:20 pm

Blowing loot is so much fun though.
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Postby ticked off steve » Thu Nov 21, 2013 5:28 pm

Not enough.
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Postby T Baby » Thu Nov 21, 2013 6:02 pm

chollie wrote:
T BAYBAYYYYYY wrote:
I Hate The Kids wrote:$15k sitting in savings. Plus, $15k credit line, untouched, with same bank. 401k from my previous employer and stock. Pretty happy about it but the money will be gone once I adopt another child.

Happier that my wife and I have put money in our daughter's account since she was born and she probably has $2k in there. I want to make sure if she goes to college that we can give her a really good amount towards it. Who knows what it is going to cost? Still, every little bit helps and I try to teach her to save money when she gets it. She is only two but thinks when she gets $5 that it goes in her piggy bank. She had $200 in her piggy bank last year alone.


You need to start her on a 529 plan (college savings plan). From what I hear, they do NOT factor 529 money into financial aid calculations.

Sorry if you already have.


529 plans are great. But if you apply for financial aid they ask you to disclose any $$ in them.


I was wrong on my original post. It can be factored in to the financial aid calculation. They do ask you to disclose 529 info, but you will be hit considerably less on it compared to non 529 funds. 529 rules vary state to state, so it's best to research it. savingforcollege.com and Kiplinger (magazine) have good information in them.
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Postby Travis. » Thu Nov 21, 2013 6:17 pm

40 bux total.
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Postby conradmurray » Thu Nov 21, 2013 6:37 pm

I have a 6,000 dollar investment in a real doll.
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Postby xtimx » Thu Nov 21, 2013 6:38 pm

conradmurray wrote:I have a 6,000 dollar investment in a real doll.


$2,000 per hole sounds like a steal to me.
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Postby conradmurray » Thu Nov 21, 2013 6:44 pm

boring, overrated poster wrote:
conradmurray wrote:I have a 6,000 dollar investment in a real doll.


$2,000 per hole sounds like a steal to me.

Guys have 3 holes?
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Postby scrappydoo » Thu Nov 21, 2013 6:56 pm

at the beginning of february is was about 1500 but now it's 0 because of car repairs and a trip to NDY fest. it was worth it (except for the car repairs). I should go back to school...
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Postby Hungry like the wolf » Thu Nov 21, 2013 7:12 pm

Martin Payne wrote:Anything over $1000 in checking is absurd. Low percentages and marginal gains are better than nothing.



I have a savings and a checking but I keep the majority in my checking account because I get a much higher interest from my checking account(1.51 APY).
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Postby BC » Thu Nov 21, 2013 7:49 pm

People who want to save for a child's college may want to look into opening a Roth IRA instead of a 529. If your kid doesn't go to college, you'll have a nice retirement fund. You can withdraw the principal from the fund(ie what you put into it, but not what grew) with no tax for a child's education. http://www.finaid.org/savings/retirementplans.phtml
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Postby PiranhaSauna » Thu Nov 21, 2013 7:52 pm

Savings? The fuck is that?
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Postby xtimx » Thu Nov 21, 2013 9:20 pm

conradmurray wrote:
boring, overrated poster wrote:
conradmurray wrote:I have a 6,000 dollar investment in a real doll.


$2,000 per hole sounds like a steal to me.

Guys have 3 holes?


Hahahaha.
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Postby blackhawks#1 » Thu Nov 21, 2013 9:57 pm

Docking is a hole, technically.
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Postby conradmurray » Thu Nov 21, 2013 10:08 pm

blackhawks#1 wrote:Docking is a hole, technically.

My investment just appreciated in value.
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Postby SOULJA BOY TELL'EM. » Thu Nov 21, 2013 10:37 pm

If I wasn't a man child I would maybe have 1/4 the savings some of you do.
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Postby Karl X Beyond » Thu Nov 21, 2013 10:38 pm

dust and crickets
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Postby deviancekicksin » Thu Nov 21, 2013 10:48 pm

About $10 in my checking account.
A much more considerable amount in investments, which I don't touch.
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Postby Adonis » Thu Nov 21, 2013 11:37 pm

none of your goddamn business!
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Postby burnthelies » Fri Nov 22, 2013 2:50 am

ooGracie wrote:
xbradicalx wrote:I wish I could get paid my entire yearly salary on jan 1st, then just pay my bills immediately. would make life SO fucking easy.


Until June when you realize you spent it all and have to eat ramen the rest of the year.

My best friend only gets paid once a month, and she is always flat broke from the 10th until the 1st.

Do most 'office' jobs also get paid weekly?
99% of the jobs here give you a monthly wage for the past month. Government pays the wage for the upcoming month (which is crazy I think).


Intrest rates in Belgium are between 0.5 and 2, depending on which bank you join. It's a decent amount of 'free' money. Can't imagine it being between 5-10 a few years ago.
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Postby Excursions » Fri Nov 22, 2013 3:50 am

Blew about 13-14k of savings last year being overseas. Now I have nothing in my savings and about 1,500 in my chq.
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Postby dazprospect » Fri Nov 22, 2013 5:08 am

Get paid monthly, maybe have £50 left at the end of the month. Had £400 in savings but got tattooed last week so that's gone. I need to learn to save/have more money coming in.
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Postby stupidattempts » Fri Nov 22, 2013 5:16 am

$630 in savings about to get spent on the last of my tuition for winter semester (tuition is cheap here)
$734 in chequings which is not bad considering it's post-car insurance but pre-rent and bills time of month
$400 in credit card debt but some of that is medical shit i'm waiting to get reimbursed for
$35 in an envelope to save for christmas

I'm a 30 year old undergrad not on student assistance. Between tutoring, babysitting, and being a research assistant, i only make about $700 a month. It sucks.
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Postby Alex 2K » Fri Nov 22, 2013 6:17 am

Lol savings
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Postby amyx » Fri Nov 22, 2013 8:59 am

I have approx £100, $80 CAD and £10 USD

I just started a new job so have to wait until the 15th Dec to get paid, also I'm to receive a compensation claim in the next year or 2 which should be a nice amount to go into my savings.
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Postby Tobias Funke » Fri Nov 22, 2013 9:23 am

A lot of these are really interesting to read..

700 checking
700 savings
1500 stocks
400 401k
5k credit line

i really want to save more, but it feels almost impossible.
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