How much savings do you have?

[TheKanga]

Exactly like the thread title says.
So how about it? Also how long did it take to save that much?
Also has it been hard to make the sacrifices? Any tips for a newbie saver?

 

[LukasTheGreat]

Cut out alcohol and partying and you'll save plenty.

 

[TheKanga]

Cut out alcohol and partying and you'll save plenty.

You may have read my gambling thread on the main board.
That was obviously my biggest burner of disposable income (and at my worst non-disposable income)
Now i'm on the road of recovery with that addiction.

I'd like to try and save $50 a week if i can.

 

[Deliverance]

Three words:
Line of Credit

 

[superfraser]

I keep enough spare to deal with a major crisis comfortably, and invest the rest.

 

[Catfish Alley]

As in just money sitting in an account? I'm the same as the above post. I have enough to deal with anything that may come up but I prefer to make the money work for me in other areas of investment.

 

[ash_1050]

Pay yourself first is the best way of doing things, make saving a fixed expense in the same way you do electricity or internet bills. Trying to save whatever is left over doesn't build good habits and won't work nor is giving yourself easy access to that money as you will dip into it more than you need to.

To answer the question I'm currently paying off a remaining little bit of debt and have two months salary saved up as a buffer in case of any unexpected incidents.

 

[Catfish Alley]

2 months salary is a good benchmark.

 

[OhhhhhCyril]

Enough for 4 mid strength beers at the footy

 

[ash_1050]

Enough for 4 mid strength beers at the footy

Will be expanding it to 4-5 months once I finish nailing the rest of this debt. With that being said I doubt many people in their mid twenties have even two months worth saved up for access within 24 hours.

 

[Scotland]

2 months salary is a good benchmark.

Depends how far two months salary goes. If you need a full two months wages to last two months I think you'd want to have more put aside.

 

[Catfish Alley]

Yep. If you're living paycheck to paycheck that's probably not enough.

 

[Donners]

I have stacks. I've saved pretty much for a decade, and have minimal expenses.

I grew up with stuff-all, in a household where bills were only paid when they came in big red letters, so I am an absolute tight-arse when it comes to spending and don't take any risks with it (which makes the drop in bank interest irritating).

 

[Scotland]

There is such a thing is saving too much. You need to enjoy life, and long term money in the bank loses value unless it's attracting very healthy interest.

If you're in a position with $50-100k or more in the bank then you'd be mad not to invest in other things.

 

[BIRDBRAIN]

Each dollar is a potential employee and dollars in the bank are unemployed employees that need to be put to work.

 

[Deliverance]

There is such a thing is saving too much. You need to enjoy life, and long term money in the bank loses value unless it's attracting very healthy interest.

If you're in a position with $50-100k or more in the bank then you'd be mad not to invest in other things.

I'm confused, are you saying, you'd invest 100k or blow it on having fun in living?

 

[cartel]

I just put everything I can into my offset account for my home loan.

I would not let my bank account go below 10k. 5k at an absolute minimum.

 

[Scotland]

I'm confused, are you saying, you'd invest 100k or blow it on having fun in living?

Both.

If you can save $1,000 a week that's great but it's not worth living like a depression era Catholic family to do so.

Once you have savings to your name you should make your money work for you.

If you'd saved $10,000 a year for the last 15 years and put it all in the bank then you'd probably have about $200k after compound interest and tax.

Alternatively you could've put $50k into shares, $50k into real estate and kept the rest in the bank and you'd have a lot more than $200k.

 

[Donners]

If you're in a position with $50-100k or more in the bank then you'd be mad not to invest in other things.

Guess I'm mad then, since I have a fair bit more than that in the bank! I just wouldn't know where to start with the "other things" and I am very risk averse.

 

[crownie]

hoping to have 80k by the end of the year with 60-75k to put a deposit on a house.

 

[Old M8]

$80k, but have worked since 18 (now 23) and live at home.

 

[superfraser]

$80k, but have worked since 18 (now 23) and live at home.

Well done mate, good savings!

I'm 32, most people my age would kill for $80K. Keep doing what you're doing and don't bend to material desires. Set yourself up early.

 

[PastiesPeake]

We are in the process of paying it forward a year. IE - 1 year up in the mortgage payments = 32k, 1 year up in the bills = 5k, round it up a bit to 50k in total.
Only then will I be able to sleep at night knowing we are prepared for anything that comes our way

 

[Howard Littlejohn]

Hoping to drop to just a few thou soon, but because I hope to pick up an apartment with a loan of no more than $100k.

 

[Power Raid]

Enough for 4 mid strength beers at the footy

That's an investment not a buffer