How much do you have in your savings account?

[madoka]

I saw this:

I have $120 in my savings account. Most of my money is in checking accounts. Is there any reason why I should have more in my savings? I mean beside the whopping 0.03% interest I get in there.

 

[DaveSimmons]

A lot.

That's a depressing chart -- 81% are living paycheck to paycheck.

 

[pcgeek11]

That is horrible. I have about 55K in my regular savings account as an emergency fund. And deposit to it once a month.

 

[IronWing]

I have $120 in my savings account. Most of my money is in checking accounts. Is there any reason why I should have more in my savings? I mean beside the whopping 0.03% interest I get in there.

I can understand this attitude. Never thought I'd miss the days of 5% interest.

or 3%

or 1%

 

[Elganja]

I saw this:
I have $120 in my savings account. Most of my money is in checking accounts. Is there any reason why I should have more in my savings? I mean beside the whopping 0.03% interest I get in there.

I operate the same way... I also have investment "savings" that i can liquidate in an emergency (but for all intents and purposes that is never touched)

The better question to ask is how much of your gross income do you save a month ... i try to hit 30% a month... some months i do more, some i do less

 

[John Connor]

Tree fiddy.

 

[Exterous]

Varries quite a bit. Usually once or twice a year I take a distribution of dividends or stocks at 15% tax rate (or less if its a loss) and use that to cover a part of my pretax contributions since I have access to both a 403b and 457. Thus I'm exchanging a 25% tax rate for 15% or less although some of the success of that depends on tax rates when I start drawing from those accounts

A lot.

That's a depressing chart -- 81% are living paycheck to paycheck.

I don't think you can read that from the chart. The people without a savings account might not see the purpose with the ultra low interest rates so it might be in checking or under their mattress (or in a drawer\safe at home).

I can understand this attitude. Never thought I'd miss the days of 5% interest.

or 3%

or 1%

My bank sometimes runs a promotion for 0.9%. Just think of all the stuff I can do with my extra 1s of dollars!

 

[renz20003]

Sounds like op wants to find a target to hack...

JKJKJK

 

[brainhulk]

i have some money in an online checking account that gets 0.75 apy. Free transfers to main checking account.

i get a whole $5-10/month interest. woohoo

back in the days, it used to get 5%. aaaaah back in the days

 

[local]

About 1.5k slowly dropped from almost 10k three years ago.

 

[CraKaJaX]

I mean beside the whopping 0.03% interest I get in there.

Even this seems high. Sad. I take $100 out of each paycheck and put it away as emergency/savings. It's in a secret place. If I had to guess there's probably ~5K saved.

 

[zinfamous]

I save roughly 50-60% of my income every month, but I've got like 100 bucks in an actual savings account.

 

[RockinZ28]

More than I should. Get 1.05% interest. Too chicken to invest more than the max Roth IRA contribution.

 

[Elganja]

More than I should. Get 1.05% interest. Too chicken to invest more than the max Roth IRA contribution.

there are many conservative vanguard funds you can look at ... and once you are talking over 10k the admiral funds are more appealing

 

[IronWing]

Highland pulls in 300%; I wonder if he offers savings accounts?

 

[highland145]

Highland pulls in 300%; I wonder if he offers savings accounts?

Only for you. I save everything you give me, big boy.

 

[dullard]

It varies tremendously with the stock market. Like right now, I am not confident in investing. Stocks were on a tear and are too pricey. Bonds look like they have a lot more to fall and I don't catch falling knives. So the money ends up in the savings account.

In a few months, my savings account is likely to be roughly the bare minimum set by the bank to avoid fees.

 

[RockinZ28]

there are many conservative vanguard funds you can look at ... and once you are talking over 10k the admiral funds are more appealing

Anything in particular you'd recommend? Already have an account there.

Also considering something like Betterment.

Not sure I want to just throw 10k+ in right now anyway with the pretty recent market spikes.

 

[ponyo]

I think I have couple hundred bucks each in couple dormant savings accounts. I should close it but it's been so long I forgot all the account info.

 

[Capt Caveman]

Way too much but it's getting close to 1%. Been wanting to buy another property but haven't found what I've been looking for yet.

 

[child of wonder]

Fluctuates wildly as we go on vacations, buy stuff, etc. plus I don't keep the majority of my "savings" in savings accounts because they don't get jack for returns.

My goal is to always have 6 months of expenses in my MMA for emergencies and then anything extra we spend on vacations, home improvements, stuff, etc. Outside of that I have even more money invested outside of my retirement accounts that I can draw from if needed but they're primarily long term saving vehicles for kids' college expenses and for when we someday sell our home in the tundra and buy something on the ocean somewhere.

 

[Raduque]

$22.14

A lot.

That's a depressing chart -- 81% are living paycheck to paycheck.

Costs go up, wages stay the same, people live paycheck-to-paycheck.

 

[vi edit]

I'm in one of the blue categories.

 

[Thump553]

Haven't had a savings account in at least a decade. One tenrh of one percent interest isn't worth bothering with. I just keep a lot of money in my checking account and occasionally sweep portions into long term investments.

 

[Ken g6]

I'm too skittish to put as much as I should into my Betterment account.