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Eponineslove · Nov 26th, 2008, 05:19 PM

I'm 19. I have a Roth IRA and a regular savings. Both have a few thousand in it.

madamestuff · Nov 26th, 2008, 05:31 PM

Originally Posted by chiquen81

May I ask how you are that far along at your age? Did you inherit or do you have a high paying job? Or does it all boil down to just saving since you were young?

I'm a scrooge!

Actually, I just made the point of getting seriously good at budgeting. It's also worth pointing out that in Australia, our superannuation (US equivilent of 401k) works very differently. Every job I've EVER had has contributed a minimum of 9% of my salary (on top of my base wage) into my pension (superannuation / 401k) fund... and if I earn any bonuses or anything, it's the same for them too. So, whilst I earn a decent amount now I sure haven't for my entire career. And I haven't inherited anything more exciting than golf clubs

pinkinthecity · Nov 26th, 2008, 05:38 PM

Originally Posted by chiquen81

Age: 27
Retirement 401K: $10,000
Regular emergency savings (ING): $6,000

So that's basically it. I feel like I suck. But, maybe I don't? I am maxing my 401k.

You do not suck at all! In my opinion, I think that any savings is good for someone who is living on their own and paying their own rent, utilities, groceries, etc. and in their twenties, no less! I am in my early twenties, and I have a couple thousand* in my Roth IRA and 401K and a couple thousand* in my emergency fund to live off of at the moment. My old co-workers were in their late twenties, early thirties, and they barely saved any of their paychecks because one of them once told me that with her two paychecks, "The first check goes towards the mortgage and the second check goes towards food, entertainment, whatever." Of course, we live in Manhattan where the standards of living are much higher than the rest of the U.S.

It is very important to look at your savings in accordance to your earnings. I know some late twenties who are still in school and not only do they have no savings but they are in a lot of debt thanks to school loans. I think only you know where you at with your savings unless you find someone who is the exact age, same salary, etc. as you.

*couple thousand = Sorry about it being vague; I do not feel comfortable disclosing my finances on the forum.

*Jennster* · Nov 26th, 2008, 07:15 PM

I just turned 27. I have $5,000 in a Roth 401k at the moment. This is AFTER I pulled out about $10k to purchase my home last year. My home is worth $250k so I have that. I do not have any savings - I know...bad. But I do have about $5,000 in credit card debt to pay off before I feel comfortable saving. I also have about 10k in student loans. I'm *hoping* to pay off all credit card debt by the end of 2009 and then being saving.

You definitely sound on the right track to me. My situation isn't great but I have the best saving out of all of my friends who are around my age.

madamestuff · Nov 26th, 2008, 07:49 PM

chiquen81 - sorry, just saw your message about superannuation and not needing to explain it

- ignore that part of my post!

but yeah, I really think it's all down to just being really, really anal about budgeting.

doreenjoy · Nov 27th, 2008, 05:51 AM

You're doing a lot better than I was at your age.

I'm 45 so my situation wouldn't be relevant. I've stashed quite a bit as my income grew, and my business interests are worth much more than I have saved.

baglady88 · Jan 23rd, 2009, 02:16 AM

Age 20 y/o
Retirement plan: Huh?? lol ..Im in college and i work P/T at the supermarket hehe..
Savings as of now: $700 bucks
Debt: $1,500
For 1 or 2 months, i am not gonna buy anything at all! Im gonna use all the money to pay off my debt.

plumaplomb · Jan 23rd, 2009, 03:05 PM

i'm in my early 20s. i bought a condo so most of my money is going into equity. i put almost $10K into an index fund and it's down like 40%. woo hoo. i have a few thousand in a high yield savings account. i have a 401K plan but i haven't checked it in forever, so i dunno. i think i'm doing pretty well - the most important thing is that my habits are good, and i don't want to get used to "luxury" things until i can really afford them. i'm going down the slippery slope for designer shoes though. fast.

jan228 · Jan 23rd, 2009, 08:18 PM

Just a thought, but if you're going to be vague, I wouldn't bother posting. I don't see the point.

I'm 22 and graduated college in May with about $33k in student loan debt. Otherwise, I am debt-free. I worked throughout college, and the most I saved up at one time was $5k one summer, which, unfortunately, all went directly to pay my tuition bill the following semester. I never built much of a savings because I paid $4k+ every semester out of pocket.

I began working full time since October. I have $800 in my personal savings account (ING) and I've contributed $4000 to my joint savings account with my husband ($1000/month) in a regular bank account.

I start my first 401k plan in February, so I'll be contributing 15% of my salary. I'm also going to start putting $1100 into my joint savings account every month, instead of $1000. I'm able to put a lot of money into savings because my husband pays the rent and my student loan bills.

Right now, my personal savings is being designated for some cosmetic dental surgery, so when I reach that goal, I'll be starting from the beginning. We don't touch the joint savings.

tory_c · Jan 23rd, 2009, 09:39 PM

Age:21,college student/work part time.
Regular Savings: 18,480
Emergency Savings: 44,200
CD:88,000
IRA:21,000
Debt: None. I'm obsessed with keeping a good credit score so I pay off what I charge asap.

I think you're doing great. I know a few people who are in there late 20s that have nothing saved at all. They start making money after college and can't handle it well. They spend spend spend.

nordia5 · Jan 23rd, 2009, 10:21 PM

I'm 20, and I have 17,000 in a savings account, 5,000 in a CD, and a little over 4,000 in my checking account

coachergirl31 · Jan 24th, 2009, 04:31 AM

I'm 31. I have a savings and a 401k and equity in my home. I know I'm doing well.

Bagspy · Jan 24th, 2009, 06:31 AM

I owned a business. Sold the business. Consider it early retirement. No debt. That was two years ago when I was 37 years old. For the past two years I've been traveling and (of course shopping) and investing in properties.

queenvictoria2 · Jan 24th, 2009, 10:15 AM

Originally Posted by tory_c

Age:21,college student/work part time.
Regular Savings: 18,480
Emergency Savings: 44,200
CD:88,000
IRA:21,000
Debt: None. I'm obsessed with keeping a good credit score so I pay off what I charge asap.

I think you're doing great. I know a few people who are in there late 20s that have nothing saved at all. They start making money after college and can't handle it well. They spend spend spend.

I have to ask out of sheer curiosity, how did you do this at your age? I have a daughter your age so was just wondering ....

tory_c · Jan 24th, 2009, 09:58 PM

Originally Posted by queenvictoria2

I have to ask out of sheer curiosity, how did you do this at your age? I have a daughter your age so was just wondering ....

It's all thanks to my parents to be honest.

Regular Savings:
My parents had me open a bank account when I was 12. I'd get 100-150 in allowance and they'd make me put it in the bank and would match it. At 15 I started working. They didn't let me spend anything they would make me put it in the bank and would match that.

Emergency Savings:
My grandma left my mom her 2 homes and my mom rents them out. She gives me most of the money from that. She was recently re-diagnosed with breast cancer so she's been kind of obsessed with making sure i'd have something in the bank if she were to pass.

My cd money was from my grandma. I haven't needed it though. I receive merit scholarships and only pay about 12k a semester and my father insists on covering that so i'd have that money for grad school if I decide to go.

The IRA money is from my mother.

And on having no debt. At 18 I got myself a secured visa and used it for about a year and built up great credit then I bought myself a car. I ended up getting a great rate and I had a good down payment I put down 60% which was 8k and paid off the rest quickly. I don't really charge much to my cards. Every other month or so I charge a few books or dvds so I can get rewards points but thats about it.

Nov 26th, 2008, 05:19 PM	#16
Eponineslove Member Joined: May 2006 Posts: 1,489	I'm 19. I have a Roth IRA and a regular savings. Both have a few thousand in it.
Eponineslove Member Joined: May 2006 Posts: 1,489	__________________ "To love another person is to the see the face of God."-Les Miserables, Act II finale. Click on the picture for my collection (updated 8/21 on pg. 7)

Nov 26th, 2008, 07:15 PM	#19
Jennster Member Joined: Jul 2007 Location: West Jordan, UT Posts: 93	I just turned 27. I have $5,000 in a Roth 401k at the moment. This is AFTER I pulled out about $10k to purchase my home last year. My home is worth $250k so I have that. I do not have any savings - I know...bad. But I do have about $5,000 in credit card debt to pay off before I feel comfortable saving. I also have about 10k in student loans. I'm hoping to pay off all credit card debt by the end of 2009 and then being saving. You definitely sound on the right track to me. My situation isn't great but I have the best saving out of all of my friends who are around my age.
	__________________ ~Jenn~

Nov 26th, 2008, 07:49 PM	#20
madamestuff Junkie Joined: Nov 2006 Location: Melbourne Posts: 829	chiquen81 - sorry, just saw your message about superannuation and not needing to explain it - ignore that part of my post! but yeah, I really think it's all down to just being really, really anal about budgeting.
	__________________ I'm not brandist... I fall for the bag, not the tag Current Wishlist (in no particular order): Miu Miu Coffer in Deep Blue Marc Jacobs Airliner Clutch in Seafoam or Emerald Balenciaga Envelope Clutch in Officer (giant silver hardware) Anya Hindmarch 3 pocket clutch or bag in black Prada Fairy

Nov 27th, 2008, 05:51 AM	#21
doreenjoy I should be writing. Joined: Feb 2008 Location: Mostly in the USA Posts: 2,484	You're doing a lot better than I was at your age. I'm 45 so my situation wouldn't be relevant. I've stashed quite a bit as my income grew, and my business interests are worth much more than I have saved.
	__________________ Before you leave the house, put on all of your accessories...then take one off.

Jan 23rd, 2009, 03:05 PM	#23
plumaplomb Member Joined: Dec 2008 Posts: 2,915	i'm in my early 20s. i bought a condo so most of my money is going into equity. i put almost $10K into an index fund and it's down like 40%. woo hoo. i have a few thousand in a high yield savings account. i have a 401K plan but i haven't checked it in forever, so i dunno. i think i'm doing pretty well - the most important thing is that my habits are good, and i don't want to get used to "luxury" things until i can really afford them. i'm going down the slippery slope for designer shoes though. fast.
plumaplomb Member Joined: Dec 2008 Posts: 2,915	__________________ http://ebayfashionaddict.blogspot.com

Jan 23rd, 2009, 02:16 AM	#22
baglady88 Addicted to Luxury.. Joined: Jan 2009 Location: New York Posts: 338	Age 20 y/o Retirement plan: Huh?? lol ..Im in college and i work P/T at the supermarket hehe.. Savings as of now: $700 bucks Debt: $1,500 For 1 or 2 months, i am not gonna buy anything at all! Im gonna use all the money to pay off my debt.

Jan 23rd, 2009, 08:18 PM	#24
jan228 Sofa King Banned Joined: May 2008 Posts: 1,650	Just a thought, but if you're going to be vague, I wouldn't bother posting. I don't see the point. I'm 22 and graduated college in May with about $33k in student loan debt. Otherwise, I am debt-free. I worked throughout college, and the most I saved up at one time was $5k one summer, which, unfortunately, all went directly to pay my tuition bill the following semester. I never built much of a savings because I paid $4k+ every semester out of pocket. I began working full time since October. I have $800 in my personal savings account (ING) and I've contributed $4000 to my joint savings account with my husband ($1000/month) in a regular bank account. I start my first 401k plan in February, so I'll be contributing 15% of my salary. I'm also going to start putting $1100 into my joint savings account every month, instead of $1000. I'm able to put a lot of money into savings because my husband pays the rent and my student loan bills. Right now, my personal savings is being designated for some cosmetic dental surgery, so when I reach that goal, I'll be starting from the beginning. We don't touch the joint savings.
jan228 Sofa King Banned Joined: May 2008 Posts: 1,650

Jan 23rd, 2009, 09:39 PM	#25
tory_c Member Joined: Jun 2008 Location: ny(school)/california(home) Posts: 32	Age:21,college student/work part time. Regular Savings: 18,480 Emergency Savings: 44,200 CD:88,000 IRA:21,000 Debt: None. I'm obsessed with keeping a good credit score so I pay off what I charge asap. I think you're doing great. I know a few people who are in there late 20s that have nothing saved at all. They start making money after college and can't handle it well. They spend spend spend.

Jan 23rd, 2009, 10:21 PM	#26
nordia5 <3 Joined: Apr 2008 Posts: 1,088	I'm 20, and I have 17,000 in a savings account, 5,000 in a CD, and a little over 4,000 in my checking account
nordia5 <3 Joined: Apr 2008 Posts: 1,088	__________________ happiness proves daily how hard it is to attain.

Jan 24th, 2009, 04:31 AM	#27
coachergirl31 Member Joined: Dec 2008 Posts: 404	I'm 31. I have a savings and a 401k and equity in my home. I know I'm doing well.
coachergirl31 Member Joined: Dec 2008 Posts: 404	Last edited by coachergirl31; Jan 24th, 2009 at 04:37 AM.

Jan 24th, 2009, 06:31 AM	#28
Bagspy Member Joined: Apr 2008 Posts: 690	I owned a business. Sold the business. Consider it early retirement. No debt. That was two years ago when I was 37 years old. For the past two years I've been traveling and (of course shopping) and investing in properties.
Bagspy Member Joined: Apr 2008 Posts: 690

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