Northern California Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email [email protected]

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

How much do you have saved?

In this economy it's hard to save money but it can also inspire one to save when times are better. That way if we have another recession like this or one loses their job they have backup. they used to say you should have at least three months of salary saved at a time, I think I remember hearing that "they" are saying more now but I can't remember what the amount is. So, in the event of an emergency or loss of job, how much do you have saved? Feel free to share more info if you like.

For the sake of argument, don't include 401k's or IRA's. I'm talking about just savings you could access right away if you needed to, without penalties.

[Poll]

Re: How much do you have saved?

  • We have about $10,000 in savings, but we also have IRA's, and 401k, so we have quite a lot of money in those as well.
  • Do there need to be more categories?
  • For the sake of argument, don't include 401k's or IRA's. I'm talking about just savings you could access right away if you needed to, without penalties.
  • right now, we have zilch saved.

    we are really just starting out in our careers (as in John has worked for 6 months, and i have never had a paying FT job), and creating a savings is one of our short term goals once I'm employed. but honestly, right now our Student loan payments are more than our rent.

    once i'm employed full time, we will live off my smaller salary and save and pay down debt with Johns 

    IMG_1313.jpg IMG_1351.jpg
    ERD 01.16.11

    Surviving postpartum depression & OCD one day at a time.
    Also experienced antenatal OCD.
    Feel free to ask me questions about my experience.
  • DH had some really good jobs through college and up til now. His student loan was very little and didn't really own much. So he just saved and saved. We have enough to sustain our house payments for 6 months if I were to stop working entirely.
  • We have about 2k in savings right now, but that will be used this summer when DH is not working.
  • We also have a good deal of credit on cards that we could access for a true emergency, but not for general bill paying.
  • We used to have a lot more, before buying the house. But we still had some left after. We've been depleting it somewhat with projects and stuff for the house. But, as it stands now, we have enough between all of our checking and savings accounts that we could make it at least 4 or 5 months.
    image

    Lilypie Maternity tickers

  • Thanks to the Home Buyer's Credit, we have more than we did when we bought our house 6 months ago. I think it's a substantial amount, in case of an emergency....we hardly ever dip into savings.
    BabyFruit Ticker image
  • DH is working several overtime periods this year. All of the additional money he makes from OT goes directly into our savings. Right now, we have $6,000 in savings and we are fortunate enough to be able to add to that every month.
  • DH just got his annual bonus and we got a big tax refund, so we have more saved right now than we usually do. We try to think of the bonus as a built-in savings plan so that we don't factor that money into our regular expenses.
    [IMG]http://i64.photobucket.com/albums/h180/zlampros/db276e02-07dd-401b-aa2b-3f9aa62b4c45_zps46356489.jpg[/IMG]


    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Parenting Tips"><img src="http://global.thebump.com/tickers/tt14fcd1.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /></a>
    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Baby Names"><img src="http://global.thebump.com/tickers/tt15dace.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /></a>
  • Because of DH's job (commission only) we have a lot saved.  His sale cycles are about a year long, sometimes more.  So we have enough in savings to last us a year if neither of  us are working/ making money.
    Image and video hosting by TinyPic
    Baby Birthday Ticker Ticker
  • We have a substantial amount in savings, but we have been very fortunate...T received an inheritence from his grandfather about a year ago that has really helped us get to where we are.  We have about 10+ months of our total living expenses in savings that we basically pretend doesn't even exist and add to a little every month.  Without that, after paying for our own wedding and buying our house, I doubt we'd have much at all.
    Lilypie Second Birthday tickersLilypie First Birthday tickers
  • We have a bit in an savings account, and quite a bit of mutual funds. We actually have more in mutual funds than in IRA. After the house, and us both being unemployed right after the purchase actual savings account savings was sevrely depleted. We are working it back up.
    IMG_1373 Cool Winston
  • We have sort of a ridiculous amount in liquid savings (like 20 months of expenses), but the flip side of that is that we need to up DH's retirement contributions BIG TIME. Those numbers are scary sad.
  • We had a few months in savings, but since I lost my job, we've been taking more out of savings than we have been putting in.
    [IMG]http://i300.photobucket.com/albums/nn9/artistgrlpntr/277538_227168477321302_178323105539173_600641_2727705_o.jpg[/IMG]
    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Trying to Conceive"><img src="http://global.thebump.com/tickers/tt105e92.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /</a>
  • We have a lot in liquid savings (probably 10 months worth of our current take home pay) - which is more than we live off  - we put about 1500-2k/month in savings).But this is savings for a DP since we would love to put 20% down. Plus we'll be adding another 13 k in the next two weeks as a gift DH gets from his grandmother every year to reduce her taxable income each year - we're kind of hoping she sends me the equal check as well since its beneficial for her to reduce her income and very helpful for us and we'd really be able to pay down a chunk of my student loan debt.

    We don't however have a ton in retirement - I have a bit from an old job, but am not eligible until September to contribute to my 401k, but we are going to put some in to my Roth before 4/15. We just purchased some stock for DH's company and he just started his 401k so it is still slow, but the match is decent and it'll add up quickly so I"m not worried.

    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Pregnancy"><img src="http://global.thebump.com/tickers/tt10c84f.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /></a>
    [IMG]http://i41.tinypic.com/2i1j9ma.jpg[/IMG]

    "And though she be but little, she is fierce."
  • image legaleagles:

    We have a lot in liquid savings (probably 10 months worth of our current take home pay) - which is more than we live off  - we put about 1500-2k/month in savings).But this is savings for a DP since we would love to put 20% down. Plus we'll be adding another 13 k in the next two weeks as a gift DH gets from his grandmother every year to reduce her taxable income each year - we're kind of hoping she sends me the equal check as well since its beneficial for her to reduce her income and very helpful for us and we'd really be able to pay down a chunk of my student loan debt.

    You don't have to answer this if you don't want, but how is she able to give you $13k to reduce her taxable income?  If she earns that as income, isn't it taxable or has already been taxed when it was earned?  And if not, I'd think you'd have to pay taxes on the "gift"??  Mostly I'm curious b/c when T got his inheritence money, for a bit I was really worried we'd have to pay taxes on it...until I researched and realized that no - his grandpa paid taxes on it when he earned it, so us receiving it as a gift is non-taxable.  The key being that he paid taxes on it when he earned it (the case with inheritence, thankfully!!)  Are you saying though that no one pays taxes on that $13k...ever??  How does that work?  Ignore me if it's personal or you'd rather not share.  Just curious :)

    Lilypie Second Birthday tickersLilypie First Birthday tickers
  • image StefandTodd:
    image legaleagles:

    We have a lot in liquid savings (probably 10 months worth of our current take home pay) - which is more than we live off  - we put about 1500-2k/month in savings).But this is savings for a DP since we would love to put 20% down. Plus we'll be adding another 13 k in the next two weeks as a gift DH gets from his grandmother every year to reduce her taxable income each year - we're kind of hoping she sends me the equal check as well since its beneficial for her to reduce her income and very helpful for us and we'd really be able to pay down a chunk of my student loan debt.

    You don't have to answer this if you don't want, but how is she able to give you $13k to reduce her taxable income?  If she earns that as income, isn't it taxable or has already been taxed when it was earned?  And if not, I'd think you'd have to pay taxes on the "gift"??  Mostly I'm curious b/c when T got his inheritence money, for a bit I was really worried we'd have to pay taxes on it...until I researched and realized that no - his grandpa paid taxes on it when he earned it, so us receiving it as a gift is non-taxable.  The key being that he paid taxes on it when he earned it (the case with inheritence, thankfully!!)  Are you saying though that no one pays taxes on that $13k...ever??  How does that work?  Ignore me if it's personal or you'd rather not share.  Just curious :)

    No problem. So I don't know how it effects her income - this money is paid to us from unearned income she has. You can gift any amount of people 13k per year (used to be 12k) without either party having to pay gift tax. So she gifts everyone in the family that much each year, both my in laws, DH, Dh's sisters, her other son, etc. and neither side has to pay gift tax. The goal is to pay it now and reduce the amount of inheritance tax folks will have to pay (either her if she pays it or the people who inherit it). I don't know if that makes sense. I guess its not really about income, but but by gifting that amount each year it lowers the total amount in gift tax that will be paid when the remaining money is inherited by ILs, DH and his sisters.

    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Pregnancy"><img src="http://global.thebump.com/tickers/tt10c84f.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /></a>
    [IMG]http://i41.tinypic.com/2i1j9ma.jpg[/IMG]

    "And though she be but little, she is fierce."
  • image legaleagles:
    image StefandTodd:
    image legaleagles:


    No problem. So I don't know how it effects her income - this money is paid to us from unearned income she has. You can gift any amount of people 13k per year (used to be 12k) without either party having to pay gift tax. So she gifts everyone in the family that much each year, both my in laws, DH, Dh's sisters, her other son, etc. and neither side has to pay gift tax. The goal is to pay it now and reduce the amount of inheritance tax folks will have to pay (either her if she pays it or the people who inherit it). I don't know if that makes sense. I guess its not really about income, but but by gifting that amount each year it lowers the total amount in gift tax that will be paid when the remaining money is inherited by ILs, DH and his sisters.

    My mom did the same thing with my grandfather's money.  She knew how much each of us was going to inherit and started "gifting" us $10k/year until he died to lessen the amount of inheritance tax that would have to be paid after his death.

    Lilypie Third Birthday tickers Lilypie Second Birthday tickers Lilypie First Birthday tickers
  • image Structenggal:
    image legaleagles:
    image StefandTodd:
    image legaleagles:


    Hmm...but that was just my point.  There is no (that I understand) inheritence tax since the money being passed on was already taxed when earned/acquired (and it has to be earned at some point, somehow, right?  Income acquired is taxed.  Period.  Right?  And only one time...when acquired, and then NOT when passed on).  Only a handful of States (not CA) impose inheritence taxes...

    We were gifted portions of T's grandfather's estate prior to his death too...but after we got the remaining money, there was no inheritence tax to speak of (unless I'm wrong and the taxes came out of the estate before being passed out...that's possible).  Just interesting...thought I'd ask.  In our case, the gifts prior to his death had more to do with "Spend it while grandpa's alive so he can see you enjoy it..." than any tax penalties...so when you said that M, I was curious how she could possibly be reducing her own taxes on any money she has to pass down and wondered if it were something similar...

    Or maybe there are taxes we should've paid that we didn't...shhh.... Surprise

    Lilypie Second Birthday tickersLilypie First Birthday tickers
  • image StefandTodd:
    image Structenggal:
    image legaleagles:
    image StefandTodd:
    image legaleagles:


    Hmm...but that was just my point.  There is no (that I understand) inheritence tax since the money being passed on was already taxed when earned/acquired (and it has to be earned at some point, somehow, right?  Income acquired is taxed.  Period.  Right?  And only one time...when acquired, and then NOT when passed on).  Only a handful of States (not CA) impose inheritence taxes...

    We were gifted portions of T's grandfather's estate prior to his death too...but after we got the remaining money, there was no inheritence tax to speak of (unless I'm wrong and the taxes came out of the estate before being passed out...that's possible).  Just interesting...thought I'd ask.  In our case, the gifts prior to his death had more to do with "Spend it while grandpa's alive so he can see you enjoy it..." than any tax penalties...so when you said that M, I was curious how she could possibly be reducing her own taxes on any money she has to pass down and wondered if it were something similar...

    Or maybe there are taxes we should've paid that we didn't...shhh.... Surprise

    Shoot TN just ate my post....I wont tell on you...if there needs telling on. :)

    DH's grandmother is in Florida, so maybe there is a difference. Also estate taxes need to be filed on certain large estates 

    FROM IRS.gov: "Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 - 2005; $2,000,000 in 2006 - 2008; and $3,500,000 effective for decedents dying on or after January 1, 2009."

    DH's grandmother's estate is well into 7 figures (though I don't know how much into 7 figures).  So I know that for her paying out the gifts for the last 15 or so years is reducing her estate and saving her estate taxes (which I think are usually paid out of the estate or by the donor before the inheritance is received).

    I honestly don't know all the deets though. SHe also covered all of DH's education as well as his sisters' education which I'm grateful for b/c it saves us a bunch in SL debt since we only now have mine. I just let it come in and enjoy seeing our savings grow.

    <a href="http://www.thebump.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="Pregnancy"><img src="http://global.thebump.com/tickers/tt10c84f.aspx" alt=" Baby Birthday Ticker Ticker" border="0" /></a>
    [IMG]http://i41.tinypic.com/2i1j9ma.jpg[/IMG]

    "And though she be but little, she is fierce."
  • If you want #'s...over $5K in our efund. Over $40K in our DP fund.
    TTC since June 2009
    DX: MFI June 2010 & DOR Sept 2011
    Various forms of medicated cycles since June 2010
    IVF #1 tentatively scheduled for 2013
    Doing acupuncture and focus on weight loss in the meantime



    S/PAIF welcome








    [img]http://i54.tinypic.com/zsk41e.jpg[/img]


    [IMG]http://i43.tinypic.com/33c5hxy.jpg[/IMG]
  • Yep, the out of state and the into the 7 figures things makes a lot of sense :)
    Lilypie Second Birthday tickersLilypie First Birthday tickers
  • We have multiple kinds of savings accounts...we keep the max you have listed in our main savings and then the rest are in ING and CS accounts accruing better interest (I consider them immediate savings because we can get that money same day...but it takes a step or two more).  Then we have our deferred comps (similar to 401k's, but government has something else) and DH's pension that are not counted.
    Happy Takes Work A family blog.
    Money Matters The other half's blog.
    EJ is growing up too fast!
    image Lilypie Third Birthday tickers
  • image StefandTodd:
    Yep, the out of state and the into the 7 figures things makes a lot of sense :)

     

    Yeah, now that I think about it, in my grandfather's case it was a matter of my mom trying to get money OUT of his account before he died to limit the taxes due to the amount of money in the account.  And the best way for her to accomplish that was to start gifting us grandkids with our inheritance early.    

    Lilypie Third Birthday tickers Lilypie Second Birthday tickers Lilypie First Birthday tickers
  • We have more than I thought we would when I added it all up. But once we buy a house, those accounts will be emptied. Sad
    My favorite place on earth: The Amargosa Valley.
    image
Sign In or Register to comment.
Choose Another Board
Search Boards