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Savings

Kienny

Kienny

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Away with debt and on to savings! Below is an article about the average savings American's have in liquid savings (excludes retirement and investment funds) by age and marital status, and mommy/daddy status. The article uses data from Bankrate.

https://www.cnbc.com/2019/03/11/how...e-in-their-savings-accounts-at-every-age.html

Age 34 and younger

Singles with children: $1,350
Singles with no children: $2,729
Couples with children: $3,682
Couples with no children: $4,727

Ages 35 to 44

Singles with children: $2,422
Singles with no children: $3,693
Couples with children: $10,399
Couples with no children: $5,306

Ages 45 to 54

Singles with children: $4,163
Singles with no children: $5,763
Couples with children: $15,589
Couples with no children: $11,483

Ages 55 to 64

Singles with children: $6,911
Singles with no children: $6,786
Couples with children: $17,587
Couples with no children: $15,722

Ages 65 to 74

Singles with children: $6,652
Singles with no children: $7,292
Couples with children: $13,164
Couples with no children: $15,297

Age 75 or older

Singles with children: $6,909
Singles with no children: $9,981
Couples with children: $8,967
Couples with no children: $16,025

*Woof woof: "Meanwhile, other research has found that 60 percent of millennials don’t have enough money to cover a $1,000 emergency."

I was pretty surprised by this, more than the average debt. The averages seemed a bit low to me, especially singles with no children in my age group.

How do you stack up against your group? Judging by the debt thread, I expect most should have well above the average savings of their cohorts:gogirl: :3way::bj::sex:
 
Growing up where money was always tight and my parents had no savings to speak of....I was determined that I would alwys have enough set by to never worry either in business or personal life.

And for over 25 years that has been the case.

And we certainly never fell as though we deprived ourselves of anything we wanted...which could be a Presbyterian genetics or a failure of our imagination.

I get that in the US and likely Canada as well, the demands of a family and aspirational consumerism, combined with a general optimism cum nihilism results in many individuals and families not saving.

And I'm not surprised that many people can't meet a $1000 emergency. We've seen this repeatedly over this past year as the cracks in our economic underpinnings have been exposed.
 
unloadonme said:
Let's just say that I don't have any money worries.
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tenor.gif


rareboy said:
Growing up where money was always tight and my parents had no savings to speak of....I was determined that I would alwys have enough set by to never worry either in business or personal life.

And for over 25 years that has been the case.

And we certainly never fell as though we deprived ourselves of anything we wanted...which could be a Presbyterian genetics or a failure of our imagination.

I get that in the US and likely Canada as well, the demands of a family and aspirational consumerism, combined with a general optimism cum nihilism results in many individuals and families not saving.
Click to expand...

Glad to hear it. I'll need some advice on how to save even more :sex:

My family may have been similar. My parents have 4 children including me, and I'm a twin, so having 4 children when you only planned on having 3 at the time must have taken its financial toll. We were all born within 3 years and grew up with my dad as the sole bread winner. I'm not sure about our financial situation (how much he was able to save up, etc), but we seemed fine. We didn't live a lavish life, but I never felt like we were poor or were in some emergency situation. We didn't expect shopping sprees or never wanted anything we didn't need. And we were still able to go on vacation once a year. I think the only thing I really wanted but couldn't have was to play club sports but oh well. And dorming in school. I felt like I never really got the "real college experience" because I was a commuter, but looking back, it was a great financial decision.

I think the stress on my dad really showed when all of us were in college/university at the same time. My parents didn't really want us to work during high school so we could focus on our studies. He was able to put each of us through two years of college, but after that, we were on our own and we took out grants and student loans. I think we're all fine now though.

When I first moved out, I was definitely living paycheck to paycheck. Not anymore, thankfully.

And I'm not surprised that many people can't meet a $1000 emergency. We've seen this repeatedly over this past year as the cracks in our economic underpinnings have been exposed.
Click to expand...

That is true, plus the government shutdown in 2018/2019. I hang out mostly with people who are older than me and more fiscally responsible, so I personally haven't been around people who wouldn't be able to meet a $1000 emergency. Obviously doesn't mean it doesn't happen all around the world, though.
 
nada.

If I get seriously ill, I'm a dead man. But that's what it is in America: if you're poor and sick, you gonna die.
 
Glad to hear that you have some security.

The best advice? PAY DOWN DEBT. The short term pain literally translates into long term loot.

The balance is to make sure you don't turn into a cheapskate or a miser.

I always bought things that were pleasing but I thought would be good investments when selecting art and bibelots and of course...real estate. I always figured that I could convert the things I loved looking at or using into cash. However:

Nothing beats having property you can borrow against if necessary.

The best way to save is to budget for savings...and to take any windfall and put it into savings. To a point. My partner and I are just now confronting the situation that in the last years of our life, money doesn't mean a lot...particularly in a country where our basic needs in old age would be met by our health care system.

I have been both cruelly punished and handsomely rewarded in investments....so I've learned that if it isn't a 100% sure thing....it isn't. I am now pretty cynical about the value of investments as a hedge against disaster...but I have also profited from crises including COVID.

Absolutely try to build up a cash reserve that you can access immediately of $10,000 to $20,000. You will never regret it. You may not be really rich, but having the cushion or as inflation bumps that number up...you will have the ability and confidence to ride out any immediate crisis while you get your shit in order to go forward. (Except if you are fucked over with American health care costs).
 
Peloso said:
nada.

If I get seriously ill, I'm a dead man. But that's what it is in America: if you're poor and sick, you gonna die.
Click to expand...

I would at least try to get some soup to you.(*8*)
 
rareboy said:
I would at least try to get some soup to you.(*8*)
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Aww, thanks. But if I end up dying of Americitis, I would prefer bacon and french fries to soup. And a tall glass of heavy cream with chocolate syrup.
 
Got it.

Just say the word.
 
Most of the poor have almost zero savings, but the rural poor often own their homes, having inherited them or the land. It may not be the majority of them, but it's an asset.

I won't go into my actual cash position, but I could be out of work for a year without having to go to my savings. But that wasn't true when I was a factory assembly line worker, nor when I was a teacher.

To Rareboy's comment, the lack of savings should be charted beside the number of those same individuals who own expensive TV, gaming, or other luxuries, or who've been to a casino or vacation in the last two years.

What you'll find is that a lot of the people with no savings have blown their tax returns, or spent disproportionately on travel or entertainment to their incomes.

Low savings may be misleading when assessing what passes for poverty.
 
I do have more than what they list. It would help in a temporary situation but would get scary in a long term problem.
 
I'm good---but want to downsize soon---cash out of my house its too big anyway. Plus I have enough saved to buy Kienny's ass.:lol:
 
Nothing now, but when I got hurt, I lived off my savings for 4 years while I fought for SSDI. Not bad for a guy in his 20's. Most 20 year olds couldn't say that and it be true.
 
Few short of millionaires or married men with a wife working could make it for over a year or so. Very few.

Kudos, Ticktockman.
 
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