How much do you have in your savings?

Question

My husband and i are about to buy a house and we’re using a huge chunk of our savings. After closing and the down payment we’ll have $20,000 in our savings. I feel like that’s a lot but he’s kind of nervous about it. How much do you all like to have in your savings?

Answer

Omg i wish... have a grand... currently

Answer

Same we usually have anywhere between $18,000 - $20,000 in our savings. My husband is never happy about it but we have 4 kids. 🤷🏼‍♀️ honestly I didn’t grow up much, my parents had a lot of debt and we lived pay check to pay check so I considered us to be very fortunate. A lot of people don’t have that and have to sacrifice a lot or go without.

Answer

We have enough to cover our costs for 6 months should someone get laid off. That amount would be different for each family.

Answer

Like just money sitting there in a savings account? I guess money that we could pull out with no fee and get to super quick would be about $5,000 but we have a 401k that is invested - it’s almost at $600,000. We also have 3 $10,000 CDs that earn 7% interest. If you have not invested your $20,000 you should, but if that’s literally all you have like for retirement then yea id be worried too

Answer

Trust fund: 2.3mil
401k: 60k
Personal savings: 3k

Answer

Our closing costs were lower than we saved up for! They were only $6k! And we saved up 30k! So now we can get all the stuff we need!

Answer

Depends on how much you make and what you’re buying. $500k house, you need more in savings. $150k or less house, making less than $100k combined income, then $20k is a lot. It’s relative. 
Are you saving in your 401k? Do you have a Roth IRA for you both? Have you started a 529 for your child? 
What are your other expenses (car, insurances, eating expenses, drinks, vacations, etc). 
Personally I’d say $20k isn’t enough. BUT most Americans don’t have but $1k or less in their bank accounts. So 🤷🏻‍♀️
We played it super safe. We saved for years before buying a house. Penny pinched. No eating out, no drinking, no vacations, total minimalist lifestyle and we saved a ton of money on a less than $85k combined income per year. It took a few years, but we did it.

Answer

Do you have retirement savings outside of that $20k? If that’s all the money you have saved then I would say it’s not a lot, but if you have other savings (like retirement) that are just tied up in investments and the $20k is your liquid cash, then I would say that’s plenty.

Answer

Everything is relative... if you make 40K a year, then that’s 6 months wages & great. If you make 200K a year, it’s not even 1 months income. 
Is that short & long term saving combined? 
We have about 15-20K in short term savings, but that’ll cover 6 months expenses if needed. Then we have about 80K (was 90+ but damn corona 😢) in long term savings.

Answer

We had a decent amount in our savings, but after we put down the down payment on our house, we were left with about 15k.  We had our emergency fund which had about 60k in it, but we don’t touch that, that’s incase my husband gets laid off work or something.  That was about a year and a half ago, we rebuilt our savings and now have about 60k.  
It was scary tho buying the house and only having $15k, because our house needed some work.  Mostly cosmetic, but we needed to get a new roof about 6 months after buying.

How much do you have in your savings?

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