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How much in savings?


Forum: Financial Planning and Budgeting

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  #1  
December 30th, 2010, 06:54 PM
MamaManna07's Avatar Platinum Supermommy
Join Date: Apr 2007
Location: Mississippi
Posts: 14,125
I know this might seem too personal but I figured id ask anyways.

Do you have a savings account? How much do you currently have in it? Whats your goal amount? How often and how much do you put in?

Im just asking because Im doing the Dave Ramsey thing and just started. So far we are at $750...going for $1000, then snowballing our debt. But I want to eventually save $7000-$10000 for a new house down payment
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  #2  
December 31st, 2010, 02:45 PM
luvmygirls333's Avatar Super Mommy
Join Date: Jul 2009
Posts: 623
We have about $1100 in there now. We started about a year ago, just putting $20 a week in there, and recently upped it to $30 a week. We'd like to save 30K for a down payment. Once our credit card debt is paid off, we'll be able to put $1200/month in there!!
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  #3  
January 1st, 2011, 03:27 PM
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Join Date: Aug 2005
Location: USA
Posts: 7,429
We have our $2,000 emergency fund. And then we're working on having 12 months worth of bills in ready cash in case one of us lost a job or something. We do a budget each month and whatever is extra we put into our savings account monthly towards our 12 months worth of bills so it varies each month...our goal is to have $40,000 in cash in the bank in a savings account in addition to our son's college fund and in addition to our $2,000 emergency fund. No less than $100 a month though is put into our savings account, plus we put $100 a month into our son's college fund. We have everything else paid off except our house and have closed out all of our credit cards, so we're a good portion of the way there.
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  #4  
January 1st, 2011, 11:16 PM
Lynsann's Avatar Platinum Supermommy
Join Date: Oct 2005
Posts: 8,867
We have $1800 right now, but ALL of our cc debt is being paid off this month. YAY! It feels so good. After that we will be putting a good chunk of money into our savings each month. I want to get 6 months worth of income into our savings after that. I put $20 a month into each of our kids savings accounts.
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  #5  
January 3rd, 2011, 06:52 PM
MamaManna07's Avatar Platinum Supermommy
Join Date: Apr 2007
Location: Mississippi
Posts: 14,125
Thanks! Seems like im on the right track then =)
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  #6  
January 5th, 2011, 06:43 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I have a savings account but right now there isn't alot in it. I have the book for Dave Ramsey and I just need to sit down and read it.
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  #7  
January 15th, 2011, 10:25 AM
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Join Date: Oct 2006
Posts: 32,940
Right now we have 2 months worth of expenses in our savings. After we get to 3 month worth saved I am going to start splitting the extra money 3 ways: savings, car replacement savings (hopefully not needed for another 5 years) and then extra on our mortgage.
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