does anyone conistently maintain a savings acount with at least 10k in it?

Question

I finf it very hard to maintain a savings account with over 5k.. anyone else have issues saving??

Answer 1

If they have that much money,they will not have time to sit and read our question.TRUST ME.

Answer 2

Wow, I couldn't believe the really stupid answers to this question. The only one that sounded as if they had half a brain was Josh. By the way, Josh, the shop till you drop is not specifically an American epidemic. This is rampant throughout the world.

We routinely keep more than $10K in our cash savings and much more than that in our retirement accounts. Bear in mind that when most of you reach retirement age Social Security may only be in the history books.

The best way to amass a lot of cash is to stop GIVING YOUR MONEY TO OTHER PEOPLE! I don't mean stop shopping as we all have needs and wants. What I mean is giving away your money to high interest credit card and automobile debt.

Make two lists, one for things you need like haircuts and cloths appropriate for your employement. In some instances where public transportation is poor, you may need a reliable car to get back and forth to work. Food is a need and maybe a way that people can get a hold of you like a phone or email. It's hard to get a job if they employers can call you. But you don't need 10,000 minutes and unlimited text messages. Basic communications is all!

The second list should be of things that you want. Like a new Mustang or Gucci sunglasses. I want to buy an old Corvette one day! Set up a savings account and start saving to buy those things that you want.

It's a falicy that you need a credit rating or even credit card debt. If you saved up and paid cash then you don't need a credit rating. Why would you need a credit rating if you never bought anything on credit? To quote Josh: "Tell me I'm wrong!" Quite possibly if you were diligent enough you could save up for a house. Don't worry, if you have 20% - 30% to put down on a home and little to no credit rating, you will still be able to get a loan. Don't believe everything you hear about having to have a credit card. Student loans or small personal loans paid off on time are all the credit you will need to buy a house. Other than that you don't need credit.

The secret to becoming financially independent (wealthy) is DONT GIVE YOUR MONEY AWAY!

Good Luck!

Answer 3

Well once I became an adult, I realized how important it is to have money in the bank. It's different when you're young and you depend on your parents. But I know (as a single person) if I get sick or something tomorrow, I can only depend on myself. I really appreciate holding on to my money because in my early 20's I had to give it away to everyone else! That's typical for a struggling college student. You have rent, tuition, living expense to deal with it- thats life.

Once I found a job after graduation and I realized that I had no more tuition or bills to pay, I started an aggressive savings plan. I don't have tons of money but I keep 12k in a money market account (5% as of today) and another 3k in a bank savings account.

One thing that I will offer to you is to make automatic deductions from your paycheck. You will get used to budgeting the money that is left over after the automatic savings deduction is made. Start with maybe $100 per paycheck (or anything that you can afford) then work your way up from there. If you have a savings or mm account that offers a debit card or checks, DON'T take them. I know I can get to my money if I need it (in an emergency) but it takes several steps to do that so under normal conditions, I'm not tempted to dip into it.

I don't know how old you are but your next step should be to invest. It's one thing to sit on money (savings) but it's another to make it 'work' for you (investing).

Answer 4

Anyone who does is foolish, depending on their bills.

If 10k is equal to 3-6 months of bills, then that is what is recommended to have in savings.

If say your 3 months bills are only 5k, then anything over that should be in an IRA or other investment. My savings account earns over 5% interest, which is great, but the market historically earns 10%. Savings alone will not set you up for retirement, but my IRAs and variable life insurance policies will.

Answer 5

It's a question of maturity. You know the world is a rough place. An emergency fund is an absolute requirement for any adult.

Rule of thumb.... 6 - 12 months of salary. Yes you'll only earn 5%.... but "emergncy money" is just that. Funds you need quickly.

If you can't do this... It's totaly your fault. You can structure your savings and expenses of the next few years to get to this goal. Things like this just don't "happen".

Answer 6

A checking account is an account which you will write tests with the intention to pay for issues you additionally can get a debit card which suits like a credit card different than the money comes out of your account. A savings account you positioned income and it accrues activity. you should withdraw money from this on the economic company. Your money is very much less attainable to you.

Answer 7

Its hard.. but its called self discipline.
A while back my fiancee and I decided that we wanted to get out of debt and start saving money. ( we only owed out about 1000 on a credit card)
So what we did was create a budget and limited our instant gratification needs to save up money.
After we first saved up 5,000 dollars I took 2,000 and put it in a 2 year CD (which isn't a lot) and just kept saving up until we got about 23,000 in savings an a CD.
The reason we are able to save up is because we set goals and when it comes to big money decisions we wait for a certain period to see if its actually worth it.
Our goals are to save up enough to buy land and be able to start getting to where we can rent out houses. Its a slow process, but we are only 19-20.

If you want to start saving more see where you can cut back on spending and set set goals.

Good Luck
God bless

Answer 8

Yes, I do. I keep at least $10,000 in my checking account. Usually, the balance is over $20,000.

I also have 6 figures in my savings/investment account at Schwab.

Set your "standard of living" below 80% of your income. Then take the difference every month and put it into your savings/investment account.

My son, underpaid by the Army, does this and adds to his savings/investments every month.

My daughter, working on her master's degree and working as a TA, does this and adds to her savings/investments every month.

You can too. You have to be disciplined. You have to create the habit.

Answer 9

Yes.

lu_dicrous: Saving accounts are paying more than 5% nowadays. Plus, you don't keep your savings in stock because you never know when you'll need it. You might be forced to sell during a low. Plus, stocks are not liquid. That shows me you don't actually invest.

If you had all your savings in stock during the month of August 2007 (and you actually had to use it) you'd be screwed. ;)

Answer 10

I have almost $30,000 in savings right now, and it's quite easy. and im just a 25 year old government worker... just a totally regular guy... its easy to maintain a large savings account, you just have to be responsible and not shop til you drop like a stupid american... also, it is not as low interest rates as that one guy suggests... its in an emigrantdirect savings account at 5.05% interest, with 1.4% cash back on credit card to boot.... so I would think that would make keeping this much savings that isn't in stocks or bonds a little more worthwhile... tell me im wrong!

(thank you mister fuller! btw, i hesitated for a moment with the specifically american shop til you drop comment, because i know its not only an american epidemic, but i'd say we are at least the poster children for this morass of irresponsible consumerism)

Answer 11

I think the question would be "Why would anyone want to maintain 10K in a savings?" 1.5%-3% interest really sucks. Most people that have money like that invest it into something better, like stock... something that's still liquid, but you earn way more on your money.