Savings in the US is said to be at the lowest rate in decades...

[sparkofcreation 0]

We have four accounts: joint checking, joint savings, and an individual checking account each.

We try to save, but there always seem to be expenses. Right now we're about to move to New Mexico and that's phenomenally expensive. Hopefully we'll be able to save once we're there, due to lower cost of living. (Good news about working for the federal government: nationalized salaries. Bad news: they only pay for the move if they transfer you, not when they hire you for the first time.)

[Badgerbabe 0]

Most of our savings are tied up in IRA's and I've just started a 401k this year as we're both in our 40's now we need to start planning !

I've just opened by first CD - WHICH IS A 12 MONTH ADD ON so the good thing is I can pay money in but can't take it out ! it was only $100 to open and

pays nearly 3% - better than a savings account at 0.25% !!!

[Anastassia 0]

I would say it really matters how old you are.

We have some money, but I would say that compared to others of our age is nothing. So saying that you have savings of 10K it matters a lot how old is the individual saying it.

Ana

[Jaylen Brit 0]

I voted on what we INTEND doing - which is a joint acc and a personal each. I'm leaving some cash in the UK - around £10k - so I can take advantage of the exchange rates, so I have funds in the UK when I come over to visit and also to pay off my credit card as I'm going to keep it until I can establish US credit and get a US one.

I'm also taking about £10k with me to the US cos we need a whole load of new stuff for my daughter (like electrical stuff cos adapters are ok but the items still work as well, so I'll be replacing everything with US versions), and other sundries including a car for me at some point.

Sounds like Im rich but its from a house-sale so really its all the cash i have and my SO has hardly any savings.

[Garfield fan 0]

We only have one joint checking and one joint saving acct, we do automatic transfer every month from our checking to our saving, but the interest in our saving just plainly sucks ! Well, I guess that's just how it is here in US, back in my homeland we can have at least 10% pa interest rate for any kind of accounts. Nobody wants to put their money in the bank there if there is no interest ... LOL !

Another side note, I'm also surprised that quite a lot of people have more than 50K in their savings. Care to share some tips on money management ??

[Marilyn. 340]

we have a checking account and a savings account... we just recently opened the savings account but a part of hubby's check is directly deposited into the savings account

[mr4422 0]

cool. multiple polls in one post!

[wally 0]

I have my own chequing and savings account, a money market acct., a secured Visa card in my name, a joint savings/chequing , my own chequing/savings acct. and Mastercard in Canada..substantial funds in all AND got denied trying to open an account for my daughter's $25/month flute rental cause of a low score on my Credit rating here. Go figure.

[john_and_marlene 162]

The past year has taken a big bite out of the savings account

[Jasman0717 9]

After the market went to hell about five years ago I rolled my retirement into stable value and that drew about 1.8%. It has now inched itself up to about 4%. I continue to put at least 10% into some sort of savings for retirement even though I now have a pension with the government agency I work for.

[chri'stina 190]

No, you don't have to say exactly how much money you have... I was mostly interested in whether you had nothing, a little, or a lot, and whether we're the only ones who are totally broke!

We have 3 accts....mine, his and ours. We don't have much savings $, and what money we were saving had to be used for Sujeet to visit India. So basically until some of our debt is paid off, our savings will constantly be filled and then depleted by visiting India. That's something Sujeet does not like in the US, how high the cost of living is compared to paychecks and it gives you hardly any extra money. I hardly know people who have a lot of money in savings. Neither of us have any wealthly family, no inheritances, no huge chunks of money as gifts, etc so we have to make all our own savings. In India even though they make much much less, the cost of living is very very low and he always had savings there.

[ChristinaM 0]

We have a checking each, a joint checking and Chris has a business checking for his S Corporation. Unfortunately he had to cash out his retirement accounts and we ate through his savings (and mine, limited as they were!) in the process of immigrating me, but I have a Simple IRA and we have a CD account set up for the express purpose of paying off the credit card before the interest kicks in.

[mawilson 2,133]

Finally started a 401(k). It's fun watching it grow!

[Trompe le Monde 1,107]

Finally started a 401(k). It's fun watching it grow!

Yes it is! Especially if your employer contributes. Though not as much fun as watching your stocks grow.

[chri'stina 190]

No, you don't have to say exactly how much money you have... I was mostly interested in whether you had nothing, a little, or a lot, and whether we're the only ones who are totally broke!

We have 3 accts....mine, his and ours. We don't have much savings $, and what money we were saving had to be used for Sujeet to visit India. So basically until some of our debt is paid off, our savings will constantly be filled and then depleted by visiting India. That's something Sujeet does not like in the US, how high the cost of living is compared to paychecks and it gives you hardly any extra money. I hardly know people who have a lot of money in savings. Neither of us have any wealthly family, no inheritances, no huge chunks of money as gifts, etc so we have to make all our own savings. In India even though they make much much less, the cost of living is very very low and he always had savings there.

This is from awhile ago. Just thought I'd update to say we were able to save money eventually to make a good savings account, though that money had to be used for something and so we are rebuilding our savings again.