What is you status of savings Q1 & Q2 09

R

roundcorners_IHB

New member
I just thought I put together a quick poll? In response to my last <a href="http://www.irvinehousingblog.com/forums/viewthread/5666/">thread</a>? I hope it?s not too confusing. How much have you been able to save this year so far, in percentage to gross income? Again,, for us,, we have been pretty much a wash. Haven?t been able to save, but recovered from the red for the past few months. Let?s see how the rest of the year plays out! Does anyone know what it the current US savings rate? I think GS expects it to be around <a href="http://freefrombroke.com/2009/01/savings-rate-finally-turning-upward.html">3%-5%</a>...
 
[quote author="zubs" date=1247276528]do you consider paying off my conventional mortgage as savings? It is a kind of forced savings.</blockquote>


well.. maybe not... its not cash on hand.. even though, long term savings are kinda untouchable... it's subjective really... if you want to...
 
[quote author="zubs" date=1247276528]do you consider paying off my conventional mortgage as savings? It is a kind of forced savings.</blockquote>


I wouldn't call that savings. You are reducing liabilities. However, you are increase the amount of money you are able to save in the future, so that next year when RC does his poll you will be in a different tier :)
 
[quote author="usctrojanman29" date=1247279828]I am putting away about 45% of my net pay from my consulting job into savings plus another 15% for my pre-tax deduction.</blockquote>


sweeet.... ahh the joys of being single! this is with the budget for the M3?
 
I voted in the 0-5% category, but I guess if we're counting retirement contributions it'll push me to the next bracket, maybe higher. We are unexpectedly working off a single income since the beg of Q2, and I'm very lucky we haven't had to dip yet.
 
[quote author="usctrojanman29" date=1247279828]I am putting away about 45% of my net pay from my consulting job into savings plus another 15% for my pre-tax deduction.</blockquote>


and... why have you not signed up to <a href="http://www.irvinehousingblog.com/forums/viewthread/5637/">bring Peter a meal</a>?
 
[quote author="roundcorners" date=1247280920][quote author="usctrojanman29" date=1247279828]I am putting away about 45% of my net pay from my consulting job into savings plus another 15% for my pre-tax deduction.</blockquote>


sweeet.... ahh the joys of being single! this is with the budget for the M3?</blockquote>
With the M payments it'll go down to about 40%. The way I used to spend between 2007 and 2009 is like night and day. I used to go out like 3 days a week back then and had a gf. Now I'm single and go out 1 day a week (studying for the CPA contribute to that). I really have tightened the belt since I won't really know how long the consulting job that I'm on will go...our contract is through Sept 30th but could possibly go until the end of 2010 but the nice part is that I'm making more per hour than I was at my previous job in terms of base salary.
 
We have not reduced our retirment contributions, but have not been able to save anything outside of that and we have not reduced our liabilites by as much as we had planned. But, we did get to take a pretty extravagant trip (10 days wine tasting in Provence and Burgundy with some pretty amazing meals including a Michelin 1 star restaurant and a 3 hour lunch with a pairing of 14 wines) and have put quite a bit into the cellar. Also, I had some long over due cosmetic dental work done. My income is starting to come back, so if things keep going as they have for the past month, then the year should turn out to be pretty good.
 
I wasn't sure how to answer the poll so I just voted based on our amount going into cash savings, which was 25% of our gross income over the last year. That does not include the money going into retirement and other investments. I am happy because we have exceeded our goal for our rate of savings. I love to save money and enjoy that more than spending money.
 
I'm curious about the "destination" of savings. If you save for a year, then buy a car, was it really savings? Depends how you define it. Most here are saving for a downpayment I think, including me. How much of our savings is truly for a rainy day, with no plans whatsoever? I deny myself a lot so I can save at a good clip (through biweekly deductions into an "untouchable" online account). I expect to buy a house in the next few years, but I am loathe to drain the pool--which took me years to fill--just for the downpayment. 20% tops for me (unless mortgage rates get up into the high teens--we can only hope ;)). The rest of it may end up in my kids' college fund or their inheritance for all I know.
 
Enough for a few years... but not enough to a few years and a house. Maybe 5 years and to purchase a house.



But liquid is only a few $$. I am a unrepentant spender.... so i need to keep temptation away.



-bix
 
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