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Old 11-20-2013, 12:56 AM   #61
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Re: how much do you have in savings?

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This may derail this thread, but I really don't see why it is the parent's responsibility to send their kids to college. Never made any sense to me at all.
I don't feel it's a responsibility, but I think it's nice and would be something I would want to do if I were able to. And if they chose not to go to college, there are oodles of other ways for that money to benefit them.

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Old 11-20-2013, 01:00 AM   #62
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We have an investment account with an amount that varies slightly, but it's got a very healthy amount in it. Technically, it isn't savings, but if something happened that we all of a sudden needed money for, it's there. It's planned more as a retirement.
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Old 11-20-2013, 01:37 AM   #63
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Re: how much do you have in savings?

DH & I are mid-30s and the values below are our accounts added together.

RRSPs (similar to 401K, I think): ~$40K
We owe another $50K into our RRSP that we "borrowed" when we bought our home - that is due back gradually over 15yrs.

Right now we are paying back our LOC attached to our mortgage, once that is done (~1yr), we'll build back up a 5K emergency fund. Our LOC is our "emergency" savings right now.

Our kids RESPs are piddly. And with me being a SAHM, we're not contributing regularly to RESP or RRSPs. Both DH & I agree we need at minimum $1 million for retirement, and we would likely try to continue living frugally then. Not really sure that is going to happen. We'll re-evaluate once I'm back in the workforce.
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Old 11-20-2013, 04:49 AM   #64
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Savings about $2k.

My IRA about $40k

I will have a pension since I teach, and dh has a Teamster pension.

The two kids together have about $16k in custodial accounts.
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Old 11-20-2013, 05:07 AM   #65
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Re: how much do you have in savings?

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This may derail this thread, but I really don't see why it is the parent's responsibility to send their kids to college. Never made any sense to me at all.
I understand your opinion but it's not one I share For myself I didn't expect to my college to be paid for but I did expect a co-signer or at least encouragement. Besides that my parents are well off and could afford it. My parents said don't go it's a waste a money. For my DD I want to give her that gift. Thats all.

I'm not sure if you were refering to me or not but it seemed so just ignore this if not!!! hehe!
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Old 11-20-2013, 05:09 AM   #66
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Re: how much do you have in savings?

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I don't feel it's a responsibility, but I think it's nice and would be something I would want to do if I were able to. And if they chose not to go to college, there are oodles of other ways for that money to benefit them.
Exactly, like buy a car. Down payment on a house!
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Old 11-20-2013, 05:12 AM   #67
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I think parents should at least be able to offer to help their kids get started. Be it college or job/living. We bring them into the world, so let's help them get a good start at the beginning of their lives outside of home. My mom paid my student loans for 2 years while I was in college and 6 months while I was job searching after college then I took over once I had a steady income. I thank her for that. My dd has about 3k in a savings/stock account and this baby will get one too. Their grandpa starts these for them with 2500 and we add to it as we can.
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Old 11-20-2013, 05:41 AM   #68
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Re: how much do you have in savings?

I don't know if we're considered 'older' or not. We're currently 31/32. We have retirement accounts for almost 10 years. I don't know what is in them, but I'd guess they're pushing 100K each. For our liquid savings (that we use from time to time on thing like home repairs, surprise major purchases etc) we have over 1 years expenses if we had to be barebones. Compared to our take home salary it is about 1/3 of our yearly bring home salary. We're comfortable with this amount because we assume in desperate times we wouldn't have daycare (that is 1500/month) we'd stop contributing to our optional retirement accounts, etc.
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Old 11-20-2013, 05:52 AM   #69
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Re: how much do you have in savings?

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This may derail this thread, but I really don't see why it is the parent's responsibility to send their kids to college. Never made any sense to me at all.
I agree with you, its part of the whole picture of fiscal responsibility and money management but disagree in specific theory. I think it very much sets up for a strong and stable life. It really changes life dynamics. I personally am so thankful to my parents (my duty and honor to take care of them now, should they need it) and thankful that I could save for retirement, a house, and my children's education. I'm surrounded by people buried in student debt and slammed with interest (not that its not a better rate, mind you, but it really adds up when you're struggling).

edit: and I don't mean children are "entitled," not a free ride, just a hand up.
(cliché after cliché, but I think it shows what I mean)

And I should specify, I also would never tell anyone that their own savings and retirement don't come first. They absolutely do. Parents have a much shorter horizon that children do (we hope and pray).
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Old 11-20-2013, 07:24 AM   #70
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Re: how much do you have in savings?

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edit: and I don't mean children are "entitled," not a free ride, just a hand up.
(cliché after cliché, but I think it shows what I mean)

And I should specify, I also would never tell anyone that their own savings and retirement don't come first. They absolutely do. Parents have a much shorter horizon that children do (we hope and pray).
I agree completely. However I am not in the position to save for myself bc my savings are going towards paying for my education(I don't want to take out a loan) and saving for a new car. I plan to begin saving for myself once I have a stable living situation. Hopefully in the next two years. So by the time I turn 23 which is still young enough to save enough for my retirement.

Edit: I sorta of do my own version of DR and have specific allotments for each category of spending. I don't count these as savings.

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