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Household savings -- Where are you at?

Poll Results: How much in savings do you have?

 
  • 18% (7)
    $0 - $499
  • 2% (1)
    $500 - $999
  • 2% (1)
    $1000 - $1999
  • 5% (2)
    $2000 - $3999
  • 5% (2)
    $4000 - $5999
  • 5% (2)
    $6000 - $7999
  • 2% (1)
    $8000 - $9999
  • 7% (3)
    $10,000 - $11,999
  • 2% (1)
    $12,000 - $13,999
  • 5% (2)
    $14,000 - $18,000
  • 0% (0)
    $18,000 - $19,999
  • 2% (1)
    $20,000 - $29,999
  • 7% (3)
    $30,000 - $39,999
  • 0% (0)
    $40,000 - $49,999
  • 31% (12)
    $50,000 +
38 Total Votes  
post #1 of 15
Thread Starter 

Today I read an article on the average savings of Australian households and the statistics somewhat surprised me... Australia is a very expensive nation - I was genuinely surprised that anyone had *anything* in savings. The average overall was $15,000 per household, but one state had an average of $25,000 per household. Then they split it according to Gen Y, Gen X and baby boomers and Gen X households fared the worst @ $8000 on average. $8000 being "bad" almost wanted me to smack my head and laugh simultaneously.

 

When I was expressing my outrage surprise to DH, he didn't seem to be fazed. He said "well, maybe they are just good at saving".. to which I took offence of course (being the one who manages the finances in this household). I even yelled out "where are all these people getting the money from!!" and stomped out in a moment of frustration. 2whistle.gif

 

I thought I'd start a poll and I hope you don't mind participating. It will help me to build a more accurate picture of household savings (from those who have kids).

post #2 of 15

We are supposed to have "savings????"  duh.gif   We are a penny to penny type of household at the moment but I dream of a future savings acct.

post #3 of 15
Thread Starter 

I know, right! blush.gif I'm trying to build some "savings" which will eventually be used up come the end of this year, because we need some very necessary stuff for the house. I'm still reeling with the stats..

 

Ooof. dizzy.gif

post #4 of 15

Hmm, well we have a little over $22,000(ish) saved, but that includes savings for a down payment for a house and for the kids' college funds.  I just never feel comfortable unless we have at least $10,000 in savings, so that's where our tax return and most extra money we get goes.  I know, we're the "super-fun family," right?

post #5 of 15

Whaaaaaat?  There's people who have over $50k in savings?????  GO THEM!  That's awesome!

post #6 of 15
Thread Starter 
Quote:
Originally Posted by gypsymama2008 View Post

Hmm, well we have a little over $22,000(ish) saved, but that includes savings for a down payment for a house and for the kids' college funds.  I just never feel comfortable unless we have at least $10,000 in savings, so that's where our tax return and most extra money we get goes.  I know, we're the "super-fun family," right?

 

We're not super fun lol :) I pack every last cent into our current savings. We are barely doing anything but the absolute essentials (like eating homemade food and uhh, living in our house - I haven't used my car in over a month) and it's still difficult to build some decent savings without waiting for months on end. Then come the spending of those savings on basic things we need to make the house more livable. eyesroll.gif

 

Seriously though, good on you mama!!! 22k is brilliant thumb.gif

post #7 of 15

Maybe the 50,000+ are older?, saving longer?

i have about 16,000. That is most of my savings not including retirement funds. Ive been able to sock away a lot over the past few years.

post #8 of 15
We currently hover right around 10k, but my short-term goal is to get that up to at least 16k. I'd love to do so by 2014, but dd2 is due in 8 weeks so our Summer income will be significantly reduced. We dont have any other savings (retirement, 529, investments) but also have no credit card debt. However, I do have around 20k in student loans.

We have a low- to moderate-income and try to keep our expenses low. With baby number two on the way I'm feeling the urge to save save save and probably wont feel comfortable til we have at least 8 months of expenses saved (roughly 25k for us, right now.) Hoping to get there by mid-2015 if possible!

In 2010 we had zero in savings and around 25k in high interest credit card debt and my student loans (which were also about 25k.) We have dealt with one unplanned pregnancy and both dh and i have gone through periods of unemployment and under-employment during the past 3 years. I don't think we were ever both fully employed at the same time during the last 3 years! So getting where we are today has taken lots of dedication and sacrifice.
post #9 of 15

I never know what to include in "savings."  I wouldn't include retirement or college savings, but then there are things that are more ambiguous, in my opinion.  For example: do you count money you fully expect to spend (money for braces in the future, for example, or for next year's property tax bill; savings for a future car or major home repairs)? 

post #10 of 15

I chose zero, because I am in the paycheck-to-paycheck stage of life right now. And cash runs out before the month runs out usually! Bills get paid generally, and we don't go hungry, but no leftovers.

 

But I forgot I have $200 a month taken from my check, so I have about $2500 that I can't touch. At least not easily.
 

post #11 of 15

I'm surprised that generation X had the lowest savings.  They're people in their late 30s and 40s and should certainly fare better than the below 35 group?  Is this article up to date?  I assume these savings exclude retirement and education fund?

 

*I found it.  Is this the article? http://www.news.com.au/money/money-matters/australians-saving-more-than-ever-but-some-more-than-others/story-e6frfmd9-1226628719943

 

It sounds like a simple stats based on ING account balance.  Which would mean little if most people use other banks in Australia.  Although I suppose if these are just the cash sitting in people's ING accounts, not their retirement fund, then Australians are doing pretty good.


Edited by Poddi - 4/27/13 at 12:41am
post #12 of 15

I find these articles very misleading.  

 

We have very little in a savings account, but why would I keep money in a low-interest account when I can max out my retirement contributions and/or invest money?  Keeping money in a handy account can be useful when saving for a short term goal (down payment/car/vacation), but for long term savings, it makes no sense.  

post #13 of 15
Thread Starter 
Quote:
Originally Posted by Poddi View Post

I'm surprised that generation X had the lowest savings.  They're people in their late 30s and 40s and should certainly fare better than the below 35 group?  Is this article up to date?  I assume these savings exclude retirement and education fund?

 

*I found it.  Is this the article? http://www.news.com.au/money/money-matters/australians-saving-more-than-ever-but-some-more-than-others/story-e6frfmd9-1226628719943

 

It sounds like a simple stats based on ING account balance.  Which would mean little if most people use other banks in Australia.  Although I suppose if these are just the cash sitting in people's ING accounts, not their retirement fund, then Australians are doing pretty good.

 

I'm not surprised. The cost of living here is exhorbitant - Add kids into the mix (which is most of Gen X) and you have trouble. Live in a big city and you've got double trouble. We are taxed left, right and center and have some of the highest prices in the world for day to day goods. We are charged double on average what you would be charged for an item in the US (even though our dollar is worth the same as the USD).

 

Anyway, I digress. Saving anything in these conditions is difficult. I'm genuinely surprised Gen X had 8k on average.

 

In Australia it's mandatory for an employer to contribute 9% of their employee's gross salary into their super (superannuation). Unless you're self employed, generally speaking, people don't have seperate self managed funds they contribute to in addition to their most commonly used super account. You can however, contribute extra into your super if you feel so inclined.

post #14 of 15
Thread Starter 

Thank you to everyone who contributed to the poll :) I'm in awe of those mamas who are in the top bracket. thumb.gif

post #15 of 15

ok if you asked this question last yr i would have to say 0, but this yr i managed to pay off the car loan so now i have 600 savings. But not in the Bank i have a coffee can system that works for me i deposit wha ti need for bills in the bank and get the rest in cash 80 of that is gas money the rest i split between 3 coffee cans( EF,Trip,Car replacement). This helps me alot i have no tempation to touch the cash but if it was in the bank i would spend it.

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