Do you have a nest egg? How much? - Mothering Forums

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#1 of 13 Old 08-27-2013, 04:47 PM - Thread Starter
 
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This is something my mom talks about. One of her sisters was in an abusive marriage and had to escape and wished she'd had some money stashed aside somewhere. My mom is always telling me I should have run money just in case something happens - he dumps me, I don't know what else. I don't have anything like that. I am curious if anyone does that.

But that got me thinking about us as a family. We are affluent and do have a decent amount of money set aside in case my husband loses his job or something, like in the six figure range. But I think we're probably unusual there too. It seems like most people have trouble scraping together enough for the essentials let alone having enough saved aside for a major situation like that. I think my husband and I are just very lucky to be able to.

What about you?
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#2 of 13 Old 08-28-2013, 03:45 PM
 
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I'm not sure what "nest egg" mean exactly.  Do you mean just savings, not intended for retirement or college or a future purchase?   Most people I know have some savings for retirement and kids education and maybe even vacayions (typical middle class in my circles), but not a lot left after those.
 


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#3 of 13 Old 08-28-2013, 03:47 PM
 
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Hi, Yes we have about 18k in an online cd that serves as our emergency fund. My goal is to get it up to 20k by the end of the year. 20k is enough for us to live on for a year if neither of us were able to work for some reason. 

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#4 of 13 Old 08-28-2013, 05:02 PM
 
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I have no money saved. We did have 15k but used it over the last two years so i could stay home with the bb.
 

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#5 of 13 Old 08-28-2013, 05:23 PM
 
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It isn't much, but yes, I have a savings account in my name only.  Going forward as we are moving out of some really tight financial times, more will be allocated to that account.  My husband knows I have the account, but he has zero access to it.  I have it tied to our other savings account as well as our checking.  

It is my when the poop hits the propeller fund.  If I needed to leave, if something went terribly sideways, if- who knows what- I have a little there. It is not much right now as we've been through a couple very financially stressful years, but it is enough that if I needed to leave and get 'home' to a support network with my kids tomorrow,  I could do that.

Within two years, I expect to have 20k in that account- at a minimum. I don't anticipate the dissolution of my marriage, but I do like feeling in control in every potential situation. 

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#6 of 13 Old 08-28-2013, 08:40 PM
 
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Oh if you mean a woman's personal account, yes I do have a separate bank account.  I have 7k there that's mine.  I have my registered savings account (called TFSA in Canada) as well and can use that in a pinch. Everything else is joint account.  We have an emergency fund that's enough for about 8 months.

 

According to this article, the average Canadian have about $93952 in RRSP.  I think that's pretty impressive.  This would not include TFSA, education fund or other savings. http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/how-many-canadians-have-super-sized-retirement-savings/article9099700/


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#7 of 13 Old 08-29-2013, 12:33 PM
 
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I don't have any personal money, no. All our money is joint. We have a $11,000 emergency fund, which isn't bad, considering dh is just 2 years out of college. We have other money in savings, too, but it's designated for future expenses. If I had to leave my dh quickly for some reason (which is pretty much unfathomable to me - he isn't perfect, but he's certainly not abusive nor shown any signs of such tendencies), I have full access to that money and could take it without any approval from him. And frankly, I would take it if I left him, since I've been the driving force behind the money saving in our family.


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#8 of 13 Old 08-29-2013, 01:06 PM
 
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It is a good idea to have some money in your own name, in case the unspeakable happens and your joint accounts are tied up in estate proceedings.

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#9 of 13 Old 08-29-2013, 01:25 PM
 
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Pepperdove - Can you elaborate? Why would I not be able to access the money in our joint accounts if something happened to my husband? I know I'd have to have his signature to close the account, but I don't need his permission to withdraw money via ATM or teller.


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#10 of 13 Old 09-01-2013, 10:44 AM
 
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Of course you don't need to ask permission to take money out of a joint acct.  But it looks pretty crappy in court if you empty the joint savings acct and take off to divorce him.  Having your own acct with money in it would be wiser.  As soon as someone files for divorce, there's immediate orders in place that you cannot empty the marital acct.  Normal bill paying is allowed but personal withdrawals of large sums of cash would put you in contempt.


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#11 of 13 Old 09-01-2013, 01:03 PM
 
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Well, if I were emptying our savings account and taking off, something would have had to go very, very wrong. Like him threatening or attempting to kill us, for instance. Which would also look pretty bad in court.


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#12 of 13 Old 09-01-2013, 01:27 PM
 
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I've been married for 26 years, and so no, I have no nest egg.  All our money went into one pot, and we both shared in the decisions to spend it.

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#13 of 13 Old 09-14-2013, 08:13 AM
 
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We have a joint account, personal accounts each, and are co-signers on the children's savings accounts.
We've mostly used our joint savings of about $15k for me to stay home with the kids for the last 5 years. That said, I get paid in sporadic lump sums a few times a year, and we try to use that as our emergency and fun fund. It's down to about $2k right now, which is worrisome. We do have a $7k line of credit, if we really needed it.
We have no debt except for a mortgage on a 1 bedroom suite that we rent out. That is our retirement savings. My partner is a chef, and I'm a writer, so we're not going to have any RRSPs at this rate. We do hope to buy one more rental property when we can afford a large down payment.
I like to have at least $10k in savings at any time, and it's unusual that we only have $2k, but that's mostly because I'm starting a new business and have dipped into that for start-up funds.
As for a nest egg for if anything goes pear-shaped? Not really. I could bolster my personal account, but we lived pretty close to paycheque to paycheque and that'd be difficult. The line of credit is on my personal account though.
Interesting question, Mamazee!

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