Do you have a Savings?

United States
July 3, 2009 12:09pm CST
I watched a program recently that said you should have enough money in savings to cover your expenses for 3 months. Do you have a savings account? Do you have 3 months worth of expenses in that account? Do you put more money into it regularly? If so, how much? We cannot afford to save money right now. We use every dime of our paycheck, and then some. We do have a savings account set up, but there's only $8 in it at the moment!
3 people like this
29 responses
@khayshenz (1387)
• United States
3 Jul 09
I do have a savings account - it's mainly there to not only cover my butt if it were to come to that but also to avoid using credit cards. But I doubt that I'll live off it for three months - maybe for a couple of days. Yeah not enough -but at this point, it's better than nothing. Have you ever heard of Youdata.com? I'm not even gonna ask you to become a referral under me - but I think their target consumer are mommies like you. I think you will definitely benefit from them. Just check it out. They're legit - just a few more dollars in your pocket won't hurt right? Good luck!
• United States
3 Jul 09
Their target consumers are cell phone owners, which I am not. Mommies like me cannot afford cell phones because I have other, more important bills to pay.
@khayshenz (1387)
• United States
3 Jul 09
Well that's not true - I don't have internet through my phone, so I don't use it for that. I just use through my desktop. I've gotten some payout- not a lot. But definitely better than nothing.
1 person likes this
@lilybug (21182)
• United States
3 Jul 09
I just got my second payout from there today, but you have to verify with a cell phone number, so she could not sign up for it.
1 person likes this
@clutterbug (1051)
• United States
3 Jul 09
Hey, I think if my hubby and I searched through our couch cushions and behind the seats of our truck, plus putting in the few savings bonds we have, we might squeak by for 3 months, but it would be a real challenge for sure. I just can't believe what is happening with our economy, there seems to be no more so-called disposable income, as it all goes to groceries, gas, vehicle maintenance, and necessities. After that, there is nothing left but moths, lol. Thanks for your time.
1 person likes this
• United States
3 Jul 09
My couch cusions have already been robbed bare!! Right now we can't even afford vehicle maintenance. Something has got to give, and soon!
1 person likes this
3 Jul 09
I know how you feel! We have a savings account and it's alright thee rich folk that make the tv shows telling us all this about having so much saved but, realistically unless you have the spare cahs how can you save? We try but, every time we get a little put away something comes up that needs paying for!
1 person likes this
@UK_Shree (3604)
3 Jul 09
I do have a savings account but I have such a tiny amount of money in there that it wouldn't last me longer than 3 hours let alone 3 months. Like you said, it just isn't that easy to save right now. If I could save more, I would but it's just not possible at the moment.
1 person likes this
@lilybug (21182)
• United States
3 Jul 09
I don't really have any savings. I no longer have a savings account. I had one until I moved to Missouri from Illinois 5 years ago. I closed it when I moved and I never bothered opening another one. I guess I never had enough money left over to think I really needed one. I do have money at the moment, but it could get spent any day now, so I can't really consider it savings.
1 person likes this
@tonyllenium (6267)
• Italy
3 Jul 09
Yes i have a save account so where i can have my monnthly save too!!so probably they are not so much to cover all the expenses for many months but normally i use to save something to cover some expenses if somebody come not good!!So naturally i have not children and i am not married too..so i think if you are like that it should be more diffciult to save more monthly!!
1 person likes this
@SomeCowgirl (32273)
• United States
3 Jul 09
Right now we probably have about that much or maybe a little over in our savings account. We have one where $1.00 goes directly from every debit purchase to the account. It's nice to have that, and it will do it up to $300.00 in which point we will have to put it into savings ourself. I've heard that you should have enough prepared for a bit just in case of unemployment but right now my fiance and I are unemployed, so lol, we don't really have any money to put in. We're lucky enough to have no bills either, but once we do get a job we'll probably be paying our half of the cellphone bill so we can get used to money going out and not being spent on willy nilly, though I am used to paying my own cellphone bill from when I had a job and that's all I paid. Lol. Well I hope you can get out of the whole so to speak, try to earn as much as you can on here so you'll have a bit of saving money. I appreciate the discussion and hope we both get some good tips on saving.
1 person likes this
@Opal26 (17694)
• United States
3 Jul 09
Hey kats! Not a chance in hell! There wouldn't be enough in my savings account to pay even a month's bills! I would be totally screwed! I have never been able to live beyond one check to the next and now I am on disability so I really am in trouble! I have no idea what it is to be able to have actual money in the bank! I am so scared to live like this, but I don't know anything else and I am pretty up there in age so it is getting even scarier every day!
• United States
4 Jul 09
That's pretty much where we are too!
@newtondak (3950)
• United States
3 Jan 10
Dave Ramsey teaches that we should have 3-6 months' expenses put back in an emergency fund. when beginning on his plan, however, he teaches $1,000 in an emergency fund ($500 if you income is less than $20,000), then work on paying off debt, THEN accumulate the remainder of your emergency fund.
• Philippines
29 Nov 09
I have a savings account.I have an ATM account where I put my savings from my salary.I plan to open a passbook account,also for my savings.I can put my extra earning in that account,so I won't have easy access with that account.I actually find it fun and addicting when I see that my savings account is increasing.
@ersmommy1 (12605)
• United States
17 Jul 09
We have savings. But it isn't that much. Wow that would be hard to accomplish. In these times I dont think I know anyone who could.
@mtdewgurl74 (18124)
• United States
14 Jul 09
No, I don't have a savings account anymore. I could never save enough money in it. Seemed every time I did save some we ended up needing it for one thing or another, so I gave up I have a checking account that I try to keep a small amount of money in to atleast cover my Internet for two months. But at times even that is drained when bills need to be paid and there is no money elsewhere. I wanted to start a Christmas fund where you aren't able to draw the money out till Dec but I can't even do that. It would be helpful in helping pay the bills this winter but we are behind this year it seems on most things and so not enough to really saved..makes me wanna give up trying even.
@Ithink (2067)
• United States
5 Jul 09
Like you we have a savings with basically nothing in it. We are trying to catch up on bills as it is. My husbands work has stopped working full time and has just started full time again and we are behind on almost everything. Every dime we get is either bills or something we have to have like milk or other household needs. I cant imagine being able to put up enough for 1 month of living let alone 3 months. Would be nice thou!
@rymebristol (1789)
• Philippines
4 Jul 09
all through the years that i had work, i had never saved enough money for myself and for my parents. my salary are just enough for a month of expenses, travel allowance going to work, food, electric/water bill, groceries etc. i can't even afford to but shoes every three months LOL!
• United States
4 Jul 09
Yes i have a savings but i dont have enough for 3 months. Maybe a month (if I'm lucky!) Money is tight right now
• United States
4 Jul 09
Although I do have a savings account, I probably don't have three months of living expenses in there. My suggestion to you would be to put some small amount of money in the savings account every month. It seems impossible, I know. But, if you keep a budget, I bet you would be surprised where some of the money goes. Pay yourself first and earn interest- that's the key to building wealth.
@submerryn (1304)
• Malaysia
4 Jul 09
oh gosh, i have a savings account.. but nothing much in there.. it will barely survive for a month or two! but for these past couple of months, i've been actively involved in my blog and it is starting to earn money.. i'm hoping to just save all my earnings from there for rainy days!
• Philippines
4 Jul 09
I have little savings for now that is not enough to cover my expenses for 3 months if I lose my job. But I am keen on saving aggressively to have emergency fund that can be used in case there is an urgent need like unexpected things that you should pay for and If you lose your job. Most experts advice people especially those who are working to save a portion of their income regularly so that they can built a comfortable retirement fund and at the same time have a backup fund for unexpected events. I normally save at least 20% of my income and the rest for paying the bills and other items. But because I am not getting any younger and I still do not have enough for the future, I will try my best to increase my savings to at least 35% of my salary every month and if there will be bonuses, I will save it 100%.
@kmaram (2535)
• Philippines
4 Jul 09
Yes i have a little savings right now good for 1 month expenses. Beside that i have in my bank account a little money came from earning sites, so if ever our savings was used already i get from my earning sites money as i said a while ago. Its always nice that you have an extra money or savings so whenever you need it you have something to use, i am agree that you have to save more atleast 3 months expenses but now can't do it, anyway keep on mylotting
@psyche49f (2512)
• Philippines
4 Jul 09
Saving for a rainy day - I hate uncertainties, so to ensure I have cash available when I need it most, I save and forget about it. I don't withdraw it unnecessarily...
If that's the criterion, then it's a yes...have some amount stashed away as savings that could last say 3-4 months. I don't really put in regularly, but I just do whenever there's an extra cash. My edge is that I have not withdrawn any portion of it, so so far so good. Hope I don't need to withdraw ...I'm saving for a rainy day, but not so sure when it comes. I hate uncertainties...it's reassuring having some cash available in case there's an emergency...