How do you feel about your liquid savings?

[supermike80 1,285]

Ok so I know this is the geek club and you're all billionaires but for those that aren't..

Are you stashing 6 months of salary or expenses like most "experts" say?

 

I'd say I have 3 months in liquid savings maybe more if we stretched. This doesn't include 401k type retirement assets where my wife and I feel very good but could always be better.

 

No actual numbers necessary cept maybe your age. I'm 50.

 

We have set a goal to double our liquid savings in 12 months.

[IGotWorms 3,310]

Pretty pathetic right now since the wife just got off maternity leave

[vuduchile 1,941]

I'd say strong to quite strong.

[penultimatestraw 473]

I guess technically I only have a little more than 6 months salary, though I've always thought savings/investment targets based on fixed percentage of salary are silly if you make a decent living. At some point you don't spend (or need to save) more commensurate with increasing pay.

[spork in the road 2]

47, have probably 5 months pay in an emergency fund, but we have $4 saved for the kids college funds, so there's that.

[Djgb13 2,338]

I have no liquid saving. Only paper saving

[jerryskids 5,191]

I guess technically I only have a little more than 6 months salary, though I've always thought savings/investment targets based on fixed percentage of salary are silly if you make a decent living. At some point you don't spend (or need to save) more commensurate with increasing pay.

What do you spend money on? You have no kids, don't drink, don't buy nice cars, don't eat at restaurants that serve real food... how many ski trips can one person go on?

[Patriotsfatboy1 1,432]

I just went to the liquor store and stocked up, so my liquid savings is very strong.

Yes, I have more than 6 month's worth of expenses that are liquid.  I typically oversave and have more cash than I should have.  That isn't good either. 

[Patriotsfatboy1 1,432]

I guess technically I only have a little more than 6 months salary, though I've always thought savings/investment targets based on fixed percentage of salary are silly if you make a decent living. At some point you don't spend (or need to save) more commensurate with increasing pay.

 

I think that the point is to have 6 month's worth of expenses and not salary. The thought is that you will also be cutting your spending during those times.

[jerryskids 5,191]

 

I think that the point is to have 6 month's worth of expenses and not salary. The thought is that you will also be cutting your spending during those times.

 

True but to the extent that spending tends to correlate with income to some extent, a metric based on income isn't bad.

[Patriotsfatboy1 1,432]

 

True but to the extent that spending tends to correlate with income to some extent, a metric based on income isn't bad.

 

Unless you are a big saver or if your expenses are skewed by things like college tuition and stuff. It also depends on what your non-liquid assets look like. If you have a bunch of real estate and only 3 months worth of income, then you might be fine because you can always get loans and access to cash.

 

The reality is that there is not a rule that fits everyone's particular situation. The key is that you need to have a plan to address situations when your income may be cut off for an extended period.

[rholio 339]

All dried up.

[BunnysBastatrds 1,913]

Got a case in the shed. Does that count?

[MTSkiBum 1,594]

Pretty decent shape, but I have the goal to cut my liquid savings.

 

That boat will not upgrade itself.

[Drizzay 645]

I have lived paycheck to paycheck my whole working life. I have about $1500 in savings.

[penultimatestraw 473]

What do you spend money on? You have no kids, don't drink, don't buy nice cars, don't eat at restaurants that serve real food... how many ski trips can one person go on?

We actually spend a lot on food - nice restaurants almost always have something we can eat. Also eating healthy tends to cost more.

 

But you're right, as a % of our income, we don't spend much overall. The plan is to retire early and do volunteer work, possibly overseas.

[BunnysBastatrds 1,913]

I use my company cc to offset all expenses. I'm saving more but spending a lot more on food/drinking/traveling. Fawk it. My d!ck is in the perbbial punch bowl.

[Gepetto 982]

Over a year. I spend extra money on sportscards. I just bought a Jerry West rookie card for $1,000 three weeks ago. I've probably spent $10k in the last year on cards, don't know, don't really keep track.

[Cloaca du jour 2,064]

Im paycheck to paycheck. Wife disabled... bad knees, I bring home 60k a year. Two teenage daughters$$$$. Newest car is a 2006 buick. Have 30 grand stashed away with a family member so kids can get lotsa free college aid. House will be payed off in 3 years. Have internet, roof over my head and food on the table. Livin the dream!! Oh and have 50+ in a TSA from work.

[TimmySmith 2,782]

Am in the process of pairing down HH expenses to nothing. No car payments. So I have mortgage, HS Tuition, and I put away around 15K toward retirement a year. Me and the wife still spend too much. All of which leaves about nothing in the bank.

[parrot 789]

Honestly I probably have too much liquid. The wife is a great saver but we tend to let money sit in savings and checking when it would probably be more productive somewhere else.

[tanatastic 2,061]

Lol savings. What's that? If I have an extra 1k in the bank after paying bills I feel rich.

[NewbieJr 540]

^{Against everything the Geek Club stands for, I will admit that I currently do not have six months salary in (non-retirement) savings. Daughter begins her senior year of college next month. Thank god that's almost done. Very expensive.}

[Cdub100 3,380]

I have 6 months but would like more for when big projects on the house hit

[Thornton Melon 544]

Honestly I probably have too much liquid. The wife is a great saver but we tend to let money sit in savings and checking when it would probably be more productive somewhere else.

Same here. We'd probably have alot more money if we'd taken some risks, but at my age, I'm not gonna start taking risks now.

[rholio 339]

Im paycheck to paycheck.

 

I used to be paycheck to paycheck, but thanks to years of hard work and determination, I'm finally direct deposit to direct deposit.

[cmh6476 750]

I have 4 Tecates in the fridge for when I get home.

[giraldi02 470]

Wife and i have about 10 months saved up.

 

Problem is that we are trying to save up for a home...so most of that is going to go bye bye if/when we can ever afford a reasonable down payment. Getting anywhere close to 20% in this focking city takes ridiculous financial discipline that frankly, I don't have nor do I want

[IGotWorms 3,310]

Wife and i have about 10 months saved up.

 

Problem is that we are trying to save up for a home...so most of that is going to go bye bye if/when we can ever afford a reasonable down payment. Getting anywhere close to 20% in this focking city takes ridiculous financial discipline that frankly, I don't have nor do I want

 

You don't need 20% though, right?

[giraldi02 470]

You don't need 20% though, right?

No...but homes here are about 500k. 10% is still gonna be a ton of money for a mortgage, and then this town has the BS HOA fees too. It's ridiculous.

 

If I could, I'd pack up and move to Georgia when my company opens their hub out there. But then again, it's Georgia. So fock that

[IGotWorms 3,310]

No...but homes here are about 500k. 10% is still gonna be a ton of money for a mortgage, and then this town has the BS HOA fees too. It's ridiculous.

 

If I could, I'd pack up and move to Georgia when my company opens their hub out there. But then again, it's Georgia. So fock that

You don't need 10% either.

 

The whole damn town can't be an HOA.

[giraldi02 470]

You don't need 10% either.

 

The whole damn town can't be an HOA.

San Luis Obispo is old, white, and conservative as fock, despite Cal Poly and the community college being here.

 

HOA fees are pretty much everywhere here. They want their pristine image...and to keep the Mexicans 30 minutes south at all times. So they price them out in any way possible.

[Brad GLuckman 518]

No...but homes here are about 500k. 10% is still gonna be a ton of money for a mortgage, and then this town has the BS HOA fees too. It's ridiculous.

If I could, I'd pack up and move to Georgia when my company opens their hub out there. But then again, it's Georgia. So fock that

Where are you currently?

[giraldi02 470]

Where are you currently?

San Luis Obispo, CA. Exact halfway point between LA and San Francisco along the coast.

[Brad GLuckman 518]

San Luis Obispo, CA. Exact halfway point between LA and San Francisco along the coast.

Ah ok, ya. Ive been there once. Theres a Resreve Center out there, right? Nice area.

 

My wife and I are torn between moving somewhere with nice weather/expensive homes or staying where we are with crap weather/nice homes