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What are savings for?



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What are your savings spent on?
Nothing, I spend minimally and save the rest  
 4%  [ 7 ]
Nothing, my income covers my expenses and I expect the same in the future  
 2%  [ 4 ]
Nothing, I have none  
 15%  [ 23 ]
Extras that income doesn't cover  
 3%  [ 5 ]
Basic expenses that income doesn't cover  
 3%  [ 5 ]
Emergency fund  
 7%  [ 12 ]
Future large expenses like Simcha or a home  
 57%  [ 87 ]
Future expenses because you anticipate basic expenses increasing more than income.  
 5%  [ 8 ]
Total Votes : 151



imanotmommy




 
 
    
 

Post Wed, Oct 28 2020, 12:01 pm
If you have an account for a specific goal, then obviously it's for that. I'm talking about if you have or have ever had a sum of money (from before you got married, or if you had high income and low expenses when first married, etc) that wasn't a conscious effort of putting aside money for a particular item or event.
What would you spend that money on and when?
Is it untouchable money for when you chas veshalom have an emergency? For when your expenses increase more than your income?
Is it for extras that your income doesn't cover?
Do you add to it every penny that isn't spend on food, rent, and childcare, for "the future" without specifying what?
Do you just put money in and take it out without paying attention to the ratio of income to expenses? (and if you do this, is it because you don't have to worry about finances or because you don't think you can spend any less anyway?)
Is it instead of a life insurance policy?
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amother
Royalblue


 

Post Wed, Oct 28 2020, 12:20 pm
One saves for multiple reasons.

Most critical is having emergency savings. The recommended amount six months.

One might also earmark additional amount to cover normal items that aren’t regular occurrences such as major medical bills, hime repair or maintenance.

One saves long term for retirement.

One saves for large expenditures such as hime down payment or anticipated Simchaexpenses.

One saves for discretionary major expenses such as furniture, remodeling, vacations, sheitels.
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amother
Honeydew


 

Post Wed, Oct 28 2020, 12:28 pm
I'm surprised that the poll doesn't include saving for retirement. That's the big one.

In an ideal world (and I know lots of us don't live in an ideal world), families would have three types of savings. There is the rainy day savings, for unexpected large expenses, like when the furnace breaks down, there's the directed savings for big ticket items (down payment, simchas, college, home renovations) and there's retirement savings, which are absolutely untouchable.
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imanotmommy




 
 
    
 

Post Wed, Oct 28 2020, 12:33 pm
I didn't think of retirement while making the poll, but I don't think I would have included it. I assume that most people have a specific 401k or other specific account for retirement, which is separate from other savings that they can choose how to spend.
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amother
Burgundy


 

Post Wed, Oct 28 2020, 12:33 pm
I save for emergency and retirement
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amother
Forestgreen


 

Post Wed, Oct 28 2020, 4:54 pm
3 accounts:
#1- create 1 custodial account per child:
Weddings and helping kids setup home
Yeshiva/seminary
Helping married children
#2-401ks:
Retirement
#3:
Home - we own but need to buy bigger
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challahchallah




 
 
    
 

Post Wed, Oct 28 2020, 7:50 pm
We have a set amount we keep as an emergency fund. Anything we save above that amount we put toward bigger purchases like home improvement etc. We did dip below our normal emergency fund level right when we bought our house but BH were able to build it back to normal levels within a few months.

We also have 401ks, 529s etc for retirement and kids.
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seeker




 
 
    
 

Post Wed, Oct 28 2020, 7:53 pm
Need to be able to choose 2 - I chose future large expenses but emergencies is also a big one for me. And retirement I'm counting as future large expense because it's not on the list. Though I would like to move my retirement plans over to something that could grow better than a savings account.
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amother
Blush


 

Post Fri, Oct 30 2020, 11:28 am
We have no savings. Only valuable assets.
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twizzlers1




 
 
    
 

Post Sat, Oct 31 2020, 1:34 pm
I wish I would have said saving for retirement. I mean it's also for an emergency but we are thinking long term.
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