Re: What is a “normal” amount to save in a year?

Thanks for the positive message about not putting yourself down. It is easy to beat up on oneself for debt problems.

I have a problem with getting overdrawn, and the fees the bank charges. I have already trashed my credit, and am doing debt settlement, but have one judgement against me – so the only way I have to be in debt is overdraft fees. I know, I know, I could have the bank stop doing it (the bank allows you to get $200 overdrawn)- but I tell myself I can’t buy food, or cat food if I don’t have it there for me.

But I think the underlying reasons for continuing to get overdrawn are what needs to be addressed – just like some folks on here are facing their issues with spending.

like why don’t I have enough money to pay my bills? what do I need to do differently? I live with my kids, who are 23 and 20, and both of them are working. Yet I feel reluctant to ask them to help pay – probably because of the guilt I fee l about being divorces (they never had their dad in their lives and he stopped paying child support) – and my son has health and drug issues, and I never saved for their college – etc, etc, when I write this I see how ludicrous it is.

So, anyhow, it is good for me to see other people also facing in themselves how they got into their situation – but without blaming themselves unduly, and recognizing their need to change and move on – so thanks for letting me have this blog.

Don’t feel bad for them, you did the best you could for them. At this point in their lives though, it’s time to ‘cut the apron strings’ and allow them to start being productive members of society. You won’t be a bad mom if you charged them rent or for food.

I grew up in a single parent home, parents never divorced and my mom did not save for my college education. But I went to school somehow got a degree and I am about to go for my MSW.

Some how we feel pressure from all sides, and this world puts those who can’t deal with pressure in a financial trap-some how we have got to face the fact that either we may be addicted to retail or running from our financial responsibilities.

They are never going to go away…..Do what you can to uplift you and leave the rest to GOD.

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What is a “normal” amount to save in a year?

saving money

Last year I finally achieved a positive net worth for the first time in my adult life (I’m 34). I am not prolifigate or materialistic but due to some unavoidable personal circumstances I’ve spent the last 8 years paying off almost $200K in unsecured debt. This is SUCH a relief and I have to give myself credit for being disciplined about paying it off. But here’s my dilemma.

I am self-employed and made some good money last year but I feel like I ought to have more saved up at the end of the year. I keep track of every single thing I spend money on, business and personal, literally to the penny. So I know what I’ve spent money on and how much. But while I can see how I ended up with the amount I have, I just can’t shake the feeling that I should have saved more.

What I’m wondering is maybe I have cockeyed ideas as to how much I should have saved? ie, maybe I’m being too hard on myself or having unrealistic expectations.

So what I’d like to know is how much does a “normal” person save in a year? ie, not super cheap, not spending crazy, making enough money for thier expenses that they don’t have to lay awake at night worrying about paying the rent (been there, done that).

I’m looking for whatever you think, ie a percentage, an actual amount, etc. I don’t need advice so much as to re-calibrate my expectations.

Saving is hard enough without putting yourself down by telling yourself you should have saved more. I’ve had trouble saving money for years. Last year I decided to set a specific amount to save each week ($5)and I’ve been doing it. Maybe this isn’t much but my income last year wasn’t much over 12,000. It was more but I have 10% going into a 401k before taxes come out. Put over 2,000 into that 401k last year. I started out at 7% and have been increasing it by 1% every 3 to 5 months with the desire to reach 15% by the end of this year. I’m more concerned about having money to live on when I retire than having actual savings today although I want enough savings to handle emergencies like car repairs.

There is no set amount you have to save each year and no formula to figure it out. You decide what is a good amount then go for that and if you end up with more then you’re doing great!

personally, when my thoughts start going to kicking myself for what I didn’t accomplish or get done I’m working hard to switch over to complimenting myself for what I have done. For example, I start getting on myself because I didn’t get the laundry done and my kids and I are nearly out of clean stuff. I start listing what did get done like all of the dishes are clean, I made cookies, fixed a good dinner, found a great new book at the library, finished homework for my college class(es), etc. My ex was always putting me down and I’ve been working on breaking that habit now in myself by focusing on what I have accomplished instead of what didn’t get done. I refuse to trash myself.

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