Money In Your Account?

Discussion in 'General Education' started by DigitalDiva25, Oct 1, 2015.

  1. DigitalDiva25

    DigitalDiva25 Companion

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    I'm just curious about the average amount of money teachers have..:whistle: How old are you and how much money do you have in your savings account?

    Me, I'm 32 years old and currently only have $13,000 in my savings. But the thing is I still owe $3,000 for my student loan and $5,000 for car loan. So really I'm worth only $5,000 :eek:
     
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  3. swansong1

    swansong1 Virtuoso

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    I guess my opinion is that my financial information is really nobody's business.
     
  4. Koriemo

    Koriemo Comrade

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    I'm sure that answers to this will vary, considering marital status, student debt, etc.

    We have about $3000 in savings. We live in the house that my husband inherited. We own two cars (one decent, pretty old) and paid off student loans last month, which drained our savings. Debt free! I'm 25.
     
  5. jadorelafrance

    jadorelafrance Cohort

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    I'm not going to share the specifics of my financial situation, but I'll say that I am worse off now than when I was part-time, living at home and pre-master's degree :( The MA took a lot out of me financially.
     
  6. Caesar753

    Caesar753 Multitudinous

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    My family is comfortable. We owe on our mortgage and student loans, but we have no credit card debt and we paid cash for our cars. We live frugally and have made wise financial decisions along the way.
     
  7. Backroads

    Backroads Aficionado

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    11,000 in savings. 31 years old. We have a mortgage, but we are momentarily done with student loans.
     
  8. Caesar753

    Caesar753 Multitudinous

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    Have you considered paying those off in a single lump-sum payment? It would obviously make a huge dent in your savings, but you wouldn't have to pay any more interest.
     
  9. jadorelafrance

    jadorelafrance Cohort

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    I agree. I would just pay them off. Debt free is the way to be!
     
  10. DigitalDiva25

    DigitalDiva25 Companion

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    To those who are married, do you all have your own savings account besides the one that you have with your spouse?
     
  11. Caesar753

    Caesar753 Multitudinous

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    I technically have a separate savings account at another bank, but it doesn't have any money in it, at least not much. All our accounts (besides that one) are fully joint.
     
  12. DigitalDiva25

    DigitalDiva25 Companion

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    Yes, I'm actually thinking of doing that..because by the end of the school year next year, I'm expecting that my savings will go from $13,000 to $17,000...so I might as well pay it all off or at least pay my student loan. But I don't know...I might feel broke just the thought of not having much money anymore in my account lol...or there might be some emergency in regards to my cat he's quite old, I might have to spend extra cash next year...
     
  13. bella84

    bella84 Aficionado

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    DigitalDiva, you are WAAAAAY better off than a lot of people I know, including myself. I would definitely pay off the loans, if I were in your situation. I have no savings right now, due to changing jobs, moving, and buying a new car all the same summer (and I guess not having a ton built up to begin with). I also have roughly 16 times as much student loan debt as you. I'm lucky that I have parents who will help me if I fall on hard times before I'm able to build up my savings again (which is an actual possibility right now), and I also have accepted the fact that I'm never going to pay off my loans... literally never. I will reach the maximum number of years making payments (and have the remaining balance forgiven) before I ever pay them off. If I stay in public service, that'll come sooner rather than later, but it's still a long way into the future regardless. You are doing just fine where you're out. Just fine or better, in fact.
     
  14. ChristyF

    ChristyF Moderator

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    I'm single and while I don't intend to share personal information, I will say I lived much better as a college student working at Mervyn's.
     
  15. mathmagic

    mathmagic Enthusiast

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    Without specifics, we do still have separate accounts, but that's more because we haven't had any major need to do a combined one, completely trust each other (and perhaps are just too lazy to go open a joint one...ha).

    We were able to pay off our student loans shortly after college, paid for our own wedding, and are on our way towards eventually buying a home (with the 20%)...with pretty much no help - living relatively frugally, but still plenty comfortably. I'm proud of where we're at (and have worked hard to get there) ...though due to the cost of living in our area, we're still not completely set, even with both of us working!
     
  16. ChildWhisperer

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    I'm in my upper 20s with zero debt (paid off car loans & student loans by 27, Never had credit card debt, and paid for graduate school without taking out loans!), and I have about 16K in my account. We're not married, but we don't plan on combining our accounts once we do get married. Although that might change in the future, you never know!
     
  17. Peregrin5

    Peregrin5 Maven

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    I'm 27. I had a medium amount of debt to get my teaching credential, but I didn't have to pay a single penny on it, because I used government loan forgiveness programs to pay it off. I never got into debt for anything else, and I don't intend to ever go into debt again (would rather just pay cash).

    I'm at the top of my education pay scale (though only step 4 for years experience) because I just get credits whenever they're available for PDs.

    I won't go into any specifics, but I have a lot of money put away for future schooling, and a good amount saved up in my bank accounts.

    I'm with my BF, and we keep our accounts separate, but I sure as heck wouldn't be as well off today, if it weren't for him and his financial expertise. (He's two years younger than me, has much more money than me, and is great at saving money).
     
  18. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    I'm 33. Money seems to burn a hole in my pocket (definitely not proud of this). I have really nice things (beautiful home, luxury car, lots of clothes, eat really well, etc.), but don't have much of a savings.
     
  19. Amanda

    Amanda Administrator Staff Member

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    Pay off the loans, then take what you would be paying toward the loans and put it back in savings. Since you won't be paying interest you'll be much better off. :)
     
  20. dgpiaffeteach

    dgpiaffeteach Aficionado

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    I have a decent amount in savings. I have a car payment and a mortgage. No student loans. I'm comfortable but I also love to spend (shop).
     
  21. readingrules12

    readingrules12 Aficionado

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    I won't share my financial situation except to say that it is good and we are debt free. I was as much as $25,000 in debt at one point, and I didn't know how I'd stay in teaching. I did find that as the income went up and as the debt went down, things got much easier. It takes time and much sacrifice at first. My wife is also a teacher and we aren't worried about money anymore. Some of you might know what I mean by: "Thank you Dave Ramsey". Your books saved us.:)
     
  22. lucybelle

    lucybelle Connoisseur

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    I have my own savings account which I don't spend out of. It was money I had before the marriage which I consider "mine". All money we earn, and have earned since the day we moved in together, goes into one joint account. Everything we need to buy is paid for from the joint account.
     
  23. Backroads

    Backroads Aficionado

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    No. Not opposed to the idea, but we budget better from one account.
     
  24. jadorelafrance

    jadorelafrance Cohort

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    I took a Dave Ramsey course and it was enlightening, but I firmly believe that it really benefits those who are married (double income) or are super young with no debt already. It's very hard on one income (and a teacher's one at that) to pay rent, pay off debt and start saving. It takes MUCH longer and things keep popping up like car maintenance for example.
     
  25. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    30-years-old

    Zero in savings
    $19k in credit card debt

    $5k left in school loans (after 8 years - started with $26k)

    Leasing a car that I will then pay to own - probably will be paying that for another 6 years.

    Hubby and I are finally getting our act together and I'm budgeting every penny. We are starting to cut down our spending (especially with eating out), putting $1000 a month towards our credit card debt, and saving $300 a month. We started this project about 2 months ago (this is month 3) and we're doing a lot better. I know we are in a bad place financially, but.. live and learn.. we are making progress :)
     
  26. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    This is what we are planning on doing - pay off college loans. Then add that amount to the $1000 we are putting towards credit card debt until it is paid off. Then put that money towards savings.
     
  27. readingrules12

    readingrules12 Aficionado

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    I do agree that being single and being a teacher isn't easy. I was one for a long time before I met Mrs. Right. I did start the Dave Ramsey program while I was still single. It still works if you are single. It might just take a bit longer which is okay. The program doesn't have any time guidelines on how long it takes to get debt free. Glad that you found the course enlightening.
     
  28. TeacherNY

    TeacherNY Phenom

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    I have very little savings of my own but we have some in our joint account. The only debt my husband and I have is our mortgage. I pay cash for almost everything and use my debit card sparingly. We have one credit card we only use on occasion but it's paid off when the bill comes. I do have some emergency money tucked away in my home office but I usually end up using it for Christmas presents :D
     
  29. DigitalDiva25

    DigitalDiva25 Companion

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    I have a question to those who are married...let's say you own only a few thousand dollars of debt, but your spouse owes about $70,000 or more basically waaaay more than what you owe, would you help with paying his debt or do you think each is his/her own debt?
     
  30. Backroads

    Backroads Aficionado

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    Not in this situation, thank goodness. But, speaking from my personal situation with joint finances.

    Since Husband and I share our finances, then yes, I say that as a partnership we need to deal with that debt together. It will affect our finances down the road.
     
  31. Rox

    Rox Cohort

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    I'm 35, have a husband and two toddlers. We have joint accounts.

    Part of my student loans were waived due to being a special education teacher. Then last year I paid off my last college loan, only to go back and get a 2nd masters in administration, so now I'm in $20K debt. If I get hired as an administrator quickly, it won't be a problem to pay it off in a couple of years, but if not... it'll take some scrimping and about ten years.

    We had about $12K in savings before we had children, but since then, things just seem to come up that makes it very difficult to save. Car repair, a new washer, house renovations, etc. Now we have about $2K. My husband is a spender, so that is part of the problem. I can't wait until we don't have to pay for daycare anymore because that is one huge expense for us, especially in a large metropolis.

    My husband used to be the breadwinner in the family, but now it is me. We contribute to each other's student loans regardless of whose it is.
     
  32. jadorelafrance

    jadorelafrance Cohort

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    I have no plans to ever expect my future husband to help me pay off my loans. However, with splitting all the other bills and him saving, I imagine that it would be easier and take much less time to pay it off.
     
  33. 3Sons

    3Sons Connoisseur

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    You're valuing yourself only by current cash, which ignores a lot of things. You're worth a lot more than $5000!
     
  34. DigitalDiva25

    DigitalDiva25 Companion

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    lol..I knew someone was going to come here and say that :lol:

    I just meant financially..not as a person
     
  35. Koriemo

    Koriemo Comrade

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    I would absolutely help with paying off his debt. I would consider that part of becoming a married couple and joining our lives together.

    However, I would be more likely to marry a mechanical engineer or doctor with $70,000 in debt who is already making approximately that as a yearly salary than someone with a degree in Film Studies who is making $35,000 with no prospects of moving up the pay scale.
     
  36. jadorelafrance

    jadorelafrance Cohort

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    I suppose anything is possible. While I did appreciate the class and overall I agree with many of his principles (and steps), there are just some things that I don't agree with. The fact that I can't save at all (for emergency - except the $1,000 - or retirement) until all my debt is paid off. By that stance, I'll be in my 40s or possibly older if I never get married. I am putting minimal money aside for retirement and savings so I have something. I'm also finding that the initial $1,000 emergency savings is not enough.
    I do find that I am highly focused on crushing debt and that's my main priority, but so many things do still keep coming up (and I'm all alone taking care of things), but that's reality I guess.
     
  37. DigitalDiva25

    DigitalDiva25 Companion

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    How about marrying a teacher earning $40,000 a year with $70,000 in debt? :love:
     
  38. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    Yes - as long as we both have jobs and make purchasing decisions together, I don't have any issue with helping my spouse pay off his debts. I do all the bill paying - including my husband's school loan - and he (for the most part) listens to me when I say credit cards or debit cards are off limits. He knows how to log into all of our accounts, but knows that I'm the one who really knows the amounts.

    If my husband didn't have a job and/or was over spending I would quickly get my own accounts and tell him he's on his own for 50% of our shared bills.

    My husband does make about half of what I currently make and I'm trying to encourage him to get a part-time job so we can pay down the credit cards faster (all of that money from the job would go towards the cc's). He's dragging his feet about that, which is annoying but he does have a physically demanding job right now and I do want to be able to spend some time with my hubby (right now we only have evenings (sometimes only 1 hour before bed) and Sunday together).

    I think couples should base that kind of decision on each other's personality and abilities. I'm good friends with a lovely couple who have separate everything when it comes to money. It works for them completely.
     

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