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Husband thinks we don’t have enough money saved?
Answered 4 years ago
We bought two houses in the last 10 years (both still on mortgages and being rented out - rent covers all the mortgage+maintenance+council fees), we live in a company house (free rent and utilities paid by company), my husband job is well paid and quite stable. We have about $30k saved, we also own a small apartment (already paid off, rented out) overseas.
My question is... my husband is always going on and on about us needing to save more, we don’t have enough saved, etc.
Am I wrong to think what we are doing is enough? (We put approximately $1500/month into our savings). I don’t see the point in skimping on everything?
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ANSWER
4 years ago
It's so nice to have a buffer. We have 15 months of expenses saved and it's taken a lot of the heartache out of this situation.
I'd be doubling your savings. At least. You won't regret it.
I'd be a mess if we had no savings. Good luck everyone. Hope life is ok. Hang in there.
I'd be doubling your savings. At least. You won't regret it.
I'd be a mess if we had no savings. Good luck everyone. Hope life is ok. Hang in there.
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4 years ago
Thanks babe xo
ANSWER
4 years ago
We have about $30k cash in our safe. You never know
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4 years ago
Why would keep that much money in your house?
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4 years ago
What if the banks crash. It’s a real possibility.
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4 years ago
I said that the other week & got jumped all over.....so you believe this could happen?
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4 years ago
If the banks go under we are all screwed.
Imagine what it would take for a big bank to go under. Unemployment would have to be huge. Hyperinflation would be rampant. People would be commiting petty crimes to get by. Money would almost be worthless. Banks are the cornerstone of our economy and won't be going under unless the country is in chaos.
Imagine what it would take for a big bank to go under. Unemployment would have to be huge. Hyperinflation would be rampant. People would be commiting petty crimes to get by. Money would almost be worthless. Banks are the cornerstone of our economy and won't be going under unless the country is in chaos.
ANSWER
4 years ago
I have $500 in savings, feel secure with that 😂
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4 years ago
I don't even have that. I read recently a substantial percentage of Aussies have 500 or less 😯
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4 years ago
Well that makes me feel like im roll’n then! Lol
ANSWER
4 years ago
Do you have enough to cover all your expenses for three months? If you do, you have enough.
ANSWER
4 years ago
Find out how much he wants to save so you can have a goal and an end point to the scrimping.
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4 years ago
You probably have more savings than the average person. I saw a report recently saying (can't remember exact number) but a considerable amount of Aussies had less than $500 savings so feel glad about that. However maybe seeing as the assets and as people mentioned earlier, tenants might not always pay rent or things can go wrong. Apparently the best amount of savings is enough to cover yourselves for 6 months at least if something went wrong and there was no income at all.
ANSWER
4 years ago
With tenants being able to get out of paying rent in the current crisis you are lucky to be getting rent from your tenants.
Probably a good reason to have more savings.
Probably a good reason to have more savings.
ANSWER
4 years ago
$30k saving is nothing, considering your properties, income and putting away $1500 a month
ANSWER
4 years ago
The problem is your asset rich. IF you needed a big stack of cash how do you get it easily? you can't sell a house overnight.
30k savings seems ok but I would probably want more given you have IPs.
I'd be looking at having 6 months of loan payments saved for ALL loans and then another 6 months of living expenses saved.
It seems a lot but imagine if your properties were untenanted (Possibly unlikely) where would you find the money to service the loans?
Maybe that's 30k I don't know.
30k savings seems ok but I would probably want more given you have IPs.
I'd be looking at having 6 months of loan payments saved for ALL loans and then another 6 months of living expenses saved.
It seems a lot but imagine if your properties were untenanted (Possibly unlikely) where would you find the money to service the loans?
Maybe that's 30k I don't know.
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4 years ago
I agree.
We were in a similar spot to you OP for a long time, we didn’t start to spend excess money until we had 100k in the kitty.
That gave up 6 months of everything going belly up still being 100% covered. This way we could take minimum insurance too and lowered that cost by $100 a week.
We were in a similar spot to you OP for a long time, we didn’t start to spend excess money until we had 100k in the kitty.
That gave up 6 months of everything going belly up still being 100% covered. This way we could take minimum insurance too and lowered that cost by $100 a week.