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10 people reveal how much they have in savings, and how they got there by Natalia Lusinski on Aug 30, 2018, 3:07 PM Advertisement
 - Saving money every month is crucial to reaching important financial milestones and protecting yourself from an unexpected job loss or other emergencies.
- Different savings methods work for different people.
- Here, 10 people reveal how much money they have in savings, and how they did it.
Saving money is important if you want to reach both short-term and long-term financial goals. For example, people are saving for retirement, a vacation, or to build up an emergency fund — or all three. Saving, of course, is easier said than done. According to a 2017 GOBankingRates survey, 57% of Americans have less than $1,000 in liquid savings — much less than an unexpected emergency could cost. Northwestern Mutual surveyed 2,003 adults 18 and up and found that 21% of Americans have no retirement savings at all. Krista Neeley, managing vice president of Appreciation Financial, told Business Insider that a great way to jump-start your short-term savings is to set up your bank account to auto-draft a specific dollar amount from your checking to savings on a specific date, just like you're paying a bill. For long-term savings, Neeley said that saving in your employer's retirement plan, where you contribute money through a payroll deduction, is a good idea. "The benefit of this is that you can save for the future without even seeing the money leave your bank account," she said. How much someone has in their savings account is going to vary based on their income, goals, and lifestyle. Here, 10 people reveal how much they have in savings and how they got there. The answers have been edited for length and clarity. SEE ALSO: 11 financial experts share the best money advice they've ever received 1. Alex, 20, $11,000  I'm a college student and the owner of Unstung Media. I have over $11,000 in savings currently, and I received absolutely zero dollars from my family in funding my savings account. I've been working since I turned 15 years old, which helped build my savings, as I had no bills to pay in high school. When I entered college, I started my business, which helped me earn about eight times per hour what I could make at a typical student job. I've never splurged on fancy clothing, a new car, or a vacation, and that's how I've saved over $11,000 at 20 years old.
2. Daniella, 28, $24,000  My wife and I have been able to save $24,000 since the beginning of this year, thanks to the side hustle I started about a year ago. My blog, iliketodabble.com, is about achieving financial freedom through side hustles and aggressive saving, and has helped me apply the same lessons to my own life. We were saving before this year, but those funds ended up going to emergencies and a new vehicle. We started the New Year with an empty savings account — but my side hustle has gotten us to $24,000. Additionally, my wife has a side hustle flipping guitars on eBay. We use our main income for bills and necessities, and everything else goes into savings or back into the side businesses. We also use budgeting sheets and look at everything we spend and where it's going to see if there is any room for improvement each month.
3. Rob, 51, $3,500  I have about $3,500 in savings, which is kind of pathetic for a 51-year-old person. My savings has been practically non-existent my entire adult life, until a year ago, when I finally promised myself not to touch it. I fund my savings with an automatic $50 weekly transfer from my checking account, and I have for years — but I always ended up using it for vacations or unexpected expenses. It never went much above $1,000. Finally, last year, I decided to get a prepaid credit card that I also fund at $50/week. I use the card for my unexpected expenses and haven't touched my savings since then. I am not sure how long I can continue this, but it feels good knowing I can cover most emergencies.
See the rest of the story at Business Insider
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