How much money did you have in your bank at 30?
At age 30, last year? Around $2,000 but a debt of around $250,000.My husband and I own a house together, so we’re only 5 years into paying that off.I still have a HECS debt from my undergraduate studies, so there’s about $10,000.I’m halfway through a Masters Degree, which will cost me about $50,000.We have two children who we have to put through school (and based on the surrounding public highschools, it’ll be a cheap private school).I only work part time, and my husband is a stay at home dad, while I study. Most of our income comes from one of my online websites, passively. I have a book I’ve finished writing, but which I need to edit and publish.I see this part of my life as building up knowledge and assets. At age 30, many people are still doing all the expensive things in life, such as paying off house, car and raising children. Sure, there are the people who have amazing high paying jobs and investments, but most of the people you see who look like they ‘have it all’ actually just have huge amounts of debt.In 20 years or so, I hope to be a Masters qualified author, with a range of passive income streams, who owns a house, has well raised children and a reasonably good super fund. Then again, when does life ever go to plan?
How much money do you have in your bank?
I am 28, work two jobs, have an 8 year old daughter, who lives with her mother and pay 600 in cash a month child support, about 300 for our insurance, 600 rent, less than 50 in utilities, 100 for car insurance (veh is paid off), 90 for cell phone. I have about 200 in my checking account. 7,500 in my savings account. 20,000+ in my pension, 25,000 in my 401b, 3,000 in a Roth and 14,000 in a college 529 plan. My point is this, kid you are doing well so long as you have no credit card debt. I would seriously reconsider ever buying a car new again. Pay this one off and keep it forever. Then, buy used, at least until you are financially sound. Yes, it is cool when you are young and all. But, realistically, if you got laid off, injured or something happened, you do not have enough saved up to pay 2 months of car payments.
Banking: do banks have a limit of how much money you can have in your bank account?
No, banks will be happy to have your deposit.But as an individual you like not to put all your eggs in one basket, especially when you are a risk averse person.Also another factor you may consider is that the deposit insurance authorities will cover deposits only upto a particular amount per person (not per account but all accounts of the same person taken together.) For example, FDIC insures deposits upto $ 250,000 per depositor in an insured bank.Do, take note that all banks may not have opted to obtain the insurance cover for which they have to pay a premium.
Piggy banks or Bank Accounts?
Loose change goes in a jar on my shelf. When it gets full, I cash it in and put the money in savings. My paychecks are direct deposited into my checking account and then I transfer about 10% to a savings account at a different bank.
Do I NEED to keep my money in the bank?
A bank would be a good idea because you can keep your money safe and also rack up on some interest. Most banks are insured by the government up to 100,000 dollars. If you have more then that, open up more than one account in different banks. If you put it all at home what would happen if a fire occurred? Or maybe some breaking into your house? Its really all up to you since it is your money, but putting it in a bank would be a safe bet.
Do banks know how much money you have in your account?
“Do banks know how much money you have in your account?”No.There are about 25 000 banks in the world. I have an account in one bank and only this bank knows how much money there is. Should my bank tell any of the remaining 24 999 banks (or anybody else), it would be a crime.
How much money do you have in your bank account, and what are the sources of your money?
To “Michael Hills” and now Vikas Kumar,I have more money in the bank than I need in order to sustain my sensible lifestyle. This is a result of a quaint concept called “saving” and “not spending more than you have.” It’s not a king’s ransom, but it is enough for me. I should probably be more proactive about my 401(k) investments; however, they’re doing quite well with the soaring stock market and the person I hired to manage my portfolio. Again, it’s not a huge amount, but I could weather a reasonable emergency with it.Below are some examples of how I spend less than I make:CAR: I keep it well maintained, and recently, even though it was totaled after someone rear-ended me, I had a reputable body shop repair it to like-new condition, because I’m just not ready to sink a large chunk of cash into a replacement car.HOUSE: On my just-starting-out income as a teacher in private schools many years ago, I lived in an apartment at first, because I could never cobble together enough money for a down payment on a house. I was too busy counting pennies just to pay the electric bill (I literally did that one month!) and keeping enough food on the table for my growing boys. That situation changed when I was heir to an inheritance, which allowed me to put down a large down payment on a house, which is still my home.CLOTHES: I often shop at thrift stores for lovely clothes, except they don’t look like they’re second-hand. I buy quality, but I don’t pay high prices.PRO TIP: In America, it would be considered rude to ask how much money someone has in the bank, and probably gauche if the other person actually divulged an amount.—Sarah M. 9/23/2018MERGED INTO (one day later): How much money do you have in your bank account, and what are the sources of your money?QUESTION: How much money do you have in the bank, and what is that amount a result of?
How much money does an average American have in their bank account?
According to U.S. National Debt Clock : Real Time, the average American family has a total savings of $5,246.