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  #16  
Old Jul 3, '12, 11:30 am
AugustineFan AugustineFan is offline
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Join Date: November 3, 2011
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Default Re: What is the amount that the average family has in savings.

Thanks for all the replies. I am glad that my wife and I are finally read to work towards a goal of paying off debt, and increase our savings. We were just spending too much money on stuff like fashion, food, and entertainment.
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  #17  
Old Jul 3, '12, 2:22 pm
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jmcrae jmcrae is offline
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Default Re: What is the amount that the average family has in savings.

I was just reading today that 31% of Canadians plan to fund their retirement by means of lottery winnings (which they haven't yet won).
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  #18  
Old Jul 3, '12, 2:45 pm
MrsFlapjack MrsFlapjack is offline
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Default Re: What is the amount that the average family has in savings.

Quote:
Originally Posted by jmcrae View Post
I was just reading today that 31% of Canadians plan to fund their retirement by means of lottery winnings (which they haven't yet won).
Yikes! It's not surprising though. A vast majority of people in this country have no money in their 401k accounts. It gives me a lot of peace of mind. We may be poor, but at least we will have money when we are old and grey. One of my concerns is that the government will start to heavily tax and possibly even seize 401k accounts in the future. They would use the excuse that Social Security is so underfunded and that would open the door to proposals to start taking money from 401k accounts. I have read that countries like Ireland, France, and Argentina have already done this.
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  #19  
Old Jul 3, '12, 3:26 pm
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Allegra Allegra is offline
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Default Re: What is the amount that the average family has in savings.

We both have retirement funds and we try to keep at least six months ahead in our savings account. I have a set amount taken out of my paycheck each month that goes to a savings acccount and so does my husband. We budget that in the same category as bills and it comes out twice a month so it doesn't seem like an insane amount. You'd be amazed how much you save up after just a year of doing that! We were able to save up for our down payment on our house in just two years!
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