When I was a young, bright-eyed graduate student intent on reporting from a news bureau in Europe or Asia or The Middle East, I signed up for the program as a mentee, and was paired with a foreign correspondent who worked and lived in Italy.
So, my question is: How much do people usually keep in savings? My husband and I are both in our late 20′s, and have lived in NYC for years. We’ve always assumed most people here—especially renters—don’t usually have substantial savings accounts (or worse, are paycheck-to-paycheck). Are we wrong? Or is our once-considered landlord being unfair? — J.M.
I’m a recent college graduate and have been working as a government contractor for the past two years. I have saved about $15,000, which I have mentally divided into thirds: travel/fun money, emergency money, and long-term savings money. I have about $4,000 in Stafford Loan debt leftover from college and no consumer debt.
This seems like a stupid question, but when am I supposed to dip into savings? I had to replace the brakes on my car last month ($500), and I took it out of savings. I could have afforded it though. Is that a misuse of my savings account?