Hello, I am a single mom, 31 year old $10k in my 401k , $5k in my savings. No other debt than my mortgage $190k. How behind am I ? I am so mad that I do not have much at this age.

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I’m not currently in this position (I’m 24, single, with no kids) but I just wanted to say that even if you are a little “behind”, it’s okay and just focus on the fact that you’re doing the most you can right now. My mom was in your position while raising me and my siblings and only now do I realize how incredibly hard it must have been. She only recently told me that she basically doesn’t have a 401k at all. Being a single parent is hard. Celebrate your small victories and know it will get better with time! Some of the people with these replies may have tens of thousands in savings but it doesn’t necessarily mean they’re any happier than you are. Keep up the hard work!!

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Thank you so much. You made my day. I don’t blame the other people who judge though, if you have never been in the situation, you cannot know how hard it is but I need people like that because they push me to keep pushing.

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Really behind. What would you do if you had large, unexpected expenses like needing a major repair in your house? What would happen if you lost your job? Would don’t have any cushion to fall back on. These savings amounts scare me for you and your kid(s). You should take advantage of the EY financial planner assistance program and see if they can help you trim your budget so you can build up your safety net. You should have three month’s salary in savings for emergencies. Then, work on building up your retirement. Go into the Fidelity software through the EY system and it will do projections for you of what you will receive at retirement based on your current savings levels and what you will need. Hopefully that will give you an estimate of how far you are off.

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Thank you so much 😊

You asked people “how far behind am I?” and are upset at their honest responses. I’m honestly curious as to what were you expecting?

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Thank You, I truly Appreciate that. I am really trying for both my son and myself. I am a hard worker to the point where am getting promoted as a manager earlier at EY. My reviews are great. I am really trying, just sometimes, I let sadness go through me but thank You. I appreciate it. I am sorry for the confusion though, specially if I came up as I was mad. I am definitely not, I am grateful for all the comments.

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Would suggest setting up college funds for your kids as soon as possible. Putting even a little away each month adds up once they’re college age!

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I have one through Fidelity. He has $100 per month for now into it. His account has a $15 k balance because his grandparents started it with $10k, I basically contributed $5k into it since he was born. He is 4 now. I will be putting more starting September per my budget.

I agree that you need more cash reserve and I would do that before increasing my 401k savings. Rule of thumb is 3-6 months of expenses in cash.

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I totally agree with you. I meant that my total expenses per month without my son day care is $1500 per month so my $5k is more than 3 months worth of expenses. I also have $2k floating in my savings. I just don’t count it because it’s for real emergencies. Trust me, I know my situation and That’s why I am depressed. I do however know that being depressed is not the option. I am working on it. My life is pretty basic. I do not eat out. My son and I have fun at parks or in the backyard ( free staffs). I also do not have TV, My phone bill is $50 and EY covers. I literally don’t spend much at all. I am doing everything I need to do. My past is past, I cannot change it, but I took strong measures and I am working on it. In less than 2 years, I paid down $50k in debt. I come from a small french farmer family. I am the first person in my family to graduate from college. I have to succeed. Thank you for taking the time to respond. I appreciate it. This is even more than an eye opener for me.

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You’re behind?? I WISH I had that much in savings and in a 401(k). I’m a single mom, too. My ex husband wiped me out financially and left me with tons of debt. I’m finally reaching a point where my debt amount is going down instead of up every month. It terrifies me to think of what would happen if I lost my job or got sick for an extended time

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I don’t have much to contribute but both of y’all are amazing 💕 A lot of Americans think debt, no savings is normal. You both have the knowledge that it isn’t normal. Knowledge is step one. Think of all the Americans you’re ahead of and be strong through the hard years 💕💕💕

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Hang in there! I went through the same when I was younger. EY was actually really good to me through the tough years, the flexibility is real. Eventually as my career progressed I became more financially stable and my son and I have a special bond when we look back on those lean years.

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Thank you 😊, I am pushing through and hope to be in a good position soon. I am in a greater place than I was last year .

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