Not counting what gets contributed to your retirement accounts. I'm talking earned money that you put away into an accessible savings account or under the mattress. This assumes you are indeed working and not unemployed or retired.

I understand the sensitivity of this thread so I don't expect a lot of detailed comments but if you could vote that'd be great.

Question:
How much money do you save each month?

Choices:
$0
$1-249
$250-$500
$501-$1,000
$1,000+

 

Fixed income here so no actual monthly savings. I keep a small emergency fund.

We direct deposit $200 from each paycheck to a separate money market account at an online bank. this is a great account because we don't see it often and it is not as easy to get at. We also put at least $100 in our regular savings account.

Would the poll be more useful to you if the options were indicated as a percentage of gross annual or monthly income?

At the moment, zero.

When ever I rack up debt (like after a big move) I focus fire all disposable income on said debts until I'm not paying someone for the privilege of having bought something.

10%.

I figure that if 10% is good enough for God, then it's good enough for me.

Have lived by that for over 40 years now.

I have abut 10% of my net put into a savings acct.

6% of gross= mandatory retirement contribution
10% of gross into 401k

20%+ of my gross to my ex wife

quote:

Originally posted by Aeteocles:
Would the poll be more useful to you if the options were indicated as a percentage of gross annual or monthly income?

It could be but these particular numbers will do the job.

Zero.

I am paying off debt currently which won't be completed until next summer.

After I pay the home repair/other debt the answer will be zero.

I keep a few weeks worth of cash on hand, the rest will go either more home repairs/upgrades or retirement. I don't like having cash it can't earn money (I don't consider 1% a return as it's -1% real growth).

I finance most major purchases because I have a 820+ credit score I always qualify for zero interest. If not offered I buy with CC then flip the money to zero interest card and pay the 2-3% transfer fee and pay debt before the 18 no zero interest is up.

If it's not tax deferred account earning decent interest then I spend it. If I ever found myself in a position that I earned more than I need I'd max out all retirement, then Roth, then cash value life insurance. I have yet to ever get to the point where I exceeded that. If I did it would go into regular mutual fund, not savings. I don't even have a savings account, just a second checking account.

quote:

Originally posted by Aeteocles:
Would the poll be more useful to you if the options were indicated as a percentage of gross annual or monthly income?

this

10% of each paycheck.

I will say this : save / invest as much as you can in your 20s and 30s.

That is the money that will 'pay off' once you get into your 50s / 60s.

Plus saving gets tougher once the kids hit high school / college age... They don't want GI Joes or Barbies anymore.

They want club sports, cars, help with college tuition, rent, cell phones, etc.

God Bless them...

-------------------------------

I don't do it monthly. I do 2 lump sums. And it is kind of our whatever/fun fund for the year.
I get a 120 hour payout each February for the sick time I can't carry over and then do a 2nd with the tax return.
So I guess if I did pay it monthly instead of the lump sums probably looking about $500 a month currently but since the majority of it is based upon my hourly rate that goes up each year.


All the funds from the paycheck get allocated.
Bills
3 kids college funds
Mortgage (pay as much as possible each month)
1 car payment (pay as much as possible each month)
Retirements

I try to keep 3-6 months of expenses in cash. Everything else is invested in qualified or taxable retirement accounts.

I remember when I was dating I would keep $15-20k in the bank. Now, I am constantly going into debt, breaking even, going back into debt, ect. I am still putting away 18% into a 401k, own 2 out of 3 cars, and already have $79k in equity on my house. I also have a fair amount in pew pew, ammunition, mags, jewelry, silver and gold. Basically, I am asset rich, cash poor.

No idea. Wife (being the good German hausfrau that she is, does all the finances. She has done it since 1972 when I decided to go to college and continue to work 60+ hours per week.

About all I know about our finances is that when I want to withdraw money from the credit union we have several savings accounts, and a few IRAs.

Emergency fund is already in place so it all goes to expenses and retirement.

Right now it's a house and two car payments. There is just no feeling like finally being debt free.

quote:

Originally posted by RHINOWSO:

quote:

Originally posted by Aeteocles:
Would the poll be more useful to you if the options were indicated as a percentage of gross annual or monthly income?

this

This poll is to see how many save $12,000 or more per year. Who saves nothing. Who saves somewhere in between.

I am retired now, and fortunately able to save 50% of income.