How much do you save?

ambrvan · July 2013

How much money, percentage wise, do you put in savings each month?

I am trying to rework the budget now that DH is working full time. I am amazed at just having the money to pay all the bills, but we have never had enough afterward to be able to put anything into savings. Our savings has always consisted of putting up our income tax return and using it where we fall short through the year.

This is a good feeling to me. We are by no means rich. Our combined income still does not make us middle class, but it's more than we have seen before.

10-4LilBuddy · July 2013

I don't do a percentage really. I have two savings accounts. One is for big bills and the other is just savings. I add up our bigger bills that occur on a semi regular but not monthly like auto insurance plus a bit extra for the unexpected dental or doctor bill. I divide that over the year and put away that amount per month. The remainder of our excess every month gets put into savings. We also have monthly allowances to buy small fun stuff.

twister22 · July 2013

DH & I save 10% of our gross income, as well as tithe 10% of our gross income. We do that first, and then whatever is left over is what we have to work with in terms of budgeting all the other bills/expenses. We also always save our tax return, as well as put money aside throughout the year as we see fit (like if we didn't use up all of our date night budget one month or if one of us gets a bonus.)

xmaryrickx · July 2013

I don't do a percentage. I just save what I can every paycheck. I have the max amount taken out for my 401k. I am admittedly a terrible saver. I really need to work on that, and I am. But my goodness I like to shop.

CFjo2010 · July 2013

xmaryrickx:
I don't do a percentage. I just save what I can every paycheck. I have the max amount taken out for my 401k. I am admittedly a terrible saver. I really need to work on that, and I am. But my goodness I like to shop.

This is me. I know I need to grow up and start being more frugal. But then DSW emails me that they're having a sale. And if I can get my $120 Steve Maddens for only $50, then you bet your a$$ I'm getting 2 pairs. Because really, if I can get 2 pairs for less than the price of 1 pair regular price then the shoes are basically free, right?

No matter what, part of our tax return goes into a savings account. A savings account that DH has hidden from me so that I don't get more "free" shoes... :-

Nineoceans · July 2013

MelRC117:
I'm also a horrible saver. Im not rich but I dont know where all the money goes?!? Well I FINALLY started to find out as it happened by downloading a checkbook app on my phone its free and it doesnt connecting to your accounting and taking the amount I spent out immediately. Before I would check my online statement go through the transaction and sure enough my money might as well be direct deposited to Target.
I will then transfer any money that is in my account above the amount of my paycheck on payday to savings. I know this is opposite of what you are supposed to do ::pay into savings FIRST:: but I dont know what is realistic for me.

I totally know the feeling.

We save about 5 of our income but that's bc we are making double payments on our car to have it paid off by sept. that car payment drives me nuts.

Once that is done we have a little bit more as far as Dh's debt is concerned and once debt free we will have about 30 of our income to save. Woot!

Always "pay yourself first" so put the money you need to save even if its 100 into your savings before you pay anything else. Consider it a bill.

Lavender P · July 2013

We do at least 10 that is direct deposited into a savings account. I also have another 8 that automatically goes to my 401K. We also put at least half of our tax refund in savings as well and keep a few thousand dollars in a safe in our house. I know it is silly but I feel like it is good to have just in case we need a lot of cash for an emergency. Finally, we do try to budget at the beginning of the year for any major events like vacations and birthday parties. We set aside the cash for that in envelopes and put those in the safe as well. If we don't spend it all on the event, it goes back into savings.
DH and I both love to shop so we have to try really hard to save. We tried to make it as easy as possible by doing direct deposit into savings, but that is still linked to our checking. We try not to move money back and forth, but it definitely happens. We have lived together for a few years and this is the first year we actually have savings of more than just a few thousand dollars. We had to work really hard at it though because it doesn't come naturally to us.

fellesferie · July 2013

Our savings are a bit weird. For one thing, DH is a federal government employee, and if he retires from his current job he gets a pension. So we (unwisely) don't save as much as we would if he was not getting that.

We do max out his 401k contribution (and his employer matches) so that's about 7.5% gross savings every month.

We also contribute to 529s for the kids every month, and that's about 3% of our net income.

We have an emergency fund that would last us 9-12 months.

Beyond that, we build up a few thousand and then spend it. =/ Usually on house renos or trips. DH and I went to Europe in Feb & we're taking the kids to Disney in October. Those trips combined are eating up probably 50-75% of our extra/disposable income for this calendar year.

KTdidit · July 2013

Unfortunately we don't. Embarrassed

We set up a budget that is focused on paying off our debt and DH's collections amounts first. We send more than we need to to debt so if something came up we could just send the minimum that month and be ok. But we desperately need to get our credit scores back up so we can get a bigger house.

4luvof2boys · July 2013

kaholland4:
Unfortunately we don't. We set up a budget that is focused on paying off our debt and DH's collections amounts first. We send more than we need to to debt so if something came up we could just send the minimum that month and be ok. But we desperately need to get our credit scores back up so we can get a bigger house.

This is us too. I don't see much point in saving when we have debt so anything left over gets paid towards it. Our goal is to have everything we could paid off as soon as possible. That way, when I inevitably get laid off we will be in a better position to survive. We won't have to make as much money if we don't have those extra monthly bills to pay out.

We do both have a 401K which we take out 5% of our income but other than that, nothing. Once we pay everything off, we will put those amounts we were paying towards debt towards savings. Assuming I still have my job by that time. It has taken longer than I ever imagined to crawl out of the holes we put ourselves in during our 20's. I would go back in time and slap myself if I could.

bebe11 · July 2013

Not nearly enough. I contribute to my 401k and I have a savings account that I have a whopping $100 directly deposited into. My H has $475 per month go into his savings account. I am not sure what the percentage is, but I would just advise after you figure out your budget and see what is realistically left over, then put that amount into savings.

2chatter · July 2013

10% But we should really save more. We have more disposable income than we need, and honestly, I am not sure where it goes. Actually, I am pretty sure I know. Eating out. I have recently fallen off the cooking wagon, but got back on this week.

ambrvan · July 2013

Oh my goodness, ladies, thank you all so much for your honesty. Hearing what you actually do instead of you telling me we all know I or we ''should'' do if so relieving!

I think we may just go with our original then. Throw all our extra money at debt and then use our income tax return to put up an emergency fund to last a few months. Maybe we should save the big saving for later. That would definitely make more sense to me. The likelihood of either of us getting injured and being off work for a period of time of time is actually fairly high, so an emergency fund to survive would be a necessity.

Thanks so much, ladies. I really appreicate the honesty.

bebe11 · July 2013

ambrvan:
Oh my goodness, ladies, thank you all so much for your honesty. Hearing what you actually do instead of you telling me we all know I or we ''should'' do if so relieving! I think we may just go with our original then. Throw all our extra money at debt and then use our income tax return to put up an emergency fund to last a few months. Maybe we should save the big saving for later. That would definitely make more sense to me. The likelihood of either of us getting injured and being off work for a period of time of time is actually fairly high, so an emergency fund to survive would be a necessity. Thanks so much, ladies. I really appreicate the honesty.

Have you read any of the books by Dave Ramsey? If not, I would look into it. His plan is so simple and it really makes paying off debt and saving seem less stressful.

KTdidit · July 2013

bebe11:

ambrvan:
Oh my goodness, ladies, thank you all so much for your honesty. Hearing what you actually do instead of you telling me we all know I or we ''should'' do if so relieving! I think we may just go with our original then. Throw all our extra money at debt and then use our income tax return to put up an emergency fund to last a few months. Maybe we should save the big saving for later. That would definitely make more sense to me. The likelihood of either of us getting injured and being off work for a period of time of time is actually fairly high, so an emergency fund to survive would be a necessity. Thanks so much, ladies. I really appreicate the honesty.

Have you read any of the books by Dave Ramsey? If not, I would look into it. His plan is so simple and it really makes paying off debt and saving seem less stressful.

They recommend this one the Money Matters forum on the Nest. I've gone there to ask questions but they are all in a pretty good situation financially. Thay are a bit harsh sometimes and will ream you a new one for not having a certain amount saved or for being in debt so much. Sad Its good to see people here are honest and we don't all have it figured out!

ambrvan · July 2013

bebe11:
ambrvan:
Oh my goodness, ladies, thank you all so much for your honesty. Hearing what you actually do instead of you telling me we all know I or we ''should'' do if so relieving!

I think we may just go with our original then. Throw all our extra money at debt and then use our income tax return to put up an emergency fund to last a few months. Maybe we should save the big saving for later. That would definitely make more sense to me. The likelihood of either of us getting injured and being off work for a period of time of time is actually fairly high, so an emergency fund to survive would be a necessity.

Thanks so much, ladies. I really appreicate the honesty.
Have you read any of the books by Dave Ramsey?  If not, I would look into it.  His plan is so simple and it really makes paying off debt and saving seem less stressful.

I have not read his books, but I have looked at his website and the general steps he advises. Easy enough to read, not so much to practice.

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