I still live with a parent so am still in a decent enough position to save a good percentage of my meagre salary. probably the only thing that is still good about living at home tbh.
-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
-
We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.
Do you save money every month?
- Thread starter shaneo632
- Start date
Since I've paid my car off, I'm doing about $1k/month into my savings and I do 10% into my 401k.
I'd like to save until I get about 6 months worth of bill money accumulated and then start putting additional monies into investments. It's taken years to get to this point and I was where many of you are.
Just keep plugging away at it, you'll get there!
I'd like to save until I get about 6 months worth of bill money accumulated and then start putting additional monies into investments. It's taken years to get to this point and I was where many of you are.
Just keep plugging away at it, you'll get there!
Right now, I put in the 6% required to get the full match for my company 401k. I don't want to leave free money on the table. I am saving the $600 a month that I got as part of my raise for a mortgage in a few years. I am looking towards a Roth IRA at some point as well. Future goals are 401k up to match max>Max out Roth IRA>Max out 401k.
Last edited:
I'm living with my parents for the next year before I move out and am saving almost everything that doesn't go to food or gas. Around $1600 a month.
In general, yes. I have no set percentage of my paycheck I save, I just transfer everything that's left over after the bills are paid to my investment account. In a typical month with no unusual expenses that tends to be around 30%. Some months are more bill-heavy (for example my student loan payments are quarterly), so then it's a bit harder, but even then I try to get SOMETHING saved.
Nope. My wife can't work at the moment (depression) so it feels basically impossible. If we were perhaps a bit more disciplined with my salary we could maybe put £100 away each month but it never quite works out. Kids are expensive too.
It's a bit tricky really, I really need her to get a job but it's not something either of us can force. We can get by on my salary but we're basically running to stay still at the moment which I dislike.
Ah well. Money comes, money goes, there are other things more important in the big scheme of things....
It's a bit tricky really, I really need her to get a job but it's not something either of us can force. We can get by on my salary but we're basically running to stay still at the moment which I dislike.
Ah well. Money comes, money goes, there are other things more important in the big scheme of things....
Not to steal any thunder from the mortgage thread, but while 20% down is a totally understandable goal, you may actually be doing yourself a disservice as mortgage rates are off to the races. The theory to hedge against is that by the time you reach that 20% number, any savings would in turn be gobbled up by the difference in interest rates.
Just for example-- I did an FHA loan in July '16. The APR, including PMI et al, is now a shade more than .50% cheaper than a conventional 30 year note at today's numbers and that's without accounting for an appreciation in the actual property cost. Doing some quick napkin math, it'll save me a shade over $20k over the life of the loan.
That being said, there's of course no way to know with absolute certainty where mortgage rates are going to go as we move forward-- I predicted back at the old place a half point or so following the election but even that seems a bit conservative in retrospect. Bottom line for you (or any potential homebuyer happening upon this) is to study all the options carefully and make a bottom-line focused decision. There's a ton of programs out there depending on your individual situation. There's never going to be a one-size-fits-all solution.
As for the savings bit, what I tell my members until I'm blue in the face is to have a system that works. For some, it's automatic withdrawals into a savings/investment vehicle. For others, it's things like Acorns. Hell, my assistant keeps hers in cash (ironic given we work in banking but still). In all cases though, it's a discipline like anything else.
Assuming I don't have to go to the doctor or pay any additional bills, I try to save at least $1000 a month (or 38% of my net earnings). I'm going to eat into most of it since I'm saving up for graduate school, though.
Yeah it is all automated. It transfers from the account I get my paycheck from to my other savings accounts I do not touch.
That is a good point. I should have seriously considered an FHA when I first started this process, but I recently made an offer on a house that was accepted. My mortgage broker locked me in at 4.25% for a conventional 30-year mortgage (I already had the 20% saved, with great credit, and was just looking for the right place to spend it on - FHA really didn't cross my mind since I knew I'd have the money available). Granted, the deal isn't finalized because I'm going to need a significant seller's credit to offset some of the things that came up in inspection (I'm very willing to walk away if the seller isn't willing to go above a certain threshold in credit). If the deal falls through and I lose my rate, I may request to see what an FHA option looks like in addition to the conventional.
I put £1500 a month into a "savings account" automatically every month. But I use this account occasionally for things like buying a new computer or holidays; probably works out to saving ~£800-1000 monthly.
(outside of eating too much takeaway food/restaurants, I don't actually spend much. I'm not actively "saving" money)
(outside of eating too much takeaway food/restaurants, I don't actually spend much. I'm not actively "saving" money)
I don't save anything but I do get a group RRSP from work so 10% of my salary goes into that.
I wish I could be more disciplined and I'd like to think I'm pretty good but its hard with a wife working only part time and multiple children.
I wish I could be more disciplined and I'd like to think I'm pretty good but its hard with a wife working only part time and multiple children.
Yeah the wife and I do automatic distributions to the retirement accounts each paycheck, somewhere in the neighborhood of 15%. I also keep 6 months or so of "cash" handy for cushion.
Young people, put whatever you can in the 401k and do it early. Even small amounts help, but that compounding interest thing is legit.
Young people, put whatever you can in the 401k and do it early. Even small amounts help, but that compounding interest thing is legit.
I've been putting $1500 a month into savings after paying bills. My wife puts in an extra $500. In just over a year, we've managed to save enough for a down payment on a house plus enough for emergency funds.
car tax £180 per year? Put aside £15 a month and you're ready for it. Boring, but ultimately satisfying
I came here to make exactly this post hahaha. I definitely tend to go a little overboard considering how much money I make. I don't regret a cent of it, but I've been more focused on paying off my credit card rather than saving money the past month and a half.
Yeah I learned the hard way..you can't get years back. I've been at the same company a while and I could have had a 401k at the job before that and was like nah I just moved out and I need the extra money when I didn't. I'm guessing those 5 years not doing it will be hundreds of thousands of dollars in the long run looking at how fast my 401k is growing.
I was in the exact same kind of boat. I had the 20% but would have represented more of my liquid savings than I was terribly comfortable with. After some haggling with the seller, it came down to a choice of flexibility for me. So I chose to hang on to some of that money earmarked for a down payment and reinvested into some upgrades and the like. Flirted with some of the combo 1st and 2nd position loans but didn't (mainly because I didn't trust the home equity deduction-- turned out to be on point, unfortunately) and ultimately said the hell with it and did the FHA (and this was my 2nd home buying experience-- did a conventional on my first but was a different value proposition then). Freeing up the extra cash gave me more flexibility with selling my old house as well. So again, it's all YMMV but I would encourage you strongly to just kick the tires on everything out there, especially if this deal doesn't happen for whatever reason.
Either way, I do think rates are going to move aggressively (maybe close to another 3/8 or 1/2 point?) at least through the summer, if not beyond. We could easily be looking back at this a year from now marveling at how relatively cheap rates were.
It's nice to splurge every so often but on a little more than minimum wage and owning my own place, I have to hold back, however I do well on what I do spend on. I have decent savings though but like to build it up as much as possible (however as much as those decent savings are, I'm never sure what's enough for rainy days).
I'm very money aware. I keep a track of every spend and work out what I have left at the end of the month (which will go towards my savings). I have saving schemes too, although they don't earn much.
I mean if I really wanted I could go more crazy but I'm mindful of the future and what would happen say if I needed a new car or bills went up a lot and need to cover that extra without being short or negative every month.
I'm very money aware. I keep a track of every spend and work out what I have left at the end of the month (which will go towards my savings). I have saving schemes too, although they don't earn much.
I mean if I really wanted I could go more crazy but I'm mindful of the future and what would happen say if I needed a new car or bills went up a lot and need to cover that extra without being short or negative every month.
I save about 90 percent of my net income each month. You never know when things can go south so it's best to be prepared.
Back when I was 15 and got my first job, my dad took me to the bank on my first paycheck and helped me setup my accounts and a Roth IRA that took 10% of every paycheck. It all started small but I basically built upon that the rest of my life. In the early years I could only save about $50/mo. Years later I was saving several thousand each month but I used a chunk of that for a down payment on my house. I still dump a healthy amount into a straight liquid checking account outside of my main bank but I have shifted most of my savings to retirement funds, 401K and 529s for the kid's college.
Deleted member 59
Guest
I'm saving for a mortgage deposit and save around £600 a month (£400 into the lifetime ISA £200 into a savings account) I'm only looking to have around £15000 deposit and then more for additional fees and should have the deposit sorted in July this year, give or take a couple months.
£600 works out around a 40% of my income. My monthly rent, bills and food comes to around £750 then anything else i allow to spend on what i want.
£600 works out around a 40% of my income. My monthly rent, bills and food comes to around £750 then anything else i allow to spend on what i want.
Yes, we save every month. It's definitely difficult because Im always tempted to pull money out.
There is the work 403B that I put up to the max work matching.
Then into a Roth IRA
Then I have a local credit union that gives 6% return for balances up to 600$ for both checking and Savings. So I have part of my emergency fund sitting in there. The rest of my emergency savings I have in a high interest Money Account
Wish we could save more, but kids are expensive
There is the work 403B that I put up to the max work matching.
Then into a Roth IRA
Then I have a local credit union that gives 6% return for balances up to 600$ for both checking and Savings. So I have part of my emergency fund sitting in there. The rest of my emergency savings I have in a high interest Money Account
Wish we could save more, but kids are expensive
Yeah it's funny because if feels useless early on because you don't have much money to contribute, but it's also the money that's got the longest amount of time to accrue interest. Conversely, once you get within sight of retirement, you have more money to contribute and no time to let it build.
I take home $3000 to $4000 a month depending on my hours. I give 5% to my 401k and $600 goes into a savings which im thinking ill convert into a roth IRA soon.
I need to figure out how to do short term savings (to buy a car or go on vacation or whatever) and i havent set aside any money for stuff like that yet.
I have a $1400 minimum student loan payment every month and pay $375 for rent and a similar amount for gas so i usually dont have much money left over after that. I need to look into changing my repayment plan in case i cant make a $1400 payment some month but i have essentially no understanding of how that works. Id like to keep making the same payment i do now but not be penalized if i have to pay just $1000 one month. But when i look at income based plans they want to give me a $0 minimum for a year and put me on a 20-25 year track when im currently on a 10 year track. I dont know whether i can switch back to the standard plan or if i can overpay on the income based plan and still have my debt paid in 10 years. Just typing this is giving me a headache.
I need to figure out how to do short term savings (to buy a car or go on vacation or whatever) and i havent set aside any money for stuff like that yet.
I have a $1400 minimum student loan payment every month and pay $375 for rent and a similar amount for gas so i usually dont have much money left over after that. I need to look into changing my repayment plan in case i cant make a $1400 payment some month but i have essentially no understanding of how that works. Id like to keep making the same payment i do now but not be penalized if i have to pay just $1000 one month. But when i look at income based plans they want to give me a $0 minimum for a year and put me on a 20-25 year track when im currently on a 10 year track. I dont know whether i can switch back to the standard plan or if i can overpay on the income based plan and still have my debt paid in 10 years. Just typing this is giving me a headache.
Yes, I have two automated saving accounts. Currently, I'm putting 5% into TSP because they'll match it 5%, but I'll probably start putting in more later.
I put in 750 into savings each month and then 500 of that goes into my retirement at the end of the month. I try and max my 401k at work and my company matches.
Even though I do this and I am in a good spot with no debt, I still feel poor
Even though I do this and I am in a good spot with no debt, I still feel poor
I just save my entire bonus and tax return each year, basically the equivalent of $500 a month. I throw $150 into my index funds every month and max out my company's 401k match. I'm doing OK, but I probably should fully budget to try and bump up my index fund contributions
I save 15% on top of student loan/pension payments. Aiming to have 6 months pay in savings within the next 18 months, then start overpaying my mortgage.
I used to earn a lot more but was terrible with money. Taking a pay cut when I became a teacher actually forced me to make a budget and cut out some spending!
Martin Lewis (moneysavingexpert.com) is great for budgeting advice .
I used to earn a lot more but was terrible with money. Taking a pay cut when I became a teacher actually forced me to make a budget and cut out some spending!
Martin Lewis (moneysavingexpert.com) is great for budgeting advice .
No.
I thought Id be able to when I got a promotion at work but I wound up with a health issue that cancels out the raise in pay with monthly medical costs pretty evenly.
When my girlfriend finishes her PHD and starts contributing an income everything should be easier but right now I'm lucky if I can chip off some credit card debt at the end of the month.
I thought Id be able to when I got a promotion at work but I wound up with a health issue that cancels out the raise in pay with monthly medical costs pretty evenly.
When my girlfriend finishes her PHD and starts contributing an income everything should be easier but right now I'm lucky if I can chip off some credit card debt at the end of the month.
This year not really due to savin up money for my last few tattoo appointments. After those and getting my car license + a scooter i will start savin seriously tho.
I will probaby still life at my moms place for the next few years or so, so i can still save alot.
Gettin the tats now since i now can afford em might not be possible when i life on my own etc in the future, that + a car liscense and scooter are my final wants. Will get a car later since i don't really need one yet but a driver license grants access to scooters too in my country. And i can drive in my parents cars then if needed especially handy cuz my dad is sick, so if needed i can drive him then.
So yeah those will be my last insane soendings for a while and then i will start saving seriously and budget better.
I will probaby still life at my moms place for the next few years or so, so i can still save alot.
Gettin the tats now since i now can afford em might not be possible when i life on my own etc in the future, that + a car liscense and scooter are my final wants. Will get a car later since i don't really need one yet but a driver license grants access to scooters too in my country. And i can drive in my parents cars then if needed especially handy cuz my dad is sick, so if needed i can drive him then.
So yeah those will be my last insane soendings for a while and then i will start saving seriously and budget better.
Currently at 15% between all my accounts. 401k, IRA, savings.
Would like to raise that but need to pay off my car first. Car payments suck but I did need a car. Oh well, soon enough.
Would like to get to 20-25% savings rate.
Would like to raise that but need to pay off my car first. Car payments suck but I did need a car. Oh well, soon enough.
Would like to get to 20-25% savings rate.
I save a minimum of $400 a month through automation and I'll save more on top of that depending on how well I stick to my budget.
"Saving money" doesn't seem intuitive anymore. Savings accounts get you nothing. Basically whatever is left over after your bills, food, necessities per month is your "savings". Budgets are where it's at - allot yourself a certain amount for different things per month. The rest is leftover and carries on to the next month.
Of course. Half of my salary each month goes into saving automatically. Got to plan for the future.