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How much do you save?

I

ILikeStuff

Senior member
Personally I put 10% into my 401k, and will soon be putting 7-8% into a money market. I also am building equity in my house. How much of your income are you saving for retirement/rainy day?
 
Trying to save $2500 every month. 🙂 been doing it since Jan, 2002. 😉 In addition, to the IRA account for retirement. I'm doing pretty good at the moment.


--scsi

 
Originally posted by: SCSIfreek
Trying to save $2500 every month. 🙂 been doing it since Jan, 2002. 😉 In addition, to the IRA account for retirement. I'm doing pretty good at the moment.


--scsi
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wow, even if I pared my budget down to the bare necessities, I don't think I could save that much... wow
 
How much of your income are you saving for retirement/rainy day?
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I'm not going to live till the retirement and all the money in the world I could ever collect wouldn't help me in case of a rainy day (heck, everybody knows that doctors can cost millions in case of some serious illness). There just can't be enough money.
 
One of my friends just graduated with 50k in the bank saved up from his internship for 2 years. He's now making 54k a year saving almost all of it because he lives at home and will continue to do so for awhile. He's got a brand new car that his dad won and gave to him and he's got 10,000 in a roth IRA from when he was 16...the kid's doin awesome...

Now if only I could get a job I'd be saving taht much🙂
 
All I get is allowance at this time since time does not permit to get a job... I have about $400 in the bank and about $80 at home.
 
I said 50-99%. I am forced to put my paycheck into the bank by my parents (which is a good thing, I think), and I only spend the money when I need to purchase something. As of now from work and my Bar Mitzvah I have ~$16000 saved.

EDIT: I also get no allowance.
 
15% into my 401k, $500/month into my ING, $3000/year to my Roth IRA. My checking account grows each month in spite of my spending, but I could probably do a whole lot better if I really wanted to.
 
Originally posted by: Jzero
15% into my 401k, $500/month into my ING, $3000/year to my Roth IRA. My checking account grows each month in spite of my spending, but I could probably do a whole lot better if I really wanted to.
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That's not too bad at all...
 
$2600/year into company stock which is a lot considering I make about 12k/year. I just deduct it out of my paycheck and I have some 401k set up too but I don't know much about it.
 
well the wifey and i are just about done paying off all of our bills in full
and we agreed for the rest of the year we will be on a strict budget just to increase our savings...

so after the house and bill payments we are almost putting away 3k a month then taper off to about 1500 to 2k a month after the first of the year....barring any unforseen stuff...i.e. layoffs or what have u (knock on wood) we will be doing pretty good.

I just wish we had focused on our finances like this much much sooner...oh well
 
Originally posted by: Hossenfeffer
Save?

Well, as an actor who grosses around $8k a year... I'll give you a hint. I don't save much. 😉
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We're not the IRS. You can tell us about your tips from waiting tables 😉
 
15% of take home goes to my retirement savings
55% goes to loans

The remaining 30% is my monthly expenable cash & for paying off CC.
 
Is this gross or net of taxes?


6% fully matched into 401K (pretax)
$ monthly into Roth IRA
$ month to Ingdirect for emergency fund
$ month aggressive money fund (not to be confused with a money market fund)
$ month VUL policy (insurance + investment)

Above is about 22% of our gross salary.

Then there are the two houses my wife and I have as investment property. That's another 28% of our gross we make in equity paid by renters each month.

So that adds up to 50% of gross salary being saved in real estate and investment products. I think we do a good job 😀

 
C'mon Chinese people, show your stingy self! 😉

Haha j/k. But places like Taiwan and China, and Asia in general these people tend to have very high savings rate.
 
I invest about 40-45% of my take home pay, which equals out to about $33,000 a year.

Most of it is going into a short term investment fund for a nice downpayment on a house in a couple of years, when I have 30-40k saved up. The rest goes into my Roth IRA and a mutual fund.
 
It is from my wife where I learned to do a lot of investing. She is Asian. I am much more frugal with my money now than before; and if one of us loses our job, no sweat man! Stingy or not, I almost have my financial freedom 🙂

Originally posted by: Gr1mL0cK
C'mon Chinese people, show your stingy self! 😉

Haha j/k. But places like Taiwan and China, and Asia in general these people tend to have very high savings rate.
Click to expand...

 
I used to save a quiet a bit when I was going to school and working, but now, I am unemployed 🙁

Did pretty well with stock as well, with minimum of 30% in portfolio, but I am graduating in 2 months and just trying to get a job and spend my savings
 
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