How much $$$ do you save?

[PingSpike]

Originally posted by: spidey07

Originally posted by: vi edit
Think about that for a second.

That household making that much money can easily give up an expensive car payment or downsize to a smaller house and easily pick themselves up.

The family making less doesn't have as much wiggle room.

I thought about it. The family making less is stupid and irresponsible with their income and living beyond their means. If they don't have wiggle room it's their own damn fault.

No, you're doing it wrong. Think really hard, so hard that you poop a little.

 

[Special K]

This thread reminds me of an article I read a couple days ago that discusses the "paradox of thrift". Personal savings rates are up this year for the first time in a very long time, obviously because people are afraid of losing their jobs and are trying to prepare for an emergency.

The article make the point that because people are saving money now instead of spending, they are actually making the recession worse. Because 70% of the economy is driven by consumer spending, future economic growth could be slowed if people in general start saving more money.

Here's a link to the full article if anyone is interested:

link

 

[xboxist]

lol... savings. ok.

 

[FoBoT]

i put 100% of my money into a bank account


and then i spend it

 

[vi edit]

Originally posted by: Special K
This thread reminds me of an article I read a couple days ago that discusses the "paradox of thrift". Personal savings rates are up this year for the first time in a very long time, obviously because people are afraid of losing their jobs and are trying to prepare for an emergency.

The article make the point that because people are saving money now instead of spending, they are actually making the recession worse. Because 70% of the economy is driven by consumer spending, future economic growth could be slowed if people in general start saving more money.

Here's a link to the full article if anyone is interested:

link

AKA: Deflation

 

[BassBomb]

Should I state how much I basically carry over from one 4 month work term and 4 month school term ?

I make about 12000 in 4 months, 6k is gone to school and such, after 4 months of school I usually end up with about 2500 to start the next work term

 

[AmpedSilence]

Around 30% of my income when I am employed. It would be more, but i aggressively pay down my loans, so that limits what i can do. Plus, I have been unemployed three times in the last three years, so for me i have to save as much as i can since i know that i may be unemployed at any time.

Currently I am unemployed, and i can save about 10% of my unemployment benefits because of how little debt i have left.

 

[PingSpike]

Originally posted by: Special K
This thread reminds me of an article I read a couple days ago that discusses the "paradox of thrift". Personal savings rates are up this year for the first time in a very long time, obviously because people are afraid of losing their jobs and are trying to prepare for an emergency.

The article make the point that because people are saving money now instead of spending, they are actually making the recession worse. Because 70% of the economy is driven by consumer spending, future economic growth could be slowed if people in general start saving more money.

Here's a link to the full article if anyone is interested:

link

Sure, but blowing money in a recession is a good idea for everyone else and a bad idea for me. Unfortunately, everyone else is thinking the same thing!

 

[judasmachine]

roughly about 17% of our combined household income. the rest pays for booze.

 

[Jeff7]

Originally posted by: sonambulo
Nada (student)

Same here. Mine's been negative for more than 3 years now.

 

[Special K]

Originally posted by: vi edit

Originally posted by: Special K
This thread reminds me of an article I read a couple days ago that discusses the "paradox of thrift". Personal savings rates are up this year for the first time in a very long time, obviously because people are afraid of losing their jobs and are trying to prepare for an emergency.

The article make the point that because people are saving money now instead of spending, they are actually making the recession worse. Because 70% of the economy is driven by consumer spending, future economic growth could be slowed if people in general start saving more money.

Here's a link to the full article if anyone is interested:

link

AKA: Deflation

I think deflation is a separate issue. Deflation in and of itself will cause people to save more money because their dollars will be worth more in the future than now. However if we were facing high unemployment and inflation, I think people would still be saving money in case they lost their job.

 

[KMFJD]

50-65%

 

[hanoverphist]

when i was still with my ex we put about 30% into savings, not counting our retirement stuff. now that shes gone and im still paying off debts we started together, i put 0% into savings as all my cash goes to maintaining my house and 3 kids i have custody of. im really looking forward to paying off my truck and student loans. credit cards i put all on her, i only have 2 in my name and both are pretty low and get paid off monthly.

 

[meltdown75]

this should be a two-part question. a) how much do you save and b) are you on your own / off your parents tit yet?

b/c it sure as hell has been hard for me to save with a mortgage, bills, car payment, etc etc etc.

not that i saved when i was living at home anyway

it is just very hard right now although i can see the light at the end of the tunnel :/

 

[JoPh]

6% into 401k
$25 a week into savings.

the rest is bills.

 

[Mxylplyx]

As a single income household with a wife and kid, I probably save about 15-20%, including retirement, and I feel I'm doing better than most, as I have only mortgage debt. When I had a second contract job not long ago that paid about 40K/yr of supplemental income, all savings, I was always first to jump into these threads and gloat, which is why threads like this are always skewed towards those doing well. If you save ANYTHING at the end of every month and have no debt, consider yourself well off.

 

[Oyeve]

Nada. I pretty much live check to check. Lucky if I have enough for a gallon of booze after each check.

 

[speg]

When I'm full-time, almost 50%. When not full-time I'm just breaking even.

 

[rh71]

Originally posted by: FoBoT
i put 100% of my money into a bank account


and then i spend it

heh... well I never see any of my money... my work shoves it somewhere out on the Internets and when I spend it, it is always magically done with some plastic. I dunno... it just works. I just did it again at the Taco Bell drive-thru.

 

[erub]

10% 401k, another 15% into the savings account (gross)

 

[dakels]

I swear we did this before... Anyways people saving over 50%... someone or some thing paying for your living expenses (military, family?)?

I'm single and live in the NYC area and its extremely difficult to save anything beyond 20-30% of gross and maintain a decent lifestyle. Even that is really high considering i only keep about 60% of my gross after taxes and insurances. That's saying that all of your expenses including rent and food and medical bills or sex and drugs fall under 30-40% of your gross income.

 

[ViviTheMage]

screw that, I like to spend money..I only put 4% into 401k ...everything else is spent or put towards CC debt from school.

only 22, so I do not really feel the need to put money into savings...maybe once debt is gone I will put money into an actual SAVINGS account/CD/ROTH/etc

 

[Bateluer]

I wonder how many people in here are lying through their teeth. Trying to save face in ATOT or protect e-peen bragging rights maybe?

I bring in 2600 per month before taxes. 5% of monthly income is removed from the paycheck for the company 401k. Then I have 100 per pay check going in a high(relatively) interest savings account. From that savings account, 50 USD per month goes into a mutual fund.

I don't count my MGIB payments as 'income' per se, but most of that money goes into a different savings account where its funneled into tuition and other school related costs.