$1800 paycheck, 10% into 401k (5% match), $150 insurance, after taxes and other deductions I get about $1250 deposited into bank per paycheck ($2500/month).
$725 rent, $150 groceries, $150 gas, $70 phone, $50 misc puts me at a savings at over 50%. I always try to make sure I can cover all my monthly expenses with one paycheck.
$725 rent, $150 groceries, $150 gas, $70 phone, $50 misc puts me at a savings at over 50%. I always try to make sure I can cover all my monthly expenses with one paycheck.
hanoverphist
Diamond Member
- Dec 7, 2006
- 9,867
- 23
- 76
mine varies as well... from 6% to about... 0%. usually 0%. well, i do have my retirement thingie. i used to save about 25% of both my and my ex wifes salary, but when she left that didnt leave much room for savings with 3 kids to raise.
Deeko
Lifer
- Jun 16, 2000
- 30,213
- 12
- 81
Not enough. I invest a decent portion (about 10% of gross, so about 15-16% of net I guess), but I don't have a ton of cash savings. Something I should improve on, and will next year when I move somewhere cheaper. Tough when you live alone downtown & have an assload of student loans.
10% goes into my 401K... beyond that, it's just whatever I have left over at the end of the month after all my bills are paid (which is never a great amount).
I have 6 months of living expenses in my savings account and I add to it whenever possible.
I have 6 months of living expenses in my savings account and I add to it whenever possible.
AstroManLuca
Lifer
- Jun 24, 2004
- 15,628
- 5
- 81
Most comes from 403(b) contributions. I put 10% of my income in there. Unfortunately my employer has a shitty match system, just 25% of my contribution up to 5%, so I'm only getting an extra 1.25% from them. Better than nothing. I also auto-deposit $50 from each paycheck into my savings (rather than my checking) account (which is about 3% of my gross income). So in total about 14%.
If by go out you mean hit the bar up and blow $50 a night in drinks, no. If you mean spend at least one night every weekend with my wife, yes. That $50 misc buys my wife and I dinner at least every weekend at great authentic hole in the wall restaurants. I live in a place where there are countless free outdoor activities all year long. Mountains, canyons, etc. I play tennis with some buddies at least once a week then hit up Sonic for a slushy (this is a $1 activity). Both our families live close and our parents always treat us to evenings out. I get free gift cards to restaurants all the time, I probably have $300 in gift cards to chili's, texas roadhouse, applebees, cafe rio, etc in my dresser right now. At least twice a year we'll go on a nice vacation. I never go to any movies except to the dollar theater (smuggling in my own treats of course). If anything I'm too busy always going out and would prefer to spend more time in relaxing watching my HDTV and hulu.
What do you spend all your money on? I know it's easy for people to easily spend on entertainment in one night the amount of money I spend on entertainment in a month, but I am in no way deprived or bored. The only time I ever spend more than $10 on any meal is when it's a special occasion.
I get paid once a month. When I get that check:
10% of my paycheck is immediately deposited into savings. If my saving account is at a level I consider sufficient to deal with most emergencies, that money goes into an investment account.
A few hundred goes into my Roth IRA.
Pay my bills.
Deposit the leftover funds into my investment account, leaving enough funds in my checking account to cover general needs and a few small purchases a month.
10% of my paycheck is immediately deposited into savings. If my saving account is at a level I consider sufficient to deal with most emergencies, that money goes into an investment account.
A few hundred goes into my Roth IRA.
Pay my bills.
Deposit the leftover funds into my investment account, leaving enough funds in my checking account to cover general needs and a few small purchases a month.
Atomic Playboy
Lifer
- Feb 6, 2007
- 16,432
- 1
- 81
Jeffg010
Diamond Member
- Feb 22, 2008
- 3,435
- 1
- 0
15% into my 401k match is 6% will drop to 4% at the end of the year 
I break even each month witch is bad because my house was paid off in June and no car payment. I have 10k in a savings account for back up. I'm only 37 and the way I did this was no kids, not getting married and no credit cards. I also had a hot stock that I cashed in and paid off my house. I do need to make a separate bank account that some of the paycheck should go in and not touch it. The problem is I have all of my paycheck go into my checking and I nickel and dime it with the MAC card. I need get a hold of that habit and turn it around.
I break even each month witch is bad because my house was paid off in June and no car payment. I have 10k in a savings account for back up. I'm only 37 and the way I did this was no kids, not getting married and no credit cards. I also had a hot stock that I cashed in and paid off my house. I do need to make a separate bank account that some of the paycheck should go in and not touch it. The problem is I have all of my paycheck go into my checking and I nickel and dime it with the MAC card. I need get a hold of that habit and turn it around. Work provides 10% pension
i put in 1% 401k
i have about 6 months of finances, maybe 65% or something of yearly income saved atm
I save 0-15% a month depending on whats going on, some months i go over, etc.
i put in 1% 401k
i have about 6 months of finances, maybe 65% or something of yearly income saved atm
I save 0-15% a month depending on whats going on, some months i go over, etc.
so you can stretch that $50 for misc activities to cover 4 weekends? $12.50 per weekend? props man.
yes. that's exactly where all of our tax dollars are going. i will admit it is a nice match along with nice benefits. i do pay a price in having a lower salary than in the business world. in return i do have more stability, new kid in home makes this a definite boon.
columbus city for example, just raised taxes from 2% to 2.5% but yet the city employees do not contribute to the pension system. the city does.. and also pays the bonus match. that's a bit overkill imo.
we live in a lower cost of living area, columbus, oh. we both subscribe to the live beneath your means concept. no car payments, no credit card debt, no student loans (both went to OSU so college costs were low), and our only debt is the mortgage, working on getting the big enough lump sum to pay off. we are not huge salary earners, combined we dont hit six digits but when you're monthly costs are low, then you make large strides in saving.
i'd estimate that our monthly costs are roughly 30% of our gross. that leaves 40% for retirement saving, ~25% for taxes and 5% for taxable saving.
if you make the conscious decision to live beneath your means for a year, 2 years, you can get pretty far ahead. if you can sell the car that you have payments on (assumed for enough that you can close out the loan) and get a 2k clunker for 2 years, roll that money into those student loans. you could make significant progress in paying those loans off. now you've got no student loans, no car payment. savings grow big time. get that min emergency fund, grow a new car fund, retirement fund, etc.. wherever it goes, its all positive gain at this point. and i think your lifestyle gets better with less stress about money. the real magic is the compounding interest. do it early and it takes a life of its own. the goal is to get to the point where your interest per year is bigger than your contribution. now you're in happy land
Looks like October will be
~23% taxes
~26% rent and utilities
~22% food/booze/etc
~7% health/car insurance
Savings 22%. In reality I usually overspend my budget on something or other, so probably more like 15%.
edit: I know that isn't what you asked (net income) but it is too depressing for me to think of the percentage of my net income I spend on rent/utilities
~23% taxes
~26% rent and utilities
~22% food/booze/etc
~7% health/car insurance
Savings 22%. In reality I usually overspend my budget on something or other, so probably more like 15%.
edit: I know that isn't what you asked (net income) but it is too depressing for me to think of the percentage of my net income I spend on rent/utilities
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