How Much Do You Save Each Month?

posted 3 years ago in Money
Post # 3
1888 posts
Buzzing bee
  • Wedding: August 2014

I’m unemployed (from a steady job) and currently work odd jobs.  My savings got drained and I’m working on rebuilding them.  Right now I’m on track to save $100 per month, and just got a big boost by putting part of my tax return into savings.

Post # 4
2062 posts
Buzzing bee
  • Wedding: August 2012

We save about 1/5 of our income each month. We are building a strong savings but, when we’ve met that goal, we’ll invest.

Post # 5
7298 posts
Busy Beekeeper
  • Wedding: August 2012

We both put the max (6% I believe?) into our retirement accounts and then we auto deduct $600/month into savings. If the checking balance starts getting high, we make extra payments on DH’s student loans.

Post # 6
4087 posts
Honey bee
  • Wedding: December 2013

We are working on raising our savings amount too, but March is the first month I have to start paying my (small) student loans off. We put anywhere from $350-$500 away into a general savings account each month. I’m also going to start contributing about $30/mo to a TD Ameritrade Roth IRA I set up years ago (it currently has about $1000 in it). I also have a HSA through my health insurance that I contribute $30/mo to while my school district contributes $600 year. The HSA will be used for eyecare as my insurance doesn’t cover it and for future baby-related hospital charges. My husband is working as a store manager while working on his BA in Business Administration and doesn’t yet have an IRA or 401(k). I have awesome retirement savings as a teacher and it comes out of my paycheck each month before I even see it, so it’s pre-tax dollars. At my current salary, that means about $450 automatically goes into retirement each month. 

Post # 7
1648 posts
Bumble bee
  • Wedding: August 2000

I put 15% or 17% (whatever the max is) of my paycheck into my 401K, $250 a mo for HSA and sweep the rest into savings; usually about $1000-1500 or so. 


Post # 8
627 posts
Busy bee
  • Wedding: May 2014 - Scottish Rite Cathedral (New Castle, PA)

@Mrs.LemonDrop:  We put at least $1k in savings each month which is about 20% of our combined pay. We try to always put more in savings and on a good month we can put my whole pay to savings (about 40% of our income) and just live off of FI but that rarely happens, it usually lands around 30% a month. We don’t invest but FI has a 401k that he puts 3% in each pay so that’s along those lines. I also put 7.5% in my pension each pay. We bought a house last year and are paying for the wedding this year so our savings hasn’t really had a chance to get big before it gets knocked back down. We try to always have $10k cushion in savings. Neither of us wants to have a ton of money in savings, people in my position typically make more off their pension when retired than they do working so we’re not too worried about that. We both live with the idea that tomorrow isn’t guaranteed so we would rather enjoy our time now and do what we want as it comes up than to have a huge savings. We are also CBC so that may make a difference since we’re not worried about saving up for that.   

Post # 9
1802 posts
Buzzing bee

Neither of us are settled into jobs where we would start saving for retirement, so hopefully my SO can find a new job this year where we can actually start something. Other than that we are currently aggressively paying down CC debt, and hopefully that will be wiped out by April or May. Then we plan on saving no less than $100, but hopefully closer to the $500 range every month. We don’t have a lot of savings right now, and it scares me that something could happen!

Post # 10
1902 posts
Buzzing bee
  • Wedding: April 2012

I put the maximum amount in my 401K ($17,500), then I contribute to my Roth IRA until I’ve maxed it out.  I don’t bother to save any additional cash, because I have a healthy rainy day fund, but try to put an excess funds in an investment account.

Post # 11
115 posts
Blushing bee
  • Wedding: May 2015

@Mrs.LemonDrop:  We’d love to save something, anything, but times are tight right now with bills, car repairs and student loan payments… I honestly don’t get it, because I make decent money (for a teacher) and FI doesn’t make a ton because he’s a journalist, but he is full-time… but we’re always just getting by! Thus, no wedding (or house, or baby) at the moment 🙁

Anyone else feel that way?

Post # 12
15070 posts
Honey Beekeeper
  • Wedding: June 2011

It’s different for us with dh being in a for call union. We don’t have a check coming in every week, but when he gets called out he makes a ton so we save a ton. We save $16 per hour paid towards the annuity. I’m not sure how much goes into the pension, it’s mixed in with some other service charges so it’s not very clear. When I get checks, which are sporadic, we put half into a savings account to use when dh isn’t working. I have an IRA that we put money into when dh is working, depends on his position how much we put in but it’s between 1 – 4 hundred a week. I also buy the occasional savings bond when I’m at the bank and throw it in the safe. I’ve been doing this since I was 16 and have two shoe boxes full of them. We also get a ssi check for dss, we put half away towards college saving.

Post # 13
13256 posts
Honey Beekeeper
  • Wedding: June 2011

We both max out our 401k ~1400/each and Roth IRA ~420/each.  500/month into savings.  500/month into investment savings.  1000/month into general spendable savings for big ticket house stuff/car/etc.

Post # 14
497 posts
Helper bee
  • Wedding: August 2014

@Mrs.LemonDrop:  Our incomes are variable so we have varied savings. We put a minimum amount in each month porportional to our incomes (we havent combined yet). If we have a month where we make more money than usual, we funnel over as much as we can without impacting our quality of life significantly. We also both max out our 401K each year (but I adjust so it’s equally weighted across the year despite our variable income). However, we did not do ANY of this when we were paying down our debts still. I am a big fan of the Dave Ramsey approach as it got me out of significant debt. Even if you are not religious, it is a great way to get started!

Post # 15
109 posts
Blushing bee

We both contribute 10% to our 401k’s.  Depending on what’s going on (need to replace windows, cat has a hospital stay, etc.) we put about 20% in savings.  I think it makes sense to lower your student loan payments.  At this point in your life I imagine liquidity is important.

Post # 16
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

We save 40-50% of monthly income. Max out 401k contributions then the rest goes into various savings accounts.

Personally I thin it’s smarter to save more then pay down student loan debt. My money works harder for me saving it then it does paying down student loans. I pay the minimum allowed on student loans at the moment Despite our ability to pay them down much more aggressively.



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