posted 3 days ago in Money
Post # 31
963 posts
Busy bee

We pool all our money. That said- have a plan for every penny. Instead of transferring ‘whatever is leftover’, transfer a set amount before you do anything else. Then pay rent, bills, etc. Then split that up for ‘fun money’.  

If your SIL has a lower combined income than you guys + a child and lives in a similar area but manages to save a significant amount more than you, you may be wasting more than you realize. 

There’s not just 1 right  way to manage finances, but if you want advice on how to increase savings, I have seen a lot of other threads on it with good tips. 

Post # 32
71 posts
Worker bee

It depends on all sorts of things so I don’t think you can really compare because not everyone is in the same situation. We usually put whatever is leftover into savings. $1000 a month is nothing to us. 

Post # 33
621 posts
Busy bee

llevinso :  Some people save more some people save less. Everyone’s financial situation is very different. 

Post # 34
277 posts
Helper bee

It depends entirely on your income and outgoings but I put away about 1k a month as well. I have no children though, just a mortgage and regular bills. We are also pretty frugal on going out/eating out costs 

Post # 35
133 posts
Blushing bee
  • Wedding: May 2018

I put away whatever is leftover each month after bills. I take home $3000 a month, spend about $1500 and save $1500. FI and I have seperate finances and split all shared expenses. Our rent is $1650 but we have no debt or children so saving has been easy.

Post # 36
275 posts
Helper bee
  • Wedding: October 2016

It can also depend on what they define as “savings.” I’ve seen people who claim anything they don’t spend in the month they earn it counts as savings, even if they’re using it in a month for a trip or car repairs. My husband and I have a very average income and set aside a little over $1000 a month–but it’s earmarked for a bunch of different purposes, from taking trips and replacing our 10-year-old cars to our house down payment fund. I wouldn’t claim we save $1000 in the bank each month, but other people have different definitions.

Most of the saving is from my income, but that’s also because I outearn him. Without a budget where we pull out savings first, I’m pretty sure he would never have anything left after bills. Most of the way we save has come from avoiding the chance to let our bills increase with our income. When we got married, I took into account what each of us had been spending each month for various things. Any expense we no longer had, like the wedding money or rent from when I had a separate apartment, became a line item to save for something else. When I got an extra raise this fall, all the extra income went either to extra retirement savings or to the down payment fund. We could save up for a down payment faster if we wanted to, but we’re overloading our retirement savings because it’s a bigger priority for us.

Post # 37
34 posts

Most of the money we don’t spend goes to paying off my loans or into retirement accounts. Outside of an emergency account, I think it is a better idea to invest than keep your money in savings so unless you think you will have need of that money in the next few years it’s probably better off invested somewhere. 

But even with that, we do have three savings account. One is the emergency account with 4-6 months expenses. One is a vacation fund, this is where the extra from our checking goes and it probably only amounts to a couple hundred dollars a month. The last is for a down payment for a house and 10% of our take home is direct deposited there. We could be putting in a lot more money, but for now we are prioritizing retirement accounts since we know we will be renting for the next few years and are fine with that. 


Post # 38
8294 posts
Bumble Beekeeper
  • Wedding: September 2015

llevinso :  We live off of his income, and save 15% of it after 401k/insurance/taxes etc. We save all/90% of mine. The key is to move the money as soon as you get paid. Not just passively saving whatever is left over the day before the next pay day. We have long term savings (these are invested), and short term (house, new car, vacation etc) savings.

Are you dealing with any car payments? Can you trade for something cheaper and have no payments?

Post # 40
8294 posts
Bumble Beekeeper
  • Wedding: September 2015

llevinso :  okay well thats good! Your long term stuff is in order. Thats HUGE. Sounds like your just dealing with a cash flow “problem”  for short term savings /sinking funds. Moving to a moderate COL area or a smaller house would make all the difference. The market has recovered from the crash, its a good time to sell. What percentage of your net goes to housing? (Mortage, interest, taxes, insurance, utilities)

Post # 41
1806 posts
Buzzing bee
  • Wedding: October 2015

We contribute proportionally.

For him, every debit transaction automatically transfer $5 into the savings account. For me, it’s $2. We’ve saved so much money this way that I’m actually planning to up mine to $5.

He transfers $100 every week automatically and I transfer $100 every month.

This particual savings account is designated for a a house.

All other things we save for (trips, a new car, etc.) are purely the cash envelope method. I genuinely like counting stacks of bills and I won’t touch it oncce it’s been taken out of my account and placed in an envelope.

Post # 43
3221 posts
Sugar bee

llevinso :  if the mortgage is 30% of just your salary without taking your husband’s income into account I’d say that’s pretty good for a high cost of living area. If I were you I’d take a hard look at some of the other bills to see if you can reduce them in the meantime and then evaluate your spending habits.  The rule in my house is that cable/internet cannot exceed $140/month. Once it creeps back up there my husband calls and threatens to switch companies to get a new deal in place. I really don’t think we need cable at all personally but that’s a different battle to fight hahaha

Post # 45
597 posts
Busy bee
  • Wedding: September 2015

We both put $50 dollars into the savings from each paycheck. We both get paid weekly so that’s about $400 a month. We don’t necessarily have “great paying jobs” so at the moment we can’t afford more plus we live in the Bay Area and it’s SO expensive.

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