(Closed) How Much Do You Save Each Month?

posted 8 years ago in Money
Post # 47
Member
85 posts
Worker bee
  • Wedding: July 2015

We generally save about 40% of our take home pay each month. This does not include deductions taken right off our paycheques that go towards employer retirement plans and employer stock ownership plans. We don’t include them as part of our savings because they are deducted from our paycheques automatically and we never get to see them. If we include these as savings, then it’s closer to 50%. Although some months we a bit behind due to one-time occurrences. like bachelor/ette parties, wedding gifts, weekend trips, etc.

Our goal for these savings is to first max out our TFSAs (tax free savings accounts which is a Canadian thing) and our RRSPs. We both recently finished our masters programs and paid off our student loans, so we are now aggressively saving/investing for our future together. Once we accumulate enough cash savings, we’re going to put them into investments.

We also get paid bonuses once a year, which is not included. We are going to try to save most of our bonuses as well. 

Post # 48
Member
20 posts
Newbee

we save 50%+ of net after putting 9% of gross into 401k.

Works out to $4-5k a month. I save $2k and Fiance saves 2-3k depending.

Post # 49
Member
2769 posts
Sugar bee
  • Wedding: September 2016

I put 25% into my savings acct when I deposit my pay, then when I have a high checking balance I move more over.

It’s interesting to me how a LOT of the bees who post on this sort of thread save more in a month than I make. A lot save significantly more!   

it kind of makes me wonder – what are you giving up so you can save aggressively? Also how much do you donate to nonprofits/charities?

Post # 50
Member
872 posts
Busy bee
  • Wedding: September 2011

We both max out our 401(k)s.  Then we save about 23% of our after tax paychecks, and we also sock away a chunk of our annual bonuses.  Our mortgage payment (which includes property taxes but not condo fees) is another 28%.

I’m not sure how this will change now that we are having a baby since we will have to pay for a nanny.  But we saved some cash in addition to our “forced” savings last year, and we also took two expensive vacations.  So there is some buffer.  I need to update our strategy accordingly, though, so that we have an updated budget with new goals.  We also need to start saving for college, oye!

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