Post # 1
I’m just really curious what’s normal. Sometimes I feel like we are living paycheck to paycheck but in reality we are saving aton of our money. We each put 5% into our 401ks and then we each put 5% into a savings account. We also save all of our bonuses and tax refunds. Is this a lot? Normal? Less than average?
Post # 3
- Wedding: October 2011 - Bed & Breakfast
We put 10% into our retirement plans and save another 20% of our take-home pay. So about 30% of our income goes automatically into savings.
Post # 4
We save about 65% of our takehome every month. Some in retirement, some in cash!
Post # 5
We also save about 65% of our take home pay.
Post # 6
We each put 6% in our 401k plans, and I’m not sure about the actual percent of cash. We each put around $100 in our own savings accounts per paycheck if we can. I usually save the majority of my tax refunds…Fiance tends to have his spent before he even gets it!
Post # 7
Wow so I guess at 20% we really aren’t saving that much. Hmmm now I’m a little nervous.
Post # 8
My husband puts 6% into 401k (his company matches) then we save about 10% of what he takes home after that each month (I don’t work). This is separate from our 6 month emergency fund and home improvement/remodeling fund.
Post # 9
Between various retirement accounts and cash, we save upwards of 20% of gross income. Most of it we don’t even miss, because it’s pretax retirement accounts. Then on top of that we put away what we can every month, which varies month to month.
As long as numbers are generally going in an upward direction in the bank accounts, I don’t much pay attention… I guess we’re really lucky to be in a position where that’s a viable savings strategy. But I do have to remind Darling Husband that just because there’s extra money at the end of his 2 week pay period, that doesn’t mean he’s obligated to spend it. 🙂
Post # 10
We save 70% of our take-home pay. This does not include the money that is deducted from every paycheque that goes into my defined benefit pension plan because I do not have any control over it. Because I do not know what the pension will look like when we eventually retire, I do not include it in my savings/retirement calculations. If I end up getting a decent-sized pension, it will simply be gravy.
By “saving” what I mean is we invest 60% of our take-home pay and the other 10% of take-home that we save each month is put into a short-term savings account to fund our travel habit.
We are able to save 70% by spending money very, very rarely on things we do not care about (clothes, shoes, cable TV, cars, mortgage, frequent meals out, lattes, alcohol, etc.) so we can have lots of money for what we do care about (early retirement, financial independence, and lives full of lots and lots of international travel and adventure sports/activities). We are also childfree-by-choice which will make a big difference in the long run as well.
Post # 11
I save 12% into retirment and 20% into savings.
Post # 12
OP, do not feel bad about how much you’re saving. If you’re still fairly young and saving, you’re doing well. You’re going to get a lot of responses from people who save a lot and therefore will want to respond to your question. People who don’t save much are probably not going to respond to your question so responses will be skewed. Don’t take this to mean you are not saving enough. If you are truly concerned, speak with a financial advisor.
I spent half of my twenties in undergrad and law school incurring debt. The other half I spent paying off school loans and trying to make ends meet. It wasn’t until I was well in my thirties before I was really able to start saving a ton of money.
Post # 13
I was always taught that solid saving and investing are essential parts of smart money management. I still employ this now that I am older, and I think you are wise to do so, as well. 😀
Post # 14
@namarie: Thank you 🙂 I was starting to get seriously worried. We just graduated last year (23 years old) so we are still fairly young. I’m also paying off loans so we are trying to get rid of that as quick as possible as well. I think I will probably suggest to Fiance that we talk to someone after all the wedding madness slows down so that we can make sure we are saving enough! I guess since we’re still building a household and making large purchases (such as a washer and dryer) we have less money to save as well. I guess I didn’t really think through all of that stuff. Thanks for the reassurance!
Post # 15
we save about 40% of our take home pay and put it in savings – but we have my car note and student loan that come out from savings every month so it may be more like 30%/35% or so. Our account doesn’t reflect that though because we love to travel so we use some savings for for little vacas and weekend trips to stay sane
Post # 16
I wouldn’t really consider myself “normal” but I save almost half of my take home pay. Basically, my fiance and I both max out our 403(b)/401(k) and contribute the max to Roth IRAs and I put 10% of the left over pay into a savings account and I put $60 per month into an HSA which I use as an investment tool. I also have a retirement plan through work, but I don’t really count that. Basically I try to use as much tax-free investing as possible. But I know that we won’t be able to keep up this pace once we buy a house and have a kid and one or both of us may go to part-time work. So we’re investing heavily now, knowing that we’re likely going to cut back some in the future.