(Closed) How much money are you saving every month?

posted 8 years ago in Money
Post # 92
Member
507 posts
Busy bee
  • Wedding: August 2013

Including 401k, 529 plans, and IRA’s we are saving about $7k a month. That doesn’t include company match. We are both lucky enough to make a lot of money. He has no kids so he has been able to save a lot. Neither of us have any debt other than our house. 

 

We both want to retire at 55 so are socking away as much as possible. We are very fortunate though that we still take great vacations and are able to afford to splurge when we want to. 

Post # 93
Member
6112 posts
Bee Keeper
  • Wedding: August 2012

@LucyLaLa:  How do you save 29% pre-tax for retirement? I ask because I thought a 401(k) tops out at 17.5% and then a Roth IRA is $5k more. I guess I don’t think that could be the only two things you’re doing because that would mean $5k is 13% of your combined income, which seems unlikely given your overall savings rate.

 

401k maxes out at $17,500 per year per person (not 17.5%) I believe.  However, we actually don’t have 401k’s at my work.  We have 401a’s instead which are university related.  We cannot contribute to those on our own (our work puts 14.2% of each of our salaries in that).  So we opened accounts on our own.

 

The pre-tax accounts we have are two 457b Plans ($17,500 per year per person) and a Health Savings Account family plan for $6,450 total (triple tax deferred plan).   That’s $41,450 a year or 28.6% of our gross income.  We each have a 403b as well (another pre-tax account), but nothing is going into those at the moment.  Kind of tapped out!

 

Then we each have a Roth as well ($5,500 per year per person).  8% of gross, but really 15% of actual take home.  The money goes into Roths using post-tax money, but I did my calculations based on the gross. 

 

Post # 94
Member
5870 posts
Bee Keeper
  • Wedding: April 2013

I save ~$1500/month myself.  

 

Fiance has typically saved ~$1000/month but now he’s got a special work situation (temporarily) and is making it a goal to put away $50,000 by the end of the year in savings and investments…so that’s just over $4000/month.  Wowza!

 

(We don’t have combined financials as of yet, because we don’t live together).

 

Post # 95
Member
670 posts
Busy bee
  • Wedding: May 2013

Holy all you bees must be millionaires, not sure how anyone can afford to put $3000 away a month after everything is paid. I mean I can barely afford to put 100 a month into savings after all my bills.

Post # 96
Member
1226 posts
Bumble bee
  • Wedding: June 2013

$750 a month – All of this will be for a down payment on the house.

We should be putting it towards the wedding, but we are paying for that separately.

The plan is: 2 years from now, we will have a huge downpayment AND the wedding/debts will be paid off.

It will take less than 2 years for us to pay the wedding, but we are giving ourselves 2 years.

Post # 97
Member
499 posts
Helper bee
  • Wedding: July 2013

$1000 between the both of us every month.

Paying for school & paying off debt in the mean time, and the wedding.

Post # 98
Member
2214 posts
Buzzing bee

I put $1,000 into savings every month. I don’t live with my SO, and he’s still in law school so I know he doesn’t save any money at the moment. I’m 26 and just opened a Roth IRA this year and maxed it out. I feel behind on saving for retirement, but I was in school full-time until I was 24 and just recently got to a point where I felt comfortable with the amount of money I had in savings to start putting money away for retirement. (I bought a house after I finished school, so any savings I had then got wiped out.) I’m getting a $12k pay raise in August, so that should help with savings/retirement too. I need to buy a new car this year since my current car is 10 years old, and I’m hoping not to need a car loan, which would eat up a huge chunk of my savings. Also, I have a ridiculous amount of student loan debt, so I try to put extra money towards that every month. Blah. I hate being an adult sometimes.

Post # 99
Member
1293 posts
Bumble bee
  • Wedding: December 2018

@Ninteenthchance:  It depends. Give or take $3,000

ETA: that is pure savings, not including retirement savings or my investment portfolio. I thought that was what the question asked.

Post # 100
Member
407 posts
Helper bee
  • Wedding: June 2015

Currently we’re saving $600/month, we got lucky and were given a half duplex by my father that costs us next to nothing monthly, but this place won’t work when we start having kids, too small. My boyfriend and I don’t make great money, he just finished school 6 months ago, and the loan payments are 250$ min payment a month, we’re throwing 600$/month on his loan to get rid of it ASAP. 

Looking at building our first place in 3 years. 

Post # 101
Member
1900 posts
Buzzing bee
  • Wedding: July 2012

Between the two of us, we probably save about $1000-1500 a month. It could be more, but we’re not being too strict with out budget at the moment

Post # 102
Member
331 posts
Helper bee
  • Wedding: May 2014

I’m currently saving $700 a month in my personal savings, not counting 401k.  My Fiance is saving on average about $1,000 a month. We’ll continue this savings plan after we get married unless our financial picture changes drastically.

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