(Closed) How much of your income goes to your savings?

posted 5 years ago in Money
Post # 2
Member
557 posts
Busy bee
  • Wedding: September 2014

We were doing “save what we have leftover” for awhile, but we were going a little overboard on spending, so we switched to a set amount that I treat like a bill each month. It’s about 20% of our income.

Post # 3
Member
328 posts
Helper bee
  • Wedding: September 2012

Well I know my answer isn’t realistic for most but I’ll share. 100% of mine goes into savings and we live off of DH’s. I also currently make more than DH. We live in his brother’s house (alone) for free so we don’t have the bills that go along with having a home. The savings are for buying our first house (hopefully by the end of this year). We’ve lived here for almost 3 years now but the first year was my intern year where I didn’t have an income. Bills DH currently pays are auto insurance, phone bills, and groceries. The rest of his income is for leisure and savings. Once we buy a home, my income is going to go towards the new bills we’ve acquired and will have to refigure how much we save. We are very blessed to have our situation!

Post # 4
Member
9519 posts
Buzzing Beekeeper

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MissB2MrsO:  We do the same. We’ve always made an effort to live off one salary (in case one of us loses a job, is unable to work, etc.). Fiance makes a bit more than me and all his paychecks go directly into our savings account where they’re untouched. Mine go straight to our checking account and we use that to pay all rent/bills. After that, I usually have about 20% of my paycheck left to add to our savings too.

Post # 7
Member
263 posts
Helper bee

i’m putting 30% away into my savings and investments everytime i get my paycheck and at the end of the month, i’ll put the leftovers into savings as well.

 

 

 

Post # 8
Member
9519 posts
Buzzing Beekeeper

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juliaGG:  Just saving. We were househunting for awhile and just bought a place, so the majority of our savings will soon be gone. Didn’t seem worth investing since we knew we’d have to part with it soon anyway. Once we start building it up again, we’ll consider investments.

ETA: But we each max out our 401k contributions — not sure if that’s considered savings or investments or both!

  • This reply was modified 5 years, 5 months ago by  Grid.
Post # 11
Member
138 posts
Blushing bee
  • Wedding: May 2015 - Aanuka Beach Resort

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MissB2MrsO:  DH & I are the same. My whole pay goes into savings and we live off his.

Post # 13
Member
263 posts
Helper bee

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juliaGG:  that’s a tough one .. but we were advised to keep aside 6 months basic expenses as a safe figure in case one of us got laid off .. this will help us buy time for us to get a new job without worrying too much about fixed expenses ..

i think it’s good advise .. but it means a lot of discipline is required to reach that amount (and we’ve not even halfway near that figure).

p/s: not sure if it’s relevant, but cause i dont live in the US so our geographical practices may differ.

Post # 14
Member
645 posts
Busy bee

We each put half our income into our savings account. Since we earn about the same it means we’re effectively living on one salary. 

You may find it useful to structure things like we do. 

We get paid monthly and we have 4 bank accounts. 

1. Bills and household money. We each pay half the household costs into this account. 

2. Savings. We each put an amount for savings into this one

3. Spending money. What’s left goes into here

4. Our personal accounts – each week we draw out one quarter of the money in the account above and split it between our individual accounts. 

Post # 15
Member
3163 posts
Sugar bee

My most successful strategy has been paying a % to a DON’T TOUCH saving account and then whatever else I can afford, less living expenses, to a more flexible account which I would allow myself to draw from if I needed to. When I was doing this I was saving 55% of my salary which after I dibbled in would be more like 40%.

Now I have mortgages and can only afford to save like 5%. It’s depressing.

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