(Closed) NWR: How much money do you save each month?

posted 4 years ago in Money
Post # 3
9142 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

I wish I had that much extra money left over each month after paying bills.  I work for the state and even though we live frugally compared to my colleagues, my husband works on the odd contract here and there so we really just live on my income.  We put about $400 a month into savings and I have an investment retirement fund that I put 3% of my pay into each paycheck and my employer matches it.

Post # 4
2822 posts
Sugar bee
  • Wedding: December 2012

We save 10% of our income (not counting our 401k contributions).

Post # 5
3277 posts
Sugar bee
  • Wedding: June 2014

It depends on how expensive your area and mortgage are, but it seems like a good amount. Fiance has about 20K in savings and saves 3K every month and just graduated college last month. We also have a mortage but it’s only $500 a month and live in a cheaper area. I’m still a full time student so I have about 1K in savings and save a 100-300 a month until I graduate in May. We are planning to TTC in a year or two. 

Post # 6
14486 posts
Honey Beekeeper
  • Wedding: June 2011

We try to get close to maxing out our 401ks, so about $1400 each per month.  We max out our Roth IRAs too, I think about $425 each per month also.  We save $500/month into emergency savings, $500/month into more liquid investments (either for retirement unless otherwise needed for emergency).  We dont have any other sort of allocated saving, all the rest after bills, usually about $1500/month is for vacations and anything else.

Post # 7
492 posts
Helper bee
  • Wedding: April 2015


I save around 1500 a month and put it into a liquid savings account (I’ll occasionally transfer some of the amt saved here into my investment account)

I put around 700-900 into 401k depending on bonus.

Those are budgeted, if I have more money leftover after bills then I will just move it over to savings.

Right now my checkings has like 500bucks! lol

By The Way, what institution do you use that gives you 4.5% interest? 

Post # 8
294 posts
Helper bee
  • Wedding: April 2014

@QueenOfSerendip:  4.5% interest?? thats incredible! Where do you get that???


We put away a little over 3k each month for savings

Post # 9
1400 posts
Bumble bee
  • Wedding: June 2015

Quick math says you’re saving about 25% of your annual income which I think is perfectly reasonable.

Thats about what we do (on a much smaller scale…)

Post # 10
937 posts
Busy bee
  • Wedding: February 2014

Right now I’m paying off debt but I put about $1300 each month.

I CANNOT WAIT until I can just put that in a savings account. 

401K, between me and what my company matches is about $600 a month.

Post # 11
9574 posts
Buzzing Beekeeper
  • Wedding: September 2013

I have 18.5% of my salary going into my retirement but I don’t really consider that “savings” since I don’t have access to it.  Technically, I put in 10% and my company matches 8.5%.

Usually I put around $2k into our savings. Or that is the goal, anyway.  It can really vary a lot though (either up or down), depending on his work.  Sometimes if we need something we’ll spend it instead (trips, etc).  We’re living really cheap right now (bill-wise), almost off of my income alone aside from his student loans.  So that’s why I save the rest.  No car payments or mortgage or credit car bills.  That helps a lot.  Just student loans (his).  All that savings is just going towards a downpayment on a house and a new car for him.  So it’s not like I’m going to just have it available forever.  Oh, and I’m due in April so that will likely change somewhat.

I think you’re doing great!!

Post # 12
4035 posts
Honey bee

@QueenOfSerendip:  Are you sure it’s 4.5% interest rate or .45% interest rate? I have a high yield savings account that has .9% and it is among the highest rates out there for standard savings accounts. If it is 4.5%, please let me know ASAP and I will switch.

To answer your question, we currently put $500 in 401ks a month and $1,800 in a Sallie Mae online savings account (.9% interest rate).

Therefore, we save about 35% of our income.

Post # 15
1815 posts
Buzzing bee
  • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

We have our bank accounts set up to monthly auto-transfer $1k from checking (where our paychecks go) into our money-market account, which we use as a sort of savings. There’s also another strictly-savings account we have that we keep hands off of, as an emergency fund. It has about 5 months worth of normal expenses, but if we tighten our belts it could probably last ~8 months.

The MM is savings for house-related things. We’re about to blow a huge hole in it this month for our bathroom remodel, and take another huge chunk out of it when we install a sprinkler system in the spring ๐Ÿ™ I keep having to tell myself it’s worth it! My husband just got a very nice raise, so it should build back before we know it, hopefully.

I also have a relatively new IRA that I have not contributed regularly to yet. I put a chunk into it in December, but I haven’t set up auto-deposits yet. First I need to figure out how much I think I can afford to deposit each month. I still need to bug husband to set up his own IRA too.

Post # 16
9142 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@QueenOfSerendip:  I used to have a 4% rate with a little credit union myself.  I was sad when it got bought out and the new bank slowly closed the high yield savings accounts.  Frown

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