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

posted 6 years ago in Money
Post # 17
Member
1542 posts
Bumble bee
  • Wedding: June 2013

50 dollars. And that savings is only so the 600 dollar propane bill once a year doesn’t kill us. FML I’m so broke i want to cry. We pay 500 above minimums to our debts and never go out to eat except maybe 40 dollars every other month. Darling Husband works 2 jobs tho which helps because he’s bringing in an extra 800 this month thats going straight to debt to pay it down faster but its still not fast enough. its never fast enough. I am sick and tired of being sick and tired!

Post # 18
Member
1311 posts
Bumble bee

Wow, some of you guys have really generous employers! :O

Right now, I put 5% of each paycheque into my company’s pension program, and my company contributes but I’m not sure how much – just says in our handbook that the contribution is based on an actuary’s calculations in accordance with legal requirements.

Then, I also contribute 6% of each paycheque to my employer’s savings program, and they match 3% of that.  A little portion of it goes into a registered retirement plan, and most of it goes into a savings plan – this amount gets invested.

Then each month I contribute $100 (though I’m hoping to increase that amount, especially when I start my new job next month!) to a tax-free savings account, which gets invested.  And on my own, I try to save 10% of my net pay each month.

I started all of this just a few months ago, and I’m looking forward to watching all of these figures grow! 🙂

ETA: I currently put in about $1,000 a month in student loans and I absolutely can’t wait until I have that amount freed up!!! (Minimum payment is about $350 but I throw in an extra $150-$650 each month. I’m down to the last $9,500 and I REALLY want to pay it off this year.) I also have no credit card debt, but I have car payments (but that will be paid off in October).

Post # 19
Member
3729 posts
Sugar bee
  • Wedding: City, State

@QueenOfSerendip:  We no longer have a saving’s plan (grr… combined finances require baby steps), but we max out our retirement ($2833 a month and our employers add maybe $700 on top of that), over pay on our mortgage by $500 a month (this is future savings, we will be done with our mortgage when any kids would be in high school, so that money can go toward college), and have 1 year of expenses in the bank. We typically save $1-$2k a month, depending on how much we travel.

 

We aren’t typical and have well paying jobs that allow us to have the standard of living we want and still have lots of savings. When we have kids, I will probably reduce my retirement if money gets tight to help cover day care.

 

Post # 20
Member
1019 posts
Bumble bee
  • Wedding: August 2014

Posts like this come up often and it still never ceases to amaze me how much people say they can save… a thousand + per month….EACH? Unreal! 

Fiance is putting 200-300 into his savings account each month, and I’m taking 500 OUT of mine :/ One of my biggest clients went under and they owe me over 10k. 🙁 

Post # 21
Member
4029 posts
Honey bee

@turnanewleaf:  Oh, maybe should have clarified for us, it’s not each. What I listed is combined. We look at money as “ours” so I don’t typically state it in terms of each.

Post # 22
Member
1019 posts
Bumble bee
  • Wedding: August 2014

@bmo88:  yours does work out to over $1000/m each though! 

Post # 23
Member
6117 posts
Bee Keeper
  • Wedding: August 2012

@Kate0558:  This will be hard to gauge how you should be doing because everyone is in a different position in their lives, different jobs, different areas of the country/world and such.  So try not to compare and make sure you’re doing the best you guys can!

 

H and I contribute to four pre-tax retirement acounts first (we each have a 457b and a Roth), then we max our Roth IRAs with the post tax money (these come to $4300+).   (The income is about $20k more than you reported.)

 

We live on the rest.  What we don’t spend of that is counted as regular savings (although it sits in the checking) – anywhere between 0 and $1500 maybe.  That accumulates (slowly!) for big ticket items like a trip or home upgrades, etc.

 

I think we’re able to do this because of a few things – cars are paid off, student loans are paid off, we have no children and our housing is really low (like 11% of our gross).

 

 

 

Post # 24
Member
9445 posts
Buzzing Beekeeper
  • Wedding: August 2012

We both contribute 6% to our 401ks, with our employer matching 3.5%. Honestly I’m not sure how much that is per month though lol.

Other than that, we auto-deduct $600 every month into savings. We could do more, but I like to keep a little extra cushion in the checking. If it gets too high I just move over a lump sum.

We own our home and my car, still paying off his car and his student loans.

Post # 25
Member
1462 posts
Bumble bee
  • Wedding: March 2015

@QueenOfSerendip:  After we max out the 401(k) and the IRA accounts, we save maybe $3500/mo. between the two of us. Our bonuses also go into savings. I really wish that some of that could be set aside for a vacation because we are long overdue (like 2 years). But my Fiance is super conservative about saving money and we’re also probably going to TTC in a few yrs. We’re still working on finding the balance between me the spender and him the saver, sigh.

Post # 26
Member
4029 posts
Honey bee

@turnanewleaf:  Technically yes, though I make more, so while it is “our” money, I do the majority of the saving from my income 🙂

Post # 27
Member
1108 posts
Bumble bee
  • Wedding: October 2013

5% of my pay goes into my company Retirement Savings Plan, which my company matches (so 10% total).  Plus Darling Husband and I both put $450 per month into our own Tax Free Savings Accounts.  Anything left over at the end of the month goes into our “planned spending account” which we use for paying for trips, house renovations, and other bigger spending that we are planning for.  We also put an extra $1300 payment on our mortgage each month, which isn’t really “saving”, but it’s saving us interest in the long run, so it kind of counts I guess.

Post # 28
Member
424 posts
Helper bee
  • Wedding: November 2013

Saving 3k a month for now until one of us get  a better paying job

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