At this point, after paying my mortgage and filling up my car every week and all the other bills and nonsense, I’m really only putting away $380 a month. One guy I met told me that he puts that same amount of money away every 2 weeks! Needless to say, I’m feeling kinda behind in the game right now. Just wondering what you all manage to save each month??
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You should really think about investing that money instead of letting the bank use it. You obviously want to have some liquid money available as an emergency fund but the rest would do you much better if invested properly. I know most people think you need a lot of money to invest but there are a lot of companies that are starting to focus on the little guy who only has a couple hundred a month to save not thousands. The bank will take your money and loan it out with a return back to them of any where from five percent to twenty percent and then they only give you two percent back with your savings account. So basically your money is working for them where if you invest it you get all the rewards.
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I save a minimum of 10% in addtion to what goes into my 401k.
the secret is to start paying yourself before you pay your bills. You point out that “after” all your expenses you don’t have as much left as you would like. Put your savings first.
Set up an automatic bank withdrawal to a savings account. Or make out a payment book like a car payment book and bill yourself as if you had a loan to pay. Just like you work around paying your mortgage you will learn to work around this transaction too. Increase it each time you get a pay increase.
NONE wife,kids,dog,bills and gas.Hell man im in the red
Mine is 20 percent of what comes in….10 for the future and 10 for the emergency fund.
Pam
Nada, zip, zilch right now – paying down student loans, credit cards, and of course, gas is through the roof. Ideally, you should save 10% of your income (more if possible) but not many can afford to. Perhaps this person makes more or has fewer bills.
I personally figured out roughly how much of my wages I would NEED each month a while ago. Now, when my wages come in, I will put whatever’s left over into my savings and make sure not to spend more than the amount I have specified I NEED.
By need I mean this; I have included my bills, and my personal spending. I give myself an amount per week. This way, if maybe I didn’t go out for 2 weeks I could spend more in the last two weeks of the month. Like an allowance. On the other hand, if I spend too much in the first week or so, and don’t have anything for personal spending left for the last two weeks, I just know that I have to wait until the next pay check.
Doing it this way has helped me save quite a lot, because I’m not just saving whatever’s left, I’m saving before I spend a penny of my wages.
$400…Not counting 401k…Including $750