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Old 06-17-2013, 01:19 PM   #1
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Savings

Just curious what everyone puts in savings every month. My wife and I put away about 1100 a month. She thinks that's high and I think we should do more. What about the rest of you.

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Old 06-17-2013, 01:21 PM   #2
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What is savings?? LOL

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Old 06-17-2013, 01:24 PM   #3
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Ha. Tell me about it. Seems like as soon as we start to show good progress something always comes up.
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Old 06-17-2013, 01:25 PM   #4
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What is savings?? LOL
Lmao. What is this nonsense he speaks of?
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Old 06-17-2013, 01:26 PM   #5
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I have a Jeep.....
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Old 06-17-2013, 01:27 PM   #6
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Ha. Tell me about it. Seems like as soon as we start to show good progress something always comes up.
I was able to save at one point in my life, but in the past few years due to disability/medical issues its been down to month to month living. Kudo's to you if your household is able to save that much. Unfortunately that's not the case for most
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Old 06-17-2013, 01:29 PM   #7
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I was able to save at one point in my life, but in the past few years due to disability/medical issues its been down to month to month living. Kudo's to you if your household is able to save that much. Unfortunately that's not the case for most
So you would agree with my wife that it's on the high side
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Old 06-17-2013, 01:32 PM   #8
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So you would agree with my wife that it's on the high side
If I was able to save that much, or more, I would. Especially now a days. Everything is so expensive if something goes wrong.
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Old 06-17-2013, 01:32 PM   #9
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So you would agree with my wife that it's on the high side
Not at all, save as much as you can...The more the better for those immaculate rainy days when all hell breaks loose!!
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Old 06-17-2013, 01:36 PM   #10
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Not at all, save as much as you can...The more the better for those immaculate rainy days when all hell breaks loose!!
Exactly what I was thinking. So what about everyone else? Or does owing a jeep automatically mean broke. Ha
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Old 06-17-2013, 01:40 PM   #11
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Exactly what I was thinking. So what about everyone else? Or does owing a jeep automatically mean broke. Ha
I'm not one to throw mods on my jeep. I prefer a stock version. Recently I had to pump 400$ for some repairs on my jeep(steering gear box plus alignment plus repairing the reman gear box ). Not in my budget but I have some money put a side to work with. It will take time to get that money back to my account.
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Old 06-17-2013, 01:57 PM   #12
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The answer is save everything you can.


The general rule is to have enough liquid savings to cover all of your expenses for 3-4 months in case of emergency.

Outside of emergency funds you want to put the money where it can do the most good (interest, dividends, etc)
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Old 06-17-2013, 02:08 PM   #13
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The answer is save everything you can.

The general rule is to have enough liquid savings to cover all of your expenses for 3-4 months in case of emergency.

Outside of emergency funds you want to put the money where it can do the most good (interest, dividends, etc)
I agree. We also contribute to a 401k and a medical expense account that is tax free. I'm just curious as to what others do.
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Old 06-17-2013, 02:13 PM   #14
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Just curious what everyone puts in savings every month. My wife and I put away about 1100 a month. She thinks that's high and I think we should do more. What about the rest of you.
That's kind of hard to answer w/o knowing what y'all make. The general rule is 10%. Right now I can only afford 6%, which is the max my company 401k matches.
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Old 06-17-2013, 02:15 PM   #15
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That's kind of hard to answer w/o knowing what y'all make. The general rule is 10%. Right now I can only afford 6%, which is the max my company 401k matches.
10% of net or gross?
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Old 06-17-2013, 02:27 PM   #16
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Since I'm Canadian, could someone explain what this 401K situation is?
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Old 06-17-2013, 02:35 PM   #17
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10% of net or gross?
“Ten percent of your year’s total gross income is commiserate with what you are going to need in retirement,” says Brian Neal, wealth partner at Hefty Wealth Partners.

Read more: How to Make Saving 10% for Retirement a Reality | Fox Business

There are 1000s of articles if you have time to look.
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Old 06-17-2013, 03:27 PM   #18
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I won't throw out numbers, and I'm not financial guru to be sure, but here is what I do:
1) For 401K I put it up to the max that my employee matches (6%)
2) I have a schedule task on my checking account that transfers "x" amount to my savings every Friday.
3) Anything over my 401K 6% that I want to save away goes into a Roth IRA. It's like a 401K but it's after-tax and you're 100% liquid if you need the funds. No penalty for withdrawal. Think of it as a combined 401K/Savings account.
4) I make sure that between my Roth and my savings, that I have enough money to pay all expenses for 3-4 months. I keep the majority in my Roth, but keep enough in my savings in case I need cash "NOW".
5) As my savings account total exceeds an amount I've predetermined, I move that money into an online savings account where I can draw better interest than a regular savings account. Online banks don't have the overhead of physical buildings so they can offer better rates. I usually get good introductory rates and when that period runs out, I move the money to a new online bank. Rinse, lather, repeat.
6) On occasion i'll take some fun money and throw it into my E-trade account and play w/ the stock market. I have no idea what I'm doing and usually lose or break even, but on occasion I make a profit and I only spend what I can afford to lose.
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Old 06-17-2013, 03:56 PM   #19
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I won't throw out numbers, and I'm not financial guru to be sure, but here is what I do:
1) For 401K I put it up to the max that my employee matches (6%)
2) I have a schedule task on my checking account that transfers "x" amount to my savings every Friday.
3) Anything over my 401K 6% that I want to save away goes into a Roth IRA. It's like a 401K but it's after-tax and you're 100% liquid if you need the funds. No penalty for withdrawal. Think of it as a combined 401K/Savings account.
4) I make sure that between my Roth and my savings, that I have enough money to pay all expenses for 3-4 months. I keep the majority in my Roth, but keep enough in my savings in case I need cash "NOW".
5) As my savings account total exceeds an amount I've predetermined, I move that money into an online savings account where I can draw better interest than a regular savings account. Online banks don't have the overhead of physical buildings so they can offer better rates. I usually get good introductory rates and when that period runs out, I move the money to a new online bank. Rinse, lather, repeat.
6) On occasion i'll take some fun money and throw it into my E-trade account and play w/ the stock market. I have no idea what I'm doing and usually lose or break even, but on occasion I make a profit and I only spend what I can afford to lose.
I do pretty much the same thing, except I don't have a separate Savings acct. Only 401k, Roth 401k and lil play money in Scottrade. My brick and mortar credit union is currently at 3.01% APY for free checking, so I have no reason to earn less than 1% from an online CD or savings account.
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Old 06-17-2013, 04:06 PM   #20
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I do pretty much the same thing, except I don't have a separate Savings acct. Only 401k, Roth 401k and lil play money in Scottrade. My brick and mortar credit union is currently at 3.01% APY for free checking, so I have no reason to earn less than 1% from an online CD or savings account.
3.01 is awesome....I can't find anything like that around here. My bank savings is so low I don't even recall what it is. I just keep it for fast cash if needed.

I was w/ HSBC online, which was at around 3% a few years ago. Then they slowly lowered the rate over time. When it hit less than 1% I jumped ship to EverBank, which offered me 1.25% for 6 months. My time is about up over there so I have to start shopping around again.
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Old 06-17-2013, 04:10 PM   #21
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3.01 is awesome....I can't find anything like that around here. My bank savings is so low I don't even recall what it is. I just keep it for fast cash if needed.

I was w/ HSBC online, which was at around 3% a few years ago. Then they slowly lowered the rate over time. When it hit less than 1% I jumped ship to EverBank, which offered me 1.25% for 6 months. My time is about up over there so I have to start shopping around again.
Try a credit union or local bank. My old town of 15,000 ppl had three banks offering similar rates. Hard to believe now, but I was getting over 6% several years ago up to $25k. Of course I had nowhere near that.
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Old 06-17-2013, 04:24 PM   #22
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Try a credit union or local bank. My old town of 15,000 ppl had three banks offering similar rates. Hard to believe now, but I was getting over 6% several years ago up to $25k. Of course I had nowhere near that.
I did check a few local credit unions but came up empty. I'll be sure to check them again while looking for a new home for my online saving.
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Old 06-17-2013, 05:56 PM   #23
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I won't throw out numbers, and I'm not financial guru to be sure, but here is what I do:
1) For 401K I put it up to the max that my employee matches (6%)
2) I have a schedule task on my checking account that transfers "x" amount to my savings every Friday.
3) Anything over my 401K 6% that I want to save away goes into a Roth IRA. It's like a 401K but it's after-tax and you're 100% liquid if you need the funds. No penalty for withdrawal. Think of it as a combined 401K/Savings account.
4) I make sure that between my Roth and my savings, that I have enough money to pay all expenses for 3-4 months. I keep the majority in my Roth, but keep enough in my savings in case I need cash "NOW".
5) As my savings account total exceeds an amount I've predetermined, I move that money into an online savings account where I can draw better interest than a regular savings account. Online banks don't have the overhead of physical buildings so they can offer better rates. I usually get good introductory rates and when that period runs out, I move the money to a new online bank. Rinse, lather, repeat.
6) On occasion i'll take some fun money and throw it into my E-trade account and play w/ the stock market. I have no idea what I'm doing and usually lose or break even, but on occasion I make a profit and I only spend what I can afford to lose.
Just to clarify. Roth IRA has no penalty on the contributions you put in but will have penalties on any earnings you withdraw prior to reaching age 59.5. Would hate to see someone withdraw all the earnings and be penalized and taxed.
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Old 06-17-2013, 05:58 PM   #24
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Correct. Thanks for keeping me honest.
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Old 06-17-2013, 07:03 PM   #25
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Just curious what everyone puts in savings every month. My wife and I put away about 1100 a month. She thinks that's high and I think we should do more. What about the rest of you.
It's completely relative to your monthly income. $1100 is a lot if your income is $3500 a month but no so much if your income is $12,000 a month.
Right now I'd be happy if our savings account wasn't going backwards each month.
We do the infamous 1 step forward, 2 steps back. I'm proud that we at least aren't a burden on society and own and pay for what we have.
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Old 06-17-2013, 10:44 PM   #26
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It's completely relative to your monthly income. $1100 is a lot if your income is $3500 a month but no so much if your income is $12,000 a month.
Right now I'd be happy if our savings account wasn't going backwards each month.
We do the infamous 1 step forward, 2 steps back. I'm proud that we at least aren't a burden on society and own and pay for what we have.
^^This.

My wife and I have been in the same situation. We were doing well for a while, even after the economy hit the crapper. Then insurance costs for teachers went through the roof, coupled with no salary increase to even compensate for the insurance rate increase hurt us very slowly. On top of that, we got hit with some other stuff just as we were building a solid savings and that got wiped out. So we've been playing that same game for the past year or so. However, I've also been stepping up mine and my wife's contributions to our 403b every year. I want to make sure we have enough to retire in the event Texas continues to screw their teachers and take more and more restrictions/requirements on our pension funds.

That said, we have really strapped down on going out to eat and spending on "stuff." I allocate myself $50 a month to buy ammo or Jeep stuff with and that's it.

Not trying to put my dirty laundry out there and certainly didn't mean to.

As for the OP, generally 10% is a good amount to put away. If you can do more, then do it.
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Old 06-18-2013, 09:56 AM   #27
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My wife and I put away about 1100 a month. She thinks that's high and I think we should do more.
If she thinks you are saving too much, she must want to spend it on something.

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