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 Money Eating Baggage Owner
Posts: 9586
   
Location: Phoenix | How do you save? Do you do a certain percentage out of each paycheck? Do you have a serious savings and then an emergency savings? 401k?
This year, I need to get serious about saving. Same with my boyfriend. It is unacceptable that we have nothing set aside. I found an interesting savings plan where every week, you add a dollar more to the amount that you did last week, starting wih $1, ends with $52 and you save $1300... which is good for a a "Christmas Fund" of sorts, but I'm looking for something a little more serious. Like percentages of the paycheck you set aside. Interested to hear everyone's game plan. |
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Married to a Louie Lover
Posts: 3303
 
| I have a budget spreadsheet worked out. Enough of my check hits savings to pay the bills, and a chunk automatically goes to savings. I also have a 401k through work that I have maxed out my matching on and a Roth IRA account that I up the contribution on each year. I try not to touch my savings, but I'm also trying to pay down my truck and a couple student loans. Once those are gone I'll be putting those payments into a savings account as well. I try to never let my savings account fall below my insurance deductibles, that way in the event of disaster I can take care of those if I have to |
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10D Crack Champion
| I always put at least a million a month in savings....give or take.....Haha |
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 Undercover Amish Mafia Member
Posts: 9991
Location: Kansas | $150-$200 per paycheck......so anywhere from $300-$400 a month. I always have a budget available so I know what bills need paid, how much to spend at wal-mart/dillons for things I need.....I'm ocd about not touching anything in my savings account |
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Expert
Posts: 1255
| I've always had a single income and whole life and get by paycheck to paycheck so now that I'm older I always worry about my future . |
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 Expert
Posts: 2492
| I try to save 10% or more of my income. Some months I fail, but I try to make it up the following month. I have 5-6 months of living expenses saved up right now and that is without altering my current lifestyle.
For the last few years I have been maxing out my retirement plan at work and a Roth IRA. I budget and spend frugally in order to save this much.
I started out with little steps. Read a lot of personal finance blogs and books to educate myself.
Edited by emm 2013-12-14 7:47 PM
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Extreme Veteran
Posts: 319
| I'm paid once a month. State retirement deduction is 9% of gross payroll and mandatory. In addition I put $250 in a deferred comp account and another chunk into a regular savings account. As I got raises over the years I put most of the additional money in savings. Have it deducted from your paycheck and I don't think you'll miss it so much. You get used to bringing home a certain amount & learn to live within that.
At least I try to.... |
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 Chasin my Dream
Posts: 13651
Location: Alberta | What I can per month...I do have a "set" amount I shoot for to put in savings.....I do have retirement funds, but don't add to them.... |
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 Total Germophobe
Posts: 6437
Location: Montana | Well, the way I did it is I got a raise, and since I was living fine on what I was making, I am trying to save all of my raise (with the exception of arena fees and barrel races) and whatever extra I can put along with it. No percentages, but it has worked so far! |
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Who Wants to Trade?
Posts: 4692
| My job allows us to deposit money into several different accounts based on either a dollar amount or a percentage.
I have a very small % go into a true savings account - this is more just so it is there, but it isn't anything substantial. I have a larger % go into my 401k. The rest goes into my checking account (minus taxes, HSA account, etc). From checking we pay into a Roth.
The past few years we've been re-investing in our business more than we have been saving. We will probably start trying to adjust that ratio gradually over the next few years. |
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| I would strongly suggest reading Dave Ramsey the total money makeover and/or going thru his financial peace university. I have read lots of things and invested in lots of things over the years. And I think Dave gives some of the best advice out there. It's easy to follow and it works. |
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 Keep those crap slapping tails away!
Posts: 8871
Location: Around here somewhere... | Good advice above. Also, ANY and ALL unexpected money, earnings from side jobs/selling things (like firewood, crafts, etc), bonuses, and so on, are put into savings. We are in our early 30s and have a nice savings set aside thanks to my hubby's good thinking :) |
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Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | Thanks for all the advice! I've got a lot of credit card payment obligations so it's very hard to pay myself first when there's so much else to pay....we were doing Dave Ramsey for awhile; need to focus and get back to that. |
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 Chicken Chick
Posts: 3562
Location: Texas | After we pay bills, feed animals, and buy groceries we get so much out of every check for "spending" money (If not we dip into savings when we want something and it snowballs out of control.) The rest goes into savings. Depending on the check and what needs to be done there may be a small amount coming out, but there are just as many checks that a large amount is coming out and going to savings. If we have any "spending" money left over when the next check comes, that money goes into savings too. Our spending money is small, $100 every 2 weeks to basically just blow on whatever we want. Hubby blows his the first few days and I usually have about $80 bucks left if hubby doesn't talk me out of it lol. It works for us. |
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"Heck's Coming With Me"
Posts: 10794
Location: Kansas | Sad that CD's have taken such a hit during the Obama administration as the Feds keep interest rates low. I have a nestegg making nothing and am afraid to invest in the stock market. A financial advisor who just wrote a book, can't remember his name, remarked "Protect what you have."
I try to save as much as I can in the safest way possible including IRA's and those sad CDs. |
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| Frodo - 2013-12-15 7:12 PM
Sad that CD's have taken such a hit during the Obama administration as the Feds keep interest rates low. I have a nestegg making nothing and am afraid to invest in the stock market. A financial advisor who just wrote a book, can't remember his name, remarked "Protect what you have."
I try to save as much as I can in the safest way possible including IRA's and those sad CDs.
I'm probably the biggest anti Obama person you'll ever meet but the cd deal has been terrible for a long time now. Quantitative easing and over spending by the govt has done that to intrest rates. They can't afford to let them go up. Makes me sick. And to be truthful George W. spending was just about as bad as Obamas
But to get back on topic, I would NOT keep money in CDs! Do a Roth IRA at the least and find some good mutual funds to invest in with a twenty year track record that you can look at. Good luck |
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"Heck's Coming With Me"
Posts: 10794
Location: Kansas | yellowhorse1 - 2013-12-16 6:41 AM Frodo - 2013-12-15 7:12 PM Sad that CD's have taken such a hit during the Obama administration as the Feds keep interest rates low. I have a nestegg making nothing and am afraid to invest in the stock market. A financial advisor who just wrote a book, can't remember his name, remarked "Protect what you have."
I try to save as much as I can in the safest way possible including IRA's and those sad CDs. I'm probably the biggest anti Obama person you'll ever meet but the cd deal has been terrible for a long time now. Quantitative easing and over spending by the govt has done that to intrest rates. They can't afford to let them go up. Makes me sick. And to be truthful George W. spending was just about as bad as Obamas But to get back on topic, I would NOT keep money in CDs! Do a Roth IRA at the least and find some good mutual funds to invest in with a twenty year track record that you can look at. Good luck
I invest the maximum in Roths every year. Mutual funds are a risk and if I was a young person (which I'm definitely not) wouldn't be scarey to me but with a nation 17 trillion in debt I see a failure in the stock market on its way that won't shake up the rich that much but middle class investors could be in a fall.
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 Elite Veteran
Posts: 1037
| hammer_time - 2013-12-14 3:22 PM
How do you save? Do you do a certain percentage out of each paycheck? Do you have a serious savings and then an emergency savings? 401k?
This year, I need to get serious about saving. Same with my boyfriend. It is unacceptable that we have nothing set aside. I found an interesting savings plan where every week, you add a dollar more to the amount that you did last week, starting wih $1, ends with $52 and you save $1300... which is good for a a "Christmas Fund" of sorts, but I'm looking for something a little more serious. Like percentages of the paycheck you set aside. Interested to hear everyone's game plan.
We did that this past year and it really does add up to alot at the end of the year. We cheated and quit a few weeks early to spend the money in Vegas. |
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 Road Rash Expert
Posts: 5501
Location: Near San Antonio, TX | I put quite a bit in my 401K. I put in 18% and my company matches a whopping 2% LOL, so basically 20% of my income goes into my 401K. My husband and I both get paid every other week, but it works out good because they are alternating weeks, so we get paid every Friday really. I FIRST transfer $ to savings, then I put some on my Scotttrade account, then whatever is left I use to pay bills, etc. I always make it work this way. But I FIRST pay myself, that bills with whatever is left.
Good luck!! |
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 Expert
Posts: 1432
Location: Never in one place long | My husband saves 6% and his employer matches up to 3%... he's only been working there just under 4years and it's already accumulating!! I just opened a Roth IRA this year, I maxed it out at $5,500.00 and will try to do this every year... my employer will match up to 5% and I will have to save about $330 per month to max it out.
My husband is also in the Air Force so if he puts in his 20years we will get a pension from this... Our loans (minus our mortgage) are very close to being paid off.. once they are paid off we will be saving much more. We went from $80,000 worth of debt down to $16,000 in 2.5 years!! I can't WAIT until they are paid.... hopefully by July!! Def a feeling of relief to have savings and NO debt! YAHOOO!!! |
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 Veteran
Posts: 204
| I put 15% of my salary into my 401k. My company matches up to 6%. Usually I up the percentage a little every time I get a raise since I'm already used to living off of what I make now. It's quite a bit when I think about how much comes out of my paycheck, but definitely worth it when I see how much I already have saved up at a young age. My husband also contributes to his 401k and his company does a very nice match dependant on how the year goes.
We also have a normal savings account through our bank. We put anywhere from $200-$800 in there a month as well. Granted, we don't have a house or any large expenses yet and all of our educations have already been paid for. So I understand that our savings plan may sound a bit unrealistic at the moment.  |
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OT-- what is your SAVINGS plan??