What % of your Income do you save?

[Tree0164]

Re: What % of your Income do you save?

Hubby puts in 10% of salary into 401k.
I put in $200 monthly into a Roth IRA
We also put in $150 dollar towards college savings

Re: What % of your Income do you save?

Since my first goal is to eliminate my credit card debt, I put most money towards that. My eventual goal will be 15% of my income to go into savings ~ I can't see it won't be possible, considering the money I pour into my bills at the moment. I don't spend carelessly.

[Tree0164]

Re: What % of your Income do you save?

Karnic That will be very possible once you pay off the debt.

Fern while rereading this thread. I think that it is wonderful that you made some adjustments in your life regarding your job. Life is much more than money and a job.

[kzz]

Re: What % of your Income do you save?

We're retired but we still manage to sock away 18% of our pensions due to living below our means. When we were working we managed up to 30% each month. We still enjoy lots of things (vacations, eating out, toys paid for with cash) we just don't NEED to spend what comes in each month.

[ephalba]

Re: What % of your Income do you save?

15% goes directly into my 403B account; a smaller percentage goes to a 2nd pension plan provided to all employees where I work.
My employer matches my 403B 100% on the first 6% I contribute, so my overall percentage is really higher than 15%.
I have a separate savings account that I am currently working at raising, but unfortunately, have not gotten into the habit of contributing consistently enough to state a percentage.

[Bruce Wayne]

Re: What % of your Income do you save?

I'm still quite young but try to save at least £3,000 a year in my mini Cash ISA

[baselle]

Re: What % of your Income do you save?

Is an ISA like our IRA? (Individual Retirement Account)

[Bruce Wayne]

Re: What % of your Income do you save?

Is an ISA like our IRA? (Individual Retirement Account)

The British government tax the interest you recieve on your savings. An ISA is a tax free savings package that allows you to invest £3,000 a year in either a cash savings package, a stock market fund or a mixture of the two.

[Tree0164]

Re: What % of your Income do you save?

Bruce that is awesome!

[Bruce Wayne]

Re: What % of your Income do you save?

Bruce that is awesome!

Aye, it's not bad. Still think its wrong that savings should be taxed at all but there you go

[Russell]

Re: What % of your Income do you save?

Wow, interesting question and replies

I have my 401k maxed out. After that I put away $400 a month into my ING savings. I also started contributing to Roth in the last two years. However, the ROI is too low and I'm thinking about pulling out my contributions and putting them into ING too ? I'm investing in VIVAX and VTSMX index funds through ROTH.

Retire@50, wow! that's $15k a year savings on top of your 401K - what do you do for a living if you don't mind me asking ? maybe there's still time for me to change careers

[retire@50]

Re: What % of your Income do you save?

Retire@50, wow! that's $15k a year savings on top of your 401K - what do you do for a living if you don't mind me asking ? maybe there's still time for me to change careers

I'm a Sr. software engineer. I test software. I only started making good money in the last 5 years. My first 15 years of working I was a machinist and had only made it to $30,000 a year when I got outsourced in 1996. I went back to college and got a two year degree in Computers and started making better money just recently. So part of the reason it's easy for me to save is I'm used to living on a $30,000 a year or less salary. I haven't increased my lifestyle very much with the higher paychecks. Each year I save at least half of my raises.

[Russell]

Re: What % of your Income do you save?

I'm a Sr. software engineer. I test software. I only started making good money in the last 5 years. My first 15 years of working I was a machinist and had only made it to $30,000 a year when I got outsourced in 1996. I went back to college and got a two year degree in Computers and started making better money just recently. So part of the reason it's easy for me to save is I'm used to living on a $30,000 a year or less salary. I haven't increased my lifestyle very much with the higher paychecks. Each year I save at least half of my raises.

Thanks for sharing.

I've been in the computers field all my life. I was one of those 24 year olds living in Silicon Valley, making six figure salary, driving exotic cars and enjoying overpaying jobs. Until the dot com crash

I was too young and naive to not save up the money when I could. Now 6 years later I'm married, have a baby girl and trying to figure out how to save up enough for retirement and for our daughters college. I married into some hefty student loans too. To make it even tougher I still haven't lost my passion for cars and racing so that eats up some spare chunk too. I've really cut down on it but I still have to enjoy life too. Unfortunately some people enjoy gardening and taking walks on the beaches while I enjoy abusing cars at the race track.

I love metal fabrication, welding etc (self taught) but I never got a chance to work on lathes, mills, CNC etc. Would love to retire in a small home with a big shop and own at least a Bridgeport

[Tree0164]

Re: What % of your Income do you save?

Russell,
Think long term. If you look at your statements each week you can drive yourself crazy. I am not familar with those two funds that you mentioned. Compare them to the indices that may track. Check our morningstar and other financial journals as well.

[Russell]

Re: What % of your Income do you save?

Thanks Theresa. The two index funds earned me .8% or so in the last 2 yrs.

I know 2 yrs is not too long but ING will give me 3.15% right now consistently and possibly higher as the interest rates start to climb.

So I'm a bit disappointed in my investing skills