Saving money

[F16]

How much are you saving monthly?
And where do you put them?
Share your ideas on how to save more, except "pay yourself first, collect coins in a jar, slash food costs and so on"

[sweeps]

short-term CDs with 10% annually compounded monthly

Who is offering this?

[F16]

Who is offering this?

You know, that doesn't matter much.
What would you advise on saving?
How to free up more cash for investing?
What are your ideas?

Thanks in advance.

[banned]

Saving Money

It's hard to figure a total percentage of what you can save, but if you contribute the most in each area of you life that can be a start - like maxing out your 401(k) or IRA contributions....

By figuring out what you spend each month, you might find areas that you can cut back to find money to invest - like taking your lunch to work instead of buying it, bringing your coffee from home etc, clipping coupons and putting that money away...You can put this money into an online savings account like ING Direct or HSBC Direct which have much higher interest rates than regular banks. I contribute $15 dollars each to HSBC and ING every payday (once a week) that gets automatically taken out of my regular checking. It's a small enough amount that it doesn't hurt to part with it, but it adds up.

[F16]

I contribute $15 dollars each to HSBC and ING every payday (once a week) that gets automatically taken out of my regular checking. It's a small enough amount that it doesn't hurt to part with it, but it adds up.

So, you are saving and investing about $60 monthly, is it enough to reach your goals sometime in the future?

[disneysteve]

I invest 18% of my gross pay. That is divided between our Roth accounts, a couple of taxable mutual funds, our daughter's 529 plan and some other things. My wife has 50% of her gross going to her employer's 401K. That is all going into stock mutual funds.

[banned]

Saving Money

I would save $120 a month between the two online savings accounts in addition to maxing out my Roth IRA, putting another $25 a week into an another savings account and $50 in TD Ameritrade account every month - plus any month I save from coupons I put in the online accounts. I usually save over $600 a month.

Anything you save is better than nothing - especially the earlier you start

[jIM_Ohio]

It appears the OP edited his first post after others quoted his first post. Troll?

[bjl584]

Something seems a little off about this post. I think that you are onto something Jim. Is there a Moderator in the house?

[disneysteve]

It appears the OP edited his first post after others quoted his first post. Troll?

I think so, too. But other than touting that 10% CD, which he removed from his post, it was a reasonable question otherwise. I only answered because I thought it might spark a worthwhile discussion amongst the rest of us.

[lgslgs]

We used to save and invest about 55% of my gross. Hubby did not have a paying job (he took care of the homestead) so our savings was all based on one income.

Our ideas to save were just to be very frugal about spending on anything, and to keep an eye on how our savings grew and our estimated date for when I could retire early if we stuck with the plan. Knowing that every x$ spent meant y more hours of having to leave home and go to work was plenty of motivation for both of us.

Lynda

[bjl584]

I agree with Steve, other than the 10% CD, it is a reasonable question, so.....

I currently am saving around 24% of my gross income. That is divided amonst my 401K, my Roth IRA, my personal brokerage account, and my savings account.

[Broken Arrow]

Maybe he's not troll, but is perhaps someone who is young, inexperienced, and a little embarrassed to admit that he doesn't know much CDs are paying right now? It's an uncommon phenomenon here, but rather rampant in other forums.

Anyway, I am currently at 58.8% savings of my gross.... Most of it is in my 401k, which is currently maxed out. The remainder is rebuilding my emergency fund right now, but later, will go towards a Roth IRA to continue my investment plans.

[disneysteve]

I am currently at 58.8% savings of my gross

That's incredible!! I wish I could get up to 25%, but even though we are mostly on the same page with stuff, DW would never go for some of the spending cuts that saving 25% would require.

If I were single and childless, 25% would be a breeze.

[DebbieL]

Well DisneySteve, I too wish that I could save 25% of YOUR income, lol. 25% of your income is probably more like 100% of my income - but hey, I'm back in college hoping to catch up to you I think you are doing great. You've got to live a little too - and you've got a nice balance in your lifestyle.

As for my income, I currently save a minimum of 33% monthly. It is sometimes higher, but 33% is my starting point. It was more than that, but I'm in college again and I budget about $360/month to cover all those costs (books, tuition, etc.). I consider this an investment in my future as my degree will be in a high demand, very highly paid profession.