How Much Do you Save in a Month?

[PMMM]

I save 29% of my gross. 59% of the savings goes into my 401K and the rest goes into a Bond Fund that I maintain at an online trading site. I'm earning about 3.2% on the bond fund. My bank savings makes virtually nothing and my 401K is going backwards. I'm hoping and praying for a turnaround.

I do this by strict budgeting and I have no debt save for my mortgage.

[Redraidernurse]

We probably save 30% of our income, which gets deposited into retirement accounts, or put in a lump sum towards our mortgage.

[mmgarren@yahoo.com]

I am retired and have a low income, but I save about 30% of my income per month. It's not easy but i do it.

[JoshuaHeckathorn]

It's very interesting to read everyone's comments here. I love threads like this.

Anyway, I save 22% of gross income taking into account ALL savings. The problem seems to be not losing most of it in the market these days!

[MonkeyMama]

how about some input on where you are putting said money? How much interest are you earning from those savings?

Jack

Most of our savings is long-term/retirement. So mutual funds/stock market.

The interest on our cash doesn't matter so much. Past year has been below 2%, but most years we have had much higher interest rates on our cash. Regardless, our cash savings is for things we need to pay cash for in the near future (or emergency). The interest rate doesn't matter so much to me. (Don't get me wrong - I will always shop for higher rates, but I just mean I am not moving into more aggressive strategies on short term cash, just because interest rates our abysmal).

We don't have a lot of "in between" at the moment. Either I need it soon, or I need it in 30+ years. So we have an aggressive retirement portfolio and all of our other savings is cash. I expect more "in between" investments with age.

[crazyBMB]

me: not enough

[behing01]

I save as much as possible and the secret is to track your entire spending for a month or two and figure out where you can make some cuts. Even a dollar here and there can make a big difference.

[Sian]

right now my saving r pretty paltry b/c i'm 33 & don't have hardly anythin in my 401k . but startin next yr i'mma start puttin a lot more in it. my expenses r very below means right now but the thing that hurts me the most is payin alimony which i'll keep payin until may 2016, that's 600/mo just 4 that.... so when i'm done payin that i'll b able 2 put that in2 my retirement 2 jump that up immediately. i'm scared of not havin enuff 2 retire but i can't put a lot of money in it right now b/c of all the debt that i have. i'm hopin in apr 2011 i'll have most of it paid off except 4 the student loans i have, which will give me a lot of stress relief.

u guys have given me several ideas 4 how 2 make my retirement funds work 4 me. i'll b talkin 2 my financial advisor as well early next yr (i'll b 34 then so not much time 4 me 2 b retirement ready by age 65).

[mrpaseo]

Currently.... nothing... and I'm happy with that.

No, I take that back, I save my change at the end of each day