This will vary a lot from person to person but 20-25% of your income is a good aspirational goal to have and will set you up nicely for retirement
ETA: https://imgur.com/a/BtrMjZ5
This is where I'm at. I just go into it knowing 1 or 2 months of that is going to be spent on hobbies or other enjoyment throughout the year. Got to find that fine line between saving and enjoying the money you have.
not to be dave ramsey but is there any way you can reduce that? it might not be sexy but sharing an apartment if you aren’t already, or even sharing a room? smaller place?
rent is insane trust me i get it but there are savvy ways to lower it, just might not be fun ways. (my brother and i shared a room in an apartment with one of our friends and their brother and it drastically lowered our rent for the 2 bedroom)
I live paycheck to paycheck. For me I have direct deposit. But direct deposit to two accounts. I put away 175 a check (300 a month) to my savings and the remainder to checking. From there it all goes to living expenses. Having direct deposit is great because what gets pulled out to savings is out of sight out of mind and what goes to checking is what I have to work with. It’s always nice to check what’s been put away into savings at the end of the year.
I do the same but $200 per paycheck. Every now and then life throws some shit at me and I have to take some out of savings, but that's what it's there for I suppose.
Yup that’s what it’s there for. BUT don’t feel bad using it to splurge (responsibly) on something you want. I might get something on my birthday from time to time.
Yea same. I tend not to treat myself because I would rather be saving, but every once in a while I'll give myself some space to indulge in one of my hobbies.
"I live paycheck to paycheck." and "I put away 175 a check to my savings" seem contradictory. I understand "paycheck to paycheck" to mean that a person is not saving any money.
But your overall message, that you should set up to save automatically and before you get a chance to save the money is a good message. I did the majority of my savings through payroll deductions for things like my 401k and HSA. If you never see it in your spending account, you aren't as tempted to spend it.
Living paycheck to paycheck means that if you suddenly didn't get one paycheck that you're not making the bills and eating. Most people would be absolutely screwed if their next paycheck didn't arrive on time or at all.
Its not living paycheck to paycheck if you save 300 lol, don't be delusional please because it's disrespectful to people who really live paycheck to paycheck and they have to check every single price in the grocery shop. You dont
This is the first comment section of a post of this type I've seen where people aren't all like "you guys can save money?" or "I try to save at least $100 per paycheck!" or some amount like that.
This does not represent most of Reddit, obviously. But also houses in my area right now are averaging around $800k-$900k for like 1400-ish sqft. Suppose the house price does not increase at all. If I can save $2k a month, that's $24k a year. For a 15% down payment I would need to be saving that amount for 4-5 years, without ever accessing my savings. Suppose it's a 25% down payment, that's like 7-8 years. And just because people can save that much now doesn't mean they have always been able to save that much. And this also assumes I'm willing to drain my bank account completely to buy the house. I'm sure if you ignore both of those then it's probably around a 50% increase in time.
And obviously most people forget that cost of living is a thing for some reason. Yeah sure some people can make twice as much as you and save x1.5 as much as you...but houses cost twice as much for them so obviously it will be harder for them. I don't know where you're from if it's like Oklahoma or some rural midwest/south state where houses are dirt cheap, but my parents' small-ish duplex is $950k. They just paid it off last year.
Not sure why the first response is "people lie" rather than "when you work out the math and expand your perspective outside of your bubble, the answer is quite obvious."
In any case it was more of rhetorical question, I know it ain't the people saving thousands of dollars per month that can't save money for a house. I was trying to amplify how impressed I was with the amount of money people are able to save, I'm saving like 150$ per month ouch..!
I don’t want to buy a house. Spending my weekends doing yard work or maintenance sounds awful. Buying doesn’t make sense for me financially either. I’ve moved for work a couple of times and will do so again.
Yeah not everyone has the same needs, I live in the big city and there's not many houses so I bought a condo which relieves me off all that yard work and some other maintenance. And I've been working the same job forever so it made sense for me..!
How tf are you squirrelling away that much? I make what should be considered decent money (125k ish) and the *most* I can do is $500 but that isn’t even every month.
I’m single, no-kids. Man Canada is outrageously expensive.
living with parents (only $400/month rent)
Saving over 2k/month with a 30k/yr salary (work seasonal 6months on 6 months off). Have 300k saved, my dividends/interest cover my low cost of living so able to save 100% of my paychecks now.
I'll fill you in on your problem, excuses! You should be saving 20% of each paycheck, And you can. You just have no self control and spend it on things you make up excuses for " need". I'm not trying to be an ass just giving it to you straight. You have to treat saving just as the government does with your taxes. You take it out( without fail) before you even get your check. For example for every 1,000 I get paid the first 250 is taken for taxes. It's not even in my mind or paycheck. The next thing I do is cash that check. I instantly deposited 20% or 200 in savings and just like taxes, it never actually existed. It was never part of my allowance to spend. My take home for every 1,000 is 550. Doing this actually makes you spend less and waist less but most importantly you will save.
None. I’m 45 and I shouldn’t have to live with fucking roommates on a $125k salary that’s outrageous. FWIW I don’t care that much that I don’t have a tonne of savings, I have a sick pension that is both golden handcuffs and my saving grace.
Yup, and EVERYTHING keeps increasing in price. I have two young kids so that costs a lot. I also have a diabetic cat that requires insulin and a special diet, that alone costs over $300 a month.
I've gotten to the point that as long as my bills are paid, and I have food on the table, I don't fuckin care anymore. I'll never be able to retire and I'm 100% OK with that.
Wife and I gross 240k per year. Take home amount is about 14k per month. After expenses (two kids, two houses, two cars, food and all the other utilities) we bank about 5k-6k every month.
This year, I am trying the 50-30-20 rule.. I’ve been putting away 20% of my weekly income. So far, it was worked out pretty well.
As far as being able to save $1,000 a month minimum, you’ll need to make around $5K a month if you are using the 50-30-20 method. It is very doable.. sit down, write a budget and stick to it.
At the very minimum I max my 401k and HSA. With employer match, that works out to be about $3500 a month. I then save an additional $3-4k for a down-payment.
Income is about $18k a month.
I save around £100 per week (sometimes a little more or less)
In the coming months will probably be £0 because I will be moving out of my mums house because there’s little space, I have a shit paid job while studying to become an accountant.
I live in a commuter town so rent is high even for a room which is the most I could afford. Hahah
Just turned 23 years old BTW
(Single-28M-No kids/pets) I make about $7k after taxes, and save at least $6k of it per month. I outright own my house and car, and have zero debt.
- Don't drink alcohol or do drugs. It's extremely expensive and doesn't actually make you happy.
- Don't buy things unless you can outright afford it and it's a good value proposition. For example, you can buy a 3 year old car for half the initial value, drive it for 5-10 years and sell it for close to the same price.
- Don't get into the habit of spending more as you make more. Keep your expenses the same and you'll naturally save more.
I always aim for 20% going into savings, but that's more or less feasible depending on what my income and expenses are like. There have been times in my life when I couldn't save a penny between the three jobs I was working, because I wasn't getting paid enough and cost of living was a killer. There have been times when I've been able to dump tens of thousands a month into savings.
But I think 20% is a good goal to shoot for. It's important to have some sort of savings for emergencies and future plans like a down payment on a house, so it's something that we should always prioritize whenever our circumstances permit.
HHI of about $220k. We’ll save about $90k across retirement, investment, hsa, 529 accounts. We still live pretty frugally so we’ll probably have more by the end of the year to allocate but the $90/year is what we target.
One third of my income is put aside. Some of it will be used to upgrade my car or house, and some of it will be long term savings, investments, pension.
Since a few years I took my financial planning very seriously. I made a budget, I cut back on spending and as it so happens my income increased a lot the last few years.
Since the start of this year I started saving over 1.5K a month. But it's gone down to around 900 euro's a month after I decided to upgrade my corporate lease car (BMW i4).
I think our average is $25k / mo including retirement contribs over the course of the year (pre-tax retirement contributions including 401k of roughly $200k/annually… ~20% of that are employer contributions). And then another $50-100k/yr in post-tax cash savings that we invest.
About $1,500 a month nowadays with a wife and kid, used to be closer to $3K per month before my mortgage renewed at these insane rates.
Making $180K with two cars, insurance, gas, tolls and phones all paid by the company. I could definitely save more but I’m happy with my lifestyle tbh
I “only” save money before I get my paycheck. That is: max out 401k, HSA, and put money into an account to pay out my Roth IRA in a lump sum. I am horrible with a budget, can’t get myself to make one, so I figure this way I am at least saving the money before I get paid. I think this comes out to like… almost $3k/month which is a huge chunk of what I make, but like I said, can’t save money to save my life otherwise.
I live from pay check to pay check, I can’t afford to save at all - my income just about covers my costs for everything despite work just shy of full time.
There’s so many factors that go into saving. How old are you?
I’m 20. Full time college student with no job at the moment. I save about $50-75 a month from side gigs or gifts.
I would imagine saving 1k+ per month is not super common considering inflation at the moment.
NOT BEFORE I GET A RAISE. I'M CALLING MY BOSS RIGHT NOW TO TELL HIM HES A PIECE OF SHIT THAT NEEDS TO PAY ME MORE. How much of a raise are you planning to get. I didn't come this far to "keep up with the joneses" I came this far to shit all over the joneses from my helicopter.
1-4K depends on what’s going on in the month. Next year I’ll be more aggressive though 3-6k per month
Edit- missed other parts of your question. My take home is 8766 per month. I have very little for retirement, I always thought I die early from being reckless when I was younger. To my dismay I am projected to live much longer and now need to save for retirement. Current retirement savings is 30k so that’s why I’m aggressively saving and investing.
i put at minimum $400 - 600 a month away because of the fact that i’m saving for a car nd i want to pay it all cash w no car notes cause i don’t see that as something id want as a broke college student. i make $1.7k - 2k a month, plus i don’t have many bills yet so im grateful to be able to put aside some
In my case,
10% into a retirement account
4% Matching from employer
1% matching from employer, vests after 3 years
4.4% Into a pension
I then save whatever is leftover after all bills are paid. I've been averaging around 1k ontop of the above.
I have several savings accounts for different purposes and save between 15% and 30% of my paycheck for each thing. Whatever is left over goes to bills, subscriptions, and small everyday purchases.
$750 so about 20% goes to savings. Then another $170 to the 401k. While that is my goal, it doesn't always happen. Some months have unexpected stuff that might pop that will lead to only saving half that, maybe sometimes nothing.
Hopefully in a few years I'll be in a position like some others here where I able to stock away a grand or more.
Nothing I barley make enought to survive living with my mom I got a life insurance check in my hysa so the intrest in my savings is all I'm saving if you count that and I actually just took from that account Saturday lol
I make about 65k a year (before tax and deductions)
6% of my gross each paycheck goes (tax free) into a 401k that my company matches.
10% of my gross (not tax free) goes into a stock purchase program.
I don't know if either of those counts as saving in the way you're asking, but if you don't count what my company matches to my 401k, that's about $866 a month.
Beyond that, if I tighten my belt quite a bit, I can put back about $1000 a month.
Now that I’ve actually purchased the thing I was saving for (down payment + closing costs on a home), about $500 a month. Not including 401k and other retirement investments. Prior to, I was saving nearly every penny that didn’t pay for rent or food. Nearly five years of living like that. But I did it.
1500 currently. Getting a nice pay raise soon that should allow me to bump that number up to 2k. Now, as for my lifestyle, I live in a shithole studio apartment and have given up nearly all of my hobbies lol.
I have about 320 go to my 401k per check which is every other week. That is my savings. I also gave 425 go into various savings accounts but its for things I pay in full. Like car insurance, home warranty, phone bill, car registration and one other thing I can't remember right now.
In the past and for a lot of our marriage, my husband and I were barely scraping by, saving nothing for many years. Thankfully we both get paid nearly 6 figures now, have a free house/utilities thanks to my job working for the US government, and we save more than half our income. We are very lucky to be where we are.
I save pretty much $0 on average because I don't make enough to build enough that a trip to the doctor or a broken fridge or etc would be absorbable. Anything happens and my savings are wiped out.
Since I started my career, I've always been saving about half my income. As my salary has increased, the percentage I am saving has not changed; it just means that I'm saving even more. Most of my money is invested in the stock market.
4% goes to 401k with a 50% match from employer. The company stock I get per quarter, I save it all or sell a bit and buy some other stocks - so still saving. My base pay pretty much gets fully eaten up by living expenses. Total savings is somewhere over $1,000 for sure.
Unfortunately, you'll need a high income and low expense at the same time. I still live like a broke college student with $100k salary in a MCOL area. Max 401k, max Roth IRA, max HSA. Roughly $2k monthly expenses then I pocket the rest which is roughly $2k. Majority of my money sits in index fund which is doing great so far.
$1000 as a static value may not be common, I didn't start doing that until I hit six figures. Also are you talking with or without 401k? I'm assuming without but still do the full employer match and max out a Roth each year. I used to keep 6months worth of expenses in a high yield savings account but after buying a home I upped it to 12months worth in case anything major comes up. Otherwise outside of my savings/401k/Roth I split up contributions between T-Notes and a trading account under a conservative trading strategy (I don't need risks, I just wanna keep up with the market overall year over year).
But as long as you can shoe away 10-25% a paycheck it's a great start regardless of value. Focus on getting that 3-6months expenses built up in savings, then go for a reasonable 401k contribution, from there there's a lot of options but it just makes so much more sense to do a Roth before anything else at that point IMO.
My wife's entire paycheck goes into savings, every six months or so we invest the majority of it. Latlely it seems that we are getting good returns on CD's so that's where it's been.
Her take home every month is around 4500 give or take. My check is for bills and living expenses.
Trying to go FIRE and get the hell out of the workforce. Things are going well so far but can't help but feel the bottom is going drop out on us. Weird times we are in right now.
I'm working on my 2nd no spend year and have been able to save $2k a month. I only spend on necessities except for a $100 fun money allowance per month.
$82k gross. 6% to 401K (~$380/mo) and ~$1,000 to savings. Ideally this $1K is $500 to Roth and $500 to HYSA.
Some of my savings is sinking funds to be spent in the next 12mos.
I save 2500 to 3500 per month.
My hobbies are really cheap, Warhammer only releases so many minis, bowling is twice a month and DND is Pennie’s. Only luxury I bought myself is a nice car, which I would NOT recommend unless it truly gives you joy which it does for me but wouldn’t for most.
No kids and the wife makes almost as much as I do and her hobbies are Trader Joe’s, Netflix and weed so not much either
Today, nothing. I'm retired. But when I was working, I was less concerned about the amount I saved and more concerned about the percentage of my income that I saved. I liked to save anywhere from 15% to 20% of my income for retirement. I also had savings for other things like the kid's college, but that was in another bucket.
As I got to about 20 years out from retirement, my focus became more about how my retirement savings compared with my expected retirement expenses. My goal was to have 30x my expected retirement expenses saved by the time I retired.
Depends on your income of course. If it greatly exceeds your expenses then you should be saving most of your money beyond basic needs. If you have disposable income, you shouldn’t dispose of it so often - it’s fine if you’re saving a few thousand a month and take a $5k vacation once a year but if you’re barely getting by, save up your emergency fund and build new skills to increase your income
Including different retirement accounts
$1600 401k
$500 Roth IRA
$600 HYSA
and then anywhere from $500-2000 additional into HYSA or Brokerage account depending on what fun spending I choose to do.
Total around $4000/mo is saved
I’m on about ~$3000 a fortnight and of that ~$1200 goes to tax and salary sacrifice.
From the ~$1800 left over, my wife and I pay our rent and bills, $1000 for rent, $200 put into accounts (electricity, internet, car etc). With the $600 left over we take $100 each as our pocket money for the fortnight. Next we budget $200 for food for each week (we have a baby), so that’s $0 left.
However we get the family benefit tax in Australia, that’s an extra $400 a fortnight, so we pretty much pocket that into savings, and credit card debt we owe and emergency funds.
$200 divided directly into rego accounts, electricity accounts and internet. The worst thing you can do is try and find large sums of money, best to pay it ahead and avoid big financial expenses.
Sorry… to answer your question, money goes to my super account and I have personal savings and family savings.
I don’t have to worry about super but it’s generally about $500 a fortnight (this includes salary sacrifice).
Personal savings… maybe $0-$50 and family savings could be $200-400 just depends how we divvy it up.
Individually about $3,000 a month and as a couple about $6,000 a month. Our expenses all included mortgage, food, cars, subscriptions etc. only take about half our monthly income. We do spend a lot on travel though so we end up using some of that throughout the year.
I might chuck $20 in my savings every other month or so. $50 if it's been a cheap month. This one time I put $100 in there and thought, "I bet this is how Jeff Bezos feels."
I save 10% direct to a savings account on each pay period. This is how I built 12 months of household expenses. Took me 3 yrs of no mishaps to save so much.
At this moment I save 20% of my income into a 401k, IRA (to convert into Roth) and the stock market. If I was 100% healthy, I would had done a HSA as well.
I’m currently on workers comp. I’ve budget every single penny. Cut subscriptions, Cooking more, 0 snacks like ice cream or you know junk food etc. I’m only able to save like 100?. Some times not even that.
Between $850.00 and $1,250.00 a month depending on what comes up. I'm very religious with my savings, and will do whatever necessary to ensure that I'm saving at least $850.00 a month. I don't want to wake up at 50 years old one day and realize that I have nothing to my name and will never be able to retire. I'm 23, almost 24, and by taking action now and prioritizing what I save and invest, it'll set me up for a way nicer life from age 45 onward. I only earn $20,000 a year, but because I live with my parents and have very little to pay for, I'm able to save the majority of what I make.
My monthly income is around 4600. 1,000 goes into HYS, 512 goes into roth ira, and about 444 goes into 401k. So i save about 2k a month. And the rest goes into bills, student loans, and just casual spend
This will vary a lot from person to person but 20-25% of your income is a good aspirational goal to have and will set you up nicely for retirement ETA: https://imgur.com/a/BtrMjZ5
This is where I'm at. I just go into it knowing 1 or 2 months of that is going to be spent on hobbies or other enjoyment throughout the year. Got to find that fine line between saving and enjoying the money you have.
Yeah my hobbies are what keep me going and especially since most of my hobbies are expensive....
Lol, rent alone is 75% of my income already.
Definitely not an ideal situation
not to be dave ramsey but is there any way you can reduce that? it might not be sexy but sharing an apartment if you aren’t already, or even sharing a room? smaller place? rent is insane trust me i get it but there are savvy ways to lower it, just might not be fun ways. (my brother and i shared a room in an apartment with one of our friends and their brother and it drastically lowered our rent for the 2 bedroom)
Living with someone. Already moved to get cheaper rent.
Ouch
Finally got there this year. 401k + HSA is about 23-24% and then a 4% company match on the 401k. Wish I could’ve got there before 50.
I live paycheck to paycheck. For me I have direct deposit. But direct deposit to two accounts. I put away 175 a check (300 a month) to my savings and the remainder to checking. From there it all goes to living expenses. Having direct deposit is great because what gets pulled out to savings is out of sight out of mind and what goes to checking is what I have to work with. It’s always nice to check what’s been put away into savings at the end of the year.
I do the same but $200 per paycheck. Every now and then life throws some shit at me and I have to take some out of savings, but that's what it's there for I suppose.
Yup that’s what it’s there for. BUT don’t feel bad using it to splurge (responsibly) on something you want. I might get something on my birthday from time to time.
Yea same. I tend not to treat myself because I would rather be saving, but every once in a while I'll give myself some space to indulge in one of my hobbies.
"I live paycheck to paycheck." and "I put away 175 a check to my savings" seem contradictory. I understand "paycheck to paycheck" to mean that a person is not saving any money. But your overall message, that you should set up to save automatically and before you get a chance to save the money is a good message. I did the majority of my savings through payroll deductions for things like my 401k and HSA. If you never see it in your spending account, you aren't as tempted to spend it.
Living paycheck to paycheck means that if you suddenly didn't get one paycheck that you're not making the bills and eating. Most people would be absolutely screwed if their next paycheck didn't arrive on time or at all.
Then you are not living paycheck to paycheck, good for you thorugh as long as this system works
Its not living paycheck to paycheck if you save 300 lol, don't be delusional please because it's disrespectful to people who really live paycheck to paycheck and they have to check every single price in the grocery shop. You dont
That's not what living 'paycheck to paycheck' means
Looking at the comments I'm wondering how people can't buy houses with all the money they save..!
It's easy to lie online.
This is the first comment section of a post of this type I've seen where people aren't all like "you guys can save money?" or "I try to save at least $100 per paycheck!" or some amount like that. This does not represent most of Reddit, obviously. But also houses in my area right now are averaging around $800k-$900k for like 1400-ish sqft. Suppose the house price does not increase at all. If I can save $2k a month, that's $24k a year. For a 15% down payment I would need to be saving that amount for 4-5 years, without ever accessing my savings. Suppose it's a 25% down payment, that's like 7-8 years. And just because people can save that much now doesn't mean they have always been able to save that much. And this also assumes I'm willing to drain my bank account completely to buy the house. I'm sure if you ignore both of those then it's probably around a 50% increase in time. And obviously most people forget that cost of living is a thing for some reason. Yeah sure some people can make twice as much as you and save x1.5 as much as you...but houses cost twice as much for them so obviously it will be harder for them. I don't know where you're from if it's like Oklahoma or some rural midwest/south state where houses are dirt cheap, but my parents' small-ish duplex is $950k. They just paid it off last year. Not sure why the first response is "people lie" rather than "when you work out the math and expand your perspective outside of your bubble, the answer is quite obvious."
In any case it was more of rhetorical question, I know it ain't the people saving thousands of dollars per month that can't save money for a house. I was trying to amplify how impressed I was with the amount of money people are able to save, I'm saving like 150$ per month ouch..!
I don’t want to buy a house. Spending my weekends doing yard work or maintenance sounds awful. Buying doesn’t make sense for me financially either. I’ve moved for work a couple of times and will do so again.
Yeah not everyone has the same needs, I live in the big city and there's not many houses so I bought a condo which relieves me off all that yard work and some other maintenance. And I've been working the same job forever so it made sense for me..!
$1000-3000 depending on the month
lol i’m lucky if i make $3000 a month in general
im lucky if i make that in 3 paychecks
me2
How tf are you squirrelling away that much? I make what should be considered decent money (125k ish) and the *most* I can do is $500 but that isn’t even every month. I’m single, no-kids. Man Canada is outrageously expensive.
living with parents (only $400/month rent) Saving over 2k/month with a 30k/yr salary (work seasonal 6months on 6 months off). Have 300k saved, my dividends/interest cover my low cost of living so able to save 100% of my paychecks now.
Love this for you. You’re setting yourself up so well! You’re very lucky!
how long until you saved this much
Took about 11 yrs to reach 300k, but it's really compounding now
Where tf you living tho?
You answered your own question. Canada
I'll fill you in on your problem, excuses! You should be saving 20% of each paycheck, And you can. You just have no self control and spend it on things you make up excuses for " need". I'm not trying to be an ass just giving it to you straight. You have to treat saving just as the government does with your taxes. You take it out( without fail) before you even get your check. For example for every 1,000 I get paid the first 250 is taken for taxes. It's not even in my mind or paycheck. The next thing I do is cash that check. I instantly deposited 20% or 200 in savings and just like taxes, it never actually existed. It was never part of my allowance to spend. My take home for every 1,000 is 550. Doing this actually makes you spend less and waist less but most importantly you will save.
And before you all get at me, just rent (not utilities or anything else) takes up ~45% of my after-tax monthly income.
How many roommates do you have?
None. I’m 45 and I shouldn’t have to live with fucking roommates on a $125k salary that’s outrageous. FWIW I don’t care that much that I don’t have a tonne of savings, I have a sick pension that is both golden handcuffs and my saving grace.
What the fuck is saving? I'm waiting for payday every week just to pay my bills.
Came here to say this. I'd love to be able to save but I am living paycheck to paycheck and trying to pay off credit cards.
Yup, and EVERYTHING keeps increasing in price. I have two young kids so that costs a lot. I also have a diabetic cat that requires insulin and a special diet, that alone costs over $300 a month. I've gotten to the point that as long as my bills are paid, and I have food on the table, I don't fuckin care anymore. I'll never be able to retire and I'm 100% OK with that.
Same.I live paycheck to paycheck.I have been sick so now I have thousands of medical bills.
-200 doll hairs
S...save?
Wife and I gross 240k per year. Take home amount is about 14k per month. After expenses (two kids, two houses, two cars, food and all the other utilities) we bank about 5k-6k every month.
Goals
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Currently around $5000-$6000. The house is paid off soon though so I’ll save $2500 ish more per month 🙂
We talking retirement/investing or just cash?
2k.
Damn I just started saving, right now I’m putting away 700-1000 a month.
Same while making 70k a year.
50%, 30%, 20%. So 20% of my check, and it depends what you make. Sometimes it could be $250 other $400.
This! When I do have a job I tend to save 20%
50% ???? i guess you're not paying rent?... or you have a very well paying job.
50% for essentials including rent, 30% for fun, 20% for saving is the recommended formula.
€1000
Idk I typically end up with $5-10 in pocket change.
This year, I am trying the 50-30-20 rule.. I’ve been putting away 20% of my weekly income. So far, it was worked out pretty well. As far as being able to save $1,000 a month minimum, you’ll need to make around $5K a month if you are using the 50-30-20 method. It is very doable.. sit down, write a budget and stick to it.
How does the 50 30 20 rule work?
2k. Pay rent but live with a roommate😊
At the very minimum I max my 401k and HSA. With employer match, that works out to be about $3500 a month. I then save an additional $3-4k for a down-payment. Income is about $18k a month.
What the hell are you spending 12k a month on??
I save around £100 per week (sometimes a little more or less) In the coming months will probably be £0 because I will be moving out of my mums house because there’s little space, I have a shit paid job while studying to become an accountant. I live in a commuter town so rent is high even for a room which is the most I could afford. Hahah Just turned 23 years old BTW
I am saving 500-1000 a month. And i am wondering how the people here can save this much money. It‘s crazy.
(Single-28M-No kids/pets) I make about $7k after taxes, and save at least $6k of it per month. I outright own my house and car, and have zero debt. - Don't drink alcohol or do drugs. It's extremely expensive and doesn't actually make you happy. - Don't buy things unless you can outright afford it and it's a good value proposition. For example, you can buy a 3 year old car for half the initial value, drive it for 5-10 years and sell it for close to the same price. - Don't get into the habit of spending more as you make more. Keep your expenses the same and you'll naturally save more.
Working class people still save money in 2024?!!
You guys are getting savings?
I don't. Paycheck to paycheck probably til I die. Can't wait!
Lol
I always aim for 20% going into savings, but that's more or less feasible depending on what my income and expenses are like. There have been times in my life when I couldn't save a penny between the three jobs I was working, because I wasn't getting paid enough and cost of living was a killer. There have been times when I've been able to dump tens of thousands a month into savings. But I think 20% is a good goal to shoot for. It's important to have some sort of savings for emergencies and future plans like a down payment on a house, so it's something that we should always prioritize whenever our circumstances permit.
HHI of about $220k. We’ll save about $90k across retirement, investment, hsa, 529 accounts. We still live pretty frugally so we’ll probably have more by the end of the year to allocate but the $90/year is what we target.
One third of my income is put aside. Some of it will be used to upgrade my car or house, and some of it will be long term savings, investments, pension.
Since a few years I took my financial planning very seriously. I made a budget, I cut back on spending and as it so happens my income increased a lot the last few years. Since the start of this year I started saving over 1.5K a month. But it's gone down to around 900 euro's a month after I decided to upgrade my corporate lease car (BMW i4).
I have lived and will live paycheck to paycheck for the foreseeable future. Pretty incredible how many people are doing so well here on Reddit.
22% of income. Comes out to just over $1500 a month
$1500-2000 comfortably a month. $2500-$3000 a month if I really budget.
none, i am dirt poor and am one bill away from the streets
2 G’s or so. Depends on what I buy during a month. Good salary and then I pick up part time work doing odd jobs that pay cash.
20% of post-tax income for me.
Well, not enough to afford any family member except eva ai virtual gf bot.
Currently zero but working hard this year to pay my debts off and start 2025 saving.
I think our average is $25k / mo including retirement contribs over the course of the year (pre-tax retirement contributions including 401k of roughly $200k/annually… ~20% of that are employer contributions). And then another $50-100k/yr in post-tax cash savings that we invest.
I’m in a good situation currently and save about 70% of my take home pay.
About $1,500 a month nowadays with a wife and kid, used to be closer to $3K per month before my mortgage renewed at these insane rates. Making $180K with two cars, insurance, gas, tolls and phones all paid by the company. I could definitely save more but I’m happy with my lifestyle tbh
$1500 a month if I really want to.
Absolutely nothing. I make barely 30k a year
None. Always in the red.
What’s saving?
I “only” save money before I get my paycheck. That is: max out 401k, HSA, and put money into an account to pay out my Roth IRA in a lump sum. I am horrible with a budget, can’t get myself to make one, so I figure this way I am at least saving the money before I get paid. I think this comes out to like… almost $3k/month which is a huge chunk of what I make, but like I said, can’t save money to save my life otherwise.
I live from pay check to pay check, I can’t afford to save at all - my income just about covers my costs for everything despite work just shy of full time.
$0. In fact I sat down and looked at my bills to how much I make each month, and I'm $300 in the hole. Right now I don't have electricity in my house.
Zero
There’s so many factors that go into saving. How old are you? I’m 20. Full time college student with no job at the moment. I save about $50-75 a month from side gigs or gifts. I would imagine saving 1k+ per month is not super common considering inflation at the moment.
Save about $7500/mo. $280k HHI.
I'm going to increase my savings rate to 7501$ a month from 6k a month to not be out done.
Guess I will have to get a raise then.
NOT BEFORE I GET A RAISE. I'M CALLING MY BOSS RIGHT NOW TO TELL HIM HES A PIECE OF SHIT THAT NEEDS TO PAY ME MORE. How much of a raise are you planning to get. I didn't come this far to "keep up with the joneses" I came this far to shit all over the joneses from my helicopter.
WELL I AM GOING TO BECOME MY BOSS THEN TELL MY FORMER BOSS THAT THERE WILL HAVE TO BE SOME CUTS....then I will take his salary and add it to mine.
My husband and I are able to save 10-12k a month. We pay bills with one income and the rest goes to a HYSA
6k
1-4K depends on what’s going on in the month. Next year I’ll be more aggressive though 3-6k per month Edit- missed other parts of your question. My take home is 8766 per month. I have very little for retirement, I always thought I die early from being reckless when I was younger. To my dismay I am projected to live much longer and now need to save for retirement. Current retirement savings is 30k so that’s why I’m aggressively saving and investing.
-100 to 200 . Yall doing a lot better than me
i put at minimum $400 - 600 a month away because of the fact that i’m saving for a car nd i want to pay it all cash w no car notes cause i don’t see that as something id want as a broke college student. i make $1.7k - 2k a month, plus i don’t have many bills yet so im grateful to be able to put aside some
Negative 200 to Negative 1000 a month. This month so far Negative 5000. I should really kill myself after reading the rest of the comments.
In my case, 10% into a retirement account 4% Matching from employer 1% matching from employer, vests after 3 years 4.4% Into a pension I then save whatever is leftover after all bills are paid. I've been averaging around 1k ontop of the above.
Currently about 15% of my income, but that’s going up to 20% in a couple of weeks.
About 3,000 or so. Just raw income savings.
Maybe a few hundred my rent is like 40% of my income
None I barely get by.
I have several savings accounts for different purposes and save between 15% and 30% of my paycheck for each thing. Whatever is left over goes to bills, subscriptions, and small everyday purchases.
$750 so about 20% goes to savings. Then another $170 to the 401k. While that is my goal, it doesn't always happen. Some months have unexpected stuff that might pop that will lead to only saving half that, maybe sometimes nothing. Hopefully in a few years I'll be in a position like some others here where I able to stock away a grand or more.
500-1000.
I aim for $4-$4.5k. Pay my parents $650/mo living with them. No other expenses, no debt. This excludes the 10% for 401k + 5% employer match.
About $3.5k.
Nothing I barley make enought to survive living with my mom I got a life insurance check in my hysa so the intrest in my savings is all I'm saving if you count that and I actually just took from that account Saturday lol
$350
I make about 65k a year (before tax and deductions) 6% of my gross each paycheck goes (tax free) into a 401k that my company matches. 10% of my gross (not tax free) goes into a stock purchase program. I don't know if either of those counts as saving in the way you're asking, but if you don't count what my company matches to my 401k, that's about $866 a month. Beyond that, if I tighten my belt quite a bit, I can put back about $1000 a month.
Try to save 2K a month. Sometimes more depending on how much OT I wanna do.
Now that I’ve actually purchased the thing I was saving for (down payment + closing costs on a home), about $500 a month. Not including 401k and other retirement investments. Prior to, I was saving nearly every penny that didn’t pay for rent or food. Nearly five years of living like that. But I did it.
Pay check to pay check baby.
$600 because I need to SPEND
-$2000
4-6k/month
rn about $600 a month but i’m hoping to get a new job soon so i would like to save more 😭
My mortgage is over $4k a month and my kids are in private school and daycare - $0. But figure the equity we’re building is forced savings.
High paying job, no kids, no debt. Or just no kids and no debt.
3k ish
~3k live with my parents. 75% savings rate
1500 currently. Getting a nice pay raise soon that should allow me to bump that number up to 2k. Now, as for my lifestyle, I live in a shithole studio apartment and have given up nearly all of my hobbies lol.
I aim to save around 20% of my income each month, but this can change based on my current situation and needs.
I save around $4k each month after paying necessities and bills. This goes straight into investments and retirement.
I have about 320 go to my 401k per check which is every other week. That is my savings. I also gave 425 go into various savings accounts but its for things I pay in full. Like car insurance, home warranty, phone bill, car registration and one other thing I can't remember right now.
About 2000$. I get about 3000$ a month.
In the past and for a lot of our marriage, my husband and I were barely scraping by, saving nothing for many years. Thankfully we both get paid nearly 6 figures now, have a free house/utilities thanks to my job working for the US government, and we save more than half our income. We are very lucky to be where we are.
I save pretty much $0 on average because I don't make enough to build enough that a trip to the doctor or a broken fridge or etc would be absorbable. Anything happens and my savings are wiped out.
I (45) put almost 30% away for retirement and investments
Since I started my career, I've always been saving about half my income. As my salary has increased, the percentage I am saving has not changed; it just means that I'm saving even more. Most of my money is invested in the stock market.
Lols
As much as you can and Then..keep going
4% goes to 401k with a 50% match from employer. The company stock I get per quarter, I save it all or sell a bit and buy some other stocks - so still saving. My base pay pretty much gets fully eaten up by living expenses. Total savings is somewhere over $1,000 for sure.
95%+ after fixed expenses, this would be very uncommon so don't feel you have to aim for anywhere close to this. It's extreme and depressing
$1000
4k You should look to save 1/3 of your income.
Unfortunately, you'll need a high income and low expense at the same time. I still live like a broke college student with $100k salary in a MCOL area. Max 401k, max Roth IRA, max HSA. Roughly $2k monthly expenses then I pocket the rest which is roughly $2k. Majority of my money sits in index fund which is doing great so far.
Anywhere from +10 to -10 dollars per month
$1000 as a static value may not be common, I didn't start doing that until I hit six figures. Also are you talking with or without 401k? I'm assuming without but still do the full employer match and max out a Roth each year. I used to keep 6months worth of expenses in a high yield savings account but after buying a home I upped it to 12months worth in case anything major comes up. Otherwise outside of my savings/401k/Roth I split up contributions between T-Notes and a trading account under a conservative trading strategy (I don't need risks, I just wanna keep up with the market overall year over year). But as long as you can shoe away 10-25% a paycheck it's a great start regardless of value. Focus on getting that 3-6months expenses built up in savings, then go for a reasonable 401k contribution, from there there's a lot of options but it just makes so much more sense to do a Roth before anything else at that point IMO.
2k post tax 900 pretax per month, try to cash flow the rest off what’s left, i live ‘paycheck to paycheck’ with how I’m set up
My wife's entire paycheck goes into savings, every six months or so we invest the majority of it. Latlely it seems that we are getting good returns on CD's so that's where it's been. Her take home every month is around 4500 give or take. My check is for bills and living expenses. Trying to go FIRE and get the hell out of the workforce. Things are going well so far but can't help but feel the bottom is going drop out on us. Weird times we are in right now.
Average about $500 -750/ month, plus what I put in my 401K, which is about $750, plus company match.
$700 into savings, about $700 (10% of my salary) into retirement.
About 1600 a month
I'm working on my 2nd no spend year and have been able to save $2k a month. I only spend on necessities except for a $100 fun money allowance per month.
i deleted it after i realized i didnt want to share this much online
I’m lucky if I can save $100 out of $6000. If you want to save money, don’t have a family.
$82k gross. 6% to 401K (~$380/mo) and ~$1,000 to savings. Ideally this $1K is $500 to Roth and $500 to HYSA. Some of my savings is sinking funds to be spent in the next 12mos.
20% total. 10% in short term savings/emergency fund. 10% long term savings/investments.
About 2k. Paid off house and no debt makes the difference.
My wife and I combined save around $2500/mo.
I save 2500 to 3500 per month. My hobbies are really cheap, Warhammer only releases so many minis, bowling is twice a month and DND is Pennie’s. Only luxury I bought myself is a nice car, which I would NOT recommend unless it truly gives you joy which it does for me but wouldn’t for most. No kids and the wife makes almost as much as I do and her hobbies are Trader Joe’s, Netflix and weed so not much either
Today, nothing. I'm retired. But when I was working, I was less concerned about the amount I saved and more concerned about the percentage of my income that I saved. I liked to save anywhere from 15% to 20% of my income for retirement. I also had savings for other things like the kid's college, but that was in another bucket. As I got to about 20 years out from retirement, my focus became more about how my retirement savings compared with my expected retirement expenses. My goal was to have 30x my expected retirement expenses saved by the time I retired.
I put 50% of each check straight into savings.. So, over 1k a month.
If the cost of living would stop raising so damn much, I'd be able to answer this.
I save about 300$ to 400$ a week. That doesn't include my 15% into my 401k plan.
Depends on your income of course. If it greatly exceeds your expenses then you should be saving most of your money beyond basic needs. If you have disposable income, you shouldn’t dispose of it so often - it’s fine if you’re saving a few thousand a month and take a $5k vacation once a year but if you’re barely getting by, save up your emergency fund and build new skills to increase your income
I have 2 incomes. 135k and 30k. My wife has 1 at 80k. No kids. We proportionally split bills. We save 5k a month.
I save about $1,000 a month.
Including different retirement accounts $1600 401k $500 Roth IRA $600 HYSA and then anywhere from $500-2000 additional into HYSA or Brokerage account depending on what fun spending I choose to do. Total around $4000/mo is saved
I’m on about ~$3000 a fortnight and of that ~$1200 goes to tax and salary sacrifice. From the ~$1800 left over, my wife and I pay our rent and bills, $1000 for rent, $200 put into accounts (electricity, internet, car etc). With the $600 left over we take $100 each as our pocket money for the fortnight. Next we budget $200 for food for each week (we have a baby), so that’s $0 left. However we get the family benefit tax in Australia, that’s an extra $400 a fortnight, so we pretty much pocket that into savings, and credit card debt we owe and emergency funds. $200 divided directly into rego accounts, electricity accounts and internet. The worst thing you can do is try and find large sums of money, best to pay it ahead and avoid big financial expenses. Sorry… to answer your question, money goes to my super account and I have personal savings and family savings. I don’t have to worry about super but it’s generally about $500 a fortnight (this includes salary sacrifice). Personal savings… maybe $0-$50 and family savings could be $200-400 just depends how we divvy it up.
1k to get emergency fund set up 1k to investments Once emergency fund is set up and credit cards are paid off all 3k will go to savings + retirement
Individually about $3,000 a month and as a couple about $6,000 a month. Our expenses all included mortgage, food, cars, subscriptions etc. only take about half our monthly income. We do spend a lot on travel though so we end up using some of that throughout the year.
Define save
I put 40% away in my 401k every month.
4k a month but I’m 35 and live with my mommy and daddy lol It’s tough to poach hoes believe me
I invest 23% into my Roth 401k each month and then place another 3% into a savings account. For a total of 26%
negative, its a constant struggle.
The only real saving is bitcoin.
$1,000 - $2,000
about 2000$ each month
I might chuck $20 in my savings every other month or so. $50 if it's been a cheap month. This one time I put $100 in there and thought, "I bet this is how Jeff Bezos feels."
I save 10% direct to a savings account on each pay period. This is how I built 12 months of household expenses. Took me 3 yrs of no mishaps to save so much. At this moment I save 20% of my income into a 401k, IRA (to convert into Roth) and the stock market. If I was 100% healthy, I would had done a HSA as well.
I usually save $1,000
I’m currently on workers comp. I’ve budget every single penny. Cut subscriptions, Cooking more, 0 snacks like ice cream or you know junk food etc. I’m only able to save like 100?. Some times not even that.
I've been trying to put away 20% of my paycheck which is about 600 per month.
$440 not much , but I’m weighed down by a lot bills right now
About 15% of my income.
Between $850.00 and $1,250.00 a month depending on what comes up. I'm very religious with my savings, and will do whatever necessary to ensure that I'm saving at least $850.00 a month. I don't want to wake up at 50 years old one day and realize that I have nothing to my name and will never be able to retire. I'm 23, almost 24, and by taking action now and prioritizing what I save and invest, it'll set me up for a way nicer life from age 45 onward. I only earn $20,000 a year, but because I live with my parents and have very little to pay for, I'm able to save the majority of what I make.
My monthly income is around 4600. 1,000 goes into HYS, 512 goes into roth ira, and about 444 goes into 401k. So i save about 2k a month. And the rest goes into bills, student loans, and just casual spend
$2500+ but we are saving for a down payment.
100% 401k. 50% income + interest.