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Thread: How Much Do You Save?

  1. #1
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    How Much Do You Save?

    How much money do you save, year to year? I don't mean in cash dollars, but maybe as a percent of your household's gross income? Or how much do you need to see your savings increasing year to year to feel comfortable that you're preparing for the future?

    Part of the reason I ask is cuz I'm very attentive to making sure our savings increase. I figure as the head of the household that's my job, yet my wife (we both work), seems like each year older she gets pays less and less attention to spending vs saving. In fact increasingly she seems addicted to shopping...like "The kids need new shoes!" "We just bought them new shoes three weeks ago." "They need new shoes! And new lunch boxes, and pants, and book bags." I'm not a ogre dad by any means and I want my kids to be clothed appropriately , but it seems like she uses the kids as an excuse to satisfy an increasing addiction to shopping. A few years ago she finally reached the tipping point where she now spends more than she earns (it's only because of my scrimping that we are still building the nest egg). If I spent like her, we'd be sliding into debt. And it doesn't faze her at all. I own maybe eight pairs of shoes. She owns at least 40. And needs new ones. She owns so much stuff that she's constantly buying more stuff because she can't find the stuff she has because there's so much of it that it's too much trouble to sort through.
    Last edited by BushyTheBeaver; 07-18-2013 at 01:04 AM.

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    We both max the 401k, which is like 33 grand a year. Other than that not really too much besides setting aside some cash and buying some gold here and there.

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    Quote Originally Posted by shakin318 View Post
    We both max the 401k, which is like 37 grand a year. Other than that not really too much besides setting aside some cash and buying some gold here and there.
    Similar here. Max out the 401(k)'s, put a couple hundred each month into the kids' 529 accounts and probably another couple hundred (depending on the month) into a savings/investment account.

    As a percentage we try to save at least 15% of what we make. "Pay yourself first" is great advice and it can really work, but you have to be disciplined.

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    Quote Originally Posted by shakin318 View Post
    We both max the 401k, which is like 33 grand a year. Other than that not really too much besides setting aside some cash and buying some gold here and there.
    So clarifying, your annual saving is what you put into you 401k (granted, the max %) and maybe some change?

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    Quote Originally Posted by BushyTheBeaver View Post
    it seems like she uses the kids as an excuse to satisfy an increasing addiction to shopping. A few years ago she finally reached the tipping point where she now spends more than she earns


    SOunds like she's compensating for A MAJOR LACK OF BANGING.

    amirite





    -

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    wife is a teacher ripping off America with her bloated pension for being a part time babysitter.

    I'm self employed and put 15% a year into SEP-IRA and siphon anything "extra" (when business is good) into cash reserves.

    PS, if there is any money in the checking account Mrs. FF2® will spend it.
    Last edited by FF2®; 07-18-2013 at 08:48 AM.

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    Quote Originally Posted by 32green View Post
    SOunds like she's compensating for A MAJOR LACK OF BANGING.

    amirite





    -
    all joking aside, there could be some truth to this. Like FFdoots overeating beacause he's unhappy with his life

  9. #9
    Quote Originally Posted by quantum View Post
    all joking aside, there could be some truth to this. Like FFdoots overeating beacause he's unhappy with his life
    Food was how my Mommy showed love.

  10. #10
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    Quote Originally Posted by BushyTheBeaver View Post
    How much money do you save, year to year? I don't mean in cash dollars, but maybe as a percent of your household's gross income? Or how much do you need to see your savings increasing year to year to feel comfortable that you're preparing for the future?

    Part of the reason I ask is cuz I'm very attentive to making sure our savings increase. I figure as the head of the household that's my job, yet my wife (we both work), seems like each year older she gets pays less and less attention to spending vs saving. In fact increasingly she seems addicted to shopping...like "The kids need new shoes!" "We just bought them new shoes three weeks ago." "They need new shoes! And new lunch boxes, and pants, and book bags." I'm not a ogre dad by any means and I want my kids to be clothed appropriately , but it seems like she uses the kids as an excuse to satisfy an increasing addiction to shopping. A few years ago she finally reached the tipping point where she now spends more than she earns (it's only because of my scrimping that we are still building the nest egg). If I spent like her, we'd be sliding into debt. And it doesn't faze her at all. I own maybe eight pairs of shoes. She owns at least 40. And needs new ones. She owns so much stuff that she's constantly buying more stuff because she can't find the stuff she has because there's so much of it that it's too much trouble to sort through.
    In addition to maxing out your 401k, set up an automatic deposit monthly where a set amount gets automatically taken out of your check and put into savings. Doesn't have to be huge, but within a few months, you'll forget about it.

    If your income comes partially from a bonus(es), try and structure it so you can live on your monthly wage and save a decent chunk of the bonus.

  11. #11
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    I tried this....but it didn't work


  12. #12
    Nothing. Govt. will take care of me in my golden years.

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    I save the Chinese mustard when I order takeout.

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    Quote Originally Posted by Churchill View Post
    Nothing. Govt. will take care of me in my golden years.
    not if you're a white racist, they won't. (which is redundantly redundant)

  15. #15
    Quote Originally Posted by jetstream23 View Post
    Similar here. Max out the 401(k)'s, put a couple hundred each month into the kids' 529 accounts and probably another couple hundred (depending on the month) into a savings/investment account.

    As a percentage we try to save at least 15% of what we make. "Pay yourself first" is great advice and it can really work, but you have to be disciplined.
    Absolutely. I had kids a little younger than anticipated and struggled but always saved about $200 a month. That habit, compounded into my later years (im 50) has become mission ONE. I can happily say I am VERY well off.

    Go to Vanguard and they have MANY balanced funds that will work for almost everyone.

    Quote Originally Posted by crasherino View Post
    In addition to maxing out your 401k, set up an automatic deposit monthly where a set amount gets automatically taken out of your check and put into savings. Doesn't have to be huge, but within a few months, you'll forget about it.

    If your income comes partially from a bonus(es), try and structure it so you can live on your monthly wage and save a decent chunk of the bonus.
    YUP!

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    I save all my change.

    Then I cash it out at Coinstar and buy cheap whores.

  17. #17
    Quote Originally Posted by crasherino View Post
    If your income comes partially from a bonus(es), try and structure it so you can live on your monthly wage and save a decent chunk of the bonus.
    this is the key. has always worked well for me.

  18. #18
    Quote Originally Posted by BushyTheBeaver View Post
    How much money do you save, year to year? I don't mean in cash dollars, but maybe as a percent of your household's gross income? Or how much do you need to see your savings increasing year to year to feel comfortable that you're preparing for the future?

    Part of the reason I ask is cuz I'm very attentive to making sure our savings increase. I figure as the head of the household that's my job, yet my wife (we both work), seems like each year older she gets pays less and less attention to spending vs saving. In fact increasingly she seems addicted to shopping...like "The kids need new shoes!" "We just bought them new shoes three weeks ago." "They need new shoes! And new lunch boxes, and pants, and book bags." I'm not a ogre dad by any means and I want my kids to be clothed appropriately , but it seems like she uses the kids as an excuse to satisfy an increasing addiction to shopping. A few years ago she finally reached the tipping point where she now spends more than she earns (it's only because of my scrimping that we are still building the nest egg). If I spent like her, we'd be sliding into debt. And it doesn't faze her at all. I own maybe eight pairs of shoes. She owns at least 40. And needs new ones. She owns so much stuff that she's constantly buying more stuff because she can't find the stuff she has because there's so much of it that it's too much trouble to sort through.
    i finally told my wife she had to throw out some shoes yesterday. she has shoes in three places, hallway closet, her closet and under our bed. i bet half of them she hasn't worn in 3 years.

    prior to me starting my own business I saved probably 25% of my income a year (50% post tax).

    this has helped give me the flexibility to start my own business.

    we don't save any money now - we are cash flow negative (outside of investment income).

    to me, i need to see a nice nest egg before i get comfortable. 30x times my annual spending and i'll be comfortable. right now we are at about 20x maybe a little lower.

  19. #19
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    Quote Originally Posted by batman10023 View Post
    i finally told my wife she had to throw out some shoes yesterday. she has shoes in three places, hallway closet, her closet and under our bed. i bet half of them she hasn't worn in 3 years.

    prior to me starting my own business I saved probably 25% of my income a year (50% post tax).

    this has helped give me the flexibility to start my own business.

    we don't save any money now - we are cash flow negative (outside of investment income).

    to me, i need to see a nice nest egg before i get comfortable. 30x times my annual spending and i'll be comfortable. right now we are at about 20x maybe a little lower.
    You wouldn't happen to be selling personalized frisbees would you? Just checking - looking for something for the lil woman for her birthday.

  20. #20
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    Quote Originally Posted by Churchill View Post
    Nothing. Govt. will take care of me in my golden years.
    there will be a sh*t load of us - so we're good to go

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