How much money do you put in savings every paycheck? - Page 2 - TigerDroppings.com

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rsande2
LSU Fan
Member since Jan 2006
3423 posts

re: How much money do you put in savings every paycheck?


Not usre if you mean savings in the literal meaning or "retirement" but here is what we do.

1. 401Ks only to get match
2. Roth IRAs
3. Life Insurance

Then after that we don't transfer by check, what we did was auto xfer every friday. Each year we save 10% of our gross salary. Counting retirement we "save" right at 20%. I think most personal finance books and courses suggest 15%-20%.






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notiger1997
Member since May 2009
22148 posts
 Online 

re: How much money do you put in savings every paycheck?


quote:

All my extra money for investing is going towards real estate now.


Are you buying land, or investing into a fund, etc?






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TigerFanatic99
LSU Fan
Elkhart, IN
Member since Jan 2007
2385 posts

re: How much money do you put in savings every paycheck?


net pay is only about $4000 a month (I know, not OT)

8% of gross into retirement accounts
$500 into new home fund
$200 into emergency fund
$200 into cruise fund.
whatever extra after bills into extra student loan payments.






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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16772 posts

re: How much money do you put in savings every paycheck?



15% into company stock (given a 15% discount w/ no lock up, converted into cash before every earnings announcement)
2.25% from stock purchase discount
6% contribution to Roth 401k
7.5% company match

That brings it to an effective rate of 30.75%, with a personal savings rate of 21%

I also live only on my salary and don't include my bonus into any of my plans, so 100% (20% of my salary) goes into savings.

If you count my bonus in the equation, it's 42.29%.

However, I always seem to be a couple hundred bucks a month over, hurting cash savings, so it may be a little under 40% in reality.








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BROffshoreTigerFan
USA Fan
Youngsville
Member since Oct 2007
9581 posts

re: How much money do you put in savings every paycheck?


Nothing going into savings right now outside of my 401. 30% including employer match. I'd like to do another 10% in a Roth or savings account. Trying to budget that in now.





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Will Cover
Southeastern LA Fan
Bangor, ME
Member since Mar 2007
24469 posts

re: How much money do you put in savings every paycheck?


quote:

How much money do you put in savings every paycheck?


I only get paid once a month, but over the past 6 months, I'm averaging just over $1K that I have been putting into my savings, after taxes, deductions and 401(k) @ 15 %.







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cwill
New Orleans Saints Fan
Member since Jan 2005
23902 posts
 Online 

re: How much money do you put in savings every paycheck?


I max my 401k and try to save 15-20%. I'm ineligible for a Roth. I invest a lot in O&G - E&P, too.





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Swifty
LSU Fan
Member since May 2012
947 posts

re: How much money do you put in savings every paycheck?


quote:

I max my 401k and try to save 15-20%. I'm ineligible for a Roth. I invest a lot in O&G - E&P, too.


Just curious. When people say that they are maxing their 401K, are they putting in enough to get their match or are they contributing $17,500 (2013) per year?






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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1600 posts

re: How much money do you put in savings every paycheck?


I would assume maximum 401k contribution unless they say they maximize their company match. I maximize my company's match





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cwill
New Orleans Saints Fan
Member since Jan 2005
23902 posts
 Online 

re: How much money do you put in savings every paycheck?


Enough to get their match and have the overall max of $17,500 put in per year.

Input + Match = 17500



This post was edited on 12/3 at 5:59 pm


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tigerforever7
LSU Fan
Baton Rouge
Member since Aug 2012
174 posts

re: How much money do you put in savings every paycheck?


In honest its as much as possible, however I would make sure to have a staple of
20% in 401k
10% savings
Any extra you could use to start investing in some low risk stocks and build on them. I would consult with somebody before doing this, go into deals with other people, not simply wing it






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29619 posts
 Online 

re: How much money do you put in savings every paycheck?


quote:

I would rather treat my ability to withdraw from a Roth as a "HOLY frick EVERYTHING IS GOING TO HELL IN MY LIFE" fund and use a taxable account fund for rainy days.


It will make you think twice ... and that's kinda the point.

quote:

Unless there is some way you can backdoor borrow and put back I don't know about. A Roth's biggest weakness is the limit you can put in.


Put as much in as possible (TWSS). If something bad happens you can still get the money. If nothing does it's all good.






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dewster
Maryland Fan
Tennessee
Member since Aug 2006
8993 posts

re: How much money do you put in savings every paycheck?


I've barely saved jack in the past few months. Weddings will do that to ya.

Before that, I was saving about 20% of my gross total.

Now I contribute the minimum for my company to match my 401k and max out my Roth.....around 16% total. My company puts in about 6.5% on top of that.

I'd say that I'm prepared for a rainy day, but a big purchase like a new roof or a new car will sting. The Roth is there for me when something catastrophic happens. I wouldn't go into that unless things were really going south.

I'm praying that I can save more after the honeymoon but I have my doubts.



This post was edited on 12/4 at 9:26 am


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Zach
LSU Fan
Member since May 2005
62853 posts

re: How much money do you put in savings every paycheck?


10% every paycheck goes into checking. When checking gets to 20K I shop around for CDs. If CDs are low I buy more blue chip stocks. Lately have been buying stocks.

Edit: Oops. I just drug out the calculator. I actually save 15% not 10.



This post was edited on 12/4 at 11:55 am


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hiltacular
Georgia Tech Fan
FILA
Member since Jan 2011
8530 posts

re: How much money do you put in savings every paycheck?


10% into 401K - comes out to the max that the company will match over the course of a year.

I then max out my roth ira (I think it is $5500?) so $5500/12 = $458/month.

It's around 10K total I believe, which I'm okay with 23 yrs old). I also probably inadvertently save another $3k-ish just by living frugal.

The rest goes to a car loan I am paying off.




This post was edited on 12/4 at 10:14 am


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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1600 posts

re: How much money do you put in savings every paycheck?


Can you advise as to your CD shopping? Do you go for maximum rates such as with an online bank, or stick to a bank nearby that you prefer? I have completed some studying on CDs earlier this year, but yet to dip into buying any. I ask this for more of a response towards my latest thread:

LINK






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buddhavista
Member since Jul 2012
3543 posts

re: How much money do you put in savings every paycheck?


the wife and I live off $5400 a month. Anything above that amount gets put into savings.

Some months that is more than others, since my wife is part time and has some contract gigs. But in general its at least 30% of our gross income.






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Zach
LSU Fan
Member since May 2005
62853 posts

re: How much money do you put in savings every paycheck?


quote:

Can you advise as to your CD shopping?

It goes like this:

a. I notice that I've got 25K in checking (don't ask me about savings account...that's also zero interest).

b. Do I need a new car? If yes, buy it with cash. If not, proceed to 'c.'

c. What are the best 1 year CD rates around here? Best I ever got was 10% but that was during the S and L debacle. Made a lot of fast cash off of that. Last search was 1.5% CD for 1 year. Too low. Proceed to 'd'.

d. Check stock performances. Best over the few months was Chevron but I'm overloaded on Chevron. Next best was United Technologies. Returning about 6%. So, I bought 10K more of that.

e. Allow current 15K in checking to get up to 25K. Wash, rinse, repeat.

I've never gotten burned on a stock. The bad ones produce about 2; the good ones about 10. They have always exceeded inflation. I don't use a broker. I deal with them all directly.







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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1600 posts

re: How much money do you put in savings every paycheck?


Thanks for your advice so far. How long have you been doing this strategy?





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cwill
New Orleans Saints Fan
Member since Jan 2005
23902 posts
 Online 

re: How much money do you put in savings every paycheck?


quote:

10% every paycheck goes into checking.


I thought you were retired?






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