How much money do you put in savings every paycheck? | Page 3 | TigerDroppings.com

Posted byMessage
TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16927 posts

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


quote:

I thought you were retired?


He probably is talking about a pension check.






Back to top
bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
27078 posts

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


quote:

I'm on straight commission so when I have a good month, ill drop in a couple thou but it works out to about $500/month



i put 100% of my money in an ally savings account and then have a "salary" set up to transfer from my ally.com to schwab account once a month... i use that to cover my op exp.






Back to top
  Replies (0)
Zach
LSU Fan
Member since May 2005
64413 posts

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


quote:

I thought you were retired? He probably is talking about a pension check.

My pension + wife's salary. She's a lot younger than me and earns a lot more. But she cannot handle money.






Back to top
cwill
New Orleans Saints Fan
Member since Jan 2005
25057 posts

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


quote:

My pension


Who did you work for?






Back to top
  Replies (0)
Hand
Army Fan
far side of the moon
Member since Dec 2007
2000 posts

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


The rule of thumb that I see most quoted is 10% of disposable income. As a nation, that hasn't been achieved since the mid 1980's.

I (1) max out my HSA, (2) max out my Roth IRA, (3) 15% of gross goes into my 401k, and (4) sweep what amounts to another 15% of gross into a self directed brokerage account. My personal savings rate is about 43%. Gains/interest/dividends get reinvested. Bonuses go to the single mother scholarship fund. It's my goal to grow my net worth by 5% to 8% per quarter for the next two years.






Back to top
jclem11
TCU Fan
Houston, Texas
Member since Nov 2011
2929 posts

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


I put 6% in 401K to get the company match. I do not have any other retirement accounts set up.

I have $11.5K in student loans to pay off at roughly 5% interest. Should I put all my extra money towards them to get them paid off ASAP and then start saving or try to do them both?

I'm currently trying to pay them off ASAP and am not saving much.

Just looking for an outside opinion.






Back to top
Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
16389 posts

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


quote:

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




I buy rental properties in high rental markets all over. Not too mention equity capture(if bought correctly), market appreciation, positive cashflow, principle paydown, tax advantages like the depreciation deduction and last but not least.... if you decide to sell, you can roll the profits into a 1031 tax exchange to defer the capital gains tax. When you pass the properties down to your children, they take over the property at the new cost-basis, wiping out all the capital gains tax.

I already have a REIT in my ROTH IRA but I am not using that as an example here.






Back to top
  Replies (0)
Feed Me Popeyes
LSU Fan
Baltimore, MD
Member since Apr 2008
2066 posts

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


>30% effective savings rate

No kids, but expensive rent (fiancee's fault), student loans (my fault), and new car (also my fault) keep it from being much higher






Back to top
  Replies (0)
jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4884 posts

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


quote:

I put 6% in 401K to get the company match. I do not have any other retirement accounts set up. I have $11.5K in student loans to pay off at roughly 5% interest. Should I put all my extra money towards them to get them paid off ASAP and then start saving or try to do them both?


Absolutely keep contributing up to the match on your 401k. That is free guaranteed money.

Put every other dime you can towards knocking those student loans out.






Back to top
jclem11
TCU Fan
Houston, Texas
Member since Nov 2011
2929 posts

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


quote:

Absolutely keep contributing up to the match on your 401k. That is free guaranteed money.

Put every other dime you can towards knocking those student loans out.


That's what I plan to keep doing. Hoping to have them gone within the next 12-18 months.






Back to top
  Replies (0)
ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6573 posts

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


1000.00/mo in IRA, 2-3 grand month in bank (2.75%) high yield checking. Don't have savings account cause I can't make as much interest.







Back to top
RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1632 posts

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


Do you use an internet bank for your high yield checking?





Back to top
  Replies (0)
BamaScoop
Alabama Fan
Panama City, Florida
Member since May 2007
33627 posts

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


about $2000.00 a month





Back to top
  Replies (0)
saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21162 posts

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


quote:

grand month in bank (2.75%) high yield checking.
Very curious where you get this rate.






Back to top
BamaScoop
Alabama Fan
Panama City, Florida
Member since May 2007
33627 posts

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


quote:

Very curious where you get this rate.


I would like to know that also, Im gett about .9%






Back to top
RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1632 posts

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


quote:

I would like to know that also, Im gett about .9%


Yea the highest I've seen barely even breaches 1%






Back to top
Hammond Tiger Fan
Arizona State Fan
Hammond
Member since Oct 2007
12401 posts

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


I don't know how in the hell some of y'all save so much money. Those who have an aggregate savings over 30% must do not have any kids.

My wife and I are only able to comfortably save 20%






Back to top
  Replies (0)
braindeadboxer
LSU Fan
Utopia
Member since Nov 2011
5015 posts

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


I actually save about 65% of what I clear on my paycheck. Most goes into my checking but I also have an auto deposit linking my checking account to my brokerage account. Typcially I invest about 15-20% of what I save.





Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11346 posts
 Online 

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


I max 401k for my wife and I. We own the company and are both over 50 so I think that works out to $22500 each a year.

I also set aside $1000 a paycheck for savings. Payroll is every two weeks so that's another $26000 a year.

An additional $5k goes into IRAs for each of us every year.

Then I save cash and stick it in a drawer in my office. $100 every two weeks and I don't spend $1 bills so all those go into the drawer as well.

I'm looking for more ways to put cash away for us. I want to get to well over $100k a year but I have a ways to go to get there. One just out of college and one in college right now. There's over $1000 a month more I'll put away once he's done.






Back to top
BamaScoop
Alabama Fan
Panama City, Florida
Member since May 2007
33627 posts

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


Cash is king for sure, I like your plan!!

W.C Fields once said, "the best way to double your money is to fold it and put it back in your pocket"






Back to top
  Replies (0)


Back to top