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Message
What amount do you save per month?
Posted on 2/28/24 at 10:27 am
Posted on 2/28/24 at 10:27 am
Not in an investment vehicle but savings?
Posted on 2/28/24 at 10:33 am to HeartAttackTiger
Zero
Savings is investments. Once you hit where you want to be for an emergency fund, there is no more "savings"
Savings is investments. Once you hit where you want to be for an emergency fund, there is no more "savings"
Posted on 2/28/24 at 10:36 am to HeartAttackTiger
quote:
Not in an investment vehicle but savings?
In this context, $0 I guess.
I have an emergency fund/savings but it's static and I don't add to nor take away(hopefully) at this point.
Everything else goes into retirement funds(401k, IRA), 529s, taxable brokerage, etc.
I guess I don't see the point in having a dedicated amount of money each month that goes into a savings account to sit there unless it's an emergency fund building or saving for a purpose(down payment mortgage, vehicles etc.)
If I'm not saving for a purpose it's going to go into some type of investment vehicle.
Posted on 2/28/24 at 10:53 am to HeartAttackTiger
Varies - I fund my "new car fund" and I have to replace my long-term savings when I dip into them. Ideally, I will be 1 year funded in advance, but I'm closer to 3 months (but that doesn't include things like a reserve amount if I have to replace a roof and the aforementioned "new car fund" that I can borrow from then pay back.)
Call it $800 a month on average.
Call it $800 a month on average.
Posted on 2/28/24 at 10:59 am to TigerTatorTots
quote:
Zero Savings is investments. Once you hit where you want to be for an emergency fund, there is no more "savings"
This.
But to add some flavor to the discussion, I maintain 6 months of basic living expenses in a money market fund. I recommend clients have at least 3, and then up to 12 depending on income stability.
Perhaps counterintuitively, many retirees need the lowest amount of emergency cash given the fact you can’t exactly get fired from SS, pensions, portfolio income, etc.
This post was edited on 2/28/24 at 11:00 am
Posted on 2/28/24 at 11:43 am to HeartAttackTiger
I save approximately 900$/month for a rainy day fund that is also used as our emergency fund. The emergency number never goes above a certain amount, when we have a lot more overage then we will treat ourselves to something we've been wanting or a vacation.
Posted on 2/28/24 at 11:51 am to HeartAttackTiger
Roughly $500 a month. When it gets to a certain point I take a chunk and pay off a loan. Repeat.
Posted on 2/28/24 at 11:56 am to HeartAttackTiger
My wife draws $50/week from checking into a savings account.
It is an old habit that she likes.
The savings account serves multiple purposes. Emergency fund. Cash for car fund. Home/auto maintenance fund. Vacation fund.
If there is a big ticket item not readily available in checking, we have it covered.
It is an old habit that she likes.
The savings account serves multiple purposes. Emergency fund. Cash for car fund. Home/auto maintenance fund. Vacation fund.
If there is a big ticket item not readily available in checking, we have it covered.
Posted on 2/28/24 at 12:27 pm to meansonny
When I was single, roughly $3K per month, which eventually went into a Roth, stock, or other investment.
After being married with one kid and two step-children, and all this inflation: -$2,500 a month.
After being married with one kid and two step-children, and all this inflation: -$2,500 a month.
This post was edited on 2/28/24 at 12:28 pm
Posted on 2/28/24 at 1:06 pm to HeartAttackTiger
I try to maintain a checking account at a certain level and everything else automatically gets invested.
Posted on 2/28/24 at 1:14 pm to HeartAttackTiger
Several thousand a month probably. I’ve never really looked into it.
Wife and I both max out our 401k’s then I have another $600 month going to Edward Jones to back door my to Roth every year or I’ll just leave it it that account and fund the Roth through my checking.
Rest of the money was just sitting in checking and savings earning nothing every year. I usually end up getting a pretty high balance then go blow it on cars, ATV’s, guns, watches, pool, vacations then build it back up to do it all over again.
I finally opened a capital one 360 account so I’m earning 4.3% on about half but I’m trying to get my wife to move the rest and us just keep around 20k in her checking and 20k in my checking to pay bills out of.
So to answer your question I have no fricking clue Sometimes it could be $4,000 a month and sometimes it could be $20,000 per month.
Wife and I both max out our 401k’s then I have another $600 month going to Edward Jones to back door my to Roth every year or I’ll just leave it it that account and fund the Roth through my checking.
Rest of the money was just sitting in checking and savings earning nothing every year. I usually end up getting a pretty high balance then go blow it on cars, ATV’s, guns, watches, pool, vacations then build it back up to do it all over again.
I finally opened a capital one 360 account so I’m earning 4.3% on about half but I’m trying to get my wife to move the rest and us just keep around 20k in her checking and 20k in my checking to pay bills out of.
So to answer your question I have no fricking clue Sometimes it could be $4,000 a month and sometimes it could be $20,000 per month.
This post was edited on 2/28/24 at 1:34 pm
Posted on 2/28/24 at 1:36 pm to HeartAttackTiger
Maintain $15,000 in savings account unless there is a big purchase I am preparing for.
5% to 401k to get company matching
60% of monthly pay into investment account
House and vehicles paid off. No debt.
5% to 401k to get company matching
60% of monthly pay into investment account
House and vehicles paid off. No debt.
This post was edited on 2/28/24 at 1:38 pm
Posted on 2/28/24 at 2:22 pm to BabyTac
quote:
60% of monthly pay into investment account
That is an impressive amount.
Posted on 2/28/24 at 3:06 pm to HeartAttackTiger
I put $600 a month into my savings at all times. By the time it builds a nice chunk, it is also usually time for either a newer car, roof, AC unit, replaster the pool…etc.
It usually hovers between $20k to $50k depending on timing of big ticket expenses.
It usually hovers between $20k to $50k depending on timing of big ticket expenses.
This post was edited on 2/28/24 at 6:57 pm
Posted on 2/28/24 at 4:27 pm to RedHawk
quote:
put $600 a month into my savings at all times. By the time it builds a nice chunk, it is also usually time for either a newer car, roof, AC unit, replanted the pool…etc.
It usually hovers between $20k to $50k depending on timing of big ticket expenses.
That sounds more like car payments, repair bills, maintenance costs, etc. than savings.
Posted on 2/28/24 at 4:33 pm to notsince98
If those large bills are erratic, then they would draw off of a savings account like that.
If every month has a different big ticket item, then it would probably roll out of the checking account as normal monthly cash flow.
If every month has a different big ticket item, then it would probably roll out of the checking account as normal monthly cash flow.
Posted on 2/28/24 at 4:45 pm to HeartAttackTiger
$4500
But that includes for 401k, individual brokerage, rainy day/ emergency and travel
But that includes for 401k, individual brokerage, rainy day/ emergency and travel
This post was edited on 2/28/24 at 4:46 pm
Posted on 2/28/24 at 5:27 pm to rowbear1922
Keep checking account at around 3 months of expenses. When it builds past that it is either earmarked for quarterly tax payments or some other large payment (property insurance, property tax, etc).
Otherwise overages go to investments. I don't dollar cost average, usually just put in chunks.
Savings % is ok, not as high as many because we spend a lot, but the dollar amount saved is pretty substantial.
Otherwise overages go to investments. I don't dollar cost average, usually just put in chunks.
Savings % is ok, not as high as many because we spend a lot, but the dollar amount saved is pretty substantial.
Posted on 2/28/24 at 5:35 pm to HeartAttackTiger
$700 into stocks a week and $100 to Ibond weekly on auto. These are in addition to my retirement accounts. Also got $50,000 in a HSA making 5% now.
I max my 403b and backdoor Roth IRA on top of this and also have a 7% deduction for pension.
I max my 403b and backdoor Roth IRA on top of this and also have a 7% deduction for pension.
This post was edited on 2/28/24 at 5:41 pm
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