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Started By
Message
re: What amount do you save per month?
Posted on 2/28/24 at 9:53 pm to Fat Bastard
Posted on 2/28/24 at 9:53 pm to Fat Bastard
quote:
nobody with any financial sense uses EJ
It’s better than me doing anything with money.
Posted on 2/28/24 at 11:22 pm to HeartAttackTiger
I have way too much in savings not doing anything. Granted it's in a Marcus/Goldman Sachs HYSA earning 4.5%, but I need to be doing more with it.
We probably put close to $1k a month away with another 11% going into my 401k.
We probably put close to $1k a month away with another 11% going into my 401k.
Posted on 2/29/24 at 6:07 am to HeartAttackTiger
I have been building up savings this past year. Before I was just heavily invested, but a couple of unexpected bills made me realize that I should have a peace of mind amount of cash on hand. Its in a MM account generating over 5% which is lovely seeing that deposit each month.
I am all about the 6 month of expenses savings, but I am now going for 12 months.
If 2008 happens, I would be so pissed and with regret if I had to scramble to sell stocks that already lost 30-50% of its value.
I am all about the 6 month of expenses savings, but I am now going for 12 months.
If 2008 happens, I would be so pissed and with regret if I had to scramble to sell stocks that already lost 30-50% of its value.
Posted on 2/29/24 at 6:48 am to TRUERockyTop
HYSA isn’t a death sentence financially any longer. It’s a decent risk free return and gives a market hedge. For years it wasn’t viable but there are much worse things you could be doing that earning almost 5%
Posted on 2/29/24 at 7:08 am to HeartAttackTiger
I put about 8% net per month into various savings funds, such as a house improvement fund, vehicle purchasing fund, and vacation fund. These build month over month but get spent when the time comes.
I like to see the defined separation to help my wife understand what is actually available for these categories.
Other than that the emergency fund is full and investments do their thing.
I like to see the defined separation to help my wife understand what is actually available for these categories.
Other than that the emergency fund is full and investments do their thing.
This post was edited on 2/29/24 at 7:10 am
Posted on 2/29/24 at 8:29 am to HeartAttackTiger
Basically 0, because I already have my emergency fund in savings. Anything past that is typically invested. No reason to have it sitting around in savings... that being said a lot of savings accounts are paying ok interest these days. But generally that is not what I consider "savings"
Posted on 2/29/24 at 8:40 am to HeartAttackTiger
quote:
What amount do you save per month?
I have a Cap One 360 savings account for my daughter that I put $100/week into. So I would say I put about $400 or so in it a month, maybe $500 depending on how many Monday's are in the month. I have a Cap One 360 for myself as well that is just there in case I need it. I guess you could call it an emergency fund, but I use it for things other than emergencies. Allows me to cash flow some items others may finance. At this time, I only put about $50/week in it because I dont want it to get too big.
Other than that, my money goes into 401K, brokerage account, and 529.
Posted on 2/29/24 at 10:01 am to Hawgeye
no sure I understand "savings". but ours varies year to year. from all sources going into all manner of accounts, last year, average 16k/mo.? (does not include profit sharing at my work)
Posted on 2/29/24 at 11:58 am to HeartAttackTiger
401k to IRS max
Keep emergency funds stocked:
1) 2 months full take home salary in I-bonds (now 2.5 due to the inflation adjustments - but that's the job of the I-bonds anyway)
2) 2 months full take home salary in Cap-1 HYSA
Live my life not worrying too much about a budget, then every month or two drain my checking account to $500 or so and throw the rest into a investment account.
Keep emergency funds stocked:
1) 2 months full take home salary in I-bonds (now 2.5 due to the inflation adjustments - but that's the job of the I-bonds anyway)
2) 2 months full take home salary in Cap-1 HYSA
Live my life not worrying too much about a budget, then every month or two drain my checking account to $500 or so and throw the rest into a investment account.
Posted on 2/29/24 at 12:59 pm to Tifway419
quote:
Other than SoSEPP, which we probably wouldn’t use over the taxable brokerage, are there any other strategies you are aware of to bridge the income gap from 50 until 59.5?
Roth Conversion Ladder, but then you will be paying your current maximum marginal income tax rate (probably 22% +) on the conversion to avoid what may be some 10%-12% rates if you used SEPP on traditional deferred retirement assets.
Edit: on the other hand, marginal rates may go up when the Trump tax cuts sunset, so the math could change, probably for the worse.
This post was edited on 2/29/24 at 1:00 pm
Posted on 3/1/24 at 1:40 pm to HeartAttackTiger
I started putting away $25 a day on Jan 1.
At the end of the year, I should have $9150.
At the end of the year, I should have $9150.
Posted on 3/1/24 at 2:19 pm to HeartAttackTiger
I just want to second about the capital one 360 performance savings account.
It earns 4.35%.
We switched from Chase savings which was earning about $.15/month in interest lol.
It earns 4.35%.
We switched from Chase savings which was earning about $.15/month in interest lol.
Posted on 3/1/24 at 5:11 pm to HeartAttackTiger
Nothing to a generic savings account. We have a 6 month emergency fund built up so our savings plan is:
Max HSA
Max 401k’s (nearly there for both of us)
Add to each kids college fund
Any lagniappe to a taxable brokerage
Max HSA
Max 401k’s (nearly there for both of us)
Add to each kids college fund
Any lagniappe to a taxable brokerage
Posted on 3/1/24 at 5:55 pm to fjlee90
I save 1k in savings. I put another 1k in my investment account. That’s after me and the wife put 15% of our 401ks with 10% of that being matched 100%.
Posted on 3/1/24 at 7:59 pm to Fat Bastard
EJ is the Fat Bastard bat signal.
Posted on 3/1/24 at 8:07 pm to slackster
I love it. EJ and real estate deals!
This post was edited on 3/1/24 at 8:08 pm
Posted on 3/1/24 at 8:09 pm to tigerbacon
We hit 48% savings rate on free cash flow this past month which has been fairly typical. This does not account for any pre-tax retirement contributions.
We’ll be on track for financial independence in a handful of years if we keep it up.
We’ll be on track for financial independence in a handful of years if we keep it up.
Posted on 3/2/24 at 8:20 am to lynxcat
Didn’t know you were a FIRE guy. What age are you targeting? You planning lean or coast FIRE?
Posted on 3/2/24 at 3:02 pm to Drizzt
I’m interested in financial independence but I don’t have a specific number or age in mind. If we continue on current path, then early 40s should be feasible for financial independence. We’ve been fortunate to expand our incomes so our savings rate is really driven through top line versus us needing to be cost conscious. I keep track of cash flow closely but we do not budget strictly nor do we reign in expenses. At the same time, we live a simple life relative to what we could afford.
I don’t have an interest in retiring early per se but I have tremendous interest in financial independence. If I needed to classify ourselves in the FIRE movement, we would be somewhere between Coast FIRE and Fat FIRE.
I don’t have an interest in retiring early per se but I have tremendous interest in financial independence. If I needed to classify ourselves in the FIRE movement, we would be somewhere between Coast FIRE and Fat FIRE.
Posted on 3/2/24 at 6:20 pm to lynxcat
I’m similar. I don’t deprive myself anything but also don’t spend most of what I make. As an example, I’m traveling to Greece this summer but not going crazy on luxury bookings. I could definitely stop working in my 50s but will probably keep doing something. I just want to have options and not work as hard as I do now. I think work is healthy but also realize life is short and unpredictable after my mom died of cancer last year. She had retired two years earlier but couldn’t do anything after she got sick. I don’t want to regret not enjoying life.
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