Started By
Message

What amount do you save per month?

Posted on 2/28/24 at 10:27 am
Posted by HeartAttackTiger
Member since Sep 2009
431 posts
Posted on 2/28/24 at 10:27 am
Not in an investment vehicle but savings?
Posted by TigerTatorTots
The Safeshore
Member since Jul 2009
80856 posts
Posted on 2/28/24 at 10:33 am to
Zero

Savings is investments. Once you hit where you want to be for an emergency fund, there is no more "savings"
Posted by Puffoluffagus
Savannah, GA
Member since Feb 2009
6125 posts
Posted on 2/28/24 at 10:36 am to
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 by Ace Midnight
Between sanity and madness
Member since Dec 2006
89787 posts
Posted on 2/28/24 at 10:53 am to
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 $800 a month on average.
Posted by Roy Curado
Member since Jul 2021
1051 posts
Posted on 2/28/24 at 11:43 am to
I save approximately 900$/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 by damnlambert
Louisiana
Member since Oct 2019
159 posts
Posted on 2/28/24 at 11:51 am to
Roughly $500 a month. When it gets to a certain point I take a chunk and pay off a loan. Repeat.
Posted by meansonny
ATL
Member since Sep 2012
25999 posts
Posted on 2/28/24 at 11:56 am to
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.
Posted by lynxcat
Member since Jan 2008
24256 posts
Posted on 2/28/24 at 1:06 pm to
I try to maintain a checking account at a certain level and everything else automatically gets invested.
Posted by notsince98
KC, MO
Member since Oct 2012
18157 posts
Posted on 2/28/24 at 1:12 pm to
0
Posted by Rize
Spring Texas
Member since Sep 2011
15920 posts
Posted on 2/28/24 at 1:14 pm to
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.
This post was edited on 2/28/24 at 1:34 pm
Posted by BabyTac
Austin, TX
Member since Jun 2008
12432 posts
Posted on 2/28/24 at 1:36 pm to
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.
This post was edited on 2/28/24 at 1:38 pm
Posted by rowbear1922
Lake Chuck, LA
Member since Oct 2008
15210 posts
Posted on 2/28/24 at 4:45 pm to
$4500

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 by Drizzt
Cimmeria
Member since Aug 2013
12989 posts
Posted on 2/28/24 at 5:35 pm to
$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.
This post was edited on 2/28/24 at 5:41 pm
Posted by Strannix
District 11
Member since Dec 2012
49163 posts
Posted on 2/28/24 at 6:59 pm to
After maxing out all 401K etc around 8k a month
Posted by baseballmind1212
Missouri City
Member since Feb 2011
3269 posts
Posted on 2/28/24 at 7:51 pm to
1200/month goes into rainy day after 401k and roth max.

Emergency fund is established. 1200/month goes to dedicated big expenses. Last 3 years it's been built up for a cash purchase of a car. New HVAC the following year, new roof after that.

We have a 10 year plan that takes us to 2 newish paid vehicles, paid off house, with a newish roof and hvac.
This post was edited on 2/28/24 at 8:01 pm
Posted by theballguy
Colorado Springs, CO
Member since Oct 2011
2993 posts
Posted on 2/28/24 at 8:05 pm to
$2000 cash goes to savings in high yield account (about 4.5% and these days the total brings in about $1100 a month in interest), $1000 goes to 401k where it gets matched 1 to 1. House is almost paid off -- about 6 months or so? When that happens, we'll save or invest an additional $1700 a month.

We have zero debt except the house payment (for now).

We take normal vacations (go to some place we've never been before) no matter what comes in. I mean, you have to, else you'll lose your mind.

I'm glad I'm a government contractor and taking that tax-payer money
This post was edited on 2/28/24 at 8:07 pm
Posted by LSUcam7
FL
Member since Sep 2016
7918 posts
Posted on 2/28/24 at 8:25 pm to
I shoot for 20% a month of gross income
Posted by dlmast87
Amish Country
Member since Dec 2007
1941 posts
Posted on 2/28/24 at 8:51 pm to
Around 4k a month. Currently building emergency fund as well as saving for a vehicle. We also put some away for travel. No debt and own home free and clear.

HSAs are maxed. 401k is maxed and my wife contributes to a 403b but has a teachers pension as her main retirement contribution.
Posted by TRUERockyTop
Appalachia
Member since Sep 2011
15973 posts
Posted on 2/28/24 at 11:22 pm to
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.
Posted by Mariner
Mandeville, LA
Member since Jul 2009
1975 posts
Posted on 2/29/24 at 6:07 am to
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.
first pageprev pagePage 1 of 2Next pagelast page

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram