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re: How much money do you put in savings every paycheck?
Posted on 12/3/12 at 8:20 am to Too Frat To Care
Posted on 12/3/12 at 8:20 am to Too Frat To Care
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%.
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%.
0
Posted on 12/3/12 at 8:23 am to Fat Bastard
quote:
All my extra money for investing is going towards real estate now.
Are you buying land, or investing into a fund, etc?
Posted on 12/3/12 at 8:41 am to Athanatos
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.
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.
Posted on 12/3/12 at 9:12 am to TigerFanatic99
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.
Posted on 12/3/12 at 11:49 am to Too Frat To Care
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.
Posted on 12/3/12 at 12:02 pm to Too Frat To Care
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 %.
Posted on 12/3/12 at 3:54 pm to Too Frat To Care
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.
Posted on 12/3/12 at 4:49 pm to cwill
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?
Posted on 12/3/12 at 5:00 pm to Swifty
I would assume maximum 401k contribution unless they say they maximize their company match. I maximize my company's match
Posted on 12/3/12 at 5:58 pm to Swifty
Enough to get their match and have the overall max of $17,500 put in per year.
Input + Match = 17500
Input + Match = 17500
This post was edited on 12/3/12 at 5:59 pm
Posted on 12/3/12 at 6:14 pm to cwill
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
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
Posted on 12/3/12 at 10:32 pm to Siderophore
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.
Posted on 12/4/12 at 9:11 am to Too Frat To Care
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.
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 12/4/12 at 9:26 am
Posted on 12/4/12 at 10:09 am to Too Frat To Care
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.
Edit: Oops. I just drug out the calculator. I actually save 15% not 10.
This post was edited on 12/4/12 at 11:55 am
Posted on 12/4/12 at 10:13 am to Zach
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.
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 12/4/12 at 10:14 am
Posted on 12/4/12 at 10:32 am to Zach
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
LINK
Posted on 12/4/12 at 11:32 am to Too Frat To Care
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.
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.
Posted on 12/4/12 at 12:07 pm to RickAstley
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.
Posted on 12/4/12 at 1:51 pm to Zach
Thanks for your advice so far. How long have you been doing this strategy?
Posted on 12/4/12 at 1:53 pm to Zach
quote:
10% every paycheck goes into checking.
I thought you were retired?
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