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Savings. Your definition.
Posted on 5/13/25 at 6:12 pm
Posted on 5/13/25 at 6:12 pm
So, my wife is always asking me "how much do we save?".
Never sure what to tell her. I know what's taken out of the checking account monthly and other money that is funneled through the check acct. and what goes into her SIMPLE IRA every year (max amt.) but do you count the unearned income that is re invested automatically? Some of that would be untaxed but most is taxable. Also, the profit sharing from my work?
Never sure what to tell her. I know what's taken out of the checking account monthly and other money that is funneled through the check acct. and what goes into her SIMPLE IRA every year (max amt.) but do you count the unearned income that is re invested automatically? Some of that would be untaxed but most is taxable. Also, the profit sharing from my work?
15
Posted on 5/13/25 at 6:29 pm to Jmcc64
quote:Just say “not enough” and try to look concerned. It’s worked very well for me.
Never sure what to tell her
Posted on 5/13/25 at 6:29 pm to Jmcc64
I'd count new contributions.
I would not count reinvested gains/dividends/interest.
I'd probably consider employer contributions/combined total contributions separately but count it as you like.
We saved/invested $x last year, that's x% of our gross income.
Employer match, profit sharing etc was another $x
Combined that's $x, x% of gross pay or x% of total compensation.
I would not count reinvested gains/dividends/interest.
I'd probably consider employer contributions/combined total contributions separately but count it as you like.
We saved/invested $x last year, that's x% of our gross income.
Employer match, profit sharing etc was another $x
Combined that's $x, x% of gross pay or x% of total compensation.
Posted on 5/13/25 at 6:37 pm to TorchtheFlyingTiger
right. most of the time I break it out by source, which goes over her head.
then she says "so how much did we save?"
then she says "so how much did we save?"
Posted on 5/13/25 at 7:11 pm to Jmcc64
Tell her 15% cause that’s what Dave Ramsey says you should.
Posted on 5/13/25 at 8:49 pm to Jmcc64
Just be glad she's asking 
Posted on 5/13/25 at 9:20 pm to Jmcc64
IMO it is the amount of money you put into retirement accounts or investments. Thus not spending money but savings for retirement money
Posted on 5/13/25 at 9:40 pm to Jmcc64
I'd say "savings" is what goes into the savings account and not the retirement accounts.
As others have mentioned, I'd always tell my wife it is not enough regardless of the numbers.
As others have mentioned, I'd always tell my wife it is not enough regardless of the numbers.
Posted on 5/13/25 at 9:45 pm to Jmcc64
quote:
Savings. Your definition.
Any money that is put into an account for use at a later date
Posted on 5/13/25 at 10:23 pm to Jmcc64
I don’t even really consider a typical “savings” account as savings, just as a relatively more secure type investment account.
My real savings is physical gold, as that is what has actual historical value.
My real savings is physical gold, as that is what has actual historical value.
Posted on 5/13/25 at 11:21 pm to Warfox
Savings to me is anything that liquid. I don’t consider retirement accounts savings since it’s hard to get to. I like to keep 20k in my HYSA and then the rest in my investment account making money. I have a pension and I invest in my retirement account monthly. I only count the HYSA and investment account since I can get to the HYSA in seconds and the investment account in days. We also use a credit card for everything for the points and pay it off every two weeks. Our limit is 50k so I’m not worried about 1-2 days to get access to things
Posted on 5/14/25 at 4:48 am to Jmcc64
Savings accounts, ibonds, retirement accounts, and taxable brokerage all count as savings for me. When my wife asks what we have in savings, she means checking, savings, or brokerage.
Posted on 5/14/25 at 6:57 am to Jmcc64
To me savings is for emergency and large purchases (cars, NewHVAC, new roof etc).
Retirement accounts are considered separate to me.
I agree with the poster above, tell her not enough….. I try to increase my savings every year when I get a raise. Already maxing retirement accounts.
Retirement accounts are considered separate to me.
I agree with the poster above, tell her not enough….. I try to increase my savings every year when I get a raise. Already maxing retirement accounts.
This post was edited on 5/14/25 at 6:58 am
Posted on 5/14/25 at 7:32 am to tigerbacon
quote:
Savings to me is anything that liquid. I don’t consider retirement accounts savings since it’s hard to get to.
Agreed. Savings are HYSA, short term T-bills and what ever is in my checking account.
Brokerage accounts, retirement accounts, IRA, 401K are investments. That’s my definition. But I can understand why people might include this in their definition.
For me, we spend a certain amount, we invest a certain amount and we save a certain amount.
Posted on 5/14/25 at 8:07 am to Jmcc64
I only count the amount I take out from my earnings and place into a savings account or retirement account. I calculate it as a percentage of income to know my savings rate (26% in 2023, 11% in 2024). I do not include any gains or losses in the savings rate calculation. Psychologically, I cannot imagine saving 20% in a down year and writing zero as my percentage savings. Conversely, in an up year it would be cheating to put 35% as the percentage saved.
Posted on 5/14/25 at 8:24 am to Jmcc64
Savings is generally referred to as "Savings rate" which is quite literally any money you dont spend month over month you get.
If you bring in $10k in 1 month, and spend $7k that month. Your savings rate is 30% (or $3k of $10k), that might go to retirement accounts, HSA, FSA, savings accounts, brokerage accounts or just sit in your checking account as money over the previous month...etc
Make $10k and spend $9,500; your savings rate is 5%.
Make $10k and spent $11k; your savings rate is -10% (ie you spent more than you made that month).
Any money you might get as a match in a retirement account or extra benefits from your employer (money in HSA, RSU, etc), doesnt count towards your personal savings rate, just cherry on top type stuff.
For almost anyone, savings rate is going to be pretty dynamic month over month as spending changes month over month. You might be negative some months because of a large trip or purchase, etc...
If you bring in $10k in 1 month, and spend $7k that month. Your savings rate is 30% (or $3k of $10k), that might go to retirement accounts, HSA, FSA, savings accounts, brokerage accounts or just sit in your checking account as money over the previous month...etc
Make $10k and spend $9,500; your savings rate is 5%.
Make $10k and spent $11k; your savings rate is -10% (ie you spent more than you made that month).
Any money you might get as a match in a retirement account or extra benefits from your employer (money in HSA, RSU, etc), doesnt count towards your personal savings rate, just cherry on top type stuff.
For almost anyone, savings rate is going to be pretty dynamic month over month as spending changes month over month. You might be negative some months because of a large trip or purchase, etc...
This post was edited on 5/14/25 at 8:25 am
Posted on 5/14/25 at 1:35 pm to Suntiger
Every month I try to save 10% in HYSA, 15% in retirement accounts, 5% in investment account. I got bored today and calculated how much money I will have in each account by the time im 65. Wow that number is nice
Edited to include this is my take home every month
Edited to include this is my take home every month
This post was edited on 5/14/25 at 1:37 pm
Posted on 5/14/25 at 1:40 pm to Jmcc64
My savings is anything not in my checking accounts. There is no reason to over think this. There are accounts that you use as cash flow to live, and there are accounts you put money in to be used at a later day.
Posted on 5/14/25 at 1:50 pm to HailToTheChiz
quote:
Just be glad she's asking
Can't be glad about it until you know what's she's about to spend it on.
Posted on 5/14/25 at 1:55 pm to Jmcc64
We have different types of savings, so when asked I qualify the savings. We are saving x per year for retirement, x per month for kid's tuition/college, x per month for vacations, x for emergency fund.
Did become a funny conversation when at one point we weren't saving for an emergency fund because we had 9 1/2 months of our monthly expenses already set aside and hadn't used it for anything for a while. She asked why we weren't savings for an emergency fund, and I haphazardly said "well, we haven't had an emergency in a long time" Understandable, she took that as we had no savings
Did become a funny conversation when at one point we weren't saving for an emergency fund because we had 9 1/2 months of our monthly expenses already set aside and hadn't used it for anything for a while. She asked why we weren't savings for an emergency fund, and I haphazardly said "well, we haven't had an emergency in a long time" Understandable, she took that as we had no savings
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