re: What % of your gross income do you save and/or invest?

What do you have for "entertainment" in your budget? I have $200/month. Realistic?

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Step it up Ebenezer; hookers and coke aren't immune to inflation.

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200 a month

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Let's hope lynxcat has refrained from the Memphis hookers on that budget or..

Obviously a personal decision, but no, I think that's entirely too low. I'm talking about going being bars and restaurants. I generally spend whatever I feel like in those categories and restrain myself when it comes to more expensive toys (a la tablets). Mint says I average $615/month on alcohol and bars and $182/mo on restaurants (this could easily be triple that, if I didn't care about being fat). This was actually interesting to look at, because I can see a clear trend in nearly all of my expenses since August. Will post links later to further this point, as I think its a worthwhile one for you since you're in the same kind of position in terms of starting a f-t job.

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They make debt slaves out of the citizens and have you convinced that it is more efficient to borrow.

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I suppose that's one way to look at it. You could also argue that the economic system is geared to maximize production of goods and services that consumers demand. One way to do this is to leverage capital. When the American citizen borrows a bunch of money for a house, they're freeing up money to invest and grow at a higher rate of return than the cost of borrowing.

There is a great deal of virtue in living frugally, minimizing debt, and saving for a rainy day. But there is also a huge difference between taking on a reasonable amount of debt/risk and being a "debt slave." Despite the conventional wisdom, taking on debt is the path to prosperity.

I suggest reading Banker to the Poor by Mohammed Younous. LINK
This is a great example of how reasonable debt can help make a better world.

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What is the limit contributions you can make to a 401(k) each year?

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$16.5k since you are not 50 or >.

I can't answer the OP q as our savings rate, when compared to our true taxable income and very low effective tax rate paid in 2010, is disproportionately high, I mean it would be ~ 80%. I know the q is gross, but that holds little meaning to me.

I'm saving 15% in my 401(k) (its the Feds Thrift Savings Plan, which means I get the max 5% match).

Though I have more debt than I like, I'm trying to keep $100/paycheck set aside for savings, plus I dedicate $175/paycheck to pay off my HELOC (currently on interest-only period; this more than pays that each month) and have my mortgage set up to pay 1/2 every two weeks (comes out to one additional payment per year; in Oct 2012 it will be paid off).

I still have enough to keep the bills paid at home and on the rentals.

32%

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Obviously a personal decision, but no, I think that's entirely too low. I'm talking about going being bars and restaurants. I generally spend whatever I feel like in those categories and restrain myself when it comes to more expensive toys (a la tablets). Mint says I average $615/month on alcohol and bars and $182/mo on restaurants (this could easily be triple that, if I didn't care about being fat). This was actually interesting to look at, because I can see a clear trend in nearly all of my expenses since August. Will post links later to further this point, as I think its a worthwhile one for you since you're in the same kind of position in terms of starting a f-t job.

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I drink a little but rarely spend much money at bars, hence my smaller budget. Maybe my lifestyle will change dramatically, but I am not expecting too much of a shift. I just cannot justify spending $30 a night at bars on a regular basis...I would rather buy myself a 6 pack of good beer for $9 and drink at my apartment with friends before going out. Maybe buy one overpriced drink at the bar and I'm good for the night. I don't do the bar thing a ton currently, so I think it might just be a lifestyle difference between the two of us.

Being that I will eat out a ton during the week (per diem) while on the road, I actually am looking forward to cooking meals on the weekends. I know that should be much more affordable in the long run and I think it should give me some balance.

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o I think it might just be a lifestyle difference between the two of us.

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Baton Rouge people vs New Orleans people, plus you being in a relationship and me not. My spending isn't consistent, it comes in massive lumps on Friday or Saturday. It will slow down (probably to around $40 on a Friday) for the foreseeable future. But, I've always been like that. I blame it on a series of events growing up (Jimmy's, Bogies, etc).

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I actually am looking forward to cooking meals on the weekends. I know that should be much more affordable in the long run and I think it should give me some balance.

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It can be, but it definitely depends on what you buy. During the week, my meals are pretty standard (yogurt and fruit, turkey sandwich, some kind of protein and veg for dinner), but when I get free time on Fri/Sat, I either go eat out, or I make something ridiculous, because I like to cook, and I happen to be good at it.

All I was going to say earlier was that, after looking at Mint over a longer period of time than I usually do, I can see a clear trend in my spending habits. Right when I started full-time, my spending was obscene and grossly cash flow negative for about 3 months (this is not new to me, I watch my Mint like a hawk). It spiked in December, leveled in January, and seems to have settled around 25-30% less (I'm talking aggregate spending) than it was in the fall. Just saying you might see a little spike in the beginning, then it will probably level off.