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What amount do you save per month?

Posted on 2/28/24 at 10:27 am
Posted by HeartAttackTiger
Member since Sep 2009
418 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
80764 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
6097 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
89484 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 slackster
Houston
Member since Mar 2009
84648 posts
Posted on 2/28/24 at 10:59 am to
quote:

Zero Savings is investments. Once you hit where you want to be for an emergency fund, there is no more "savings"


This.

But to add some flavor to the discussion, I maintain 6 months of basic living expenses in a money market fund. I recommend clients have at least 3, and then up to 12 depending on income stability.

Perhaps counterintuitively, many retirees need the lowest amount of emergency cash given the fact you can’t exactly get fired from SS, pensions, portfolio income, etc.
This post was edited on 2/28/24 at 11:00 am
Posted by Roy Curado
Member since Jul 2021
968 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
156 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
25568 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 TIGERSby10
Central Lafourche
Member since Nov 2005
6918 posts
Posted on 2/28/24 at 12:27 pm to
When I was single, roughly $3K per month, which eventually went into a Roth, stock, or other investment.

After being married with one kid and two step-children, and all this inflation: -$2,500 a month.
This post was edited on 2/28/24 at 12:28 pm
Posted by lynxcat
Member since Jan 2008
24132 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
17954 posts
Posted on 2/28/24 at 1:12 pm to
0
Posted by Rize
Spring Texas
Member since Sep 2011
15762 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
12068 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 HeartAttackTiger
Member since Sep 2009
418 posts
Posted on 2/28/24 at 2:22 pm to
quote:

60% of monthly pay into investment account


That is an impressive amount.
Posted by RedHawk
Baton Rouge
Member since Aug 2007
8841 posts
Posted on 2/28/24 at 3:06 pm to
I put $600 a month into my savings at all times. By the time it builds a nice chunk, it is also usually time for either a newer car, roof, AC unit, replaster the pool…etc.

It usually hovers between $20k to $50k depending on timing of big ticket expenses.
This post was edited on 2/28/24 at 6:57 pm
Posted by notsince98
KC, MO
Member since Oct 2012
17954 posts
Posted on 2/28/24 at 4:27 pm to
quote:

put $600 a month into my savings at all times. By the time it builds a nice chunk, it is also usually time for either a newer car, roof, AC unit, replanted the pool…etc.

It usually hovers between $20k to $50k depending on timing of big ticket expenses.


That sounds more like car payments, repair bills, maintenance costs, etc. than savings.
Posted by meansonny
ATL
Member since Sep 2012
25568 posts
Posted on 2/28/24 at 4:33 pm to
If those large bills are erratic, then they would draw off of a savings account like that.

If every month has a different big ticket item, then it would probably roll out of the checking account as normal monthly cash flow.
Posted by rowbear1922
Lake Chuck, LA
Member since Oct 2008
15165 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 Maderan
Member since Feb 2005
806 posts
Posted on 2/28/24 at 5:27 pm to
Keep checking account at around 3 months of expenses. When it builds past that it is either earmarked for quarterly tax payments or some other large payment (property insurance, property tax, etc).

Otherwise overages go to investments. I don't dollar cost average, usually just put in chunks.

Savings % is ok, not as high as many because we spend a lot, but the dollar amount saved is pretty substantial.
Posted by Drizzt
Cimmeria
Member since Aug 2013
12853 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
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