What is the normal amount to be saving?

**Buckeye5** · 04-20-2006, 10:47 PM

Although we are doing Dave Ramsey's plan, I am one of those people who need to save a little bit more to feel comfortable. If you are doing the TTMO, are you sticking to the $1000 Ef or putting in more? Do you drop out of your 401 K and pay off the debt then join the 401 K later, do you set aside a percentage like 10-15% for savings like is suggested by some, and if so does this include your 401K? Some input on this would be helpful, thanks.

**chatterweb** · 04-20-2006, 11:26 PM

I think it really is a personal preferance, and how much income one makes, how many mouths to feed, etc...

**freedeal** · 04-21-2006, 07:54 AM

I also think it depends on your circumstances. We follow Dave Ramsey's budget plan and envelope system. I have even followed the debt snow ball part. But as far as saving and retirement, I kept doing it the way we had. We contribute to the retirement and put 10% in savings and then another set amount in the boys' college funds.

I HAVE to have a large EF because I went through an illness at 29 and couldn't work. That was nearly 12 years ago and I still haven't worked. The peace of mind is really important to me.

**NoDebtMom** · 04-21-2006, 08:23 AM

I am walking up the TMMO steps. We continued our retirement during the process. I keep just shy over 1000 during my debt snowball. If you feel more comfortable with a bigger baby EF, that is fine. It is a personal thing.

**crazymomto1** · 05-12-2006, 08:55 AM

My husband is self-employed so we keep a $2500 BEF. It really does depend on your situation.

**littlemotherhaywood** · 05-12-2006, 01:32 PM

Well, this is the first time we've actually put money in savings and not touched it. I guess it helps that it's in an online account and harder to get to. I wouldn't feel comfortable with only $1000. We have $2350 now and my goal is significantly higher. I'm working towards $3000 for now and once we get most of our debt paid down, I'd like to have six times that to have enough to cover six months expenses. Obviously as our debt goes down, our expenses will too so that's one good thing.

**my4littlebuffaloes** · 05-12-2006, 03:59 PM

When we started the plan we kept $2000 in our BEF. I was just more comfortable with that amount.

Jennifer

**frugalnana** · 05-12-2006, 06:51 PM

Dh has his 401k and we have savings (EF) we also have christmas club account and I have a savings.( Mine isn't much, just from the change I roll, cans cashed in, sales at thrift stores and rebates, surveys).

At first everything went to debt, but once we knocked some out we set up all the above accounts. I agree with the rest I think it depends on your income ,family size and debt. You have to figure out whats best for you and what you feel you can reduce to live on. I personally have always have had a savings account for emergencies. Even if its just $5 a week to begin with, you can increase it when you want. Our main savings is in a Credit Union in a different state. The only way to get to it is if we drive there or request it online. So basically for us its out of sight out of mind.

**starsapphire** · 05-12-2006, 09:24 PM

My EF goal is $1000, but for the last year and a half every time I get near the magic number some unforseen emergency comes up. I guess thats what the EF is for

. The good news is that I will have all my debt paid off by sometime in November of this year.