Savings...

[mombottoo]

I was listening to the news and they said that people should try to save a minimum of 20% of their income. This figure sounds a little high to me for families with children still in the home. What % of your household income goes into some type of savings program...if you don't mind answering?

[Jill B.]

I would say somewhere around 15% goes into retirement or savings account. I am hoping that in a few years it will be 35% or more since we need to step up the retirement savings. However, it is an average because we have fluctuating income.

[forHISglory]

In our earlier years, we saved 25%. As time went on, we nudged that up to 50%. Basically, we lived on hubby's salary and banked mine.

[Michelle68]

We save 11% in a 401K and try to save around 12- 13% for our EF each month.


--Michelle

[mom2matty]

We are putting 15% into dh's 401K and I am putting on average 10% of his paycheck into savings every 2 weeks.

[Marie78]

I'm only saving around 10-20% of my take home pay a month, it depends on if I have unplanned for expenses. After my debt is paid off next year, I plan on saving 40% of my take home pay on a regular basis and putting 10% aside for the "unplanned" for expenses. I will essentially be living on 50% of my income next year. I am living on half my income now, but the other half is split between paying down my debt and going towards expenses that come up.

[nuisance26]

~Last year we saved 21%. This year we have home repair stuff we've been putting off so we're planning to save about 16%.~

[jamie79]

15% into retirement and right now$20% into savings for dh to use when hes in Texas

[Loganberry]

Only 6% that goes into 401k. Got way too much debt to go any higher.

[mombottoo]

When my hubby was working we maxed out contributions to his 401(k) and were at 16% at that time, plus we put $25.00 per week into a savings account through payroll deduction.

I will be the first to admit that since he has been off of work we have not really put much towards savings...but, that is changing. When we had the 401(k) we started out at 2% and eventually worked our way up to the 16%. Every time he received a raise we would change our contribution amount, which worked well for us. Afterall, if you don't get used to living on the raise, you don't miss it.

[Holly]

0 at the moment

[zazenist]

About 15% to 401k, and that's all right now. I had a short-term downturn in my health which means I haven't worked for the last 3 months, though I am going back next week. We're also funneling income into renovating our fixer-upper house which we plan to use for rental income once we get it ready.

[LexTysMommy]

Right now I am banking about 30%.

No debt but house, but I am working on paying bills for the year. ( paying phone, electric,cable,cell,internet,water,and insurance in full so its paid up to January 2009.)

Then in 2009 I am hoping to bank at least half of it, while paying some principal payments on house.

[JohnP]

I'm setting aside 30%, but I've had several one time expeditures that caused me net out at 2% so far this year.

JP

[Jellybeanz]

I'd have to wait till the end of the year and look back to figure out that one. My husbands income is very erratic. Depends on how much work is going on. When he makes extra, I try to put as much back as I can. That's tricky, since he isn't a saver but I just stick it aside and hope he doesn't look at the savings account.

My parttime income is also erratic. I have to pay for my Honda we got new last year, a life insurance policy on my Mom and the net, as well as my gas /misc spending. Anything left I try to stash. Last year, I put back about 20 %. This year, probably not with the vehicle payment. My hope is 10% minimum though.