Saving money every month?

[Evan the Shaggy]

Are you able to save money every month? Like a couple hundred just for savings?

I'm doing quite well with that but I started thinking that once I get my own place without roommates sometime in the not to distant future, I'd need to really spend every cent I had every month.

[Marc Lombardi]

Are you able to save money every month? Like a couple hundred just for savings?

I'm doing quite well with that but I started thinking that once I get my own place without roommates sometime in the not to distant future, I'd need to really spend every cent I had every month.

In an ideal world it works this way:

Monthly rent/mortgage & utilities = 1/3 your monthly salary
Monthy additional bills/food/necessities = 1/3 your monthly salary
The remaining 1/3 should then be used for savings and ubiquitous spending.

Not sure if I used ubiquitous correctly.

[Jim.]

hahahahahahahahahahahahaha.....no

[RegularJoe]

still living with my folks.

putting away a grand a month.

[Buk Was Right]

Still livin' check to check, but on the verge of being able to tuck a bit away every month... I hope.

[dave g]

Still living with my parents too, and saving almost all my money.

It'll all be going towards school in September though...and more beer.

[Evan the Shaggy]

In an ideal world it works this way:

Monthly rent/mortgage & utilities = 1/3 your monthly salary
Monthy additional bills/food/necessities = 1/3 your monthly salary
The remaining 1/3 should then be used for savings and ubiquitous spending.

Not sure if I used ubiquitous correctly.

Sounds about right for me at the present.

Single apartments are just so damn expensive in my area. I'd have to dump half my paycheck into rent and utilities if I wanted my own place. Grarg.

[Generic Poster]

Are you able to save money every month? Like a couple hundred just for savings?

I'm doing quite well with that but I started thinking that once I get my own place without roommates sometime in the not to distant future, I'd need to really spend every cent I had every month.

You putting as much as you can in your 401K (if available)? That should be where your first savings go.

[Evan the Shaggy]

You putting as much as you can in your 401K (if available)? That should be where your first savings go.

Can't start putting stuff into my current 401k until after a year of working at my current job which should be next Feb.

I had done it in my previous job though and have a nice mutual fund going.

[Mr. E!]

It was great before the house. Between Christy and I, we were able to sock away $800 every month in anticipation of a down payment & moving expenses. I loved watching the balance grow, and it was nice to know it was there.
Now? Lots of unexpected expenses in the first few months of ownership. I put away a few hundred every month, but nothing like I used to.
I do, however, get money pulled directly from my paycheck every month for my TDA, and state pension fund. So retirement is taken care of.

[killingyouguy]

Can't start putting stuff into my current 401k until after a year of working at my current job which should be next Feb.

I had done it in my previous job though and have a nice mutual fund going.

In the meantime, you can open a separate checking account and have 10% (less if need be) of each check automatically deposited into it.

[adam_warlock_2099]

Supporting a wife and two children on my salary alone doesn't leave much for savings. Most of the time, tax return is saved each year and used when needed. That's the closest I get to saving.

[Jacob Lyon Goddard]

i don't get regular pay checks
it's all i can do to survive one to the next, because sometimes i have no idea when the next is coming

[ClintP]

i don't get regular pay checks
it's all i can do to survive one to the next, because sometimes i have no idea when the next is coming

You are like the Dude!

"Watch it man! I have a beverage here!"

[BrianS]

Here is a really good article about savings:

A simpler way to save: The 60% solution (http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx)

[DaGetHighKnight]

Way back I saved as much money as i could and invested it into some things, id say its been 2 years since i am just able to dump my whole pay check in the bank and not even touch it, the turnover profit i get from investing pays my bills and gives me the Fuck You money I need to have some sort of life while living in NY.

[tstouder]

As soon as the landscapers, bathroom tile guys, and the electrician is finished and paid...we'll get back to transferring money from checking into savings monthly again. usually 200-500 bucks a month.
hmmm, now that I look at that figure, I think we might need to increase our Roth and college fund contributions some more. I hate thinking too hard about money.

[Marc Lombardi]

Sounds about right for me at the present.

Single apartments are just so damn expensive in my area. I'd have to dump half my paycheck into rent and utilities if I wanted my own place. Grarg.

Oh hell yeah. My wife's best friend has a place in Arlington and when I heard how much he paid for it I almost shit and threw up at the same time.

[Evan the Shaggy]

Oh hell yeah. My wife's best friend has a place in Arlington and when I heard how much he paid for it I almost shit and threw up at the same time.

We can all thank the divorced politicians who need apartments for their mistresses for that one.

[ClintP]

We have an online savings acct that gives us 5%. About a grand a month goes into it.

[dEnny!]

It's hard. My wife and I were doing REALLY good there for awhile, but since our son was born we have spent a lot of money on getting his nursery ready, formula, getting the house ready, bought a shed, and normal stuff that pops up. I'm hoping we get back on track this July and can start socking more money into savings.

[dEnny!]

We have an online savings acct that gives us 5%. About a grand a month goes into it.

I'm jealous! I have a money market, which is VERY liquid that gets us 3.25%, better than our savings which was 1.25%.

[Generic Poster]

I'm jealous! I have a money market, which is VERY liquid that gets us 3.25%, better than our savings which was 1.25%.

Capitol One has a money market that pays close to 5%. No minimum balance, and you can make six withdrawals a month without fees. It's a good deal. www.capitolone.com

[dEnny!]

Capitol One has a money market that pays close to 5%. No minimum balance, and you can make six withdrawals a month without fees. It's a good deal. www.capitolone.com

Thanks for the heads up.

[BrianS]

I'm jealous! I have a money market, which is VERY liquid that gets us 3.25%, better than our savings which was 1.25%.

Or at least open an INGDIRECT account, 4.5% they even give you like 3% on a checking account!

[ClintP]

I'm jealous! I have a money market, which is VERY liquid that gets us 3.25%, better than our savings which was 1.25%.

Don't be jealous! Join up! HSBC (http://www.hsbcdirect.com/1/2/1/offer?code=PPGE210000)

[ClintP]

More info:

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[dEnny!]

Or at least open an INGDIRECT account, 4.5% they even give you like 3% on a checking account!

Interesting.

[KingMob]

I have so much money stashed away I dont even know whats what anymore, I should probably look at it sometime, but yeah I put a good amount of money in the bank every week for savings, then all my ebay sales goes into another account for my chicago money and builds all year so I dont have to mess with my regular savings.

[charlie]

We have a cushion built up for emergencies, but not as much as I would like. We pay as much as we can on the student loans and credit cards each month, and when those are gone (many, many months from now) we will be able to set aside for savings. I feel that by paying off the credit cards, I am saving, kinda. I know I should be saving some and paying off credit cards at the same time, but it is hard to put that into practice...

[Generic Poster]

We have a cushion built up for emergencies, but not as much as I would like. We pay as much as we can on the student loans and credit cards each month, and when those are gone (many, many months from now) we will be able to set aside for savings. I feel that by paying off the credit cards, I am saving, kinda. I know I should be saving some and paying off credit cards at the same time, but it is hard to put that into practice...

No - you absolutely should not be saving before paying off the credit cards. If you sock money away, there's no way you're earning as much as your credit card interest is costing you. Pay those off and then do your damndest to never carry a credit card balance again.

[Matt Jay]

I save anywhere from 1/4-1/3 of my monthly income. I really need to put some stuff in ING.

[Donal DeLay]

At the moment we're living paycheck to paycheck because we're throwing all our money towards debt.

In about 2 months, we'll be down to one debt which I've worked with the comany to take out an automatic 200bucks every 2 weeks for the rest of the year.

So, in 2 months, yeah, we'll be able to save 300 every 2 weeks.

[tstouder]

No - you absolutely should not be saving before paying off the credit cards. If you sock money away, there's no way you're earning as much as your credit card interest is costing you. Pay those off and then do your damndest to never carry a credit card balance again.

making sure our credit card is paid off every month gives such a peace of mind over these past 10 years. people just don't realize how much of a burden that can be.

[Whip]

Currently working part-time (or semi-fulltime now that the program has started) and I only get paid once a month so, it's hard to save. I try to, though.

[greg donovan]

we live paycheck to paycheck and since i am a waiter there are times we live shift to shift.

everytime we get a little savings built up we need to fix something on one of our cars or something like that.

however, we are now credit card debt free since march. and my wife has been at her new job for a few months. so things are looking up.

i have found that it takes at least 3 months to recover from any sort of financial "hardship".

the only debt we have is our stundent loans. our cars may be paid for but now that they are getting older instead of making payments we are making repairs. fortunately i am good friends with a mechanic and he has taught me how to fix just about anything on my car myself.

[RyanP]

I put back what I can. I'm really surprised I ever have any extra money now that I have a house payment and all the extra shit that goes along with it. For instance, about a month ago my air conditioning went out and it cost $1800.00 to fix, the same day my refrigerator broke too. I had some money saved up, but had to spend it on fixing those things. It sucks, but I love my house and my neighborhood, so that makes it a little easier to take.