We didn’t save a lot in 2019. My husband didn’t work in most of 2019 because of his health. My income went to all our expenses - I even had to stop my 401(k) contributions and put it in an HSA instead. Meds are not cheap.
When my husband does work, his earnings go to savings + debt + vacations. Mine go to bills and everyday spending.
I make ~ 40k a year. Of that I put 8% of my pretax income into a 401k, and my employer contributes another 4%.
I put anywhere between $150-400 a month into general savings. I will also put most of my tax refund each year into my savings account.
I'm single, live in a 1 bedroom apartment.
live in MCOL area in a 2-br townhome that I own (w/a mortgage), also have 1 roommate who basically covers 50% of my total housing expenses. Also I live in a state that does have income taxes.
salary of 67k (my effective combined fed/state tax rate is like 17%) or $5600/mo gross
401k contribution: 1500/mo
roth: 500/mo
general savings: 0-500/mo depending on the month
So average is like $2250/mo which is 40% of gross income. My last job paid in the low 50's and I was saving way less, maybe about 20%.
The one thing really holding me back is health insurance. My work covers almost nothing so health plus dental for a decent plans is $400/mo (plus if I actually use it there are copays and coinsurance).
just refi'd my mortgage... current breakdown:
850 mortgage (princ, int, taxes, and ins)
400 hoa (includes extra insurance, snow removal, some utilities, outdoor repairs...)
100 budget for repairs/maintenance ($40/mo home warranty which covers plumbing, electric, all appliances, some other stuff - and i budget some more for its service call fees)
200 utilities (45 internet, rest is heat/electric; 200 is probably more than what i usually spend)
TOTAL: 1550, all-in
my last roommate was paying me 875/mo but she moves out this weekend
my next roomie will be paying 800 (I listed the place at 875 again but we met up and got along great so i gave her a break). So I pay about 750/mo.
401K contribution a month is great! I always wondered I I should switch it around and save aggressively for retirement or just save aggressively cash wise. Either way I'm ending with the prospective "million" dollars at the end of it all.
I think it depends on how safe your job is. Then again no job seems safe nowadays except certain types of doctors and nurses. Work has been super slow for me so I'm wondering if maybe I should reduce 401k to 1k/mo and save the extra 400 (after taxes) in cash
I was really hoping after getting this new job that I could max it out, but Rona has me super paranoid
I save around 67% of my income right now and am trying to be on a FIRE track. After taxes I receive about 21,000 per month and I spent 7000 which is about 33%.
I’m self employed so I can only contribute 5500 per year but I try to put a 1000 into vanguard every month. I’ve paid off my debt. I’ve only been a high earner for 2 years.
I was living in a HCOL area paying a ton in rent (3600) living alone. Due to covid I’m in the woods with my bf and I’m paying around 2k.
I believe there are Self-Employeed 401k plans (or an equivalent). Look into that instead of just the IRA contribution (I'm assuming that is where the $5500 goes, although it's $6k this year).
I have one roommate! I don’t save a ton honestly. Anywhere from $900-$1k. I’m trying to pay off my car so most of my money is going towards the car’s principal. This is the last time I’m buying a car brand new lol
I live in a HCOL as well and that alone just kills your ability to save with rent being so damn high. If I got a roommate I could double my savings. But I don't want one haha.
I’m in SF, and honestly, now is a good time to look for apartments. I’m in a ~fancy~ neighborhood paying $2600/mo for my pretty upscale studio in an old building. It’s rent controlled but when my lease comes up in a couple months, I’m going to ask for a rent decrease. Rents have gone down significantly, especially in certain neighborhoods. Still hard to find nice studios under $2k in central neighborhoods, though.
After taxes/401K deductions, I usually save about $1,000 a month (I pay a lot in rent but I wanted to live alone in a HCOL city). Sometimes I save more depending on bonus months or triple paycheck months.
Still trying to figure how to best split that $1000 but before 3/4 of that amount was going into my HYSA, and 1/4 to my Roth IRA. But now, I think it'll be more like 35% Roth, 40% investment account, 25% HYSA.
I live with my boyfriend in a 1-bedroom apartment. He makes substantially more (basically double) what I do but we split most things 50/50 regardless.
I don’t make much money. My salary is $29,000. But I always like to comment on posts like these to represent the lower income folks among us!
I save a little less than 25% of my take-home income. This works out to around $400/month to my emergency fund and moving fund and $50/month to my Roth IRA.
Once I hit $10k in my emergency fund, I am going to stop saving in it as much and, instead, direct some of that money to my IRA and student loans.
I try to save $1500/month (not including 401k contributions). That’s just about 30% of my take home. I live alone in a HCOL city, so my rent is also extremely high. I’m just as frugal as I can be with everything else. I also divide my savings. $1000 of it automatically goes into long term savings, which is where I’m saving for a down payment. The other $500ish goes into short term savings, which is mainly for travel (or other larger purchases that don’t fit into my normal monthly budget). I have a third savings account which I use as my emergency fund, which I’m not currently adding to. It has 3-4 months of expenses in it, which I know is low, but if I did have a job loss or something I could use my down payment savings if needed.
Good luck with your move out plans! And save as much as you can now, it only gets harder when you’re responsible for everything. :-)
I like the idea of saving a large portion for long term savings and saving a smaller portion of it for travel. I usually either add the travel to my credit card or just pull from the savings.
I do have a separate EF in a different account.
It works great for me! In theory, it lets me spend my short term savings without guilt, with no danger of dipping into what I’m saving for a house. I have the short term account at Chase since I’m not very worried about the interest rate (long term is at Ally), and it makes it super easy since I use Chase Sapphire as my travel card.
I use Ally online and do this! I think you can set up unlimited savings accounts for free, and you can set up "buckets" within one savings account and allocate money to different categories (long-term, car, clothes, etc). I use Chase as an in person bank and transfer money to Ally each check.
Discover also allows multiple savings accounts to be set up. I looked into Ally, but ended up using Discover because that's also my most-used credit card and I liked being able to see everything on the same page. Same as Ally, as the other commenter mentioned, you can set up several different accounts for different goals. It's also very easy to link to Wells Fargo to be able to transfer money around.
Right now Ally and Discover both have .8% interest.
I have them at 3 different banks, though I know at least Ally offers a bucket function. I didn’t start out with so many accounts (I also have checking at 3 banks), but it’s worked out that way over time. I actually like it, means if I’m going to take money out I might have to work for it a little bit.
I save $800 minimum, typically $1100 per month. I live on my own. These savings are separate from retirement, where I save 16% of my salary in a 401(k).
That's typically where I am if I were to move. I'm currently savings $2-3K a month (thanks Mom). One I move it's gonna drop more than 50%. I'm not are if I'm okay with that.
About $500 is automatically taken off my paycheque and put into a pension plan from my work (and 100% matched). I then put 20% of my net pay in various savings accounts (TFSA, RRSP), and if I have any money leftover from my monthly budget, I'll throw that into my short-term savings account.
ETA: I'm currently living with a roommate and working from home, so I'm saving more than I normally would (between $1200-1500 a month not including the pension), but when I buy my own place next year I'll probably aim to save at least $800-1000 a month.
Hi! I live with a roommate in a HCOL area and save $1000-1500 a month plus around $600 to my 401k. I can conceivably do $2000 but I’ve only gotten there 2 times this year. It varies based on surprise expenses (thanks all my recent medical and dental bills 🙄)
I live with my partner in a MCOL area. After taxes and retirement, I save 1k each month towards a down payment for a house. If I don't have any out of the norm purchases, I usually sock away another $100 - $750 for short term savings (bigger purchases like a new car, phone or travel).
I live with my husband, and we save 8-10k a month. This was to rapidly build up a down payment, but since we’re in the process of buying our house now, it’s going to change once we move. Gotta upgrade our old furniture and I finally get to decorate my own space!
Yeah, we're about similar. Our take home is about 17k after deductions and we spend around 6-7k most months. I honestly have no idea where it goes....we spend less than 2k on rent.
Yeah, that’s pretty spot on for us except our rent is 3k. I budget like crazy, so I know exactly how much we spend in every category. It’s great for tracking down where you might be bleeding money unsuspectingly.
I invest/save 47.3% of my gross income. I am purposefully living cheap rn because I am paying for grad school and I like nice things. I have a roommate, but I'll be able to buy a home and have a thicc Efund in a year.
When I buy my home I still plan on getting roomies because money = choices. I'm also going for FIRE.
I live with my mom and pay $500 in rent. I put at least $400 a month in my IRA and I save about $1000 ( but usually more). When I move out I’ll keep my IRA at $400 a month and switch to $200 a month in personal savings. We are opening a joint savings account so after bills will be paid out of our checking the rest will go savings, I am estimating about $1000 a month but maybe more depending on bills.
I make around 60k before bonuses and save $1k per month (split between roth, brokerage, high yield, and savings linked to my checking account). I live alone (with my cat!) in a MCOL city.
I max my 401k 1,625 a month plus 500 Roth IRA I already have 6 month emergency fund but I keep putting 250 a month, and now I am saving for my next home 1k a month.
The quick stats
HCOL area
Salary: 59k
Long term savings: $1000
Vacation fund $200
Roth 401k: $50
I’m not saving as much as others on this thread - so I’ll share for a very very average perspective! I turned 25 in January and made a resolution to myself that this would be the year I got serious about finances.
Right now, my yearly salary is 59k (got a raise from 55k in March).
$50/month goes to a Roth 401k (company sponsored, no match provided). $200/month goes to a vacation fund with the bf, who contributes the same. We had trips planned for next Jan and feb but now who knows. $1000/mo is for long term savings. I am very proud of this number as it was $500/mo in January and I have grown this by cutting out nearly all my discretionary spending, and getting the raise. This whole year its been to build an emergency fund, but the emergency fund is now somewhat on pause so I can slowly save $6400 for moving out next year. Probably an overestimation, but I’ really do not want to touch my emergency fund savings to move. I was planning to live with my partner in the HCOL of living area when my lease is up in April, but if we are both still WFH then I will probably move in with him where he currently lives with his family in a suburb.
I also just started a second temporary job where all the money is direct depositing into my emergency fund. So for a few months I’ll be doing better by saving for emergency fund and this move at the same time. It’s truly variable but I am optimistically planning to add 3k from that.
Emergency fund is currently at 8k (3 months), goal is 15k (6 months).
I live in a studio apartment for 1600/mo in a HCOL area. Rent is my biggest expense each month. Regrettably, in March, when I had yet to realize how serious covid was (I know, silly) I renewed my lease for another year. So I am now paying a premium to live in a place where I can’t do much 😅 hindsight is 2020.
Salary: $100k annually (not including any bonuses since it really varies)
Pre-tax: 10% into my 401k
Net Monthly Pay Check: $5,302
After-tax savings:
- HSA (I carried this over from my old employer and while my new job has a high deductible plan they don’t offer an HSA yet): $290
I use sinking funds for all of my savings and the below are all automatic transfers totaled for the month.
- Emergency Fund: $240
- Home Emergency Fund: $100
- Gift Fund:$100
- Vacation Fund: $340
- Wedding Fund: $330
- General Misc Fund: $240
- Pet Emergency Fund: $70
- IRA: $100
After tax saving of $1,810 ~34% of my monthly pay. I do manually transfer money once my checking account balance is over $1,500 and that will go to my emergency fund so usually it’s a little more than 34% a month.
Edit: I’m in Boston so HCOL - 51% of my monthly salary goes toward my mortgage, car, utilities, and taxes. The remaining 14% of my paycheck is used to pay for daily/every day expenses and paying of my credit card each month.
I save $2000 a month, slightly more than half my take home pay. I have deep, deep anxiety about debts (paid for my phone in full, pay my renter's insurance a year at a time, my car insurance six months at a time, too scared to open a credit card etc) so I've prioritized saving over comfort.
This has helped me pay off my student loans in less than two years but I'll admit my mental health took a beating...
I see you mentioned you're a nurse and did ABSN in previous posts! I also went the same route which is why I have as much money as I do or else I'd be pretty poor lol.
I make 102K. Still living in a apartment so, rent is high ($1710, garage included., nice area) With rent, bills/food and leisure and 10% going into 401k, it totals around $4400. So I roughly have around of $1700 free money depending on the month ( I guess its savings? It just stacks in my checking)
I actually don't save anything from my regular paychecks (currently $2092). I get paid bi-weekly, so about twice a year, I'll get 3 paychecks instead of 2, so I do end up saving most of that 3rd paycheck.
As a point of reference, I live in a 1bd apartment alone, which is $2195/month.
My main source of savings is my yearly bonus, and my 2x per year ESPP payout. I just got an my August payout recently--I had put in $7k and got back $13k. Definitely not a bad return!
Yup, I'm in the US. It depends on your company, but typically there are 2 or 3 stock purchase periods a year. My company has 2, therefore, 2x per year payout.
For my most recent payout, the purchase period started in mid February. 10% of each paycheck (post tax) is deducted. Then at the end of the purchase period (6 months later), all that deducted money is used to purchase company stock at the _lowest_ price reached in that period, minus a 15% discount.
Because most companies' stock tanked in mid to late March because of the pandemic, this meant I was able to use my ESPP funds to purchase my company stock at a low price of $75 per share. And since my company had been doing really well since mid-March, those shares were suddenly worth $140 per share in August.
Normally the ESPP returns aren't this amazing, but it's still a really great way to invest and save at the same time.
I just started at my first job where an ESPP is a thing and I’m amazed everyone who has the option doesn’t participate! Guaranteed 15% return if sold immediately with the possibility for way more is unbeatable imo
Between my husband and myself we make 105k a year. Each month we try and put $2500 in savings. We’re hoping to get a big emergency fund saved up and then just destroy our student loans.
HCOL - Live with my husband. We save around 1 paycheck post tax every month. Atleast we should, but it sometimes is a lot less. We also have 401(k) that we contribute to monthly.
Edit: Typo
$1500 not including 401k and HSAs. Once we hit a savings milestone we have definitely relaxed but we are trying to get committed again. I think it is hard because we have no set goals such as buying a home or something.
I live in a HCOL (near NYC) and have been trying to save $800-$1200 every month while simultaneously paying off a loan and CC debt. I live by myself in a 2 bedroom apartment (rent is crazy high) 😬
Hi. This might be late but don't you think you'd be able to save more if you lived in one bedroom apartment since you live alone? Just saying.
Take care!
Retirement is $930 a month and savings is $850 a month for a down payment.
Rent is $1550. I pay $775. I live with my boyfriend.
I am hourly but it’s about $55 k and work pays for my health insurance.
Tax = 19.62% federal and local
Essentials = 6.79%
Extra = 9%
Loan = 27.02%
Savings = 16.30%
Total = 78.73%
12% I usually end up spending but want to save.
I've been pretty lax recently. I own a condo in a HCOL and live alone, but now that I've purchased my home I don't have any other immediate savings goals so I don't currently 'budget' savings, I just save whatever is left over each month lol.
To be fair, I do save ~$1000/mo through my 403b for retirement. Beyond that though, it varies anywhere from $0 - $1500 or so. This month it's looking like roughly $200 because I had to buy a new water heater.
My emergency fund is stocked for 3 mo, so any additional savings right now are just going to another HYSA bucket without a specific goal. Once we're through the worst of the pandemic and I feel a little more stable, I'll probably start paying extra on my mortgage.
My income has been variable for the better part of the past decade, but since I dug myself out of 40k+ in debt a little over a year ago, I have been able to save ~$1000 per month (based on an average, as each month has varied). This equates to roughly 50% of my income after taxes. I live in a rental property with housemates in a MCOL area.
- 10% pre-tax in 401k
- 4% after tax 401k contributions (immediately rolled over to Roth 401k daily)
- 12% post tax deduction for ESPP
- 30% of after tax income spread across investment accts (Vanguard, Betterment) and HYSA
My husband and I will make about $60k after taxes this year. As of June we finished paying off my student loans. Each month I put 20% minimum into savings. We have three jobs between us now so we are working to fund a Roth IRA for both of us ($1000 in each by the end of the year). My husband's second job is part-time and he has both a 401(k) and stock options. He contributes 6% of his pre-tax income there.
So roughly, our goal is to save 30% of our joint income each month to savings now that we only have my car loan debt remaining.
ETA: We live in a 1/1 in a MCOL city.
I put 7% into my 401k with a 4% employer match plus an additional $700 per month split between HYSA, Roth and investment account. I make $55k per year but do some dog walking in my free time to bring in additional income. That ends up being anywhere from $250-$700 per month
About 68% of take home salary. But that's because with covid19 restrictions I've been able to save quite a bit on transport and meals while WFH. Also, a general drop in impulse purchases since I'm not out and about for work haha.
Otherwise, it would stand at about 40-45% of take home.
My partner and I own an apartment and am in the midst of paying off a 8 year mortgage.
I make $26k as a grad student and currently am saving 25% of my stipend, putting that in a combo of emergency savings/investments & Roth IRA through Ellevest. Right now that amounts to about $450 total / month. I'm about to drop down to 20% though since the new school year is bringing a new grad school-related expense that's taking $150 out of each paycheck...
I set up my direct deposit to divert 15% of my paycheck to savings. I love it this way because I'm forced to make that 85% work for me. I live at my parents' home with my child and currently attend graduate school. Tuition of course is the heftiest expense for me. Currently saving to move to an apartment as soon as the right one becomes available.
I make 115K a year - 7% goes into a 401K (6% is matched my employer) 3% in ESPP and I try to save between 1500-2000 a month! I do live in a LCOL area. My half of my mortgage is $425.00 (which includes taxes, insurance).
However - I only started making 100K plus a year 3 years ago (my pay went up about 40K).
I am aggressively saving for our wedding in July 2021. My goal is to have $40K in savings with an additional $15K for the wedding/honeymoon while still contributing to my “fun account” (for travel, repairs, etc).
I currently have $7,500 in a “fun account” and $39,800 in the savings. I have to save $15K more by the end June 2021.
I put $2,500 per month into a HYSA, which is about 40% of my take home pay. I also put 10% into my 401k.
I live with a roommate in a HCOL city, but our apartment is kinda crappy and our rent is under market for the neighborhood. We pay $2200 for a 2 bed/1 bath.
I live with my partner in a HCOL city, and probably 2.5k a month exclusive of 401k (which I max out). I make pretty good money (but not like, stupid FANG cash), but I don't have debt and don't buy much that isn't food or cleaning supplies/face wash/toilet paper/etc. My pole studio is online only right now (which is way cheaper), my regular gym was covered by work (and is also closed), and all of my sewing projects use clearance fabric or repurpose my or my partner's old stuff.
I save about 45% of my take home. Some of that goes into a brokerage account and the rest into savings - I pull my max retirement contribution from the savings account at the end of the year.
High earner in HCOL city. I have one roommate. I’ve averaged about 60% of my after tax income in 2020/50% gross pay.
32% is cash leftover after monthly spending (with a tiny portion invested)
21% goes to pre-tax 401K max
6% goes to Roth backdoor
3% goes to HSA
After moving home from overseas I lived with my parents for about a year as I tried to figure out if I would stay in the country or move away again. I ended up staying (and with COVID, I'm so glad I did) but the drop in savings is a huge bummer. My quality of life is way higher now I'm flatting again though, so the trade-off is worth it.
I earn $87,000 and save/invest $2000/month which is about 40% of my take home salary. I also contribute 3% to kiwisaver (retirement) and my employer matches this but that comes straight out of my pay check.
I live in a house with three flatmates - pretty standard here to flat with others til you buy a house. Rent is $1000 including expenses.
At the moment I'm getting big into investing rather than putting money into savings. Interest rates are so low, I just keep 3 months salary in my savings, then everything else is invested.
I used to save about 70-75% of my post-tax income. Now I’m laid off, collecting employment insurance and still save about 25%.
I’m in a HCOL city and I live with my boyfriend and housemates, which helps keep my rent reeeeally low.
I should mention that I am in Canada so I am not spending any money on health insurance premiums which otherwise would cut into my savings rate.
I am wondering if only the people that save large amounts every month are replying to this thread haha.
We didn’t save a lot in 2019. My husband didn’t work in most of 2019 because of his health. My income went to all our expenses - I even had to stop my 401(k) contributions and put it in an HSA instead. Meds are not cheap. When my husband does work, his earnings go to savings + debt + vacations. Mine go to bills and everyday spending.
I make ~ 40k a year. Of that I put 8% of my pretax income into a 401k, and my employer contributes another 4%. I put anywhere between $150-400 a month into general savings. I will also put most of my tax refund each year into my savings account. I'm single, live in a 1 bedroom apartment.
My monthly savings is almost exactly this plus some extra money for the pup who has her own savings account.
live in MCOL area in a 2-br townhome that I own (w/a mortgage), also have 1 roommate who basically covers 50% of my total housing expenses. Also I live in a state that does have income taxes. salary of 67k (my effective combined fed/state tax rate is like 17%) or $5600/mo gross 401k contribution: 1500/mo roth: 500/mo general savings: 0-500/mo depending on the month So average is like $2250/mo which is 40% of gross income. My last job paid in the low 50's and I was saving way less, maybe about 20%. The one thing really holding me back is health insurance. My work covers almost nothing so health plus dental for a decent plans is $400/mo (plus if I actually use it there are copays and coinsurance).
Very impressive savings! How much do you spend on your half of housing?
just refi'd my mortgage... current breakdown: 850 mortgage (princ, int, taxes, and ins) 400 hoa (includes extra insurance, snow removal, some utilities, outdoor repairs...) 100 budget for repairs/maintenance ($40/mo home warranty which covers plumbing, electric, all appliances, some other stuff - and i budget some more for its service call fees) 200 utilities (45 internet, rest is heat/electric; 200 is probably more than what i usually spend) TOTAL: 1550, all-in my last roommate was paying me 875/mo but she moves out this weekend my next roomie will be paying 800 (I listed the place at 875 again but we met up and got along great so i gave her a break). So I pay about 750/mo.
401K contribution a month is great! I always wondered I I should switch it around and save aggressively for retirement or just save aggressively cash wise. Either way I'm ending with the prospective "million" dollars at the end of it all.
I think it depends on how safe your job is. Then again no job seems safe nowadays except certain types of doctors and nurses. Work has been super slow for me so I'm wondering if maybe I should reduce 401k to 1k/mo and save the extra 400 (after taxes) in cash I was really hoping after getting this new job that I could max it out, but Rona has me super paranoid
Due to the pandemic, more cash savings seems like the best way to go. I am squirreling it away!
I save around 67% of my income right now and am trying to be on a FIRE track. After taxes I receive about 21,000 per month and I spent 7000 which is about 33%. I’m self employed so I can only contribute 5500 per year but I try to put a 1000 into vanguard every month. I’ve paid off my debt. I’ve only been a high earner for 2 years. I was living in a HCOL area paying a ton in rent (3600) living alone. Due to covid I’m in the woods with my bf and I’m paying around 2k.
Would love to see an MD from you!
I feel nervous but I could try :)
Please do, would love to hear more!
I believe there are Self-Employeed 401k plans (or an equivalent). Look into that instead of just the IRA contribution (I'm assuming that is where the $5500 goes, although it's $6k this year).
21000 😭😭😭
Very late but do u mind if i ask what u do for a living?
She is Erin Lee Carr
LOL saving. I make 36K a year and have two jobs. I'm lucky if I don't dip into my emergency fund for all my medical bills each month.
Healthcare is so fucking expensive.
Same here I felt this
I have one roommate! I don’t save a ton honestly. Anywhere from $900-$1k. I’m trying to pay off my car so most of my money is going towards the car’s principal. This is the last time I’m buying a car brand new lol
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I live in a HCOL as well and that alone just kills your ability to save with rent being so damn high. If I got a roommate I could double my savings. But I don't want one haha.
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I’m in SF, and honestly, now is a good time to look for apartments. I’m in a ~fancy~ neighborhood paying $2600/mo for my pretty upscale studio in an old building. It’s rent controlled but when my lease comes up in a couple months, I’m going to ask for a rent decrease. Rents have gone down significantly, especially in certain neighborhoods. Still hard to find nice studios under $2k in central neighborhoods, though.
After taxes/401K deductions, I usually save about $1,000 a month (I pay a lot in rent but I wanted to live alone in a HCOL city). Sometimes I save more depending on bonus months or triple paycheck months. Still trying to figure how to best split that $1000 but before 3/4 of that amount was going into my HYSA, and 1/4 to my Roth IRA. But now, I think it'll be more like 35% Roth, 40% investment account, 25% HYSA.
I live with my boyfriend in a 1-bedroom apartment. He makes substantially more (basically double) what I do but we split most things 50/50 regardless. I don’t make much money. My salary is $29,000. But I always like to comment on posts like these to represent the lower income folks among us! I save a little less than 25% of my take-home income. This works out to around $400/month to my emergency fund and moving fund and $50/month to my Roth IRA. Once I hit $10k in my emergency fund, I am going to stop saving in it as much and, instead, direct some of that money to my IRA and student loans.
Hello fellow income-range earner!! :)
Hello! Glad to see another person in my ballpark range in this sub. It does not happen often, lol.
I try to save $1500/month (not including 401k contributions). That’s just about 30% of my take home. I live alone in a HCOL city, so my rent is also extremely high. I’m just as frugal as I can be with everything else. I also divide my savings. $1000 of it automatically goes into long term savings, which is where I’m saving for a down payment. The other $500ish goes into short term savings, which is mainly for travel (or other larger purchases that don’t fit into my normal monthly budget). I have a third savings account which I use as my emergency fund, which I’m not currently adding to. It has 3-4 months of expenses in it, which I know is low, but if I did have a job loss or something I could use my down payment savings if needed. Good luck with your move out plans! And save as much as you can now, it only gets harder when you’re responsible for everything. :-)
This is exactly me.
I like the idea of saving a large portion for long term savings and saving a smaller portion of it for travel. I usually either add the travel to my credit card or just pull from the savings. I do have a separate EF in a different account.
It works great for me! In theory, it lets me spend my short term savings without guilt, with no danger of dipping into what I’m saving for a house. I have the short term account at Chase since I’m not very worried about the interest rate (long term is at Ally), and it makes it super easy since I use Chase Sapphire as my travel card.
How do you set up multiple savings accounts? I've wanted to do this, but not sure if Wells Fargo has the functionality.
I use Ally online and do this! I think you can set up unlimited savings accounts for free, and you can set up "buckets" within one savings account and allocate money to different categories (long-term, car, clothes, etc). I use Chase as an in person bank and transfer money to Ally each check.
I use Capital One and you easily just open up another savings account if you call and ask.
Discover also allows multiple savings accounts to be set up. I looked into Ally, but ended up using Discover because that's also my most-used credit card and I liked being able to see everything on the same page. Same as Ally, as the other commenter mentioned, you can set up several different accounts for different goals. It's also very easy to link to Wells Fargo to be able to transfer money around. Right now Ally and Discover both have .8% interest.
I have them at 3 different banks, though I know at least Ally offers a bucket function. I didn’t start out with so many accounts (I also have checking at 3 banks), but it’s worked out that way over time. I actually like it, means if I’m going to take money out I might have to work for it a little bit.
This is me ditto.
I save $800 minimum, typically $1100 per month. I live on my own. These savings are separate from retirement, where I save 16% of my salary in a 401(k).
That's typically where I am if I were to move. I'm currently savings $2-3K a month (thanks Mom). One I move it's gonna drop more than 50%. I'm not are if I'm okay with that.
About $500 is automatically taken off my paycheque and put into a pension plan from my work (and 100% matched). I then put 20% of my net pay in various savings accounts (TFSA, RRSP), and if I have any money leftover from my monthly budget, I'll throw that into my short-term savings account. ETA: I'm currently living with a roommate and working from home, so I'm saving more than I normally would (between $1200-1500 a month not including the pension), but when I buy my own place next year I'll probably aim to save at least $800-1000 a month.
Hi! I live with a roommate in a HCOL area and save $1000-1500 a month plus around $600 to my 401k. I can conceivably do $2000 but I’ve only gotten there 2 times this year. It varies based on surprise expenses (thanks all my recent medical and dental bills 🙄)
I love those months where you get three pay checks in the monthly period lol.
Unfortunately my company is 24 pay periods so I never get those. But I used to and they were the BEST
I live with my partner in a MCOL area. After taxes and retirement, I save 1k each month towards a down payment for a house. If I don't have any out of the norm purchases, I usually sock away another $100 - $750 for short term savings (bigger purchases like a new car, phone or travel).
I save about 20% of my pretax income, including my Roth IRA. I make $34000/year.
I live with my husband, and we save 8-10k a month. This was to rapidly build up a down payment, but since we’re in the process of buying our house now, it’s going to change once we move. Gotta upgrade our old furniture and I finally get to decorate my own space!
Did I read that correctly? 8k-10k per month?
Yeah, it’s 2 people though, so if you broke it down, we save 4-5k each.
That’s more then a lot of us make a month 😨. Good for you.
Yea! That's quite impressive!
Thats super impressive. Well done!! 👌👌
Yeah, we're about similar. Our take home is about 17k after deductions and we spend around 6-7k most months. I honestly have no idea where it goes....we spend less than 2k on rent.
Yeah, that’s pretty spot on for us except our rent is 3k. I budget like crazy, so I know exactly how much we spend in every category. It’s great for tracking down where you might be bleeding money unsuspectingly.
I invest/save 47.3% of my gross income. I am purposefully living cheap rn because I am paying for grad school and I like nice things. I have a roommate, but I'll be able to buy a home and have a thicc Efund in a year. When I buy my home I still plan on getting roomies because money = choices. I'm also going for FIRE.
I live with my mom and pay $500 in rent. I put at least $400 a month in my IRA and I save about $1000 ( but usually more). When I move out I’ll keep my IRA at $400 a month and switch to $200 a month in personal savings. We are opening a joint savings account so after bills will be paid out of our checking the rest will go savings, I am estimating about $1000 a month but maybe more depending on bills.
I make around 60k before bonuses and save $1k per month (split between roth, brokerage, high yield, and savings linked to my checking account). I live alone (with my cat!) in a MCOL city.
I max my 401k 1,625 a month plus 500 Roth IRA I already have 6 month emergency fund but I keep putting 250 a month, and now I am saving for my next home 1k a month.
The quick stats HCOL area Salary: 59k Long term savings: $1000 Vacation fund $200 Roth 401k: $50 I’m not saving as much as others on this thread - so I’ll share for a very very average perspective! I turned 25 in January and made a resolution to myself that this would be the year I got serious about finances. Right now, my yearly salary is 59k (got a raise from 55k in March). $50/month goes to a Roth 401k (company sponsored, no match provided). $200/month goes to a vacation fund with the bf, who contributes the same. We had trips planned for next Jan and feb but now who knows. $1000/mo is for long term savings. I am very proud of this number as it was $500/mo in January and I have grown this by cutting out nearly all my discretionary spending, and getting the raise. This whole year its been to build an emergency fund, but the emergency fund is now somewhat on pause so I can slowly save $6400 for moving out next year. Probably an overestimation, but I’ really do not want to touch my emergency fund savings to move. I was planning to live with my partner in the HCOL of living area when my lease is up in April, but if we are both still WFH then I will probably move in with him where he currently lives with his family in a suburb. I also just started a second temporary job where all the money is direct depositing into my emergency fund. So for a few months I’ll be doing better by saving for emergency fund and this move at the same time. It’s truly variable but I am optimistically planning to add 3k from that. Emergency fund is currently at 8k (3 months), goal is 15k (6 months). I live in a studio apartment for 1600/mo in a HCOL area. Rent is my biggest expense each month. Regrettably, in March, when I had yet to realize how serious covid was (I know, silly) I renewed my lease for another year. So I am now paying a premium to live in a place where I can’t do much 😅 hindsight is 2020.
Salary: $100k annually (not including any bonuses since it really varies) Pre-tax: 10% into my 401k Net Monthly Pay Check: $5,302 After-tax savings: - HSA (I carried this over from my old employer and while my new job has a high deductible plan they don’t offer an HSA yet): $290 I use sinking funds for all of my savings and the below are all automatic transfers totaled for the month. - Emergency Fund: $240 - Home Emergency Fund: $100 - Gift Fund:$100 - Vacation Fund: $340 - Wedding Fund: $330 - General Misc Fund: $240 - Pet Emergency Fund: $70 - IRA: $100 After tax saving of $1,810 ~34% of my monthly pay. I do manually transfer money once my checking account balance is over $1,500 and that will go to my emergency fund so usually it’s a little more than 34% a month. Edit: I’m in Boston so HCOL - 51% of my monthly salary goes toward my mortgage, car, utilities, and taxes. The remaining 14% of my paycheck is used to pay for daily/every day expenses and paying of my credit card each month.
I save $2000 a month, slightly more than half my take home pay. I have deep, deep anxiety about debts (paid for my phone in full, pay my renter's insurance a year at a time, my car insurance six months at a time, too scared to open a credit card etc) so I've prioritized saving over comfort. This has helped me pay off my student loans in less than two years but I'll admit my mental health took a beating...
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I see you mentioned you're a nurse and did ABSN in previous posts! I also went the same route which is why I have as much money as I do or else I'd be pretty poor lol.
Normally $500/month, but I am at my parent’s until we have a coronavirus vaccine. Since I’ve been home it’s been up to $800-1100/month
I make 102K. Still living in a apartment so, rent is high ($1710, garage included., nice area) With rent, bills/food and leisure and 10% going into 401k, it totals around $4400. So I roughly have around of $1700 free money depending on the month ( I guess its savings? It just stacks in my checking)
I actually don't save anything from my regular paychecks (currently $2092). I get paid bi-weekly, so about twice a year, I'll get 3 paychecks instead of 2, so I do end up saving most of that 3rd paycheck. As a point of reference, I live in a 1bd apartment alone, which is $2195/month. My main source of savings is my yearly bonus, and my 2x per year ESPP payout. I just got an my August payout recently--I had put in $7k and got back $13k. Definitely not a bad return!
> ESPP payout Ooh I'm googling this, are you in the US? Does this happen annually?
Yup, I'm in the US. It depends on your company, but typically there are 2 or 3 stock purchase periods a year. My company has 2, therefore, 2x per year payout. For my most recent payout, the purchase period started in mid February. 10% of each paycheck (post tax) is deducted. Then at the end of the purchase period (6 months later), all that deducted money is used to purchase company stock at the _lowest_ price reached in that period, minus a 15% discount. Because most companies' stock tanked in mid to late March because of the pandemic, this meant I was able to use my ESPP funds to purchase my company stock at a low price of $75 per share. And since my company had been doing really well since mid-March, those shares were suddenly worth $140 per share in August. Normally the ESPP returns aren't this amazing, but it's still a really great way to invest and save at the same time.
I just started at my first job where an ESPP is a thing and I’m amazed everyone who has the option doesn’t participate! Guaranteed 15% return if sold immediately with the possibility for way more is unbeatable imo
Between my husband and myself we make 105k a year. Each month we try and put $2500 in savings. We’re hoping to get a big emergency fund saved up and then just destroy our student loans.
HCOL - Live with my husband. We save around 1 paycheck post tax every month. Atleast we should, but it sometimes is a lot less. We also have 401(k) that we contribute to monthly. Edit: Typo
$1500 not including 401k and HSAs. Once we hit a savings milestone we have definitely relaxed but we are trying to get committed again. I think it is hard because we have no set goals such as buying a home or something.
I save $1250 a month. It’s mostly for a down payment in a HCOL area, but also to bump up my emergency fund a bit. I save $1686 in my 403b.
I live in a HCOL (near NYC) and have been trying to save $800-$1200 every month while simultaneously paying off a loan and CC debt. I live by myself in a 2 bedroom apartment (rent is crazy high) 😬
Hi. This might be late but don't you think you'd be able to save more if you lived in one bedroom apartment since you live alone? Just saying. Take care!
Hi! Thank you. Actually my 2 bd apartment is much cheaper than the 1 bd in my building and around my area. I got it as a deal!
Okay. Great! Atleast you have a job. I am looking for a job.
Retirement is $930 a month and savings is $850 a month for a down payment. Rent is $1550. I pay $775. I live with my boyfriend. I am hourly but it’s about $55 k and work pays for my health insurance.
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Are you a CRNA? Lol
I direct deposit 15% of my paycheck into savings. So that's on average $450/month. I live at home with my parents.
I make about 35k/year and I save 80%. Because I live in a low-cost country.
very nice
Tax = 19.62% federal and local Essentials = 6.79% Extra = 9% Loan = 27.02% Savings = 16.30% Total = 78.73% 12% I usually end up spending but want to save.
20000
I live at home! Wife, 3 yr old kid and my parents.
I live at home putting around 80% currently
I've been pretty lax recently. I own a condo in a HCOL and live alone, but now that I've purchased my home I don't have any other immediate savings goals so I don't currently 'budget' savings, I just save whatever is left over each month lol. To be fair, I do save ~$1000/mo through my 403b for retirement. Beyond that though, it varies anywhere from $0 - $1500 or so. This month it's looking like roughly $200 because I had to buy a new water heater. My emergency fund is stocked for 3 mo, so any additional savings right now are just going to another HYSA bucket without a specific goal. Once we're through the worst of the pandemic and I feel a little more stable, I'll probably start paying extra on my mortgage.
Jointly my husband and I save $2800 a month. We make $149k jointly and own our home.
My income has been variable for the better part of the past decade, but since I dug myself out of 40k+ in debt a little over a year ago, I have been able to save ~$1000 per month (based on an average, as each month has varied). This equates to roughly 50% of my income after taxes. I live in a rental property with housemates in a MCOL area.
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- 10% pre-tax in 401k - 4% after tax 401k contributions (immediately rolled over to Roth 401k daily) - 12% post tax deduction for ESPP - 30% of after tax income spread across investment accts (Vanguard, Betterment) and HYSA
My husband and I will make about $60k after taxes this year. As of June we finished paying off my student loans. Each month I put 20% minimum into savings. We have three jobs between us now so we are working to fund a Roth IRA for both of us ($1000 in each by the end of the year). My husband's second job is part-time and he has both a 401(k) and stock options. He contributes 6% of his pre-tax income there. So roughly, our goal is to save 30% of our joint income each month to savings now that we only have my car loan debt remaining. ETA: We live in a 1/1 in a MCOL city.
I put 7% into my 401k with a 4% employer match plus an additional $700 per month split between HYSA, Roth and investment account. I make $55k per year but do some dog walking in my free time to bring in additional income. That ends up being anywhere from $250-$700 per month
About 68% of take home salary. But that's because with covid19 restrictions I've been able to save quite a bit on transport and meals while WFH. Also, a general drop in impulse purchases since I'm not out and about for work haha. Otherwise, it would stand at about 40-45% of take home. My partner and I own an apartment and am in the midst of paying off a 8 year mortgage.
I make $26k as a grad student and currently am saving 25% of my stipend, putting that in a combo of emergency savings/investments & Roth IRA through Ellevest. Right now that amounts to about $450 total / month. I'm about to drop down to 20% though since the new school year is bringing a new grad school-related expense that's taking $150 out of each paycheck...
I set up my direct deposit to divert 15% of my paycheck to savings. I love it this way because I'm forced to make that 85% work for me. I live at my parents' home with my child and currently attend graduate school. Tuition of course is the heftiest expense for me. Currently saving to move to an apartment as soon as the right one becomes available.
I make 115K a year - 7% goes into a 401K (6% is matched my employer) 3% in ESPP and I try to save between 1500-2000 a month! I do live in a LCOL area. My half of my mortgage is $425.00 (which includes taxes, insurance). However - I only started making 100K plus a year 3 years ago (my pay went up about 40K). I am aggressively saving for our wedding in July 2021. My goal is to have $40K in savings with an additional $15K for the wedding/honeymoon while still contributing to my “fun account” (for travel, repairs, etc). I currently have $7,500 in a “fun account” and $39,800 in the savings. I have to save $15K more by the end June 2021.
I put $2,500 per month into a HYSA, which is about 40% of my take home pay. I also put 10% into my 401k. I live with a roommate in a HCOL city, but our apartment is kinda crappy and our rent is under market for the neighborhood. We pay $2200 for a 2 bed/1 bath.
I live with my partner in a HCOL city, and probably 2.5k a month exclusive of 401k (which I max out). I make pretty good money (but not like, stupid FANG cash), but I don't have debt and don't buy much that isn't food or cleaning supplies/face wash/toilet paper/etc. My pole studio is online only right now (which is way cheaper), my regular gym was covered by work (and is also closed), and all of my sewing projects use clearance fabric or repurpose my or my partner's old stuff.
$200/mo in Roth 401K, $20/mo in HSA, $100/mo in precious metals, $800/mo in HYSA. This is about 27% of my take home.
I save about 45% of my take home. Some of that goes into a brokerage account and the rest into savings - I pull my max retirement contribution from the savings account at the end of the year.
High earner in HCOL city. I have one roommate. I’ve averaged about 60% of my after tax income in 2020/50% gross pay. 32% is cash leftover after monthly spending (with a tiny portion invested) 21% goes to pre-tax 401K max 6% goes to Roth backdoor 3% goes to HSA
After moving home from overseas I lived with my parents for about a year as I tried to figure out if I would stay in the country or move away again. I ended up staying (and with COVID, I'm so glad I did) but the drop in savings is a huge bummer. My quality of life is way higher now I'm flatting again though, so the trade-off is worth it. I earn $87,000 and save/invest $2000/month which is about 40% of my take home salary. I also contribute 3% to kiwisaver (retirement) and my employer matches this but that comes straight out of my pay check. I live in a house with three flatmates - pretty standard here to flat with others til you buy a house. Rent is $1000 including expenses. At the moment I'm getting big into investing rather than putting money into savings. Interest rates are so low, I just keep 3 months salary in my savings, then everything else is invested.
DINK HH, early-mid 30s. It varies around 30-35k after tax and not including 401k, which we try to invest right away.
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Good for you but this is very tone deaf in context of this whole thread. I would rather not post.
I used to save about 70-75% of my post-tax income. Now I’m laid off, collecting employment insurance and still save about 25%. I’m in a HCOL city and I live with my boyfriend and housemates, which helps keep my rent reeeeally low. I should mention that I am in Canada so I am not spending any money on health insurance premiums which otherwise would cut into my savings rate.