Questions for the Group

[Guest]

Ideally, I would like to save one of my DH’s paychecks every month. (The full gross amount, not the net.)

We put money into our retirement accounts (401k’s), and I would like to fund a couple of Roth IRAs as well.

Currently, we are working on paying off debts, so the Roth funding has to wait for the time being. That is why 1 does not match 3.

H –

mommyto2zs wrote: 1. What is your ideal percentage of earnings that you would put in
into savings?

2. Would you put the money into one place, or into different
accounts (e.g. retirement/401K, college, emergency, etc.)?

3. What percentage or dollar amount do you save currently?

4. If your answer to #1 doesn’t match your anser to #3, what (if
anything) are you doing to make the answers
closer?

Since I asked, I will go first:

1) 15%.

2) 10% for retirement, 3% for college funds, and 2% or more to
emergency fund.

3) We save 6% of DH’s salary every paycheck, matched 100% by his
employer, to his 401K. We then save $100 a month from my paycheck.
We earn about the same, though, so it is less than I would like to
save. Overall, the 12% of his salary is about 6% of our total
income. The $100 goes to our emergnecy fund.

4) Every month, I look at our budget and see what needs adjusting.
Also, whenever we have a “surplus,” I either put that money directly
into our emergency fund or put more toward outstanding medical
bills. It is not consistent though, and I would love to be putting
more like $300 into our emergency fund every month.

Thanks in advance for answering!

Amy

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