Questions for the Group

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    • #250979

      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

      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!


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