- This topic has 3 replies, 1 voice, and was last updated February 19, 2007 at 10:02 pm by .
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Guest1. What is your ideal percentage of earnings that you
would put in into savings?
RIA: Ideally, I would say 15%. I believe that’s themax that we are allowed to contribute to my company’s
401K plan…and it seems like an ideal amount.
2. Would you put the money into one place, or intodifferent accounts (e.g. retirement/401K, college,
emergency,etc.)
RIA: Since our emergency fund is already fullystocked, I would say that of the 15%, 10% should be
towards retirement and 5% should be towards my
daughter’s future.3. What percentage or dollar amount do you save
currently?
RIA: I contribute 8% of my gross income to a 401Kplan, and my company matches an additional 3% (total
11%). My husband also contributes $30/week to a 401K
plan. Both of us put $10 into a high interest savingsaccount for my daughter’s future.
4. If your answer to #1 doesn’t match your anser to
#3, what (if anything) are you doing to make theanswers closer?
RIA: Well, at the moment, we’re doing nothing. We
recently moved to a better neighborhood and are stilltrying to get a feel for our expenses. Also, I’ve
fallen off the frugal bandwagon, so I haven’t been
contributing to my savings other than the 401K. Iused to put $100-$200 a week into a savings account.
Not any more.
— mommyto2zs <apokras@yahoo.com> 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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