how many percent of your income do you save?

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blueroses
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14 Nov 2012, 5:35 pm

For long-term savings, about 10% of my income. I also put a little aside each month into emergency funds to cover occasional odd-ball expenses, like unexcepted car repairs or medical bills, etc.

I'd like to save more and I used to in the past, but it's getting increasingly challenging since my income doesn't seem to be keeping pace with the rising price of, well, everything.

Just out of curiosity, do you folks who manage to put so much more of your income into savings live independently? Or, do you live with families or partners who help share your living expenses with you? Just wondering how you manage to save so much, since I'm pretty frugal, but I honestly can't imagine keeping a roof over my head and food in my pantry on half of what I make.



Solvejg
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14 Nov 2012, 6:51 pm

I tend to save about 400 a month. I am on government payments. Once I start getting an income, my living expenses will not rise but my wage will be over double what I currently earn so should be easily putting away 2000+ a month.



aleclair
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14 Nov 2012, 9:44 pm

I am trying to put away $100/paycheck into savings, and I believe roughly $75/paycheck is transferred into a 401(k).

The 401(k) is automatic, so that always happens. It's the savings part that's tough. I am in NYC now and despite that fact that I spend almost nothing on myself, the cost of living is pretty high and eats away at one's paycheck. I am still trying to recoup from a few thousand worth of a combination of moving and unexpected-type expenses I had to spend in July/August: for example, because the rental market here is high demand/low supply compared to other American cities, there is a high cost of entry: I am still trying to recoup the money I lost on the brokers' fee, etc...

When I got this job my dad was telling me how he saved something like 1/3 of his income when he started work as an engineer, when he was my age. I would love to save 1/3 of my income but that is a really lofty goal now.



MyFutureSelfnMe
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17 Nov 2012, 1:40 am

Lately, 90%. But I am going to have to pay taxes at the end of the year and that will lop off 30%.



NewDawn
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17 Nov 2012, 12:13 pm

I have a rather complicated system of savings for specific purposes (e.g. new kitchen, a monthly sum for something paid annually). If I add all those up, it's 30% pm. On top of that I save 6% pm that isn't assigned to anything. So 36% or 6%, depending what you define as savings.



DancingDanny
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17 Nov 2012, 5:09 pm

I'm going to put myself on a budget. I don't know what I will save each month but I ought to try.



Salome
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19 Nov 2012, 5:47 pm

I'd love to save! However I live of a pension and barely have anything left to live of once I've payed my bills :(

I'm getting very stressed out thinking about it! I'm thinking of getting a job even though I know I can't handle one. But the stress of never having any money is almost if not just as bad!