Saving

[PrincessFiona]

The threads about kids got me thinking. This is for non-retirement savings.
1 What percentage do you put away into savings each month?
2 Do you use a standard savings account or something else?

[Deebs]

The amount we put away is a bit variable. DH lost two shifts last month and this month due to crappy scheduling errors, so our savings for 2014 is down so far. We're currently saving 20% of our net for retirement, and about 2-5% (depending on the year) in other, more basic type savings. We only put enough in a college fund to get the maximum tax break allowed in our state. Three different financial advisors have suggested that plan, and I'm actually okay with it. We currently use a standard checking/savings account. I have made the decision to open a daycare/preschool (I want to get back into the workforce, but can't go into back into healthcare administration with where I see it headed - it just disgusts me) at our next, and final location, so our savings are going to shift to become more liquid in preparation for that. I'd like to save more, but DH has come a LONG way in getting on board with me. Left to his own devices, I think DH would save nothing. Starting my own business will give me a much greater sense of long-term financial stability. We honestly plan to put my earnings all toward further investments and use DH's income for our living/playing expenses.

[ides]

Ours varies. Right now we are still in the catching up mode. We have our emergency fund in a regular savings account, then we have set up two other accounts to save for upcoming expenses- new dual hvac system for the house and Os private school tuition. The rest is being put toward a private university student loan from dh's med school. After that we'll work to pay off the house then the gov student loans. We don't have a plan for after that yet. It'll will be about 4 years before we are there.

[spotty_dog]

Retirement and non-retirement savings are kind of blended here, because we expect to retire before our "retirement accounts" and social security are accessible. We have an "emergency fund/slush fund" in a regular savings account (taxes, splurge purchases, etc. come from here) and also a taxable investment account (intended for retirement or for a second and third line of emergency fund).

In the past six months it looks like we averaged 33% of net to these "non-retirement" savings (another 20% of net to retirement accounts).

[OrionGrad]

Still in residency here. Right now we put my income straight into a basic savings account, DH's salary goes into checking and retirement accounts, and that's pretty much what we live off of. (We're not saving as much as I'd like for retirement, but that's another story.) We use the savings for "emergencies" (car repairs, vacations, etc.). We also put a small amount in a 529 for DS each month, which my parents match. We're hoping to beef up the amount we put into savings once DH starts moonlighting next year.

[ladymoreta]

We're also still in catch up mode. We're putting 4% of DH's net salary into a standard savings account and 9% into retirement. We don't have college savings accounts for the kids yet. (Not that you asked, but just because I feel like I should justify our low savings... We're putting 40% of net salary into debt repayment.)

[BonBon]

We're putting 40% of net salary into debt repayment.)

Smart move! It was hard living without furniture and other nice things, but I am SO glad DH insisted we kill the debt fast.

How much we save depends on what's going on in our lives. (usually involving a house) The two years that we were building this place we didn't save much of anything because our spare cash went into the house. (trying not to feel bitterness a I type!) Right now we're saving a lot because we don't have anything to spend money on. All of the paychecks go straight into the savings and from there we pay our taxes, move money into checking for bills, and move money out into various savings (retirement, 529, car fund, random fund, etc) which all earn way more than our actual savings account.

[spaz]

Ok, took out the actual amounts.

The government takes 32.5 percent or so. Actually it will be more. Turns out we will pay 40 percent as the tax rate went way up. We save 27 percent of his monthly salary that gets automatically deducted for extra retirement (above IRA and 401K) and 529. I transfer 10.5 percent of it to a savings account for long term purchases. We live on the remaining. He gets a bonus each quarter that all goes to savings

[Vishenka69]

Besides 401, 529 and Roth, we have an investment savings account and a more liquid one. The liquid one gets drained every couple of months for various house repairs. As soon as I build it back up, something else blows and requires immediate attention. Most of the savings we try to put some place that we don't see and can't touch.

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[SoonerTexan]

I put 4% in a 401k that my employer matches. Before we bought a house, we were putting away 20% of my pretax income, which became a house down payment. We will have to come up with a new plan based on the TBD residency situation.

[ballibeg]

Tax 40%. Wow. Effective tax here 62.5%.

We're struggling because my OH getting 15000 less a year than she used to. Next year 20000 and it's all tax.

Really hard as we made life changing on an income that has been slashed.

Dave