Financial question: How much money do you put towards your savings a month? How much should you have in your checkinh account?

[DreamLife7]

[Dinklex3]

I think it depends what your goals are and what you’re planning to do.

While I was preparing to be jobless I put like $1,800 a month towards my savings so I’d be good later.

I’m jobless now so I don’t save like that anymore. I won’t start really saving again until l graduate and get a new job. I don’t think there’s a specific amount of money you should have in your checking tbh. Just be smart about your financial goals and work towards them.

[strateguy632]

ever since someone explained inflation to me, as a teen, i realized not to try to save.

just balance budget, have some spare for surprises and enjoy what you have. i recommend not relying on credit card debt despite they allow you and it's tempting.

a million dollars in 1995, could by then what you need 4 or 5 million now. a milloinaire is so weak that fiction changed batman from milloinaire to billoinaire.

and same joke in film Austin Powers 1997. "unless you give me a MILLION dollars... etc." great scene!

[NathanDavis]

at this point, I am not saving like that

rather am, investing in property (and few different assets)... and also securing future investments (trust funds)

it's a transition point... once all these things are taken care of, I might be able to save then, and also two have a couple of sources of passive income, to actually be able to save any profit in the future

[Apple1996]

Me and my husband don't save every month out of our normal paycheck. Only when we get big amounts of extra money. Which is a few times a year

[MikeTheBartender]

The last few years I go 100 percent into my 401 until I max out. So l live off savings for about two months until I max from the businesses. The rest of the year I save anywhere from 0-50% a month. I'm retiring in about 2 years so I go a little more crazy than the average bear.

[Friendlybro79]

@MikeTheBartender good for you! This is great. Takes a lot of discipline.

[MikeTheBartender]

@Friendlybro79 yeah it's an odd feeling having zero dollar checks for a few pay periods but then the take home pay the rest of the year is excellent.

[Friendlybro79]

If you are a bartender like your name suggests, I do understand being in the service industry with inconsistent tips etc. If you're not a bartender or not in the service industry you can spread out your 401k contributions throughout the year. There can be benefits through dollar cost averaging that way if you haven't throught about that and it won't have you out of savings for two months that way. That said, it looks like you know what you're doing, but I thought I'd share that tip just in case you hadn't thought of it. For ex if the two months you go balls to the wall maxing out the market is high you're buying less shares but if you spread it out all year, typically, it works in your favor long-term. Unless of course you're strategy is to put in during the two months it is at its lowest , which is hard to figure out.

[MikeTheBartender]

@Friendlybro79 I bartend here and there for friends and family, but it's my former job (15 or so years) for the most part. I work with a few businesses (some bars) and real estate now mostly.

Ahhh yes good old DCA, I completely agree with you, but I don't do it out of mental reasons. I just love getting it paid off early. I did the same for my primary homes mortgage, paid it off early. EVERY financial advisor will say this is wrong, and I agree... But just like maxing out, the feeling of having less f--ks to give is worth the loss of profit. My humble opinion, even though I know it's wrong 😂

[Friendlybro79]

Is it wrong to max out of retirement accounts... I don't think so. You're doing something right if you can retire in a few years at your age. I can't save 50% of my salary after bills and making out of my 401k. If I could I would and do the same thing... retire young. For me that would be taking a part time job somewhere for health benefits but the least stressful and most fun job I could find lol

[JacobJordan]

If you have bills covered and food etc taken care of. 25% of what is left goes to savings. 25% goes to checking. Rest is free to use. Though from what I hear pretty hard for most Americans to reach the financial ability to pull that off.

[DizzyDesii]

Up until last year, i was saving at least 50% per check starting 2018. So within 3 years a had a steady 5 figures

[exitseven]

At this point in my life I have a few different income streams. Plus I have two jobs. I put most of the income from my jobs in the bank. I want to retire soon.

[IslaTheWitch]

about 50% of my income goes for savings. We don't spend much with Drama Queen, lol

[laly520]

I save 60% of it n on some months more than that

I dont spend much n I only invest my money after thinking

[MysticDevice]

Whatever the maximum my employer will match for 401k. Otherwise not a lot. I can't save what I don't have. Rent, gas, and food takes almost everything.

[jamesgoldman]

Savers are losers as Kiyosaki says

Should... I don't know right now I have maybe £1,500 spread over a few accounts

[DreamLife7]

Kiyosaki is also born rich like most Asians lol. I pay him no mind. He also encourages you to work to death

[jamesgoldman]

That the way to do things, I laugh at the dolls 9-5 and 4 weeks holiday a year like you'll never prosper like that and he wasn't born rich he was bankrupt in the late 80's... savers are losers that isn't up for debate
Inflation eats up 2% every month, okay it's not Venezuela but hey another 4 years of Biden it'll probably become that bad

[DreamLife7]

Are you referring to yourself? 🤣 I'm hearing a lot of anger and projection in your comment. @jamesgoldman and I doubt you're a 1% .

[jamesgoldman]

Me, nah I do 70+ hours a week even work when I am on holiday hell even from my hospital bed a few years ago

Never did I was but hell being debt free that's something in itself and puts you above 50% of people no matter what they earn

[DreamLife7]

Continue to kill yourself 🤣 couldn't be me. I'll be on the next fight to Greece while you're slaving away for kiyosaki, gaining weight with increased blood pressure I'll pass

[jamesgoldman]

Best odds I'm dead by 50... given the state of the planet, I think humanity probably doesn't have much more than that at best

Greece famed land of failing economics, they crumbled like the feta... that's ironic

[DreamLife7]

Yeah you're depressed dude

[jamesgoldman]

No I'm just riddled with a lot of health issues

[SixFootSexy]

Max out your 401k every year. Save as much as you can. Tough times are ahead.

[Redstang88]

Nothing, still paying off debt. I don’t keep more than a couple thousand in checking

[DreamLife7]

You can save and pay down debt

[Alex-Snow]

Financial people say we should try to save at least 10% of our income towards retirement

[Bklynbadboy12]

I try to save at least 1,200 a month

[AngryCarl]

Whatever I don't spend gets saved.

[shortster]

You should have about 3 months salary on hand.