What's your monthly disposable income? (mortgage, rent , job)

[mike.main]

Hey all,

I have a quick question? How much do you guys have left after you pay all your monthly dues. I'm talking about everything including grocery, food, mortgage, utilities ... etc.

Please include whether you live in a single income or dual income household.

I'm just curious to see what you guys think is a good monthly buffer to have for savings and/or emergency.

Mike

[TurcoLoco]

I usually do not do a very good job with saving $$. Even if I did manage to save something, an unexpected, stupid costly expense comes out of nowhere and I am left with enough money at the end of the month to buy a Happy Meal at the best.
I don't even have any bad habits like smoking, drinking, gambling, clubbing/women, etc. so I don't even know where the spare money is going but car payment ($450), rent ($820), utilities ($100+), food(hell if I know) and gas ($250+) takes away a lot!

Granted I don't make a lot, yet it is still decent but I think this town is really not that cheap for single income unless it is in the high 5-digits or even higher especially if you want to own a house.

[artvandelay]

I am a single earner supporting a family of 4, and I have roughly $100 a month leftover to save for unexpected expenses. I also have to sometimes delay grocery shopping until my next paycheck, but never go without a necessity. I work from home 3 days a week, more if I want, so that keeps my gasoline expense down.

[TurcoLoco]

Originally Posted by artvandelay

I am a single earner supporting a family of 4, and I have roughly $100 a month leftover to save for unexpected expenses. I also have to sometimes delay grocery shopping until my next paycheck, but never go without a necessity. I work from home 3 days a week, more if I want, so that keeps my gasoline expense down.

Art wanna adopt me? lol....I asked AJ661 too but he almost shot me.

[Gretchen B]

Disposable income? Just to quote my parents: "If it's not a necessity, that's just like throwing money down the toilet." Thus the true definition of disposable income.

[sablebaby]

I'm the same as the others, I don't have much at the end of the month. I juggle my bills a little every couple of months to get everything paid. I don't save much either. I just have a tendency to spend money when I have it.

[twiggy]

Well, I don't think I need to even say anything. ha ha
I use to put away a lot. But now, with this climate, if I have any extra at all I am putting it back into my house with remodeling so I can sell it someday. lol
I have 3 kids but my husband and I both work. With my growing heavy hanging ARM on my house it gets less and less and less. lol
It's a good idea not to live pay check to pay check, they say save enough for one months pay in case of an emergency, but I don't know many who can do that any more. Most live pay check to pay check.

[Great Joy]

Originally Posted by mike.main

I'm just curious to see what you guys think is a good monthly buffer to have for savings and/or emergency.

Mike

Financial professionals say people are supposed to have at least a 6 month expense savings buffer in case something happens. Luckily we saved when times were better, and still try. It's harder now that gas, grocery, etc prices have gone up.

[twiggy]

Originally Posted by Great Joy

Financial professionals say people are supposed to have at least a 6 month expense savings buffer in case something happens. Luckily we saved when times were better, and still try. It's harder now that gas, grocery, etc prices have gone up.

Yes, this would be the best. I did this before the medical issues wiped it out. If you can do it, it makes life a little easier, you don't have to sweat the small stuff this way, you've got it covered.

[SOON2BNSURPRISE]

Guess it depends on your lifestyle, but a good rule of thumb is to have a 3 month supply of money stashed away, preferably in the bank. You should also have $500 to $1000 in cash stored in your home for emergencies locked up in a safe place. Preferably in bills that can be spent easily, meaning that many places won't take a $100 bill. In your car you should keep $100 hidden and if you let someone detail your car remember to pull the cash just in case.

The optimum thing to do is to have a years expenses saved up in the bank. Chances are it will take time to build that safety net up for yourself. I can tell you this that if you spend the next few years doing that you will live a stress free lifestyle in the end.

While you are doing that max out your 401K or at least pay the amount that gives you all of the employer percentage. For example where I work the employer gives us 2% of our pay, then a half of percent for every percent that we pay up to 6%. What that means is that if someone puts 6% of there money in they have 11% actually going into the retirement account. If you were to place your raises into the account it wouldn't take but a few years to be saving 20% of your income for retirement. If your employer doesn't offer a 401K or a 403B then get am IRA max that out and then get a Roth Ira and max that out.

Some people say that they can't afford to do what I have suggested. Chances are they also wont be able to afford to retire when they want to. Maybe they will choose to live on the poverty level income that Social Security provides if it is ever there in 30 years.