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What percentage of your paycheck do you save per month?
I'm 27 and I save as follows:
6% into 401K with 3% match (pre-tax)
14% into Roth IRA (post-tax)
10% into non-retirement mutual funds (post-tax)
28% into cash savings (post-tax)
I live really frugally, $300/mo rent (hooray for roommates!).
Just wondering what others in my age range put away monthly?
We do 11% into a 401K (the legal limit for us) and another 15%-20% (depends on DH's side business) into a money market that we're trying to build a year's worth of expenses in case of emergencies. We have 6mths currently. We also fully fund a Roth for me every year but usually do it with a bonus or extra money from DH's side biz.
25 % of my net goes into saving. I thought I was doing pretty good. The posters here put me to shame lol. I guess 25% is better than nothing. Keep in mind that I support myself fully and live alone in a high cost of living city.
Sam82 - approx. 25% average here also. We put the max 401K contribution, max out IRAs if we qualify, and squirrel money away into additional investment vehicles (brokerage accounts, college accounts, emergency funds, and we buy income properties). I'd love to have lower overall expenses to invest/save more but that will come in due time. Living in an high cost areas (So. Cal.) does seem to take a bigger bite out of our savings % it seems.
I'm retired; house, cars, college costs, weddings (have 2 daughters) are all paid off. I'm basically saving 50% of my net income. My expenses are fairly low and I try to keep things simple. I grew up dirt poor and don't like debt or being financially stressed. It is important for younger folks to understand that credit cards and related debt should be used wisely and never incur an obligation you can't pay. Cash in the bank is, in my opinion, a good way to go for most people. The talking heads and financial advisors will disagree, but debt free is my advice. A 30 year fixed rate mortgage is the only debt one should have. JMHO.
Last edited by Pilgrim21784; 04-05-2009 at 02:32 AM..
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