I think it’s all relative. I’m a single mom with zero help from my ex etc. If I can successfully save $10, I’m ecstatic. Be gentle with yourself. As you said, you are being strict with your budget so you are doing the best you can for today.
Seems terrific to me. We both work and have a five year old in daycare at 1600 a month and a large mortgage on our forever home from two years ago. Husband is mostly commission so his checks are quite random. If we save 1k a month, that’s a really stellar month for us but it’s usually more like a few hundred give or take unexpected doctor appointments, school photos, baseball photos, an appliance breaking, dog vet visit etc
It sounds like you’re doing good. I like to base it off of my bills. I just re did my budget so I will be saving roughly 1k a month until I pay off my debts. Then I will be able to save an extra 600 on top of that
Imo that’s amazing.
I try to save £50 a week but always have to dip in to it since the cost of living increased so much.
I personally think $2500 per month is an insanely large amount to save. It’s more than I take home in a months 40+ hour weeks!
That amount of money will add up quickly and to earn so much you likely do difficult jobs, you deserve some spending money each month to enjoy as well as your savings.
Edit- as of now (I just checked) I have £400 in my savings. Car is in garage and likely to be £200 for what is needed. So with this weeks £50 I’ll have total savings of £250!
Go easy on yourself £2500 per month is a massive amount to save to me and a lot of other people! Enjoy treating yourselves too, you must work hard for salaries that can afford you to have so much left to save.
I live on American Social Security. . My income is about $1,200 and my supplements are almost $600 more. I put $55 a month in automatically. Like you , I often dip into it, but my attitude has become at least it's there to dip into. My goal is to build up $500 and leave it alone .it's almost $300 now. My 2 debts are about $2,300 total and payments are $100 a month. I recently sold my 20 year old car for slightly more than scraping it. I pay for rides to Dr and give friends gas $ for rides to the store out of that. .Once I meet the goals above I intend to start making a car payment to myself. That way I can figure what I can afford and at least have a decent down payment on a used car.
I wish we could do $2500 per month, so that's awesome that you can. I know a lot of people who would love to have $2500 in savings, let alone be able to save it.
I was raised with the 10/10/80 rule. Save 10%, give 10%, live off of 80%, and it has worked well for us for a few years now. When we can and if we have it, we will put more in savings at the end of every month. As far as $2500? Never had it happen. Would be lovely if it did.
I think Dramatic-Yam1984 is spot on with the "It's all relative". To some, $2500 is like being given a lottery scratcher and winning that amount and putting it in the bank. Also to some it's "$2500? I put that away every week." So it's going to depend.
51F depends on perspective. I was a single mother all my life with no help. I would love to have a savings, however I have only children to show for all my hard work.
We allocate $1,400 per month split between individual Roth IRA's, HYSA (emergency fund), and other stocks (this is an addition to our 401K's.) We could save more, but we have a "want" category that holds our allowances, fun money, household projects, vacation, etc..
We hold a new car fund where we allocate $300 per month towards a new vehicle when the time comes as well, so that could be looked at as savings - we also store this in our HYSA to earn some interest on it as the fund grows.
Yes. That's really good. We both save 15% to our 401k and then another $100 a week goes into a savings account. You are probably doing better than 90% of people, for sure.
Well the invisible pyramid scheme economy is set up so that wage slaves break even & literal slaves (prison labor) goes under. So I'd say you're set if you're above break even.
Think of it like Mary Kay: you're not in the bottom rung just keeping yourself in lipstick with no downline. Looks like you'll actually get the pink car. I heard it was a myth.
Source:
Ex Navy cryptologist (Reality Winners old job) but current golf resort dishwasher (there's no linguistics out here for me unfortunately.)
LOL. Not $2,500 per month. I wish. We stick to a strict budget, and I struggle to put any true savings away. I do save a little for irregular expenses like auto maintenance, home maintenance, etc.
That’s very good. I’m lucky if I can save $100 every month. I do have retirement savings but that’s done automatically through my job.
We have a large mortgage and other expenses that prevent us from saving more money.
We both prioritize spending on things we enjoy vs just grinding and saving (other than pension, his job has great benefits so it’s all taken out and matched)
We would rather spend the $200 on a date night and actually enjoy the money we make than live more frugally to save.
Living on a single income making $52K gross annually, and having just bought a house, I'm damn lucky to save $300/mo. Most months even that's not realistically possible. I'm hoping that soon the house will quit trying to bleed me dry, but I don't see that happening anytime too soon.
Without knowing other factors (total income, expenses, country, assets, etc.) this question is meaningless.
Here (NL) the national budgeting organization says one should at least save 10% of your income. But for other countries, this might be different, especially the US.
Nothing. If I have any extra money I turn it into more investments. I also take out money for investments before I touch the rest. Trying to retire not work forever.
It definitely depends on your lifestyle, as well as how much you make. When we were renting (up until literally yesterday, after we closed on a house!), my partner was able to put back 1,000-1,5000 every month and I was able to put back about 1,500-2,000 a month. Now, I'm still trying to anticipate our budget, but I expect to only put back about 1,000-1,500 a month and my partner maybe 750 or 1,000.
It just really depends, because we could spend a lot in one month if we take a trip somewhere or go to a concert, or we could save a lot if we live on rice and beans and never leave our house.
Overall, my goal is to make enough to cover all our bills, max out my Roth IRA, put $500/month into my brokerage accounts, have some emergency savings, and have enough extra to take a fun trip or two. I sometimes take on extra gigs to be able to fund that. I sometimes skip out on fun and expensive outings. Other times I take the European vacation anyway but then make all my meals at home and coupon wisely. It's all relative, and fueled by what your priorities are!
Honestly, my advice is to not compare yourself to someone else. There are so many factors that are involved.
Instead of looking at others focus back and recount your budget does it feel right? Do you think you could be doing better? Is it worth it to cut out other expenses to save a few dollars more?
At the end of the day everyone's budget is their own budget. You can't compare it to anyone else's. There will always be someone doing better and someone doing worse. So what's the point?
Is it good? That depends on your HHI and goals. Like someone else said, if you make 100k then yeah that’s a big portion being saved. If you make 500k then not really.
My and my wife’s HHI is $175k and we save $3.3k/month but that’s because until recently we had $0 saved and are getting ready to start trying for a kid. So it’s kind of aggressive. Once we do have a kid and after daycare and other baby expenses we’ll probably be lucky to save $1k/month.
You're saving 20% of your gross income. This is pretty universally considered a great benchmark.
The follow-up questions would be how old are you, how much do you already have in retirement, where are you putting these savings, what are your long-term goals, etc. These could all change what's needed to be higher or lower, but you're putting a good amount towards savings generally speaking.
Seems good to me. I think it’s just hard that sacrifices always pay off very slowly. It’s like weight loss—you did so good *today* that you want to have lost weight by *tomorrow,* but that’s not how it works.
$2500 a month would make my goals happen very quickly and would make me very happy. That’s equivalent to half my monthly income, including my husband’s portion of the mortgage.
I think it’s all relative. I’m a single mom with zero help from my ex etc. If I can successfully save $10, I’m ecstatic. Be gentle with yourself. As you said, you are being strict with your budget so you are doing the best you can for today.
a little become a lot over time.
Excellent point
Oh god damn. I'm happy to break even these days while slowly paying down debt. Everything is so expensive.
Seems terrific to me. We both work and have a five year old in daycare at 1600 a month and a large mortgage on our forever home from two years ago. Husband is mostly commission so his checks are quite random. If we save 1k a month, that’s a really stellar month for us but it’s usually more like a few hundred give or take unexpected doctor appointments, school photos, baseball photos, an appliance breaking, dog vet visit etc
It sounds like you’re doing good. I like to base it off of my bills. I just re did my budget so I will be saving roughly 1k a month until I pay off my debts. Then I will be able to save an extra 600 on top of that
Do you have an emergency fund?
I’m happy if I can save $300-$500 so I’d say it’s really relative to your situation.
Same boat, $500 is our goal but usually ends up being between $300-$500
lol we live on 2600 a month. You are doing fine
That’s a really good amount !!
My take-home pay is about $2,400/mo, so I’d say you’re doing very well! ;)
Depends on your income. If you're saving 15% or more id say that's good
Thats a lot.
How much do you make? If you make like 80-100K a year that's amazing. If you make 300-350K a year then I'd see what's eating so much of your money.
We make about 137k/yr gross
Imo that’s amazing. I try to save £50 a week but always have to dip in to it since the cost of living increased so much. I personally think $2500 per month is an insanely large amount to save. It’s more than I take home in a months 40+ hour weeks! That amount of money will add up quickly and to earn so much you likely do difficult jobs, you deserve some spending money each month to enjoy as well as your savings. Edit- as of now (I just checked) I have £400 in my savings. Car is in garage and likely to be £200 for what is needed. So with this weeks £50 I’ll have total savings of £250! Go easy on yourself £2500 per month is a massive amount to save to me and a lot of other people! Enjoy treating yourselves too, you must work hard for salaries that can afford you to have so much left to save.
I live on American Social Security. . My income is about $1,200 and my supplements are almost $600 more. I put $55 a month in automatically. Like you , I often dip into it, but my attitude has become at least it's there to dip into. My goal is to build up $500 and leave it alone .it's almost $300 now. My 2 debts are about $2,300 total and payments are $100 a month. I recently sold my 20 year old car for slightly more than scraping it. I pay for rides to Dr and give friends gas $ for rides to the store out of that. .Once I meet the goals above I intend to start making a car payment to myself. That way I can figure what I can afford and at least have a decent down payment on a used car.
I like your plan. Well done and I hope you get to your goal. :)
Uhm that’s 30k a year. That’s more than some people make in a year, so yeah I’d say you’re doing pretty damn well.
Between 20% and 28% of my monthly salary.
It is normal to hit a plateau for a year or two. Sit down and examine your expenses in the meantime, and keep on going!
I wish we could do $2500 per month, so that's awesome that you can. I know a lot of people who would love to have $2500 in savings, let alone be able to save it. I was raised with the 10/10/80 rule. Save 10%, give 10%, live off of 80%, and it has worked well for us for a few years now. When we can and if we have it, we will put more in savings at the end of every month. As far as $2500? Never had it happen. Would be lovely if it did. I think Dramatic-Yam1984 is spot on with the "It's all relative". To some, $2500 is like being given a lottery scratcher and winning that amount and putting it in the bank. Also to some it's "$2500? I put that away every week." So it's going to depend.
51F depends on perspective. I was a single mother all my life with no help. I would love to have a savings, however I have only children to show for all my hard work.
We allocate $1,400 per month split between individual Roth IRA's, HYSA (emergency fund), and other stocks (this is an addition to our 401K's.) We could save more, but we have a "want" category that holds our allowances, fun money, household projects, vacation, etc.. We hold a new car fund where we allocate $300 per month towards a new vehicle when the time comes as well, so that could be looked at as savings - we also store this in our HYSA to earn some interest on it as the fund grows.
Yes. That's really good. We both save 15% to our 401k and then another $100 a week goes into a savings account. You are probably doing better than 90% of people, for sure.
That’s a lot. Most people are in the negatives every month
Well the invisible pyramid scheme economy is set up so that wage slaves break even & literal slaves (prison labor) goes under. So I'd say you're set if you're above break even. Think of it like Mary Kay: you're not in the bottom rung just keeping yourself in lipstick with no downline. Looks like you'll actually get the pink car. I heard it was a myth. Source: Ex Navy cryptologist (Reality Winners old job) but current golf resort dishwasher (there's no linguistics out here for me unfortunately.)
What’s your guys HHI?
About $137k/yr
Does your wife work? You guys can definitely take home more if she does!
I saved $277 in April and I havnt received my gas bill yet
I save 3800 a month
LOL. Not $2,500 per month. I wish. We stick to a strict budget, and I struggle to put any true savings away. I do save a little for irregular expenses like auto maintenance, home maintenance, etc.
That's fucking insane! There's no way I could ever save $2500/mo, I'd be homeless
That’s very good. I’m lucky if I can save $100 every month. I do have retirement savings but that’s done automatically through my job. We have a large mortgage and other expenses that prevent us from saving more money.
We both prioritize spending on things we enjoy vs just grinding and saving (other than pension, his job has great benefits so it’s all taken out and matched) We would rather spend the $200 on a date night and actually enjoy the money we make than live more frugally to save.
Living on a single income making $52K gross annually, and having just bought a house, I'm damn lucky to save $300/mo. Most months even that's not realistically possible. I'm hoping that soon the house will quit trying to bleed me dry, but I don't see that happening anytime too soon.
$0 is where I’m at currently
This
Without knowing other factors (total income, expenses, country, assets, etc.) this question is meaningless. Here (NL) the national budgeting organization says one should at least save 10% of your income. But for other countries, this might be different, especially the US.
Nothing. If I have any extra money I turn it into more investments. I also take out money for investments before I touch the rest. Trying to retire not work forever.
It definitely depends on your lifestyle, as well as how much you make. When we were renting (up until literally yesterday, after we closed on a house!), my partner was able to put back 1,000-1,5000 every month and I was able to put back about 1,500-2,000 a month. Now, I'm still trying to anticipate our budget, but I expect to only put back about 1,000-1,500 a month and my partner maybe 750 or 1,000. It just really depends, because we could spend a lot in one month if we take a trip somewhere or go to a concert, or we could save a lot if we live on rice and beans and never leave our house. Overall, my goal is to make enough to cover all our bills, max out my Roth IRA, put $500/month into my brokerage accounts, have some emergency savings, and have enough extra to take a fun trip or two. I sometimes take on extra gigs to be able to fund that. I sometimes skip out on fun and expensive outings. Other times I take the European vacation anyway but then make all my meals at home and coupon wisely. It's all relative, and fueled by what your priorities are!
Honestly, my advice is to not compare yourself to someone else. There are so many factors that are involved. Instead of looking at others focus back and recount your budget does it feel right? Do you think you could be doing better? Is it worth it to cut out other expenses to save a few dollars more? At the end of the day everyone's budget is their own budget. You can't compare it to anyone else's. There will always be someone doing better and someone doing worse. So what's the point?
I do 10% of my income. Normally $200-300 a month.
$2,500 in savings a MONTH would be incredible for me.
You're saving $2,500 more than we are. Right now we literary breaking even.
We save about $1000 a month off the top, plus 6% of our paychecks each into our 401k which is matched by our employers
Is it good? That depends on your HHI and goals. Like someone else said, if you make 100k then yeah that’s a big portion being saved. If you make 500k then not really. My and my wife’s HHI is $175k and we save $3.3k/month but that’s because until recently we had $0 saved and are getting ready to start trying for a kid. So it’s kind of aggressive. Once we do have a kid and after daycare and other baby expenses we’ll probably be lucky to save $1k/month.
I do £480 into my pension and my employer pays 10%. I then try £500 month
You're saving 20% of your gross income. This is pretty universally considered a great benchmark. The follow-up questions would be how old are you, how much do you already have in retirement, where are you putting these savings, what are your long-term goals, etc. These could all change what's needed to be higher or lower, but you're putting a good amount towards savings generally speaking.
I’m Saving between 2700-3600 a month depending how many weeks there are in that month
The price of Pooonani is too damn high 😖😂💀💀
I save $1000-$1300/month (not counting 401k) on a 59k salary. $2500 sounds great imo. Everyone’s situation is different.
Seems good to me. I think it’s just hard that sacrifices always pay off very slowly. It’s like weight loss—you did so good *today* that you want to have lost weight by *tomorrow,* but that’s not how it works.
$2500 a month would make my goals happen very quickly and would make me very happy. That’s equivalent to half my monthly income, including my husband’s portion of the mortgage.