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Let's open the floor with this one — what percent of your income do you save each month?
And as a follow up, where does it go?
I'll start:
I put 10% of my income into my 401(k) — which gets an additional 2% match from my employer.
After taxes, we put away 20% of our income. Half of it goes into our Roth IRAs and the other half goes into our housing fund.
Any money beyond that goes into our emergency fund.
What percent of your income do you save each month, and where does it go? Share in a comment below!
And awesome that you guys are in the DC area as well! I ...
I save 6% via my 401k; which is matched at 4.24% by my company; fully vested!
I save 5% after tax which goes to my Ing Savings account; I've transferred a good amount here to my Capital One MMDA though.
4% into 401(k) which is double-matched plus a bonus 4% by my employer. Comes out to 16%. Also, when I get more than a few thousand dollars in my checking account, I transfer most of it to my savings account. When the savings account reaches a certain limit, I transfer a bunch of it into my investment account. I don't like automatic saving plans where a certain percentage of my income gets automatically transferred to my savings or investment account because I spend more money some months than others. I like controlling the transfers myself.