How much per paycheck goes away into savings?
June 22, 2016 6:01am CST
Its kind of cool at my job (and probably many other jobs) you can direct deposit a percentage or a flat rate into a second account if you choose. I started this little savings account back in February and have put in 5% of my paychecks as well as my online earnings....and just in letting it sit, Ive accumulated almost $1900! Which is little, I know, but a big step for me. I hear of a lot of folks who put in 10% of their checks but that seems like a lot to me. I just bumped mine up to 6% and that is noticably more to me. How much do you put away, if any? What do you think the right percentage is?
14 people like this
23 Jun 16
@maezee For a while when we reached roughly that amount, we'd find something wrong with one of our vehicles and usually would take our savings and pay cash for a slightly used vehicle-nice not to have car payments, it does wonders for your credit rating.
• United States
26 Jun 16
@maezee list out exactly what you are spending every penny on and then prioritize them. Somethings you can cut back on and some are fixed I am sure. Look for ways to save in each category. It takes time but savings really is important. I don't know your expenses so I can't be more specific.
22 Jun 16
What is a savings?? Hahahaha jk no.. as soon as i get paid... it all disappears like magic.. i support my nieces school and the bills at home so its very tough to actually save... even if i do i end up buying what i want and never really get to save any lol its a struggle
• United States
25 Jun 16
When we worked, we had a percentage put into investment accounts, I have no idea the amount. It paid off so well, but we don't have to touch it. Now that we are retired, we are able to live off our pensions and still have a lot for a few savings accounts and investments at the end of each month. A lady doesn't tell her age, weight, or wealth. Lol!