How much per paycheck goes away into savings?

@maezee (33282)
United States
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
20 responses
@ilocosboy (37093)
• Philippines
22 Jun 16
I wanted too but it's really hard.
2 people like this
@maezee (33282)
• United States
23 Jun 16
I get it. What about even $10 a paycheck or something? Could something like that be doable?
2 people like this
@ilocosboy (37093)
• Philippines
23 Jun 16
@maezee its hard when the income is minimum
@maezee (33282)
• United States
25 Jun 16
@ilocosboy Yes, I totally understand.
@Juliaacv (33133)
• Canada
22 Jun 16
My husband does the transferring into the savings account for us so I don't know the weekly amount, but I know that we never touch that money and every 3 years or so there is usually around $15,000 in savings. It adds up quickly if you let it.
@maezee (33282)
• United States
23 Jun 16
Very nice. Thats an awesome little saftey net in case something happens. I cant wait to get mine intl the 5 digits....although that will br a while. Lol! Good for you guys.
1 person likes this
@Juliaacv (33133)
• Canada
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.
@maezee (33282)
• United States
24 Jun 16
@Juliaacv that is amazing! Plus you save yourself whatever interest they charge...
1 person likes this
@zarlamain (24885)
• United States
22 Jun 16
I usually put away a small percentage of my paycheck into my savings.
@maezee (33282)
• United States
23 Jun 16
Good for you. May I ask which percentage?
@zarlamain (24885)
• United States
24 Jun 16
@maezee Around 10%.
@maezee (33282)
• United States
25 Jun 16
@zarlamain Whoa, that's amazing!!! Good job :)
• Shillong, India
23 Jun 16
Its good if we could maintain saving from our earned but I always forget
@maezee (33282)
• United States
23 Jun 16
Yeah! Can you have it directly deposited into your savings account? Thats a nice way to do it as its done automatically!
1 person likes this
• Shillong, India
23 Jun 16
@maezee No I never use this system, I think I should start planning
@maezee (33282)
• United States
25 Jun 16
@psanasangma Yeah! I know not all employers offer it, but it seems like most do, at least here. It beats having to actually go to the bank!
@sofssu (14447)
22 Jun 16
I used to put in 15% of my pay check while I worked full time.. It came in handy when we bought our first home.
@maezee (33282)
• United States
23 Jun 16
Sweet! Good to hear. Thats my goal eventually - to hace a big account built up so I can put money down on something big. Or a rainy day fund
1 person likes this
@sofssu (14447)
23 Jun 16
@maezee Best wishes to you.
@maezee (33282)
• United States
25 Jun 16
@sofssu Thanks, and you too!
@BelleStarr (39652)
• United States
25 Jun 16
I think working your way up to 10% is a good idea, but do it slowly so you can adapt your spending habits.
@maezee (33282)
• United States
25 Jun 16
Yes....that seems to be the troubling part. Love to spend money. Any advice?
1 person likes this
@BelleStarr (39652)
• 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.
@TRBRocks420 (82464)
• Banks, Oregon
22 Jun 16
Sadly I need every penny I can get at the moment.
@maezee (33282)
• United States
23 Jun 16
I get you on that one. I have some debt that needs to get squared away so Im not sure it makes sense to have the account right now. Oh well. Hope things start looking up for you!
1 person likes this
@TRBRocks420 (82464)
• Banks, Oregon
23 Jun 16
@maezee Thanks I'm sure it will, it always does.
@xstitcher (12465)
• Petaluma, California
25 Jun 16
I am able to put very little of paychecks I get into my savings, but I put a bit in when I can !
@maezee (33282)
• United States
25 Jun 16
Thats good! Even a little bit seems to add up over time..Keep it up :)
@quantum2020 (9883)
• Ciudad De Mexico, Mexico
25 Jun 16
I can´t put any % of my money in the bank, as I´m not making enough money to put aside for savings. I think a good pecentage would be 5% every week. Overtime, it will grow to a good amount in the bank.
@maezee (33282)
• United States
25 Jun 16
I hear you, it's tough. I agree that seems like a good percentage.
1 person likes this
@harry6 (135)
• Chandigarh, India
24 Jun 16
That nice, i am not in a habit of saving but i must start it now
@maezee (33282)
• United States
24 Jun 16
I think even a few dolars per check would add up. Best of luck!
@jstory07 (69762)
• Roseburg, Oregon
23 Jun 16
I used to do 5% and my husband did 5% out of his check. We used that money to move on and saved it for 24 years.
@maezee (33282)
• United States
24 Jun 16
Thats amazing and inspirational to hear. Thanks. Was there ever a time where you had to pull it out or dip into it?
• United States
23 Jun 16
I put away a little, I would like to do more, but I'm trying to get myself to financial freedom so I do what I can.
@maezee (33282)
• United States
23 Jun 16
And thats all you can do :-) Best of luck.
@cherriefic (4805)
• Philippines
23 Jun 16
10% each month is OK for me. I can't do more or it will end up being withdrawn.
@maezee (33282)
• United States
25 Jun 16
That's very true...you have to keep what you need, for sure.
22 Jun 16
From a total of 100% i will put 27-33% as savings.
@maezee (33282)
• United States
23 Jun 16
Whoa really?! Thats a ton. Good for you. Im sure thats a nice looking savings.
@zap_81 (1020)
22 Jun 16
I think the right percentage would vary for each person. that said 25 to 30% seems to be a good amount to save. I would also not save in another account but may be in mutual funds or a fund which is liquid in nature.
@maezee (33282)
• United States
23 Jun 16
That seems super high! I thought 10% seemed high. I am not really aware what mutual funds do. Is that a stablr place to put money? Or is it high risk?
@vandana7 (67563)
• India
22 Jun 16
If I don't I will have to pay heavy taxes. 1/10th of monthly earning. Better saved than paid as taxes.
@maezee (33282)
• United States
23 Jun 16
Do you hve to pay taxes on it? Taxes get taken out before I put miney into savings so it kinda stinks. 10% is amazing though good for you!
@Kinnian03 (193)
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
@maezee (33282)
• United States
23 Jun 16
Sad. I hear you though.
@JolietJake (51107)
• United States
22 Jun 16
I don't make enough to put any away, unfortunately. Most paychecks are barely enough to cover living.
@maezee (33282)
• United States
23 Jun 16
Good point.
@marlina (77809)
• Canada
26 Jun 16
We always put at least 15 % when we were working: retired now. And good thing that we did this, it makes a big difference in your life when you are careful with your money.
@DianneN (84978)
• 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!