I want to build up a savings account with my wife so that we can have a good nest egg for when we decide to have a kid. I'm 25 and she's 22 so it'll be 2-3 years and we want to start saving more than we are. How much should we "reasonably" be putting aside without shorting ourselves for our own fun times?
2006-12-28 03:31:47 · 9 answers · asked by runner_shawn 1 in Business & Finance ➔ Personal Finance
Open an account with Emigrant Direct. I am doing so based on a posting at the below blog... Sounds easy...start with $10/wk and keep bumping it up until you are at a comfortable level. Money money money when you are older!!! :)
2006-12-28 03:35:09 · answer #1 · answered by Blicka 4 · 0⤊ 0⤋
Start by adding up all the regular monthly bills you have. Then add in things like entertainment (renting movies, going out to eat, attending concerts, etc.) and other purchases (food, magazines, coffee, gasoline, gifts.) It is helpful to look back at credit card statements from the past year to see how much you actually spent on gas for example. Otherwise approximate those expenses. Include things you pay yearly or quarterly like insurance, sewer/water bills, property tax (approximate their monthly amount). Whatever is left is your available amount. I cut this in 1/2 (in the beginning) and put in savings. (You'll have to figure out the percentage.) Best way to save money is to have it automatically put into a savings account for you...either through your employer or maybe even a bank could do it for you. Good luck.
2006-12-28 11:45:07 · answer #2 · answered by luvlabs 3 · 0⤊ 0⤋
It's totally up to you and what your finances look like. The only answer I can give is as much as you can afford. I think if you allow yourself play money, you spend it. I definitely agree that you should have fun money. But think about what that means to you and what's reasonable. Is it going out to dinner once a week? What kind of dinner? Just a matinee and a box of popcorn? Back yourself into the number. And good for you for planning!
2006-12-28 11:36:15 · answer #3 · answered by shannonscorpio 4 · 0⤊ 0⤋
Find out how much you need for expenses (keep it quite low), then use the other percentage for savings. You do want the savings percentage as high as possible. It will come in great for emergencies, for buying a house or car all at once (no interest), vacations, retirement.
2006-12-28 11:35:05 · answer #4 · answered by John 2 · 0⤊ 0⤋
You need to work out all outgoings first - no good saving if your bills are in the red. From whatever is left its yours to play with so you could realistically put away 50% and of that only allow yourselves to use say 25% for emergencies or that special treat, which we all need from time to time.
2006-12-28 11:41:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
15 to 20 percent
2006-12-28 11:35:28 · answer #6 · answered by qpistol 5 · 0⤊ 0⤋
Varies... sit down and figure out a budget. All income minus monthly known expenses, walking around money and put some in the bank. I wouldn't but it all there, invest in something not too risky but not dormant. Make your money work for you....
2006-12-28 14:16:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
10% Is a nice start... give or take. It depends on how much you *can* take out. But if the church wants you to tithe 10%, that must be an okay example.
2006-12-28 11:38:12 · answer #8 · answered by johnnyscruff 1 · 0⤊ 0⤋
Ideally at least 10% (not counting the money you are putting into 401k and/or IRA)
2006-12-28 11:40:47 · answer #9 · answered by azohawk 3 · 0⤊ 0⤋