Reply to How much "should" I be saving a month?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][/quote]

This question can't really be answered by anyone other than you.  How stable is the income? What are the alternatives to having a nanny? How much savings do you have?  What types of savings?  College Savings?  Do you own a home?  Are you planning to buy a home?  What would you do in an emergency?  What is the interest rate on the student loans?  Could you pay the student loans plus all other expenses if you lost your job?  What percentage of your take home is discretionary spending?

We used to have about that in HHI and we saved about the same as you, and I wish we had saved more.  We are fine, but we have made decisions that ended up cutting income, and we had to go through some tighter (not tough, but tighter) times.  In retrospect, I wish we had gotten rid of all the debt and save a bigger cushion (i.e., at least $250k in non-retirement) when we had the chance.   Instead, we ended up realizing that we didn't have quite as good of an emergency fund as we wished after we had cut the income, thus squeezing much more to get to a comfortable place.[/quote]

Super helpful, thanks. We have maybe 180K total in savings, but that includes retirement. We own two homes, one is rented out. Student loan interest rates are 0-2%. Stable incomes- we're both lawyers at midsized/large firms. Yes, some college savings (but not a lot). I totally agree with what you said about wishing we saved more- I think that all the time. I wish we did it before kids especially. Alternatives to nanny are daycare. Still expensive but less than nanny. [/quote]

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