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

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[quote=Anonymous][quote=Anonymous]Working on a budget so DH and I can make some important decisions about childcare and what we can and cannot afford. We have high HHI (350Kish) but we also have a lot of debt (all student loan, low interest). What's a good rule of thumb (and something preferably not too complicated) for how much you should pay yourself first/save ideally a month?

I've heard 20% a month into savings is a good barometer and we're at that. Meaning, I've got a budget worked out where we pay down some student loan debt every month, plus have a nanny, plus put away about 24% of our take home income each month into savings (including retirement). Thoughts? Is this good? Bad? Basically trying to make sure we can afford a nanny without being financially irresponsible. [/quote]

At that income, I would save more- at least 25% of [b]gross[/b].  15% of gross [i]minimum[/i] for retirement, more if you want to retire before 70, plus college plus housing....  How much are you saving for your DC(s) college?  Are you saving for a downpayment on a house, or have you already purchased a house?  Do you have 9-12 months of expenses saved as cash for an emergency fund?

If it were DH and I and if the income split between your DH and you is close, I would bank all post tax income of one of your salaries.  (That is what DH and I did.)[/quote]

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