Anonymous
Post 01/22/2023 09:55     Subject: Re:Average savings per month
We are 420k hhi. We currently pay private for 2 kids. After maxing elective Deferral for each of us we put 3k/mo into 529s. Another 1k goes to brokerage. We generally save another 3500 after all this that goes to bonds, backdoor Roth, or stays in cash.
Anonymous
Post 01/22/2023 09:29     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We saved 10k per month on 300k HHI


This is us. Not counting 401ks.


Horseshit. Unless you are childless and your favorite hobby is sitting at home with your thumb up your ass.


odd response. kids are grown/out of college... we are still working, not big spenders. no mortgage, monthly cc bill about 2500, annual tax about 5500 per year (about 500 per month). yes, if you want to split hair, we do make about 350 (vs 300). our take home after all the deductions is around 16k.


So, no mortgage, no young kids, and actually make $50K more. Way to bury the lede.


Oh sorry I didn’t know I was supposed to give out full details


I agree with the “horseshit” poster. You were being misleading, whether you intended it or not. You were one step away from “I save 95% of my salary… because I have a trust fund”


How was I misleading? Only thing I said was “this is us not counting 401ks”. Op asked how much we are saving, not how.
Anonymous
Post 01/22/2023 09:16     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:2 adults having a kid soon
325 gross base, ~420 with bonuses
Saving $6-7k a month and then all the bonus so ~9-10k


Wait, so you make $420K and only save $120K -- you spend $300K per year (including taxes) on two adults and no kids?? How is that even possible?


NP If they pay $180k in taxes, they are spending $120k. Quite possible if they have a high mortgage and enjoy going out and traveling. Imagine those extras will come down as child costs go up.
Anonymous
Post 01/22/2023 09:15     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We saved 10k per month on 300k HHI


This is us. Not counting 401ks.


Horseshit. Unless you are childless and your favorite hobby is sitting at home with your thumb up your ass.


odd response. kids are grown/out of college... we are still working, not big spenders. no mortgage, monthly cc bill about 2500, annual tax about 5500 per year (about 500 per month). yes, if you want to split hair, we do make about 350 (vs 300). our take home after all the deductions is around 16k.


So, no mortgage, no young kids, and actually make $50K more. Way to bury the lede.


Oh sorry I didn’t know I was supposed to give out full details


I agree with the “horseshit” poster. You were being misleading, whether you intended it or not. You were one step away from “I save 95% of my salary… because I have a trust fund”
Anonymous
Post 01/22/2023 00:41     Subject: Average savings per month
Anonymous wrote:2 adults having a kid soon
325 gross base, ~420 with bonuses
Saving $6-7k a month and then all the bonus so ~9-10k


Wait, so you make $420K and only save $120K -- you spend $300K per year (including taxes) on two adults and no kids?? How is that even possible?
Anonymous
Post 01/21/2023 23:25     Subject: Average savings per month
I save around $1500/ month. Salary is $65k. No kids so no 529s. $200/ month goes into 401k through work.
Anonymous
Post 01/21/2023 23:17     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We saved 10k per month on 300k HHI


This is us. Not counting 401ks.


Horseshit. Unless you are childless and your favorite hobby is sitting at home with your thumb up your ass.


+1

We make around 300k and bring home about ~$14,000 per month (of course this is after funding retirement, paying taxes, and benefits). I have no idea how we could have a mortgage and pay for childcare plus save 10k. Not to mention food! I wish we were saving more, but we save about $1-2k/month and then keep having to dip into it when the inevitable comes up. We’re spending nearly 3k/month on childcare for 2 kids though, so I keep telling myself we’ll have more cushion once that is done and can also re-route a portion of that to 529s.


+1
I also wonder what are we doing wrong. We also save 1-2k per month; rarely dine out, and use bonuses for travel. I just hope once daycare days are over we will get some more wiggle room. Our current PITI for a townhome is around 4.5k and I was quite scared that we will be house poor. How when I think about it I am just so grateful we bought in 2019 pre covid frenzy and at least locked in our largest spending item. But DMV is just strange; feeling that we are doing just ok on 300k HHI makes my (small town) mind spin…


+1
Anonymous
Post 01/21/2023 22:01     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We saved 10k per month on 300k HHI


This is us. Not counting 401ks.


Horseshit. Unless you are childless and your favorite hobby is sitting at home with your thumb up your ass.


+1

We make around 300k and bring home about ~$14,000 per month (of course this is after funding retirement, paying taxes, and benefits). I have no idea how we could have a mortgage and pay for childcare plus save 10k. Not to mention food! I wish we were saving more, but we save about $1-2k/month and then keep having to dip into it when the inevitable comes up. We’re spending nearly 3k/month on childcare for 2 kids though, so I keep telling myself we’ll have more cushion once that is done and can also re-route a portion of that to 529s.


+1
I also wonder what are we doing wrong. We also save 1-2k per month; rarely dine out, and use bonuses for travel. I just hope once daycare days are over we will get some more wiggle room. Our current PITI for a townhome is around 4.5k and I was quite scared that we will be house poor. How when I think about it I am just so grateful we bought in 2019 pre covid frenzy and at least locked in our largest spending item. But DMV is just strange; feeling that we are doing just ok on 300k HHI makes my (small town) mind spin…
Anonymous
Post 01/21/2023 20:16     Subject: Average savings per month
Anonymous wrote:I'm single/no kids, make $190k and save about $3500 a month between retirement and other cash savings. I also take home about $24k in bonus each yeah and put about $20k of that in to savings. So $4k doesn't seem like a ton between two income earners.


Doofus, the two-earners likely have kids, which eat up money like nothing else.

I have your exact profile - single, no kids, $190K income - and I save $150K per year because I get an annual gift from my parents. Each person's situation is different.
Anonymous
Post 01/21/2023 18:28     Subject: Average savings per month
2 adults having a kid soon
325 gross base, ~420 with bonuses
Saving $6-7k a month and then all the bonus so ~9-10k
Anonymous
Post 01/21/2023 18:23     Subject: Average savings per month
$280k HHI
No mortgage (live in $650k townhome)
One kid in high school
Save $6500/mo in 401k, Roth IRA’s, and HSA
Anonymous
Post 01/21/2023 18:12     Subject: Average savings per month
We are right around $200K, kids in school (so no daycare), and should be able to bank $4,500 - $5,000 a month btwn 401k, 529, and cash savings, but usually come up a little short on that.
Anonymous
Post 01/21/2023 16:57     Subject: Average savings per month
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We saved 10k per month on 300k HHI


This is us. Not counting 401ks.


Horseshit. Unless you are childless and your favorite hobby is sitting at home with your thumb up your ass.


+1

We make around 300k and bring home about ~$14,000 per month (of course this is after funding retirement, paying taxes, and benefits). I have no idea how we could have a mortgage and pay for childcare plus save 10k. Not to mention food! I wish we were saving more, but we save about $1-2k/month and then keep having to dip into it when the inevitable comes up. We’re spending nearly 3k/month on childcare for 2 kids though, so I keep telling myself we’ll have more cushion once that is done and can also re-route a portion of that to 529s.


I forgot to calculate that we both get paid every 2 weeks, so we each get an “extra” 2 paychecks I didn’t calculate into our monthly 14k. We generally use those bonus paychecks for big things like house repairs, travel, etc. And I also find 2 FSA accounts, so my take home pay probably sounds low for our salary.