SubscribePersonal Savings Rate: Let’s Chat
My fellow Americans are slowing tightening the financial noose around their necks. We certainly can’t rely on the government, friends, and family for positive moral support so what is the frugal type to do!? This is where I feel obligated to step in. Let’s have that honest discussion. It starts by being honest with yourself, tracking income & expenses, having financial goals, and knowing:
What is my personal savings rate each month?
My personal savings rate after taxes and expenses (not including the mortgage because it is an equity builder) each month fluctuates around 45%. This is obviously not the norm as you’d find this blogger completely committed to saving every penny possible. I am certainly open to entertaining any questions that you may have for me because you may just find some of my habits useful for your own financial situation.
Out of curiosity and benefit to our readers, please share any tips, stories, and experiences that you have found to be helpful in maximizing your own savings rate.
Cheers…
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Comment by Loi Tran on 28 March 2007:
My savings rate vary, but I try to save around 60% if possible. My expenses are pretty right now, but I know it will go up by a lot soon. I’m currently maxing out my 401k and have already contributed to my Roth IRA for 2007. Gotta take advantage of those tax sheltered accounts.
Comment by Stephen Oakes on 28 March 2007:
Loi,
Amazing and congrats on building a solid financial picture for yourself
If you do not mind me asking, how long have you been working? Also, what events in your life helped define you as a “saver” as opposed to being a spender?
It’s is strange for me that my parents used to be spenders and I ended up becoming the complete opposite. At least now they realize that retirement is just around the corner as they are currently playing catch-up in their 401k and Roth IRA accounts.
Thank you once again for your comment. I hope to hear from you soon