How much per paycheck goes away into savings?

@maezee (41988)

United States

June 22, 2016 6:01am CST

Its kind of cool at my job (and probably many other jobs) you can direct deposit a percentage or a flat rate into a second account if you choose. I started this little savings account back in February and have put in 5% of my paychecks as well as my online earnings....and just in letting it sit, Ive accumulated almost $1900! Which is little, I know, but a big step for me. I hear of a lot of folks who put in 10% of their checks but that seems like a lot to me. I just bumped mine up to 6% and that is noticably more to me. How much do you put away, if any? What do you think the right percentage is?

10 people like this

17 responses

@Juliaacv (51359)

• Canada

22 Jun 16

My husband does the transferring into the savings account for us so I don't know the weekly amount, but I know that we never touch that money and every 3 years or so there is usually around $15,000 in savings. It adds up quickly if you let it.

@maezee (41988)

• United States

23 Jun 16

Very nice. Thats an awesome little saftey net in case something happens. I cant wait to get mine intl the 5 digits....although that will br a while. Lol! Good for you guys.

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@Juliaacv (51359)

• Canada

23 Jun 16

@maezee For a while when we reached roughly that amount, we'd find something wrong with one of our vehicles and usually would take our savings and pay cash for a slightly used vehicle-nice not to have car payments, it does wonders for your credit rating.

@maezee (41988)

• United States

24 Jun 16

@Juliaacv that is amazing! Plus you save yourself whatever interest they charge...

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@psanasangma (7280)

• India

23 Jun 16

Its good if we could maintain saving from our earned but I always forget

@maezee (41988)

• United States

23 Jun 16

Yeah! Can you have it directly deposited into your savings account? Thats a nice way to do it as its done automatically!

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@maezee (41988)

• United States

25 Jun 16

@psanasangma Yeah! I know not all employers offer it, but it seems like most do, at least here. It beats having to actually go to the bank!

@psanasangma (7280)

• India

23 Jun 16

@maezee No I never use this system, I think I should start planning

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@xstitcher (32700)

• Petaluma, California

25 Jun 16

I am able to put very little of paychecks I get into my savings, but I put a bit in when I can !

@maezee (41988)

• United States

25 Jun 16

Thats good! Even a little bit seems to add up over time..Keep it up :)

Belle Starr (Iz)

@BelleStarr (61101)

• United States

25 Jun 16

I think working your way up to 10% is a good idea, but do it slowly so you can adapt your spending habits.

@maezee (41988)

• United States

25 Jun 16

Yes....that seems to be the troubling part. Love to spend money. Any advice?

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Belle Starr (Iz)

@BelleStarr (61101)

• United States

26 Jun 16

@maezee list out exactly what you are spending every penny on and then prioritize them. Somethings you can cut back on and some are fixed I am sure. Look for ways to save in each category. It takes time but savings really is important. I don't know your expenses so I can't be more specific.

@sofssu (23662)

•

22 Jun 16

I used to put in 15% of my pay check while I worked full time.. It came in handy when we bought our first home.

@maezee (41988)

• United States

23 Jun 16

Sweet! Good to hear. Thats my goal eventually - to hace a big account built up so I can put money down on something big. Or a rainy day fund

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@maezee (41988)

• United States

25 Jun 16

@sofssu Thanks, and you too!

@sofssu (23662)

•

23 Jun 16

@maezee Best wishes to you.

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@ilocosboy (45156)

• Philippines

22 Jun 16

I wanted too but it's really hard.

@maezee (41988)

• United States

23 Jun 16

I get it. What about even $10 a paycheck or something? Could something like that be doable?

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@ilocosboy (45156)

• Philippines

23 Jun 16

@maezee its hard when the income is minimum

@maezee (41988)

• United States

25 Jun 16

@ilocosboy Yes, I totally understand.

@sunshine724 (76)

• United States

23 Jun 16

I put away a little, I would like to do more, but I'm trying to get myself to financial freedom so I do what I can.

@maezee (41988)

• United States

23 Jun 16

And thats all you can do :-) Best of luck.

@vandana7 (100617)

• India

22 Jun 16

If I don't I will have to pay heavy taxes. 1/10th of monthly earning. Better saved than paid as taxes.

@maezee (41988)

• United States

23 Jun 16

Do you hve to pay taxes on it? Taxes get taken out before I put miney into savings so it kinda stinks. 10% is amazing though good for you!

@quantum2020 (12041)

• Ciudad De Mexico, Mexico

25 Jun 16

I can´t put any % of my money in the bank, as I´m not making enough money to put aside for savings. I think a good pecentage would be 5% every week. Overtime, it will grow to a good amount in the bank.

@maezee (41988)

• United States

25 Jun 16

I hear you, it's tough. I agree that seems like a good percentage.

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@cherriefic (10399)

• Philippines

23 Jun 16

10% each month is OK for me. I can't do more or it will end up being withdrawn.

@maezee (41988)

• United States

25 Jun 16

That's very true...you have to keep what you need, for sure.

@jstory07 (139974)

• Roseburg, Oregon

23 Jun 16

I used to do 5% and my husband did 5% out of his check. We used that money to move on and saved it for 24 years.

@maezee (41988)

• United States

24 Jun 16

Thats amazing and inspirational to hear. Thanks. Was there ever a time where you had to pull it out or dip into it?

@zap_81 (1019)

•

22 Jun 16

I think the right percentage would vary for each person. that said 25 to 30% seems to be a good amount to save. I would also not save in another account but may be in mutual funds or a fund which is liquid in nature.

@maezee (41988)

• United States

23 Jun 16

That seems super high! I thought 10% seemed high. I am not really aware what mutual funds do. Is that a stablr place to put money? Or is it high risk?

@harry6 (133)

• Chandigarh, India

24 Jun 16

That nice, i am not in a habit of saving but i must start it now

@maezee (41988)

• United States

24 Jun 16

I think even a few dolars per check would add up. Best of luck!

@kartiksheoran (17)

•

22 Jun 16

From a total of 100% i will put 27-33% as savings.

@maezee (41988)

• United States

23 Jun 16

Whoa really?! Thats a ton. Good for you. Im sure thats a nice looking savings.

@marlina (154131)

• Canada

26 Jun 16

We always put at least 15 % when we were working: retired now. And good thing that we did this, it makes a big difference in your life when you are careful with your money.

@DianneN (247186)

• United States

26 Jun 16

When we worked, we had a percentage put into investment accounts, I have no idea the amount. It paid off so well, but we don't have to touch it. Now that we are retired, we are able to live off our pensions and still have a lot for a few savings accounts and investments at the end of each month. A lady doesn't tell her age, weight, or wealth. Lol!

@Kinnian03 (191)

•

22 Jun 16

What is a savings?? Hahahaha jk no.. as soon as i get paid... it all disappears like magic.. i support my nieces school and the bills at home so its very tough to actually save... even if i do i end up buying what i want and never really get to save any lol its a struggle

@maezee (41988)

• United States

23 Jun 16

Sad. I hear you though.