How much do you save a month?

[norwoodman]

...Or should I be asking instead: how many of you keep track of your income and expenses?

Currently trying to build up a deposit after starting work full time 7 months ago. Worked out after all expenses (including rent) that I'm saving over $2000 a month.

 

[TonyY]

I really don't have money to save as I'm looking after my family and paying off a mortgage and I don't even earn much. My last job I was earning 4k p/m and I still had no room to save so I just blew whatever that was left as each time I saw a light at the end of the tunnel a train happens to be coming my way and running me over!

 

[Shaneelastic]

Depends on income and committments for
everyone really

 

[lizzie]

Well done at saving $2000/mth. That's a lot for someone starting out

Personally (and fortunately) we're past the "super frugal to save" stage - we now prefer to create extra wealth when we need it through an investment (ie, reno, subdivision) rather than saving from PAYE income.

As for "left over" cash - sometimes we have lots, sometimes we have less than none. Depends on what bills falls in that month ... this month we've gone over as booked an overseas trip, did around $15k worth of tree work on our block and had multiple lots of strata fees ... on top of normal expenses.

 

[matto_]

We track income and expenses (more so of late as now down to one income) - expenses also includes maintaining the property portfolio - but you could consider this saving also (kind of).

 

[Angel]

Well done Norwoodman, keep up the good work.

 

[cimbom]

We're just over 2k/month too. Was closer to 3k when my husband's uni schedule was a bit better but happy with 2k for now

 

[The Y-man]

...Or should I be asking instead: how many of you keep track of your income and expenses?
.

We do.

We are currently trialling LOR (Living off rent) - so we need to track if our expenses are not exceeding our rent income.

We stash away ALL of our earned income at present and pretend it is not there.

Had to "eat into capital" a bit when we had rather extended vacancies in several propoerties ealrier this year, but I think we have nearly "paid that back" (especially since the new rents are higher)

The Y-man

 

[VYBerlinaV8]

It varies enormously for us, mainly because of how I'm paid. Some months we save nothing, some months we save $15k or more. Usually we save around $7k per month.

 

[jrc77]

We do.
We are currently trialling LOR (Living off rent) - so we need to track if our expenses are not exceeding our rent income.
We stash away ALL of our earned income at present and pretend it is not there.
The Y-man

We plan to do this as a trial for a couple of years before quitting full time work. We can then use the extra savings as a buffer.

Jason

 

[citystar]

I save on average $1000 per month after tax and expenses.

 

[Ed Barton]

...Or should I be asking instead: how many of you keep track of your income and expenses?

Currently trying to build up a deposit after starting work full time 7 months ago. Worked out after all expenses (including rent) that I'm saving over $2000 a month.

Averaged out over a few years, around 10k pm.

But what does tell you unless you know if I'm a check out chick or the BHP CEO?

I try to live off my investments and save my business income.

 

[cimbom]

Maybe instead we we should ask what % of your after-tax household income do you save?

Would be ~35% for us

 

[Ideo]

More than some, less than others.

 

[locko24]

I save nothing. Any spare cash goes to an offset or similar.

 

[Ace in the Hole]

We don't keep track of income or expenses, but at a rough guess, save 80% of after tax income.

 

[norwoodman]

I think the moral of this story is that everyone's circumstances are different.

 

[tvadera]

Hi,

I dont save much however I am good with my outgoings, make most of my existing products (i.e. fullest utilisation of offset, 55 days interest free credit cards, etc)

It comes down to one's salary / business income, commitments and how to utilise spare cash

I dont mind spending on wealth creation courses, however after coming to SS, have stopped that, get all the info over here, so that is my actual saving:

 

[mattnz]

I find it difficult to save anything at the moment. All my money is being reinvested in my developments or investigating my next investment opportunity. Currently in usa reviewing opportunities for investment.

Eventually i will get lump sum payments from reinvesting. If i have spare money sitting around as "savings" my money isn't working hard enough for me.

I expect to be able to leave my job in about a year at age 38 from doing this for the past few years.

 

[Fifth]

I save nothing. Any spare cash goes to an offset or similar.

If putting money into an offset doesn't count as saving then I also save zero.