How Much Do You Get To Save Per Month?

Discussion in 'General Education' started by DigitalDiva25, Jun 13, 2015.

  1. DigitalDiva25

    DigitalDiva25 Companion

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    Jun 13, 2015

    From your teacher's salary only, how much do you save per month from it? Also, how many years have you been working as a teacher and what is your salary? Do you have any kids? If it's too personal, you don't have to answer this...Me, I only get to save about 600 per month...earn $41,000 a year, been working for 3 years as a teacher. I have no kids here by the way. And I share the rent bill with my hubby
     
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  3. Koriemo

    Koriemo Comrade

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    The short answer: If I lived a more typical lifestyle, then my husband and I would probably be able to save around $800-1000 per month to be divided between retirement/down payment on a house/vacation/etc.

    But I love money and budgeting, so I'll lay it all out for you. I'm married with no children. Ideally, I'd like to be debt free for the rest of my life. I hate debt, and am almost finished paying off my student loans.

    After English teaching overseas, subbing, and tutoring, I started my first traditional teaching job at a private school last August. I bring home $935 every two weeks for a total take home pay of $24,310. My husband works part time (3.5 days per week) and brings home $908 every two weeks for a total take home pay of $21,792. Together, we make $46,102.

    We live frugally. I drive a 2009 Ford Focus that I bought with cash after college. He drives a 1996 Toyota Camry hand me down that he fixed up himself. My husband's parents allow us to live in their guest house and pay only $50 towards utilities plus my husband helping them with their property. They have 5 acres, and he was helping them every weekend anyways because it got to be too much for them. So, we live in a 10x20 room with a kitchenette (sink, toaster oven, hot plate, mini fridge) and a bathroom. We moved in there in August and began paying off our debt.

    He had $8000 in debt that he finished paying in December. We began paying my student loans ($19,000) in January with the goal of paying them all off by August, aiming to pay at least $2000 per month towards the loans. We had some setbacks (almost $1000 in dental work) so we may not be able to make that goal.

    So, how much do I actually save? Nothing. :)
     
  4. Sarge

    Sarge Enthusiast

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    Jun 13, 2015

    DINKS

    Almost half my take home pay goes in to my 403b. $2400 a month right now.

    Not sure how much my wife puts in savings each month, but I know it's enough that if we wanted to pay off our house tomorrow, we could.

    One things is that our house payment is our only debt. We pay off our credit cards every month and haven't made a car payment in almost 15 years.
     
  5. Backroads

    Backroads Connoisseur

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    I save about 1000 a month. My husband works, we use his insurance, and pretty much use my insurance compensation money to pay the mortgage. (My school either gives you the insurance or what it would cost them).

    We love fairly frugally, though we enjoy eating out and are trying to cut down on that. We also only have the mortgage. It's nice.

    I make 36000 a year, have taught 4 years, and have one kid and another on the way.
     
  6. mathmagic

    mathmagic Connoisseur

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    We also have no debt, and a good amount in savings (eventually will want to buy a house), but we still live decently frugally and are able to put away at least a few grand a month (we follow it but not too closely). I'm not exactly sure what my yearly total will be...given that there's been lots of random extra days I've been paid for / planning days I will get paid out / etc... But between school and my test writing, probably 43ish before taxes.
     
  7. YoungTeacherGuy

    YoungTeacherGuy Aficionado

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    Jun 13, 2015

    I am embarrassed to admit this, but I'm not a saver. I'll probably have a car payment for the rest of my life because I LOVE nice cars. Currently, I drive a 2015 Mercedes Benz coupe.

    I am, however, happy to report that I have equity in my home (something a lot of Californians can't say--especially after the marked crashed 7-8 years ago).

    Before taxes, I make about 93k.
     
  8. wldywall

    wldywall Connoisseur

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    Zero, currently I do not have enough food in the house to last the next two days.

    I made 36,000 at my last job, but insurance was $450 a month, and it was still to expensive to use.

    I have a high car payment my ex left me with and my rent, which was to be split between my ex and I is $800 a month.

    My student loans are about ready to go down in payments, thanks to income based repayment, thank God.

    My hope is by the end of summer, when my lease ends to be down to just a car payment and my student loan payment.....I will be building tiny house on my friends property which I will have paid off in a year. Then I will be able to save, and eat.....

    eating is good....
     
  9. mrachelle87

    mrachelle87 Fanatic

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    We put $500 into a special retirement plan, $500 into a school retirement plan, and $200 into a savings account.
     
  10. DigitalDiva25

    DigitalDiva25 Companion

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    Jun 13, 2015

    Wow..that's amazing how you can save 1000 a month with only 36k a year and having one kid! How did you get this insurance from the school to pay for your mortgage?...also may I ask, how much do you spend for groceries each week??
     
  11. Ima Teacher

    Ima Teacher Phenom

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    $54,000

    No kids. No husband. Owned a house for 15 years. It's almost paid off. Car paid off. Never had student loans. Paying some debt from EX and the divorce. I'll start year 23 of teaching in the fall.

    I don't save a set amount besides the $150 that goes into investments and $75 that goes to a FSA. I have enough to pay my bills and do the things I want to do. I'm in Florida right now. Spending two weeks here.
     
  12. Backroads

    Backroads Connoisseur

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    We do have my husband's income as well, so I can stretch out my paycheck. We spend about 75$-100$ per week on groceries. We don't need daycare, so that helps a lot. My school simply had a policy where if you've proof of other insurance you can waive the school insurance and collect the money. It's really nice.
     
  13. K-5_teacherguy

    K-5_teacherguy Companion

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    I'll be a first year teacher next year, and I'll be making a base salary of about $40K. I'll bring home around $1,100 every two weeks. However, I have to start paying back student loans next month, and I just moved into a new apartment that is brand new and extremely nice (and honestly a little outside of my price range) so it doesn't seem likely I'll be able to save any money anytime soon.
     
  14. WarriorPrncss

    WarriorPrncss Companion

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    I SO badly want to be a saver! I started pulling "X" amount out of each check and putting "X" amount in various envelopes to try and save for various things and as a way to budget--home, clothing, car, animal expenses, etc. It's the "financial peace university" thing.

    Other than that... I am a shopper... doesn't have to be expensive, but it has to be what I want...

    As for my car... I love my car and spent more than I should have, (though I have no problem making payments), but I am in the same boat... I love nice cars and ever since I bought my first car, I've always traded it in right before or after I've paid it off for something newer and nicer.

    My new teaching job begins in August and I believe the pay will be between 38-41k, which is a decent jump from the 31-ish I make now. My company taxes the crap out of my check and I take home around $835 every two weeks.
     
  15. 4815162342

    4815162342 Companion

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    Jun 13, 2015

    Im not a saver much, but I don't "spend" my entire paycheck every month. I make 45k and my bf makes a little more than that with his jobs and military retirement stuff.
    We could save quite a bit, but we just don't. Lol this thread makes me want to though.

    ETA: This will be my 2nd year of teaching and we have 3 kids. 2 teens and a 4 week old.
     
  16. mrachelle87

    mrachelle87 Fanatic

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    Advice: If your school will allow you to put your money in an annuity or other saving or retirement plan, do it before taxes. Start small with just $25 or $50. With it coming out before taxes, you won't miss that much. Then each year add just ten or more to the amount. If you aren't use to having it, you won't miss it. I started with $25 a month. Now I do $350 of my check and $150 or so of my husband's.
     
  17. ktdclark

    ktdclark Comrade

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    Jun 13, 2015

    Ooooo, I love talking money!

    Married, one child, hubby brings home 3000/month, me, 4600/month (ten month pay scale). 1000 automatically goes into a MMA for summer pay for me. We also max out our two Roth IRAs and put 1100/month in my TSA. We live in California...house is almost paid off.
    Hubby owns an automotive repair shop, works long hours, but we are able to run his car payment through the business. We also have a second mortgage on our house that we used to buy the business but that is a few months from being paid off.
    We try to live well below our means. All our cars have over 200k miles on them!
    My goal is to have enough money for my son to go to a 4 year and not have to take out loans.
    Our only personal debt is our mortgage...we pay 1400/month.
     
  18. ktdclark

    ktdclark Comrade

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    Jun 13, 2015

    I agree about the TSA or 403b idea...my partner teacher made me start this when I was 27 years old. I started at $50/month and 20 years later and more money added every year to my monthly contribution, I have well over 250k.

    Also, look into a ROTH IRA. It grows tax free (it is after-tax money) and you can use it as an emergency account as well--you can use the principal at any time, just can't touch the interest. My husband and I both have one. His will be for his retirement since he owns his own business but mine is for an emergency account in case of job losses or medical bills etc.

    Vanguard is a great place to start!
     
  19. GemStone

    GemStone Habitué

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    Jun 13, 2015

    I pay about $320 into my pension and IRA accounts every month. In addition, my husband banks about $300-500 into our family savings account and I put in about $600. We have too much debt and we are trying to dig our way out of it.

    We have 2 kids and make about $90k/year.
     
  20. lucybelle

    lucybelle Connoisseur

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    I make 32,000 a year before taxes. We have no kids, no house, a small car payment and a healthy enjoyment of beer. We put away about $1000 a month.
     
  21. kellzy

    kellzy Companion

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    I make around $50,000 a year. The only debt I have is my student loans, which is almost completely paid off. I can usually knock away around $800-$900 a month.

    Unfortunately that savings doesn't last long considering the way I travel. I have a goal to visit all 50 states and 7 continents before I turn 35. I have 7 years and 20 states and 3 continents left to go. :)
     
    linswin23 likes this.

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