How Much Do You Get To Save Per Month?

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

  1. Tyler B.

    Tyler B. Groupie

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    Dec 4, 2016

    Spouse and I each make about $74K after 30 years of teaching. We put about $5K monthly into 403b (Vanguard Index 500 Fund). It earned a 12% gain last year. Maxed out Roths: $9K annually (mostly the Vanguard Total Stock Market Fund). Paid off house. New cars, but paid cash for them. No other debts. Other than the cars, we live simply, rarely go out to dinner, paid cash for our kids' college.
     
  2. otterpop

    otterpop Aficionado

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    Dec 4, 2016

    Wow! Good for you! It's good to hear of teachers in good financial situations.
     
  3. John Lee

    John Lee Groupie

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    Dec 10, 2016

    I've been putting $200/mo. for a couple years now, and that money is just sitting there. At the time, they offered me to put it into things based on my general risk tolerance (e.g. risky, medium, not risky, or nothing at all). I chose nothing at all.

    At this point though, I've saved up a decent sum of money there and I basically don't know what to do with it. I think I generally have an idea of what I would like this money to be invested toward (e.g. not in stocks/bonds), but I'm embarrassingly ignorant to the specifics of it all. What is worse, is that I've also read/heard that a 403b is an overall loser no matter what I do (i.e. pouring water into leaky bucket).
     
  4. czacza

    czacza Multitudinous

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    Dec 10, 2016

    I put $300 per month into my 403b. Should put more. I save nearly all my tutoring money (about 1200 per month) which helps with 'emergencies', vacations and home improvement things. My salary is just over $100 K
     
  5. miss-m

    miss-m Devotee

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    Dec 10, 2016

    I have $200 automatically go to my 403B every month, just set up auto transfers for $300/month to my personal savings, plus 6% of my paycheck automatically goes to our state retirement fund, which averages almost $100 per paycheck. I could save a lot more; whatever is left just kinda chills in my checking account, so I guess that could be considered saving. It's usually a few hundred per paycheck if nothing major happens (last month was a lot of car stuff. :( )
     
  6. teacherintexas

    teacherintexas Maven

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    Dec 10, 2016

    I put about five hundred a month in savings for taxes, Christmas, and emergencies. Whatever survives the year is put into another savings account. I've also bought CDs but haven't really invested it. That's on the to do list.
     
  7. creativemonster

    creativemonster Comrade

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    Dec 11, 2016

    John Lee, I have heard the same thing about the 403b accounts. NYT had a couple of articles in the "Your money" column a few months back. Between not feeling like I fully understand financial stuff, and not having time during business hours to make the phone calls and ask the questions...it's tough. Still learning to trust that I know more than I give myself credit for. I spend less than I make except for my house debt, and I don't have kids, so that helps.
     
  8. Secondary Teach

    Secondary Teach Companion

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    Jan 5, 2017

    I'm a new teacher in a catholic school and don't make much money. However, I do live with family. I can usually save about $1,300 (out of $2000) from my check each month. But, I share with my family so I often only deposit ~$400 month into my account each month. Can't live cheaply, anywhere these days.
    :)
     

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