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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Nov 19 2020, 6:28 pm
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How much do you need/ should you put away in savings each month? Young family...
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mamma llama
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Thu, Nov 19 2020, 8:56 pm
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I've heard that 20% is a good amount to put away, but it's really however much you're able to afford.
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amother
Fuchsia
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Thu, Nov 19 2020, 9:50 pm
What are you saving for? And how on how long will you need the funds? Retirement? Weddings? Bar mitzvah? Rainy day funds?
Where are you putting the funds? A savings account? Mutually funds? Other investments?
Figure out your end goal and how your money will grow and and work backwards.
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zaftigmom
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Sun, Nov 22 2020, 8:49 am
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If you don't own a home you need to aggressively save for a down payment. You should be putting aside a set amount per month per child in mutual funds for weddings. Just $50-$100 per child can pay for a huge chunk of their wedding expenses. The earlier you start saving for retirement the less money you need to actually save because you're giving more time for the interest to start adding up. No one can tell you what the actual numbers are without knowing your financial situation. The sooner you start thinking about your future finances, the better off you'll be.
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amother
Royalblue
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Sun, Nov 22 2020, 8:58 am
401k - if your employer matches save as much as you can. It’s free money.
Per kid $50-100 in mutual funds. Use monthly direct deposit. When you are ready to make weddings it can be 30k-60k.
You should save for emergencies.
And save for big goals like house or investment.
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