A common rule of thumb is the 50/30/20 rule, where 50% of your after-tax pay is spent on needs, 30% is on wants and 20% is on savings and debt repayment.
Also, what should I do with 100k savings Reddit?
What I would do:
- Set aside 6 months of spending from that $100,000 in an emergency fund (the savings account is fine).
- Start contributing again to your 401(k) and to a Roth IRA. …
- Open a 529 for your kids. …
- The rest you can invest for the long run in low-cost index funds.
One may also ask, how much money do you save each month Reddit? After taxes/401K deductions, I usually save about $1,000 a month (I pay a lot in rent but I wanted to live alone in a HCOL city). Sometimes I save more depending on bonus months or triple paycheck months.