How much money does your household save and invest per month?
We’ve been stressing about saving more money ever since we got pregnant because we weren’t big savers before and then once we bought a home that drained us. Finally cracked down on getting a budget together recently and it’s looking like we can save about $1,800/mo ($300 invested, $1,500 in HY savings, this doesn’t include retirement contributions that get deducted automatically from our pay). But I thought these numbers felt kinda low and it worried me, until I googled that the average person is saving about $250/mo. This is NOT to shame anyone, we’re all out here doing our best. I’m just curious if these numbers are legit or not and where typical Americans are at.
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@Caroline high yield savings account, basically same as a regular savings just accrues a higher interest rate (for us it gets 5% return), so similar to investing but way less risky since it’s a steady 5% growth
Honestly we aren’t saving much anymore, throwing a lot toward the house. We have what we feel is a comfortable nest egg in savings and now it’s pay off the house & invest time
I would say for you, $1800 a month sounds great! Get that savings to where you feel safe and then if you have anything to pay off, pay that. Just don’t forget you’ll have the hospital bills for the baby coming soon & childcare is a big hit unless one of you is able to stay home
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What is HY savings? 1800 a month sounds great!