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JLeslie's avatar

What is your household salary tipping point for savings?

Asked by JLeslie (58630points) April 15th, 2019 from iPhone

I’m not asking what you actually make. I’m asking how much money do you need to make gross income to put the rest in savings.

Example: you currently make household income $50k. If you made more money you would move to a nicer house, so let’s say you need to make $80k to afford that house. That house you will stay in for a while. You would like to spend a little more on vacations, so you decide $90k is the breakpoint. Everything over $90k you will save.

Example 2: you make $150k and your expenses are only $70k a year, and your happy with that. Your tipping point might be $90k (because of taxes). So you are already over your tipping point, but you don’t need to reveal that to us.

You don’t need to reveal your current income or if you are currently under or over your breakpoint. That’s up to you.

It does not have to be regarding your cost of living today, but rather how you want to live within reason. I’m not thinking yachts and vacations to Monaco every year.

Let us know if your married, kids, where you live.

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9 Answers

RedDeerGuy1's avatar

My only discretional income is from food. If I don’t order out in a month then it goes to savings.

I have no car, house, mortgage, wife or kids.

Zaku's avatar

I don’t think I’ve ever made it to “savings”.

hmmmmmm's avatar

Like @Zaku, I have never made it to “savings” – and likely never will.

KNOWITALL's avatar

Married, no kids, three jobs, in Missouri. My bills are low so most of one check every month is savings, plus two 401k’s.

It really helps us to take advantage of discounts, like paying vehicle insurance for six months, checking our homeowners closely, not paying late fees, and driving ised vehicles minus loans, full coverage, etc…

JLeslie's avatar

I worded the question poorly. I wasn’t asking if you save, I was asking how much do you need to make to save.

KNOWITALL's avatar

@JLeslie Anything over 1400 is savings or discretionary funds.

JLeslie's avatar

@KNOWITALL $1400 take home a month?

If you started earning $2400 would you save most of it, or would you maybe buy a nicer car or bigger house?

KNOWITALL's avatar

@JLeslie Yes take home.

Hmm..well we’re remodeling this year so probably not a house or car. Next year, after we get done with the house, I may get a new car, we’ll see how it goes.

We have a 3 bed 2 bath, plenty for us. I adore cars though lol

ANef_is_Enuf's avatar

My finances are in a major shift at the moment, so it’s hard to say for sure, but I’d be quite comfortable on 35K. If I’m being practical, I could probably drop that lower, but your question seems to deliberately leave room for that kind of flexibility.

Married/separated. No children. 2 pets. Ohio.

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