Spinoff: Savings % vs. Housing %

[msjd123]

The question about how much you save had me figuring what percentage of our total income our other expenses are, and it was kind of interesting.

All of our savings (retirement and other) add up to a 20% of our annual income.

Our mortgage is 24% of our annual income.

I'm surprised they're so close because I've often felt like we don't save enough and that our mortgage is so high, but when I look at it that way, I guess it's not that bad.

How does your housing (mortgage. HELOC, rent, whatever) compare to your savings rate?

[nd_deadhead]

Currently we are saving about 17% of our take-home pay (27% if you count my employer's contribution to our retirement accounts).

Our mortgage is 7.5%.

[MommyinMN]

I know we have a high, high mortgage...

Our Mortgage payment is 40% of our income, our savings is 15%, other bills (heat, electric, phone, dd's preschool, life insurance, etc...) make up about 25%. The rest goes to clothing, food, gas and fun...

[msjd123]

Originally Posted by MommyinMN

I know we have a high, high mortgage...

Our Mortgage payment is 40% of our income, our savings is 15%, other bills (heat, electric, phone, dd's preschool, life insurance, etc...) make up about 25%. The rest goes to clothing, food, gas and fun...

Don't feel bad. When we first bought our house, we were just above 40% for housing, but slowly, our income increased and it got a little easier. That's why I was genuinely surprised that it's now only 24%. I'm so used to thinking that we aer house-poor that I was surprised to see that that's not really the case anymore. Now we're just child-poor.

[Herausgeber]

Housing is 30 percent; savings are just 15 percent, all for retirement right now. We just bought a new house though. Before we got this place, those numbers were reversed.

[savithny]

House payment is 20% of gross.

My employer takes 3% for retirement, but I make less than 1/2 of what DH does.
DH is putting approx 6% into retirement, and recieves matching on 3% of that.

We put an additional 2% into IRAs.... (Note to self, have to up that since DH's raise and also figure out where to put it instead of the pisspoor fund its in).

So that works out to something like 10%.

We're stashing addtional money into savings for home improvements, savings in general, etc.... that amount fluctuates, and since we've been in the house for only a year and have had varations in money and need for money, that hasn't settled down yet.

[aircantu1]

We're not saving anything right now because we are working Dave Ramsey's baby steps...it will increase as soon as we pay off my husband's car though (our last debt except for the house, YAY!)

Our house note is 28% of our gross.

[CarrieMF]

HELOC is 10% of dh's base income.

Savings in total are also about 10% of dh's base income.

[avendesora]

24% mortgage
10% retirement

Those numbers both drop when my income gets taken into account (which is sporadic, and not budgeted at all).

Aven

[akwifeandmomma]

One-income household, mortgage is 32% of gross, savings is 6-10% of gross.

[beansmama]

We save about 27%, our rent is about 24%.

[MommyinMN]

Originally Posted by msjd123

Don't feel bad. When we first bought our house, we were just above 40% for housing, but slowly, our income increased and it got a little easier. That's why I was genuinely surprised that it's now only 24%. I'm so used to thinking that we aer house-poor that I was surprised to see that that's not really the case anymore. Now we're just child-poor.

Thanks I don't feel bad most of the time and I know once I go back to work the mortgage wont seem so huge. As of now though, we have 2 newer cars that are paid for and no other debt. I go to school full time and we are able to pay for it as we go, so I know we aren't to *bad* off. I just wish we could save more. But we love our house though.

[Sharlla]

0% for both LOL. I really need to start saving. the house is paid in full.

[meowee]

Before we paid off the mortgage it was 15-30% of our income (DH's salary changed over time). We made double payments as often as possible though so it stayed at 30%+ even when his salary went up.

Now we just have property taxes-- $1200 a year.

We now save 50% of our income. No, we're not rich, but we live very very frugally.

[mightymoo]

This year we will have saved about 19.5% of DH's pretax salary (some of that is 401k, some after tax savings) approximately. The mortgage payment is about 13% of pretax salary.

[velochic]

Our taxes just went up, so we now pay 8.6% of gross for the mortgage. We save right at 25%, give or take a percent. Dh is a university professor and he gets 10 months salary, so some years those numbers are off if he does not have a grant for summer salary.

[bc1995]

One-income household, mortgage is 29% of net, savings is 7-10% of gross.

[LilMama23]

Mortgage is roughly 45%, savings is 15%.

[Knittin' in the Shade]

Mortgage (including property taxes and homeowner's ins) is about 15% and savings (retirement, college, short-term savings for vacation/home improvment and long term savings) are almost 37%.

[Ruthiegirl]

Mortgage and taxes are 24% and debt repayment is 20%.

No savings right now till we are out from under this debt.