i set auto deposit into my savings account. i set it to $250/month

I'm trying really hard to NOT think of it where "oh, I'm donating cause i get a tax receipt" mentality. Right now, I just wnat to set a goal for myself to help those in need.
I do have a "just in case" fund, it's not big, and yes, if i didn't donate for the past few years, i would have saved up for multiple down payments, but somehow it's jut not the same.

I could easily say "meh, i ain't going to volunteer this time, i could catch up on my sleep" somehow, I'm always energetic before and after my volunteering.

First off, it's very important to have at least 3 months income in savings in case of an emergency. While some may disagree, I find this rule always helpful as I once had an unexpected big expense hit me and was glad I had this saved up prior.

I save approximately 20% of my after-tax income currently because I have a roommate and rent. If I had bought a place, I wouldn't be able to save anything, although I'd likely put my yearly bonus straight into savings.

Mark

What counts as 3 months? Like rent food for 3 months and then you're broke?

I save about 75-100 every paycheck. I go to school full time and live at home. Any extra money that comes in goes straight to savings.

Here are some tips for students that have helped me:

Credit Card interest = 19.99% min. Interest You're earning is 1.2%-8% depending on whether your money is in savings account vs. equity. Or whatever your rate of return may be your credit card interest is still way higher.. you're losing money in the end. Pay it down and resist the urge to build it back up

If you can afford it put 100 dollars/mo away by the end of the school year that's ~800 dollars for your summer. its not much but its a start

Keep track of expenses, we almost all have smartphones having a expense tracking app is very handy. its tedious to mark down every penny but its well worth it, after the first month you'll see how much you spend on coffee, food, junk etc.

Damn you guys need some financial literacy LOL
I still live with my parents and probably not moving out until i have a few assets.
In the meantime... all money in no money out!

im building up 2 cars. I have 3 accounts and they all have money in them. I usually try to put 1 full (Bi weekly) check away into my savings every month or so and one or 200 into my car account every other pay day if i can afford it. I live at home and have 3 vehicles

Um... you aren't allowed to lecture anybody on financial literacy until you don't live at home. It's easy to live in mommy's basement and then cast stones about people not saving enough...

Mark

Half of my pay cheques.
Posted via RS Mobile

less than 400

damn....my student loan payment alone is $700/month.

Basically whatever is left over in my accounts every month is dumped into savings. Some times its $800...other months its $80. I also have RRSPs that automatically come out and every time I use my debit card $2.00 is transferred to my savings account.

Whatever you currently have to spend each month to survive and have your bills paid....times 3.
Posted via RS Mobile

I know, I forgot to say that. But I also know people who move out or start a family right away not even with a decent income. Then again, I have no place to say anything. Life gets in the way sometimes.
Posted via RS Mobile

I try to save about half of my paycheck but I got rent, car insurance, food, cell phone bill etc.. to pay

living with my dad
$1900/month

$800 goes to my car and insurance
$600 goes to my cc
everything i buy, i use my cc
i try not to exceed $600 spending a month so i can pay down my cc, which should be done in 3 months, then more to tfsa.
i spend average $250 on food and stuff a month

$400 goes to my tfsa and the other $100 i leave in my checking in case i need cash.

it's a general rule of thumb, but usually 3 months salary. This way you're not living paycheck to paycheck.

so if you make $3,000 a month, you should have 9K in savings stored for emergency.

This is usually for people in their low 20s or just starting to build up their savings.
ex. This way if you were to get fired you still have 9K to survive on until you find another job. Or some unexpected expenses : car breaks down and needing repairs, dog gets sick and needs to see vet etc etc.

Company stock 1950 per year (50 each pay)
TFSA MF 650 per year (25 each pay)
RRSP MF 650 per year (25 each pay)
High TFSA (apartment) 3900 per year (150 each pay)
Saving (emergency fund/vacation fund) 1300 per year (50 each pay)

I try to save 40-50% of my income... but I need to pay for tuition/books.. so I take a bit from my savings once in a while..

Currently have only $1000 in my TFSA because I made the decision to pay off my debt before I start saving. Other than that, my company matches up to 4% of my income in RRSP contributions so I get 4% automatically deducted from each paycheque.

Since I graduated in May, this is my current situation:

Rent: $1000 a month to my parents because I live at home.
Student loans: $2000 a month to my dad because I borrowed his money to pay it off in order to avoid paying interest.
Miscellaneous:the rest of my expenditure is on miscellaneous items like gifts, clothes, eating out, gas, transit pass etc.

My goal is to pay off my loans ASAP while living the life of a broke student. So far it's going pretty well and if things go well I'll be debt free in about 5 months :)

Currently living at home, and I'm going to school.
I'm paying for insurance, school, and tools etc... So far, it's going well. I had a plan of making at least $1000/month while going to school, but obviously things got in the way. I do have a decent amount of savings in my bank as well so I think I'm in a good condition. I wish I was saving more though..

For me its:
around 5k after tax..
mortgage is 2500 a month
Cell, cc, credit line, car bills etc - 1300 a month
Misc bills per month - around 200 a month

That leaves around 1k to spend per month on food and going out etc..

My wife makes 1500 a month after tax - goes straight to savings/rainy day fund.

I wish i didnt have to pay a mortgage and bills - Would be loaded otherwise.

You are the 1% in Vancouver!
Posted via RS Mobile

My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.

Work expenses are around 2k/month. (Mostly travel)

I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.

So all said and done, I probably save about $20,000/month :nyan:

Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.

I should mention that my career path has more or less destroyed my social life.

Out of curiosity, what do you do?

My guess would most likely be an engineer out in Fort Mc Murray. I've got some friends working out there grossing almost half that (in relative terms, it's still a lot!).

It also doesn't hurt when jasonturbo is making a killing in the stock market (check the "Stock Market" thread)