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69cougar
08-14-2006, 11:52 AM
Just wondering what % of your income actually stays in the bank?

89coupe
08-14-2006, 11:59 AM
$1500.00/mth

joyridder
08-14-2006, 03:24 PM
I save close to 15% right now. I just slowy increase it as I afford it...
5% isn't bad - atleast your trying to save.....:thumbsup:

benyl
08-14-2006, 03:26 PM
half my pay check.

richardchan2002
08-14-2006, 03:47 PM
Anywhere from 50-75%

QuasarCav
08-14-2006, 03:49 PM
WTF??

Do you people live with your parents?

I can proudly say 10%, but I have a mortgage and a hungry girlfriend.

Nova316
08-14-2006, 03:52 PM
70% depending on the paycheck

Recca168
08-14-2006, 04:00 PM
when i was living at home it was like 80% of my check.
now i only save around 5 to 10%

Godfuader
08-14-2006, 04:02 PM
Wish i still lived with my parents....now about 10% in savings and 30% in liquid investments.

max_boost
08-14-2006, 04:03 PM
18% and it goes directly into RRSP's. Everything else I absolutely just blow it away :D

aram1000
08-14-2006, 04:04 PM
10% of each cheque, will increase accordingly, and i live on my own

benyl
08-14-2006, 04:07 PM
Originally posted by QuasarCav
WTF??

Do you people live with your parents?

I can proudly say 10%, but I have a mortgage and a hungry girlfriend.

She big bone-ded? hahaha

Si_FlyGuy
08-14-2006, 04:10 PM
Originally posted by benyl


She big bone-ded? hahaha

No, she's a Lineman (http://msn.foxsports.com/nfl/story/5836780?FSO1&ATT=HCP&GT1=8485) :rofl:

lint
08-14-2006, 04:18 PM
Originally posted by Si_FlyGuy


No, she's a Lineman (http://msn.foxsports.com/nfl/story/5836780?FSO1&ATT=HCP&GT1=8485) :rofl:

bejeezus, 16, 5'9 and 300lbs?!?!?! Her brother is a pro-lineman and is 6'4 and only 300 lbs? I'd hate to be the last drumstick at that family dinner

andres_mt
08-14-2006, 05:07 PM
Originally posted by lint


bejeezus, 16, 5'9 and 300lbs?!?!?! Her brother is a pro-lineman and is 6'4 and only 300 lbs? I'd hate to be the last drumstick at that family dinner

hahaha :rofl:

Toma
08-14-2006, 05:34 PM
$2800 per month....

b_t
08-14-2006, 05:35 PM
roughly 0%

Xtrema
08-14-2006, 06:05 PM
1/2, 3/4 if I really want to.

Audio_Rookie
08-14-2006, 06:29 PM
0%

max_boost
08-14-2006, 08:40 PM
Those of you who save over 50% a month, are you saving to retire early? Buy something really big? Pay off your mortgage?

I saved up so much money during the last couple years cause I was hibernating and didn't go out anywhere. Recently it's been crazy, bought my dream car, just came back from vacation and going out cruising and for drinks and food up to 5 times a week. Oh man it went from like 80% to 60% to 40% and now to 20%.

Kirbs17
08-14-2006, 09:10 PM
Normally? 25% instantly off the top of my cheque.

This summer? 85%. But Im proud to say that Ive knocked $4500 off my car loan in 3 months, saved $2300 to go to Cuba at christmas, and another $2200 for a semester of schooling. All since April 19th (First day of work after school)

eblend
08-14-2006, 09:16 PM
right now like 95% of all i make. Don't know why but juts don't want to spend any money + living with parents still. I don't want to rent and trying to buy a house right away, so saving every penny i can

gp36912
08-14-2006, 09:20 PM
i usualy save 90% of it. but in the end i blow it all away on something (camera, exhaust, car)

Toma
08-14-2006, 11:34 PM
.

black_2.5RS
08-15-2006, 12:04 AM
About 25% after all expenses (mortgage, car pymt, insurance, fun, etc)

HybridTheory
08-15-2006, 12:28 AM
Around 40 to 50%

pinoyhero
08-15-2006, 06:00 AM
Originally posted by max_boost
20% and it goes directly into RRSP's. Everything else I absolutely just blow it away :D

THis seems inefficient as you are only saving on income tax by putting 18% into RRSPs, there is a better option for your extra 2 %

sputnik
08-15-2006, 08:45 AM
~$15k/yr

kaput
08-15-2006, 09:08 AM
.

syeve
08-15-2006, 09:13 AM
about 4/3 but Im not very good with numbers

max_boost
08-15-2006, 09:21 AM
Originally posted by pinoyhero


THis seems inefficient as you are only saving on income tax by putting 18% into RRSPs, there is a better option for your extra 2 % Made a mistake :D I save only 18% hehe

Chandler_Racing
08-15-2006, 09:22 AM
Right now, I'm saving about $2300-2500 per month. Hoping to purchase a downtown condo, but it's tough to shell out $300,000 for a one bedroom unit.

legendboy
08-15-2006, 09:53 AM
0 :banghead:

86max
08-15-2006, 09:53 AM
Originally posted by syeve
about 4/3 but Im not very good with numbers

HOLEEE you save more than you make!:rofl:


I only save 15%, damn expensive hobbies.

calgarygts
08-15-2006, 10:08 AM
I think this board is so full of shit I can smell it through my screen. Either that or everyone lives with their parents.
I'm at 2.5% right now but once I sell the car I'll be around 20%, all from net pay (and only possible because I'll be riding my bike instead of driving).

pinoyhero
08-15-2006, 10:24 AM
Originally posted by max_boost
Made a mistake :D I save only 18% hehe

Hehe, nice call. I'm at about 0, because I do'nt have a mortgage but a line of credit so every cent I have left at the end of each Term I put towards the line. Once that's done I'l worry more about RRSPs and opther savings. I do have a DC pension plan at work though so although it doesn't max me out RRSP wise it keeps me in a decent range.

benyl
08-15-2006, 10:31 AM
Originally posted by calgarygts
I think this board is so full of shit I can smell it through my screen.

Maybe it is your upper lip.
:rofl: :rofl: :rofl: :rofl:

adam c
08-15-2006, 10:34 AM
Originally posted by Chandler_Racing
Right now, I'm saving about $2300-2500 per month. Hoping to purchase a downtown condo, but it's tough to shell out $300,000 for a one bedroom unit.

uh wtf.. u save more then i make per month..

sputnik
08-15-2006, 10:35 AM
Originally posted by calgarygts
Either that or everyone lives with their parents.

I think you hit the nail on the head for many.

calgarygts
08-15-2006, 10:44 AM
Originally posted by benyl


Maybe it is your upper lip.
:rofl: :rofl: :rofl: :rofl:

hahahaha, smartass.

Xtrema
08-15-2006, 10:53 AM
Originally posted by calgarygts
I think this board is so full of shit I can smell it through my screen. Either that or everyone lives with their parents.


50% is definitely possible as long as:

A) you don't live beyond your means

B) you have a decent wage, say over $50K/year before tax

C) Single and no dependents



Originally posted by max_boost
Those of you who save over 50% a month, are you saving to retire early? Buy something really big? Pay off your mortgage?

The goal is my saving/investment will spawn enough income that working for a living will be optional.

sputnik
08-15-2006, 11:06 AM
Originally posted by Xtrema


50% is definitely possible as long as:

A) you don't live beyond your means

B) you have a decent wage, say over $50K/year before tax

C) Single and no dependents


D) Rent an apartment in the hood or share it with 10 friends.

$50k/year is about $2800/month after taxes and deductions. So if you can cover all of your expenses for under $1400/month you are good to go. Its not impossible, but there are certainly many sacrifices that need to be made. I remember saving $20,000 in 10 months so that I could scrape together a downpayment for my house. I had to live like I was on welfare for a while, but it was nice to finally stop renting.

89coupe
08-15-2006, 11:31 AM
Originally posted by calgarygts
I think this board is so full of shit I can smell it through my screen. Either that or everyone lives with their parents.
I'm at 2.5% right now but once I sell the car I'll be around 20%, all from net pay (and only possible because I'll be riding my bike instead of driving).

Why do you think that?

TrevorK
08-15-2006, 11:52 AM
I save around 30K/year and toss it onto my secured line of credit at completely random times throughout the year.

schurchill39
08-15-2006, 11:54 AM
I still live with my parents as of now so I dont have any living expenses besides my car (insurance registration gas and repairs) and cell phone. So i try to save 40-60% depending on how much my checks are. I usually only put 200$ in my spending account for shit like gas and food then after the bills are paid the rest goes in the other account.

Impreza
08-15-2006, 12:23 PM
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

86max
08-15-2006, 12:34 PM
Originally posted by Impreza
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

I came out of school with ~5k in school debt, then 2 years later was able to get my first home. Mind you I made a lot of poor spending choices in that 2 years, don't regret it though.

spyce
08-15-2006, 12:39 PM
I usually end up saving about half of what I make.
I dont really have expenses such as rent.
My money basically goes towards food and entertainment and gas :dunno:

Thaco
08-15-2006, 12:46 PM
0%, any extra money i have goes toward debt, i can't justify having cash sit in a savings account accumulating 2% interest when it can be put against my debt at 10%

sputnik
08-15-2006, 12:47 PM
Originally posted by Impreza
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

I was 22 when I bought my first house. However since then housing prices have skyrocketted and I dont think I would be able to afford my house at all now.

You should be hoping that you CAN buy a house, nevermind WHEN you will buy one.

HybridTheory
08-15-2006, 12:49 PM
Originally posted by Impreza
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

I had a little bit of savings when I came out of university, but I didn't have any debt when I came out. I used up all my savings when I decided to quit my job and be an unemployed bum for about 2 months.

Thaco
08-15-2006, 12:50 PM
Originally posted by sputnik


I was 22 when I bought my first house. However since then housing prices have skyrocketted and I dont think I would be able to afford my house at all now.

You should be hoping that you CAN buy a house, nevermind WHEN you will buy one.

I heard a ad on the radio yesterday, ATB now has 35 year mortgages, that's insane, we'll catch up with europes 2-3 generation mortgages soon!

I am dreading buying my first house... i am 23 now, but i won't be in any sort of position to buy a house for probably 2-3 more years, i made some bad choices when i was younger...

Weapon_R
08-15-2006, 01:22 PM
0% in savings. Having your money idly standing by is a bad idea right now IMO. Investments are where your money should be instead.

Ben
08-15-2006, 02:04 PM
Originally posted by calgarygts
I think this board is so full of shit I can smell it through my screen. Either that or everyone lives with their parents.
I'm at 2.5% right now but once I sell the car I'll be around 20%, all from net pay (and only possible because I'll be riding my bike instead of driving).

Why is it so hard to believe?

If you're only saving 2.5%, you need to find a better job or reorganize your priorities (see: Car Poor) instead of dumping on the responsible people. Thats only $1250 a year if you make 50k net. Should be able to save a heck of a lot more than that. MINIMUM 10%, most banks recommend 20%.

I myself put away between 1/3 and 1 half. Its nice for those times when I decide I want a new camera and can just pay in cash. Plus, Screw renting. Down Payment FTW.


Originally posted by Weapon_R
0% in savings. Having your money idly standing by is a bad idea right now IMO. Investments are where your money should be instead.

Well Duh! What kind of moron would do that if they're saving for the future.

I think it was assumed that by saving, we mean putting away to have it grow, not just have a big account balance in a low interest savings acct. Diversify!

codetrap
08-15-2006, 02:23 PM
.

CLiVE
08-15-2006, 02:36 PM
Try this, the 60% solution. The easiest way to 'budget' IMO. Been using this method for years.

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx

http://moneycentral.msn.com/content/common/P139593.asp

60% for necessary expenses. (food, rent/mortgage, utilities,etc)
10% Fun Money
10% Retirement
10% Long-term savings/debt
10% Irregular expenses

Aleks
08-15-2006, 02:56 PM
I was 24 when I graduated with internship. Had 10 Grand in student loans when I graduated. Paid for schooling myself. Parents weren't able to help, so no choice there. Started work right away, bought my house in June 2005, so about 1 year after I started working.

I was able to have my fun toy. (integra) and save quite a bit living at home in that 1 year. Glad I didn't buy a brand new car out of school. Way easier to buy toys after a few years :)


Originally posted by Impreza
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

lint
08-15-2006, 03:05 PM
Originally posted by CLiVE
Try this, the 60% solution. The easiest way to 'budget' IMO. Been using this method for years.

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx

http://moneycentral.msn.com/content/common/P139593.asp

60% for necessary expenses. (food, rent/mortgage, utilities,etc)
10% Fun Money
10% Retirement
10% Long-term savings/debt
10% Irregular expenses

Do you use gross or net income with this method? That second link has a "calculator" that uses your gross income. 60% shrinks really fast considering income taxes and deductions take 30-35%, leaving you with 25-30% of gross for all living expenses.

With net income, this seems like a pretty easy way of budgeting. Look after the big stuff and don't be overly concerned with the small stuff.

CLiVE
08-15-2006, 03:49 PM
Originally posted by lint


Do you use gross or net income with this method? That second link has a "calculator" that uses your gross income. 60% shrinks really fast considering income taxes and deductions take 30-35%, leaving you with 25-30% of gross for all living expenses.

With net income, this seems like a pretty easy way of budgeting. Look after the big stuff and don't be overly concerned with the small stuff.

Use net income with this method. I use net and find it works quite well. The point is to adjust the 60% to whatever number works for you (could be more or less) and then split the remaining up into 4 equal chunks....

Like you said, look after the big stuff, and don't worry about the small stuff. Takes the pain out of budgeting. As far as long-term savings goes I find it helps to write out what your goals are. ex: $30K every 5 years for a new car, deck/landscaping, basement development, etc.

Another worthwhile excercise is to track all expenses into categories for a few months. Easy to see where you are wasting your money, ie: the Latte factor, etc. When I did this it seemed like a lot of my money was wasted on small purchases in the $20 range. I soon dropped that "it is only $20, why not buy it" attitude.

broken_legs
08-15-2006, 06:23 PM
I have 15% of my gross taken off the top of my paychecks and another 5% added to those savings by work. Then another 500/mth goes into some lame low risk mutual funds in an RSP at the bank. (just getting the tax break as I save for a down payment on a home)

My monthly expenses including rent, insurance, gas, food, student loans is just under 20% of my gross.

1st of the month i pay off my expenses (rent, credit cards, student loans etc.) then the rest goes into volatile penny stocks that I don't understand!

I agree with the paying off of debt comment made earlier. No sense in investing unless you are sure you can beat the interest on your loan by earning a higher interest on your investment.

Ariakas
08-16-2006, 09:23 AM
Originally posted by Impreza
Did anybody have any savings coming out of University? I kinda swtiched around faculties for my first couple years and will likely be 23 before I graduate. It worries me that I will be prolly much much older than most before I purchase my first home! How many years after graduation before you pruchased your first house?

When I came out of Uni 6 yrs ago, I had -ve money. Was using a line of credit, maxed out my CC, had 15K student loans. I paid my own tuition through Uni. I was in the same boat as you, graduated later as I was trying different faculties. After graduating, I got my first job and dumped everything on my debt, was still living with my parents at that time. Bought my first home 3 yrs later, I also got married so the wife helped out. I wouldn't worry too much about being older, just set your goal on buying a home and it will come through.

Super_Geo
08-16-2006, 09:29 AM
Just curious.. what % of total tax are you looking at for the 60-70k range?

Tik-Tok
08-16-2006, 09:31 AM
Originally posted by Super_Geo
Just curious.. what % of total tax are you looking at for the 60-70k range?

Alberta Personal Income Tax Calculator (http://www.finance.gov.ab.ca/calc-script/tax_calc.html)


And I save 0%, whatever I have at the end of the month goes on the line of credit to pay it off quick.

pinoyhero
08-16-2006, 09:43 AM
Problem with the 60 method is that you aren't taking advantage of the max 18 precent rrsp limit the can government allows for. At some point you should be maxing this out every year.

in*10*se
08-16-2006, 11:43 AM
-5% to -10%

fucking visa:banghead: :banghead:

CLiVE
08-16-2006, 01:08 PM
Originally posted by pinoyhero
Problem with the 60 method is that you aren't taking advantage of the max 18 precent rrsp limit the can government allows for. At some point you should be maxing this out every year.

The adjust the 60% or the other buckets to reflect that.
Read the post, the point is whatever works for you...

Super_Geo
08-17-2006, 08:16 AM
Originally posted by Tik-Tok


Alberta Personal Income Tax Calculator (http://www.finance.gov.ab.ca/calc-script/tax_calc.html)


:eek:

Holy shit Canadian tax is a lot better than I thought! Only 20-23% for the 50-70k range? I was always told it was closer to 1/3! I mean my paycheques have been getting hit with about 22% tax, but I always had this feeling that they were going to take more at the end of the year.

Fuckin eh! :thumbsup:

Rav4Guy
08-17-2006, 08:30 AM
someone said above that having money sitting in an idle state is a bad idea. put it into investments.. yadda yadda... but a smart investor will never be fully invested. There will always be a portion of the account in cash/cash equivalents, and there are times where the investor will wait for a good opportunity to buy.

I save approximately 40% of my income after all expenses... which includes everything. I put most of the 40% into my invesment account and when neccessary.. will take money out to fund my "much needed purchases". I effectively use my revolving credit but will always repay in full every month. If you do have extra money around... best thing to do is to lower/get rid of your debts... don't even worry about your investment/RRSP accounts.

Tik-Tok
08-17-2006, 09:05 AM
Originally posted by Super_Geo


:eek:

Holy shit Canadian tax is a lot better than I thought! Only 20-23% for the 50-70k range? I was always told it was closer to 1/3! I mean my paycheques have been getting hit with about 22% tax, but I always had this feeling that they were going to take more at the end of the year.

Fuckin eh! :thumbsup:



27% when you throw in E.I. and CPP. Then don't forget about Aleberta Health, Life insurance, death and disability, health insurance, etc.

Typically I take home 2/3's of what I make, and I'm in this range.

DeMoon
08-17-2006, 09:54 AM
I only manage to put 5% towards RRSP, the rest goes towards bills like mortgage, utilities, food, Credit Cards, and things for the house.

On the other hand, my wife puts 5% into RRSP and the rest goes towards savings. At the end of the year we evaluate what we want to do with the extra cash.

We've forced our selves to live off one income and it's paid off pretty good. :thumbsup:

energieboi
08-17-2006, 10:08 AM
Originally posted by max_boost
18% and it goes directly into RRSP's. Everything else I absolutely just blow it away :D

finally some honesty around here.

15-20%

the world is a different place after you get into your career
the money comes alright but the bills comes too
the rent
the car payments
insurance
RSP
blah blah blah
and the taxman:guns:

Toma
08-17-2006, 12:23 PM
Originally posted by Super_Geo


:eek:

Holy shit Canadian tax is a lot better than I thought! Only 20-23% for the 50-70k range? I was always told it was closer to 1/3! I mean my paycheques have been getting hit with about 22% tax, but I always had this feeling that they were going to take more at the end of the year.

Fuckin eh! :thumbsup:
It is 1/3... gotta count Provincial and Federal, and cpp, and qpp, and ei.... At 50k, you would take home 36k before any RRSP deductions etc.

Edit .... and that is only alberta.... other provinces do not enjoy the flat 10% we paud provincial... the pay incrementally like federal.

Kimchee
08-21-2006, 10:39 AM
20% comes right off my pay cheque into company stock saving program and RRSP/Mutual funds...

the other 80% goes into my mortgage, car pmts, insurance, utilities, credit cars, fun money...and sometimes i have left over money i save too but this is my "vacation" money...haha

pretty tough to get into the housing market these days.... i got pretty lucky, i purchased my home in June 2005 and i moved into my place 3 weeks ago...also at the same time, l borrowed a small chunk of change to put a 5% down payment on a 1 bedroom condo (thats all i could afford) in downtown (midtown) until i pay the rest of the 20% in 2008 when it is complete...hopefullt it'll be a pretty quick flip when i need to sell it in 2008 or maybe i'll rent/move into it ....

doublepostwhore
08-21-2006, 11:42 AM
Im not in the work force career wise yet, but typically I save about 1/3 of my pay cheque, with the rest I let it sit in my account untill I blow it :D :banghead:.

I was very fortunate to have worked 5 years @ the bottem feeding 7-11$ an hr jobs, so I have enough money to pay my 3 years tuition + books + 2K spending money per year (not alot but considering that was my own ernest foresight from 14, I am proud) so I can work summers at a resturant, have enough money to pay tuition + spending money and manage to save for the remainder of m scholar life!

The main money killers are depreciating items, cars for one, alot of consumer goods that you can never recover money from. (well unless you find a ricer and you got your knock off mugen kit for a few bucks @ C-tire). I have a shitt-ay car and another car that my brother and I went half/half. we dont even drive/insure the Audi becase its such a waste of money. I have the rest of my life to ball. Right now is prime for setting up any sort of financial responsibility/healthy habits.

Prolly the worst thing for a student is a credit card, if you get one, dont use it if you dont have the exact amount of money for said item in an account accesible to pay the bill @ the end of the month. Its a simple concept but one that ALOT of people I know do not understand.

Oh the days of slurpee's and bike rides... LOST!

TrevorK
08-22-2006, 03:05 PM
Originally posted by energieboi


finally some honesty around here.

15-20%

the world is a different place after you get into your career
the money comes alright but the bills comes too
the rent
the car payments
insurance
RSP
blah blah blah
and the taxman:guns:

I don't understand - why would any of the high numbers seem unrealistic? Perhaps you just aren't making near as much as anyone else?

E36M3
08-22-2006, 03:55 PM
I like the guideline suggested in a book called Die Broke (which I recommend reading) of having a 3 month emergency fund available. You keep 1/3rd in a 30 day GIC or other guaranteed instrument, one in a 60 day and one in a 90 day and keep rolling them over.


Originally posted by 69cougar
Just wondering what % of your income actually stays in the bank? ie emergency fund. By the time I have paid my bills and shit i am lucky if its 5%.

You?

Watcher
08-22-2006, 11:30 PM
Originally posted by E36M3
I like the guideline suggested in a book called Die Broke (which I recommend reading) of having a 3 month emergency fund available. You keep 1/3rd in a 30 day GIC or other guaranteed instrument, one in a 60 day and one in a 90 day and keep rolling them over.



wouldn't it be easier to have 3 90 day gics that where only one of them rolls over each month?

E36M3
08-22-2006, 11:58 PM
You are right.. must have been tired.

As you said, you'd have three 90 day GICs with maturity dates staggered by 30 days so that one of them matures every 30 days.

The advantage to this is that you will never be homeless (you should always be able to find a job within 90 days, even if it means moving) and you should be able to support yourself if you are sick, etc. or cope with an emergency. Gives you room to take big chunks of income and put towards long term investment once you get there.

Personally, I did that, and then put every cent I had into a downpayment on a house. I was heavily leaveraged, but didn't care since I had a 90 day safety net.


Originally posted by Watcher


wouldn't it be easier to have 3 90 day gics that where only one of them rolls over each month?

Rav4Guy
08-23-2006, 07:22 AM
Originally posted by Watcher


wouldn't it be easier to have 3 90 day gics that where only one of them rolls over each month?

It would be easier.. but you don't want to initially wait 90 days before you purchase a 90day bond. So at first you would want a 30day and then roll it over when it matures so that you'll have free money coming up every month while the other two are accruing interest.

AndrewMZ3
08-25-2006, 12:48 PM
Originally posted by E36M3
I like the guideline suggested in a book called Die Broke (which I recommend reading) of having a 3 month emergency fund available. You keep 1/3rd in a 30 day GIC or other guaranteed instrument, one in a 60 day and one in a 90 day and keep rolling them over.



This is actually a really good approach. You somewhat reduce your interest rate risk and you're able to capture a higher interest rate (the 90 day rate) while still having them mature on a monthly basis.

As for savings, I put away 24% monthly off my gross income into RRSPs and my company's pension savings. So off my last cheque it worked out to be about 37% off my net pay.

Aside from this, I try to put an aditional 25% away but it usually varies between 10-20%. So I'm probably at about 45-55% off my net pay.

Just recently I stopped parking downtown and that's resulted in a savings of around $350 a month. I'm sure if I start tracking all of my expenses, I'll be able to locate other cost cutting potentials too (the Latte factor).

fraser_
08-25-2006, 01:50 PM
I save around 150 - 250 a month