Liberal Saving Habits - What Percentage Of Income Do You Save?

[TomCADem]

We have read about the "paradox of thrift" by economists and how during a recession, people save more and spend less, which may deepen the recession. Conversely, if a person does not have a job, they can't really save squat. So, for all the conservative claims that liberals spend like there is no tomorrow, here is an extremely unscientific poll:

[closeupready]

1. I save as much as I possibly can, without going hungry.

Wall Street will eventually get its hands on social security and eat it up with transaction fees or whatnought. Saving is my only defense.

[hfojvt]

2. other - I am not sure

although it must be negative for this year, because I bought a car in March

[MercutioATC]

3. IRS maximum 401k contributions ($16,500/year).

Other than that, I pretty much spend what I make.

[Xenotime]

4. I heard somebody say..

"every dollar comes in and every dollar goes out and only the names are changed to protect the innocent." That about sums it up.

[msongs]

5. even though people who save are punished by our economic system, we save a lot nt

[The2ndWheel]

6. I probably help keep more people out of work than employed

[Statistical]

7. 20% - I lumped together all investments and savings.

I lumped together all investments and savings:
Roth 401K + Roth IRA + non retirement investments + "rainy day" traditional savings.

I assumed that was your meaning.

My pure "savings" = cash in money market account is much lower % of income (less than 5%).

[TomCADem]

12. Yup, I Was Using The Expansive Definition Of Savings

I am actually surprised that 30 percent responded that they save over 20 percent.

[DBoon]

8. max out over-50 401(k)

Plus an additional $500/mo into savings

I make enough to afford to save, so that when I don't have a job I will at least get by

[Brooklyns_Finest]

9. 10%

I put 10% of my pre tax income in to my thrift savings plan (federal 401K). I make a pretty good salary, but I have had a hard time putting away money in to my savings account.

[Silent3]

10. Saving for retirement? Saving for making large purchases?

I save a lot of my money, and about half of that goes into a 401k and won't be touched until I retire.

I also save in order to have money for emergencies, for dealing with the potential of job loss (fortunately that's not a big worry for me right now), and for large purchases like cars. I bought my last car cash, for instance, and I intend hold onto that car around 10 years and buy my next car cash too.

I bought a new house last year (Bad timing! The new house was built for us, price set by contract in April, but paid in November, when the same finished house would have gone for a few tens of thousands less.) using money I'd saved up over many years so the new mortgage wouldn't be too big. We now have roughly 50% equity in our house.

I have no debt other than my mortgage and whatever is temporarily sitting on a credit card waiting to be paid in full when the bill arrives.

So I'm clearly pretty good at saving. Regardless of that, all my money will someday either be spent, or someone else will inherit it. Having no children, I have no major reason to want to pass on very much money, so I hope to spend most or at least give it to charity.

I guess the question I have is that since all money will either eventually be spent or given away, what constitutes "true" savings? How long do you have to hold on to money between acquiring it and dispersing it for that money to be considered saved money?

[pscot]

11. Bwaahahahah

:rofl:

[Fire_Medic_Dave]

13. Whatever % my wife doesn't spend. She makes most of it though so I have no room to complain.