I know not everyone has the luxury of saving at all, but those who do, do you have a “goal” or target savings per-month?

If yes could you explain what it is and your rationale?

  • saigot@lemmy.ca
    5·
    1 year ago

    I have many different saving buckets. As far as I’m concerned every expense is coming from “savings” it’s just a matter of how often those expenses come up.

    Some examples from small to large:

    • I pay most subscriptions yearly because it’s cheaper, but I “charge” myself the amortized rate every month.
    • I put X/mo into tech, some months I might buy 2 or 3 cheap tech things (phone case, cables) whereas other months it just all gets saved for something big like a PC upgrade.
    • I keep a few grand as an emergency fund, I save X/mo until I have Y, then just leave it unless I dip into it.
    • I have a repair budget, I save X amount every month, if It ever reaches X*20, I split it in half and keep half as repair budget and put the other half towards a big renovation/upgrade.
    • I have a mortgage budget. I am fortunate enough to afford more than my minimum payment. Until my mortgage comes up for renewal It is more efficient for me to invest that cash and then dump it in when the renewal comes up. Assuming interest rates don’t go too much higher than now I think I can keep my upcoming minimum to be the same as my current minimum + my current mortgage savings.
    • I have RRSP and TFSA