How To Live Frugal
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How much should we be putting into savings?
After we pay all our bills (mortgage, car payment, credit card, utilities, insurance, food and gas for the month) we have 2,000 dollars left over. We live a somewhat frugal life, we don't go to clubs or bars, we don't drink or smoke. We love the outdoors, so we spend alot of time doing things outside. We are a family of 3..if it matters. But I was thinking we should be putting about half into savings, right now we are only putting 300 in. Any opinions?
The answer really depends on what your priorities are. You have a child. Is your priority saving for college? Or is is funding your retirement. Either way, you are in really good shape. I would not use a savings account for either though. Use the dedicated investment vehicles that exist for each. Use a ROTH IRA or traditional IRA for retirement savings. Use a 529 plan for college savings. You're in great shape.
