Savings

[SSH0126]

I seen tons on applying for credit cards..denials..approvals..but not so much on savings..how much are you saving per month? We just filed anf for sure want to make sure we come out of the gates running with this..

[Scupra]

First thing to do is create an emergency savings with around 3-5 months of all your bills. A common goal is to try and save 10% of your gross income.

[SSH0126]

Oh I know just see more of the other posts getting a lot of credit cards(success) listed and was just wondering about savings...

[Scupra]

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@SSH0126 wrote:

Oh I know just see more of the other posts getting a lot of credit cards(success) listed and was just wondering about savings...

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Savings topics would be a better a fit for the personal finance sub forum. Getting finances in order and creating/using a budget should be the first thing any BK filer does though

[Anonymous]

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@SSH0126 wrote:

Oh I know just see more of the other posts getting a lot of credit cards(success) listed and was just wondering about savings...

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I+1000

think the same thing SSHO.  I see some stating they net 12-14k a month and are now in trouble.  Can't wrap my head around it.  I do believe if you want those high $$$ cards, make sure you have the funds in the bank to back it up.  Or at least 6 months worth of emergency money.  

[SSH0126]

+1

[0REDSOX7]

I started with 200/month right out of BK in 2014.  Went up to 300 a month in 2015 and now am at 400 a month in 2016...  

[Anonymous]

I am a teacher and work about 9 months a year. I put 30% of each paycheck in savings. This helps me get through the summer and have some emergency funds left over. I also work overtime (summer school, evening school) to pay for daycare.

It's working out pretty well so far, a little over a year in. At the end of the summer, I hope to have enough in my savings account to pay for daycare for the next year. I can always borrow against my summer funds if an emergency comes up. Once my kids are both in public school (one is starting this year and the other will start 3 years from now), I believe I'll actually have enough funds to take a real vacation somewhere. That is also when I plan to buy a house. We live in a tiny, crappy condo right now.

[Anonymous]

Since filing what my husband and I are doing, is since I'm the primary bread winner in our family we're just living off my monthly pay check and putting his in savings and acting like we don't have it. We live modestly though and our mortgage is $700 a month. Our primary expense is gas since we both live 30 miles away from our work locations in the opposite direction from one another. Thank goodness for a Prius!