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Increasing our saving percentage

June 5th, 2007 at 05:38 pm

Since Jan. 1, 2006, I have designated 17% of my gross income for savings. Every 2 weeks when I get paid, I calculate 17% of the gross, round it up to the nearest $5.00, and direct that much toward savings (split between taxable mutual funds, our IRAs, DD's 529 and extra home equity loan payments).

As of July 1st, I am increasing to 18%. I've realized in recent months that after the 17%, we still had money left over after paying all the bills and spending whatever we spent on stuff. In reality, I could probably up it to 20% and still be okay. I figure I'll do 18% for the 2nd half of 2007 and see where we end up. If we're still fine in December, I may increase it to 19% starting next January. We'll see how it goes.

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