My husband and I just had a baby (9 mo’s old) and we’ve been diligently saving ever since he was born just because. For an emergency plan, a buffer, and just b/c we like to combat materialism and waste.
Since last Sept. we’ve saved about 2.5 months worth of take-home pay, and by this Dec. we’ll have saved over 3.5 months of take-home pay. We did this by saving 90-95% of extra paychecks, bonuses, tax refunds, etc. I have it earning interest in an ING acct.
Since we’ve never really saved before, should we strive for a certain % of our take-home pay (or month’s worth), or do you just keep saving with no goal amount in mind?
Your input is appreciated.