David Marotta discusses some tips on how couples should save money.
Tags:dealing with savings as a couple,david john marotta,finance tips,financial planning,monkeysee
Grab video code:
Male: What should a couple do about savings?
David Marotta: The fourth vow is to save a least 15% of your takehome pay for savings, 10% in retirement and 10% in taxable. If you do that you’ll build up an emergency fund. You’ll have enough money for when you want to buy a house or buy a new car and so that’s a vow to make. And we call this pay yourself first.
So it’s best if you have it automatically deducted from your checking account so the paycheck comes in and the very next day 15% goes out into various savings. Sometimes the retirement, the taxable or the pre-tax retirement savings can be taken out of your paycheck automatically. The other 5% should be taken out immediately.