How much do you put in savings every month?
I am thinking about quitting my job and staying at home with our first baby. I am nervous about not having enough money going towards savings.
After all our bills are paid and we have used a little money for fun, we will be putting $700 to $1000 a month into our savings account for unexpected bills, emergencies, etc.
How much do you put in savings every month? Do you think $700-$1000 is plenty for savings for a family with one income??
BTW: I plan to go back to work in 5 years or so and I have a bachelor's degree.
You don't mention your income or expenses, which is very relevant to an answer. You also don't say whether you contribute to a retirement fund at work in addition to that $700-$1000 in cash savings (which you absolutely should do first).
You and your husband should be saving 10% of your gross household income NO MATTER WHAT. Of course if you quit your job then your income will be lower. I recommend you save 10% in retirement accounts and an additional 5% in cash for short term expenses, emergencies, etc.
