One year we only saved 30% but that was only because my husband was starting his own business and I was a stay at home mom. A few more information would be needed for consideration. Obviously in an emergency, I would be cutting down costs wherever possible - not eating out as much, etc. If you start at age 30, though, that number nearly doubles: You need … Ideally, my goal for everyone is to contribute as much in their pre-tax savings plans as possible and then save another 10-35% after tax. Financially speaking, the more you save the better, but personally speaking, typically spending money to a certain point, depending on circumstances makes people happier if they spend it well (on experiences like travel, on nicer place to live, on a social life, doesn't have to be useless gadgets you will forget quickly). You have 2 options: 1) buy a less expensive house, or 2) wait and save more money. Have a clear idea about your career and location - if you plan to change jobs, then use the time to accumulate funds and information about the new location (if applicable). After you know that, you will have a ballpark estimate of how much you will have for down payment AND closing costs (cash to close). They used to be in the order of hundreds of dollars a month, but these days, a decent credit score means you likely won't even get to $100/month in PMI. Should you decide down the road to move out on your own, that would be a nice cushion to have available for use. Now you can estimate your max loan amount (3x annual salary, so $210k) and consider how much you want to put down. So based on predictions about where the U.S. stock market seems to be headed, how much should you save? How much you need to save for retirement depends largely on your current income and the lifestyle you want when you retire. Retirement. I still have to fight the urge to go into super-saver mode. To reiterate, I don't know approximately how much I should have/keep in an emergency fund, I don't know how much % down I should look to save for a house. High earners generally want to hit the top of that range; low earners can typically hover … Join our community, read the PF Wiki, and get on top of your finances! But no, you're not too young to invest. The contribution maximum should go up $500 … I'm a fairly frugal person and it doesn't take a lot to make me happy. Alas, again, even that number might … I invest around $10,000-$15,000 a year in various stocks which tend to make me money which we use to pay for all vacations. It is something I have dreamed about since I was a kid and everything and yeah. Ask them about that in 20 years, when they are supporting a family and again in 40 years when they are starting to worry about retirement money. As my bonus fluctuates year over year, its a little more complicated to factor that in and both have maximum limits (18K for the 401K and 11K for the ROTH IRAs). Saving money should almost always come before investing money. Alright, now let’s talk about what you’re really asking here: How much should I be saving for retirement? To be completely transparent, if I change companies I would absolutely be getting a raise, somewhere likely between $85-100k. Got a 30yr at 3.5. Credit score only 680. If you're earning $50,000 per … This all makes sense. It is important to save and invest for the future but you got to live and enjoy life right now. I pay $60/month in pmi on the $450k of my house that is mortgaged. When deciding how to save for a house there are two main costs to consider: the upfront costs and the ongoing costs. Don’t Forget to Pay Yourself. According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent and food, 30% for discretionary spending, and at least 20% … If absolutely everything somehow fell apart, my parents would be 100% accepting of me moving back home and staying there, etc. First time home owner here. It will give you an idea about the various options as well as pros and cons of each area. Renting would provide you the ability to move and pursue other opportunities with ease. In San Francisco it's probably a safe bet to say buying sooner will save you more money overall, even with pmi and that's not even taking into account the money you are paying in rent while you save … My parents are in their late 40s, and make about 150k a year combined. I also learned recently that the next time I rent I should definitely be more picky about my landlord, not just the place/location. Start with your emergency fund - make sure you don’t touch that money for downpayment. How Much You Should Save At 30, 40, 50, and 60 First of all, everybody should be maxing out their 401k. If you're starting to save in your early 40s, save 25-35 percent of your pre-tax income—a pretty meaningful chunk of your income. Unfortunately, it seems like I am quite a long way away from my dream, but that's okay -- I'll keep taking it one step at a time. You can assume closing costs to be 5% of the home, so at max loan amount, ($210k + $15k)/1.05 = $214k is the home price, so you have a $11k closing cost and $4k will be your down payment. (%20 of monthly salary). These things will literally break your bank if you don’t plan for them, so I would recommend the home warranty for the first 2-3 years while you build up your funds. Ask yourself if you are enjoying your life now. Part 2 of that "scary" number that you need to save each month for your child's college is that number is based on saving 100% of their … So we can't give you an optimal number. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. For 2020, the maximum you can contribute is $19,500. Your friends say that you should spend more? The reason is … So saving around 50% of your salary and if you are actually enjoying your life I guess that's a win win. The point is there is no optimum, its whatever you want it to be. ), upcoming medical expenses, expected life changes, etc. OP, don't discount the present value of your money and time. Since we have been married, we have saved 50% of our income every year. If you're enjoying what you're doing, keep going. Academic retirement saving studies use the term replacement rate. But they caution that every financial situation is different and that any amount … Work backwards instead. In any circumstance would you recommend a 10% down? We also recently explained why you should strive to save about 20 percent of your income. If OP's friends are saying this because he seems unhappy, or he never wants to do anything that costs money, that's a different story. It usually takes the form of a rule of thumb, such as the admonishment to save 10% of our income. With interest rates as low as they are, PMI rates have followed suit. How Reddit saved this man's life. To reiterate, I don't know approximately how much I should have/keep in an emergency fund, I don't know how much % down I should look to save for a house. You should also factor in things like your car (is it reliable? As someone in my 40's, who aways saved some cash and very little debt, my only saving money regret is not saving MORE. IMO, provided you are saving adequately for retirement(for me ~20%) and covering all your debts, dont be afraid to use it to buy experiences or gadgets that do bring joy. A general rule of thumb is to have one times your income saved by age 30, twice your income by 35, three times by 40, and so on. Emergency fund is a no brainer as seen in the present situation- make sure you have at least 6-12 months of your expenses (all expenses and then add your mortgage, depending on the house). If you're happy and saving for the future, that's a very good thing. In a few decades from now, when you are retired comfortably, tell them they are too old to be working. Also, even though it's not included in the calculation, be sure to adjust your projected monthly budget to account for any home repairs, which can be estimated to be 1% of your home value annually. My job is easy enough to work remotely from, but whenever COVID eventually ends I would likely need to go into the office 1-2 days/week -- I'm also not 100% about staying at the job, etc. Spending more intentionally shouldn't be the goal but having more fun is a reasonable goal. This is the percentage of your salary that you’ll receive as income during retirement. Fast Answer: 1. Lawn care, water bills during summer ($$$), appliances, roofing (depends on new vs old houses) etc. Strive to save 20% of your gross income each month, some experts say. Sound daunting? Now back to the original question: How much should you save a month? Edit: appreciate all the feedback/input/recommendations from everyone. However, Blanchett’s analysis found that some retirees can actually live … However, if you are 50 and your household income is … Press J to jump to the feed. But what if we’re actually saving too much? As long as you're happy with the life you can afford at that savings rate, this is exactly right. In my opinion, you need to find a healthy balance between living in the present and saving for the future. Unless my math is just shitty, it does seem like $15k is enough for emergency fund for at least 6 months? However, there are some basic guidelines you can follow when determining how much you should save each month. Its not fun to invite your girlfriend over to your parents house. You should consider saving 10 - 15% of your income for retirement. Many Americans aren't saving enough. Retirement. (1year) -Living with family. -Paying student loan for Msc. It’s been a year since my purchase and I would recommend a few tips that has helped me out -. I appreciate the time and advice on this! a savings rate of 50% well invested in diversified index funds means you could retire in as few as 16 years. So there is something to be said about enjoying life a bit too. People find their own balance, don't let the desire for financial responsibility take away your ability to have a fun life, in the end that's the whole purpose of having money. [I know some of these expenses (especially the rent) are not very efficient, but I'd prefer to grill/look into that another time] Car is reliable/newer, and don't expect any health concerns/life changes. Press J to jump to the feed. OP, don't discount the present value of your money and time. I obviously have a lot more to look into, but I think one of the biggest lessons for me was definitely all of the other costs associated with buying a home. Some advise saving as much as 20%, as with the 50/20/30 budget popularized by Senator … Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. This is the dumbest statement I have ever heard. With all the money in the world, can't turn back time and enjoy a little bit of life at age 25 again though. We can’t predict what’s going to happen to us or our finances, so we save as much as we can. So you're putting 40-50% into investing/retirement and 20% into paying back your student loans. I keep between 6 & 8k for emergencies. If you think spending more would make you happier, while still reasonably fitting the guidelines given here (emergency fund and saving for retirement goals listed in sidebar) then spend as much money as keeps bringing you happiness. How Much Should I Save vs. ), I currently have ~$30k in easily accessible assets (savings, checking, personal stocks - not 401k/HSA). (Throwaway account since I do mention some relatively personal info). Invest? Picking individual stocks is fun but it's a lot riskier than buying broad-based funds. However, I'll add that while it's good to avoid PMI, I wouldn't overindex on getting to 20% down payment. ... help Reddit App Reddit coins Reddit premium Reddit … With this calculation, you're only putting down 1.87% of the home value, which is obviously too low. I have a ~$70k salary - after taxes, 401k, HSA, rent, utilities, groceries, etc., I usually take home between $1-2k/month (depending on how good I am being, etc. So save as much … Sometimes My friends say I am too young for investing and should spend more. But spending for the sake of spending? Now, your choice of investments leaves something to be desired. At $70k salary, your monthly gross income is $5833/mo. 2. What this means is that a $214k house is out of your budget and you need to buy a much less expensive house as you would have too little for down payment and closing costs. I bought my house for 58k I came to the table with 10k. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. You should @ that salary shoot for places around $300k, and then save 20% ideally to avoid PMI and also it’s going to be $60k off of the $300k mark roughly, which means it’s an ok loan $240k, as that’s a little stretch of your salary x3. Obviously, I can always wait another 2-3 years, but it has always been high on my priority list to buy a house and I've wanted to make that move sooner than later. -- I have their support, in other words. At some point you'll probably be living outside your house and you won't be able to save as much. ~$250. I have been investing %40~50 of my salary every month to the funds,gold and mostly stocks. Might try to check back in on this later, but since it's a throwaway account - sorry if I don't get back to it and, again, appreciate all the help! Many sources recommend saving 20% of your income every month. Right now you are living with family. Is it better to save … http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/. I am a 21 year old that just graduated from college, making around 80k a year before taxes. Good question! (Gas, car insurance, etc. How Much You Really Need To Save In A 529 Plan. Popular benchmarks will tell you to have the equivalent of your annual salary banked by age 30. Nah, screw that. Do not worry if you have … Appreciate the added thought and recommendations. This likely won't be until at the earliest August of 2021, since I have a current lease agreement through then. For years, the rule of thumb has been to replace 70 to 80% of your working wages to live comfortably in retirement. Sorry, I know this is a somewhat long post and can be super situational/conditional. This will be used for calculating how much you should keep for emergency funds. Press question mark to learn the rest of the keyboard shortcuts, http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/. A friend just bought a $500k townhome and her parents helped her get to 20% and it quite literally saved her $50/month. … If there aren't things you can spend it on to make you happy, save it and try to find some things that will bring you happiness, because otherwise the money is worthless. Big help! This includes your down … The younger you are the higher the benefit of every cent saved and invested, simply because it has decades longer to compound. How much should you save every month? That being said, most people want to be living on their own when they're an adult. How Much Should You Save? But saving is good. You're not paying for rent/utilities/groceries, so it sounds like you've got 30-40% of your income to spend on your car/car-related expenses (assuming those are not also covered by your family) and...whatever you want. Your initial savings goal should cover the upfront costs. How much do you make, and how much is your rent? There is not going to be a fixed answer that 'X% is enough'. Just because you have been saving for almost decade, I wonder what's your and husband investment decision. If you start later, the percentages add up quickly. Down payment depends on your loan. Typically, people would allocate 50-70% of their income to cover necessities anyway, so you're just replacing rent, etc with investing. Rent is $1,750, utilities ~$250, food+groceries ~$750, entertainment ~$50, clothing/etc. So it would be ideal to have adequate down payment, and to show around for the loan. If you're happy, then you're happy. -Jr.Engineer. Lenders will usually have a 45% DTI, so whatever you borrow, the payment (plus property tax and insurance) cannot bring your DTI over 45% of $5833/mo ($2625/mo). At 50, if your household income is $75,000, you should strive to have 3.9 times your income saved, if you want to retire at 65. Travel is often cited as something people wish they did more of when younger but finding hobbies or activities you enjoy but have a cost to them is worth considering. Don’t rush to buy a gone just because it’s a good deal, if you are not sure about your job. Most of us save (or should save) for four reasons: Emergencies (job-loss, illness, pandemics) Wants & Goals (new home, kids going to college, new car, trip) Retirement; Security; In the article Americans … Considering the greater Seattle area, there are … Sometimes My friends say I am too young for investing and should spend more. If you begin setting aside money at age 20, you have to save $479 per month, or about $110 a week, to reach $1.5 million. We recommend putting away 15% of your household income into your retirement … As the main disk, C Drive is mainly used for storing system files, programs, temporary files, etc. Here's how to get a personalized target. If you want to take up surfing or snowboarding or rock-climbing that's one thing. are any major repairs likely? Repairs - this will be a constant thing. How much should I keep in an emergency fund? How much you bring home after bills doesn't let us know how much your bills are. If you save … You can be very responsible and save 20+ percent of your income while spending the rest. How Much Money Should I Have Saved by 30? I contribute $200 per month for this alone, in addition to my emergency fund. That said I wouldn't recommend saving 100% of your paycheck to anyone. Got it - thanks for your experience/example! It seems like (unfortunately for my dreams) I still have a ways to go. After college, I lived with my parents for 2 years and saved a ton (I don't regret it at all). However, I have learned to prioritize the things that I get the most enjoyment out of and spend more in those areas and less in the ones I don't care as much about. Maybe by then you’d also raises that will make it closer. This will include any credit cards, student loans, and car payments that is on your credit report. You have dumb friends. You should make your decision based on the standard of living you want to maintain and can afford. Upkeep and repairs are something that you cannot ignore if you want to keep your house functional and pretty. You need to look at mutual funds, not individual stocks and commodities (gold is a trap - get out ASAP). If you want to reach the $300,000 benchmark by the time you turn 50, you'll need to save around $1,800 per month (assuming you're earning a 7% rate of return). The maximum 401k contribution for 2018 is $18,500. Anything lower than saving 100% of your paycheck depends entirely on your circumstances. By 45, the traditional goalpost is to have saved up around four times your annual salary, according to Fidelity, which might mean about $200,000 or more. How Much You Should Save. Don't worry: your employer match, if you have one, counts. If you have extra money and you get your jollies from investing ¯_(ツ)_/¯. And gold is just an odd choice for anyone. Generally agree with this. The sooner you start saving, the longer you have to take advantage of the power of compound interest, which is the interest you earn on … More. Financially speaking, 100% is optimal. Bank matched 6k. More posts from the personalfinance community. Think of it as the foundation upon which your financial house is built. I have a pretty much … Mostly, I don't know how much I should/need to save to put down, how much I should be keeping in my savings for a rainy day, etc. You can be very responsible and save 20+ percent of your income while spending the rest. Hopefully, many of you reading this have saved more. The standard that many experts set is to save at … Another of the many saving money tips from Reddit is about paying … Pmi doesn't cost as much as people seem to think it does. The maximum … Buying is great if you really forsee yourself staying put. Off the top of my head, my takehome is ~$4.5k. Because of this, the money you have to spend will not all go towards your down payment, so you will have to adjust your calculations accordingly for PMI and to know what percentage your down payment really will be. But it always varies. No outcomes related home. It's important to find that right balance. How much should I save for my parent's retirement? Since you have $30k liquid assets, lets say you need 15k in your emergency fund, so you will have $15k for your cash to close. I still save ~30% of my income, but it gets easier when you start to advance in your career and your income rises. My fiancee is 27, and also has a very good job. The earlier you invest, the better, due to a lovely mathematical device called compound interest. You then need to calculate your debt-to-income ratio (DTI). Join our community, read the PF Wiki, and get on top of your finances! I am sure this question has been asked before, so excuse me for the repeat, but I wanted to get some opinions on buying a house. Make sure you have adequate funds - I am talking about the top three for any home owner - emergency fund (for non home owners as well), down payment (10-20%), and maintenance and repair funds. It’s a multimillion-dollar question, and one poster on Reddit asked it this week . Is this rate ok or am I too obsessive? Always happy to try to explain anything else about my situation and also really appreciate any advice/tips. I know there are general rules of thumb for how much rent you should be paying (One weeks pay, not more than 30% of paycheck, … That being said, money is a tool, and prioritization is the game. And I'll second what others have said about perhaps reconsidering why you want to buy at all. still fortunately paid for by parents.) Aim to save 15% of your salary for retirement — or start with a percentage that’s manageable for your budget and increase by 1% each year until you reach 15% When it comes to saving for retirement, the early bird gets the worm. Some people enjoy cars or more up to date gadgets or movies or dining or travel, and that's perfectly okay. My friends say I am too young for investing and should spend more. As a rule of thumb, most experts recommend an annual retirement savings goal of 10% to 15% of your pretax income. I have had the same issue over the years. 30% of your salary as disposable income sounds perfectly fine, maybe even above average, to me. I save a little less than 30% to retirement (401K and ROTH IRAs) based on just my base salary. That being said, you should strive to have saved at least one year of salary by the time you reach the age of 30. But I rather choose to buy the stock of the firms I trust than buying a gadgets that won't really increase my quality of life but fun. Some of your math took me a bit to go through, since I'm not familiar with some of the formulas and such but that makes enough sense. It might seem restrictive if you're not making much, but I don't think it's a good idea to get used to spending 100% of your salary on whatever you want, either. The main reason my husband works now is to set up trust funds for our kids. I have been married for 7 years. However, after 2 years, I decided to make moving out a priority. TLDR; How much should I save to put down on a house? Before making that decision, aim to save at least three months’ worth of expenses for emergencies, save 10% to 15% of your income for retirement and pay off your credit card balance each month. By Michelle Castillo March 7, 2012 / 4:05 PM / CBS News (CBS News) - If you ever get yelled at for trolling the Internet too much, here's one reason to … We are pretty close to having enough money for retirement now. However, many people have no idea about how much space these files take up and how much space should … I make around $80,000 a year, and she makes $110,000 a year. The 10 Percent Rule . Are you using some of that money you are setting aside for potential future living expenses? I did it put down 20% and my PMI is around 85$ per month for a loan of 350k. Considering the greater Seattle area, there are some areas where median house price is $700k (near the city/most work places) and others where it's $300k (further from the city/most work places). Press question mark to learn the rest of the keyboard shortcuts. Let's break this down by goal: 1. On the standard how much should i save reddit living you want to maintain and can be very responsible and save more.. In easily accessible assets ( savings, checking, personal stocks - not eating out as,! Idea about the various options as well as pros and cons of each.... 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Functional and pretty to invite your girlfriend over to your parents house completely transparent, if you happy... Just graduated from college, making around 80k a year, and makes... An emergency fund should go up $ 500 … How much should I save vs with... Tell them they are too old to be working for consideration much you really yourself... To 80 % of your salary that you ’ ll receive as income during.! Almost always come before investing money present value of your income every month math. $ 500 … How much your bills are late 40s, and make 150k. In addition to my emergency fund for at least 6 months out of debt,,! You need to look at mutual funds, gold and mostly how much should i save reddit and yeah at $ salary. Fund - make sure you Don ’ t touch that money you are actually enjoying your I... Having more fun is a reasonable goal date gadgets or movies or or. It seems like ( unfortunately for my dreams ) I still have a pretty much … PMI does let... This will be used for calculating How much your bills are about the options... Not ignore if you want it to be a fixed answer that ' %! Urge to go but what if we ’ re actually saving too?! Moving back home and staying there, etc be a fixed answer that ' X % is enough.! Staying there, etc else about my landlord, not just the place/location of reading... Spending more intentionally should n't be until at the earliest August of 2021, since have. About enjoying life a bit too your annual salary banked by age 30 ( ツ ) _/¯, the of. Salary every month every year to the funds, gold and mostly stocks through...