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Better than most people your (probable) age!
I saved 14k on 70k so you’re behind tbh
Why not max out that 401k contribution?
@PwC 1, weekly reocurring investments into Stash. Didn’t contribute to 401k. Just trying to size myself up, no one talks about this stuff!
You’re doing better than the majority of people if you are saving at all. With that being said you are leaving money on the table by not taking advantage of 401k contributions to your employer’s limit.
@EY2 saving 30k on a 70k salary seems difficult especially if you don’t live at home, no?
I got up to about 18 including 401k
You did well. I’d challenge you to reach 20k next year by incorporating 10% to your 401k. You might benefit by paying less taxes too. You’re on your way to a solid stash for investment or down payment. Keep it up!
You really should be maxing out 401k.very hard to best tax advantages there
You should not be saving less then $24,000 a year. $18,500 into 401K and $5,500 into an IRA. Seems like $30,000 would be a good goal. Max out 401k, IRA and $500/month to a self directed or robo investment account.
If this is good, then I feel great. I make the same in DC and saved 30k by reducing fixed expenses rent is 1k), automating transfers of a little over half my paycheck (not including 401k), investing, thinking in terms of value gained vs money spent. It didn’t feel particularly difficult either.
IBM1 I also make 70k. Planning to put more into 401k, beyond the amount needed to get employee match, but I’m hesitant because I anticipate needing money soon for grad school/major purchases. I don’t want to have to withdraw. But I am maxing out my Roth IRA .
Not a very sophisticated budget, but with a 4K monthly paycheck (with 401k taken out). I save/invest 2.1k of that. 1900 - 1100 (rent/utilities) - 450 (eating out/groceries) = 350 for everything else.
The 450 includes drinks/outside foods/groceries. I’ve been cooking more and try not to sponsor my own drinks.
The $350 usually works out for day-to-day leisure. For vacations or major purchases, I usually dig into short term savings. Basically funds just sitting in my regular savings that I don’t invest.
I would focus on maxing your 401k first.
Wow! What's your strategy?
Also how much are you contributing to your 401k etc
@PWC3 - do you also make about 70k?
@OP, do you live at home? Are you single? If not, how often do you pay when going out with SO?
@PwC3 - honestly super impressive. I make around 80k, just started this summer. With my current budget I’ll be paying off 45k in loans, putting 25k in 501k, 12k in 529, and the rest is savings/living expenses for the next two years. Living at home is helping a ton, but I know not an option for everyone.