Currently single with no major financial obligations (no debt, no car, etc.). I feel like I make decent money ($225k) but somehow can’t seem to save at all. Anyone else feel like this?

likefunnyuplifting
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Same boat but I have a paid off car.

I make $85k in DMV area and have been able to save $45k (not including 401k that has $20k) over the course of around 20 months

I see the biggest mistake people make is renting a nicer place just because they can afford it. I can afford to live on my own but choose to live with roommates because I’m able to save $2k+ a month by doing so.

My spending summary:
$4.4k take home pay
-$1k Rent/utilities
-$400 bills (cell, car insurance, fitness related)
- $500-1000 for other spending (electronics, eating out)

Save $2k-$2.5k a month

I still take small vacations (on average spend $150/day by splitting with GF), do things like ski, have nice electronics, go out drinking, bottomless brunch etc. I feel like I’m living life!

-Evaluate your rent, aim for 30% or less of your take home pay and you will save like crazy
-Limit your eating out such as twice a week spending on average $30 or less per meal
-never order delivery. Always pick it up yourself

likehelpful

I cut my rent in half by moving from Virginia Square to Falls Church. I have one more roommate (so four of us in a 4 bedroom house) but its not nearly as bad as I thought it would be. I'll be 100% debt free by August, which was my goal. Anything is survivable for a time -- you just have to want something bad enough to make sacrifices for it.

Have you spent any time really imagining what you could be doing if you saved more? Who you could help, the experiences you could enjoy, the ventures you could start, the peace of mind you could have? Once you know what matters most to you, it becomes clearer what is a waste of money.

like

@OP Did a little analysis for you here.

TC: 225k
401k : 19,500 (savings)
Balance: 205,500
HSA : 3500 (savings)
Balance: 202,000
After taxes (-33%): 135,340

(-)current Rent : 36000
Balance: 99,340
Reduce your rent by 500 and save $6000

(-)Food: 24000
Balance: 75,340
Seems a lot, don’t you get to expense food at work? You could easily save 12,000 by changing your lifestyle and cooking yourself or getting meal kits.

(-) clothes: 30000
Balance: 45,340
You already know this bit too much.

(-) vacations: 15,000
Balance: 30,340

(-) monthlies, entertainment and misc: 10,000
Balance: 20,340

Just a guesstimate but you prolly save:
Balance + 401k + HSA : $43,340 right now. Not bad, but you could easily double it.

Just for context: my wife and I make 400K and our annual savings are about 200k may be more this year due to covid-19
Our monthly burn rate is about $6k in NYC
Your monthly burn rate is about $9k, control this and you’ll save more. Which means prioritizing what you spend your money on.

Then again you can keep your burn rate same but try to earn more.

likesmarthelpful

This is SDA1, title change in fish bowl blocked me from posting anything.

@consultant3 here is my personal breakdown.
@Deloitte 7, you can follow a similar template.

TC: 400k (me + spouse)
401k : 39,000 (max it)
HSA: 7,000 (max it, healthcare is expensive you’ll end up using it later in life)
Balance: 354,000
Balance after - 33% tax: 237,180
Target savings: 200,000k (includes 401k,HSA)

Max Annual Expenses Budget: 83,000 (rounded)
Rent + parking + utilities + insurance : 41,000
Groceries: 6000 (500 per month)
Entertainment : 6000 (500 per month)
Shopping: 6000
Vacation: 12,000 ~ 15000
Misc: 6,000 ~ 8,000

like
Recent IconRecent

Pretend like you make 150k and save everything else - and make one of your hobbies your investment strategy. If you incorporate your own investment management - learning, strategizing, executing - into your lifestyle it will flow naturally.

Man, what? I make similar money in chicago, have a car (and the 200+/mo parking spot that goes with it...) and am paying for part time b-school out of cash flow and I am still able to save after maxing 401k and backdoor Roth IRA.

$225k and single is more than decent money, I would argue. I'd recommend listening to Naval Ravikant's podcast on wealth creation. He gives great perspectives on self management and how to think about your income with a long term view.

Invest your money with small businesses to make extra money

Here are some tricks i’ve used to save more:

Max our all workplace savings vehicles (401k, after tax 401k contribution, company stock, HSA)

Setup an account with a brokerage have part of your paycheck deposited there. Setup automatic investments into mutual funds. Make a goal to not touch this $.

Start depositing in all of the above in small amounts and increase it over time. Wife and I have saved over $2M with the above strategy.

Related Posts

Curious to know how much your student loans were when you graduated from your program, how much you’ve paid off so far, and your age. If you have any varying factors too, like kids, income range, etc. Just trying to see if I’m on track or slacking in life. I am 34 yo, i graduated with 95k in student loans, i currently have 85k left and i make 85k in come. I’m also a single mom with two kids. Just praying for 100% student loans forgiveness. Wishful thinking???

like

All the wsb stocks are pretty badly hit in the after hour action. More speed to the retail investors tomorrow

like

Hear me out! I left my 15 year career in the corporate world to pursue being a realtor.1) It was never boring
2) It was the most challenging
3) It was extremely rewarding to be able to help families find their dream homes

like

What would be a reasonable cost of renting for a single expat dude in Singapore living in decent area ? Would sgd 4K suffice ?

like

Question for my 401k focused advisors out there--what programs are you using that is instrumental to your 401k practice that you simply can't do without? I'm being pitched on Envestnet & im not sold.

like

Hi everyone! I’m a young professional right out of college getting into investing and personal finance management. Trying to better understand and educate myself on personal finance and investment strategies. Can someone recommend some recourses (books, podcasts, experts to follow, etc.) where it’s clearly explained for beginners? Trying to make sense of 401Ks, Roth IRAs, emergency funds etc.
Like I’m looking for someone like Dave Ramsey but for investment and money management advice.

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

Needs some ideas for scenario planning optimizations! Currently have a model to predict conversions given media spend, I can adjust spend up and down to create different budget scenarios and send to model to get respective conversions. Thoughts?

like

HBS admits - does anyone know what is the max income threshold 3 years combined to qualify for financial aid?

like

Base is at 180k, after tax, insurance , 401k and ESPP (max out), my bi-weekly pay is only like 3600 (like 8000 monthly). Can people really save this kind of money, or most people rely on their stock appreciation?

like

Really regret not selling United Wholesale Mortgages. Very confused on what to do with this one. Unless it gets PT it’s gonna be stuck around the 10 range. Think I may be eat the loss on first say a dividend is available

like

Okay finance gurus, I have an idea and interested in your thoughts. Might be a bad one so be gentle 🙂. I have a 2 yr old and another on the way. Need to start planning for college. I was thinking of buying a condo or 2 in lieu of saving and selling them down the line for tuition. Condos downtown are pretty inexpensive (T3) so it’s financially feasible. But is this a good idea or too risky?

like

Has anyone used an online accountant/back end company to manaage all of your invoices, billing, taxes, etc?

I’m debating using Collective or Bench but would love real reviews.

like

Personal finance book recommendations?

like

Accidentally overpaid into my 401k (forgot to account for employer match). How can I correct this without getting double taxed?

like
like

Is there anyone from Canada here? I’m looking for some information on working out of the country, but selling insurance.
Thanks

like

Making a lot of money relative to the average but feeling poor? Median after-tax income was ~$55,000 in 1981 and was ~$73,000 in 2020. Using a Bank of Canada inflation calculator $55,000 in 1981 is equivalent to ~$165,000 today, which would put someone in the top 10% of earners today. But in 1981 the median family had that extra money. Who can I blame?

Post Photo
like

I recently joined citi. I have been given choice for to select superannuation as 13% of BS or 12500/- monthly or zero.

This is one time selection and not reversible.

I am already investing 1.5 lakh in 80C through SIP and EPF.

I need more detail about superannuation and is it beneficial or not?

Also is there any retirement age in IT field 🤔 (or in citi)?

like

Does LTA and phone allowance are processed each month as a taxable income if we do not produce the bills ?

like

More Posts

IMO I’ve never seen more pharma jobs open. And I keep seeing so many people in non-pharma looking for new jobs... well, we’ve got them. What’s the disconnect? Why do you think people won’t make the switch?

like

Has anyone attended HackerX events? I'm wondering how the experience was and if you felt you built a brand with good candidates.

like

Can we share one company offer letter to another company ??

It says strictly confidential and copying or distribution of this e-mail or use of information contained herein is strictly prohibited and may violate rights to proprietary information.


Any other way I can avoid this process?

like

Why would recruiters reach out to me, say they want to talk, then not follow up? Should I call them instead?

like

I hate tax and I’m a senior 2, what can I do to get out?

like

Anyone work on the Sigma Watch/Stigma Watch (couldn’t quite hear the Recruiter) account at GroupM? I have a few questions while I’m in the interview process!

like

Hi all - just joining and looking for some guidance! I am currently in an IT internship position (making pretty solid money considering) and following this summer I will stay on part time during my senior year (discussing a full-time job offer after already). I’m getting my computer science degree, so I would like to do something more technical in the workplace when I graduate. How do I advocate myself for that to my manager without sounding unappreciative of the position I’m in?

like

Any chance SG rental prices will be coming down soon ? I'm returning to SG after 3 years abroad and debating staying at figment or hmlet for a few months before locking down a 2 year lease.

like

I just spoke with a software architect that went back to school to learn software engineering after law school because it was more lucrative and had less hours. He’s worked his way up and has the skills and authority to work 6:30am-10am and gets to work remotely. We discussed that results/outputs is better than billable time like in law and public accounting. Yet, his parents and others would view him as “lazy” but he does his job and makes a fantastic living. Time>Money and Results>Hours

likefunnysmart

Anyone with insight on Tyson Mendes?

like

What does the salary band look like for a Senior Associate, IFS at PwC? Trying to answer the salary expectations question on the application

like

36 F Black NYC Divorced, 1 tween. anyone want to get to know one another better?

likeuplifting

Anyone willing to offer referral for lateral hire consulting opportunities at MBB. Is it possible to share the profile internally with someone at Partner level for consideration.
12+ yrs experience in strategy, transformation, change, process improvement, cost optimization & analytics. Helped F500 clients on Future of Work & workforce transformation cases in pandemic.

like

I’m exhausted from interviewing and caseing 🥵

like

Chipotle put less chicken in your bowl during lunch times. They pretend to be rushing as an excuse to put 6 cubes in your bowl.

like

I think I’m about to get my first experience of getting in trouble with a partner for work that I actually already sent for review and followed up on multiple times (and brought up during calls). Stay tuned… 😑

like

So my VP at my previous company felt bad and refused to speak to me or attend my farewell after my resignation. His reason was that I somehow betrayed his trust as he had promoted me just last year (after keeping the position open for 4 months and letting me take additional work load after the previous SM left!). Does this make any sense? I mean where does this sense of entitlement or ownership over the employees come from? No wonder the company in question is kind of facing a literal exodus!

likefunny

Anyone ever work with Advantage? Agency recently onboarded the tool and hoping to see how other agencies have worked with this as we’re running into some issues.

likehelpful

Does Nagarro provide any hike at time of promotion?

like

Please help me choose best offer from these:

JP Morgan : 25lpa fixed excluding gratuity

Thermofisher : 24.5lpa fixed including gratuity + 2lpa variable

YOE : 5.9 years
Tech stack: Java, Microservices, AWS, Docker, Kubernetes

Wipro Tata Consultancy Infosys JPMorgan Chase Thermo Fisher Scientific Cognizant IBM

like

Additional Posts in Compensation in Consulting

What is avg ctc for a manger in EY PAS in Toronto area?

like

Is 100k in EY at Boston for senior 1 in cyber advisory good compensation?

MS in cyber with 2-3 years exp.

like

What is the *prime* amount of money to bring you happiness?

like

Snowflake people - how many shares did they give you pre-IPO, how long before IPO did you join, and what was your level of experience?

like

What's the pay range for a CDO associate manager in Denver?

like

Anyone have consulting experience in Austria? I’m moving to Vienna and trying to get a sense of salary for an experienced SM in management consulting. Any insight? Thanks!

like

3.5 years out of school, 2400 billable hours last year in TRS and just got promoted. what kind of year end compensation should I be expecting? Bonus and new salary

like

So who all here made a fortune on these meme stocks like BB GME TSLA PLTR BBBY etc? Is YOLO-ing the most shorted stocks a good consistent strategy?

likefunny

Deloitte Boomerang coming back - can I negotiate a signing bonus? It’ll cost my $25k to quit my current job before March, but D and I want to rekindle our love:hate relationship now, not in March. If yes, what should I ask for at the manager level?

likefunny

Data science consultant. 3 years exp, AWS developer, and masters in stats. What's a good range?

like

What’s the director comp at EYP? Currently manager at T2, and was reached out by recruiter. Wondering if EYP can offer something that tops current pay

like

I seem to have over contributed to my HSA by ~$50. Is it even worth it to withdraw if my HSA charges $20 for processing an excess distribution request?

like

Firms often share the number of employees by gender or ethnicity tagging diversity goals. Have they shared the average pay by level by gender or ethnicity? This would help provide transparency into the pay gap.

likefunny

Is the difference between big 4 and MBB in compensation huge at top levels (SM and up)?

likefunny

What’s a good salary for a Senior Consultant in DnA space ? Let’s take Big4, MBB for an average. I’m offered 105k base.

like

What does the salary band look like for a Senior Associate, IFS at PwC? Trying to answer the salary expectations question on the application

like

Comp level for a manager level in digital analytics field? Currently at a boutique firm so our title is a bit off - would be a later Sr consultant or manager level in bigger firm

like

Have you ever taken a pay cut? Do you regret it?

likesmarthelpful

Amazon recruiter reached out and wants to know my general compensation expectations before first interview. Very little info available on role but seeing $150k-$250k total compensation reported. Is this too wide of a range to give them?

like

Are signing bonuses at PwC fixed based on the cohort you come in at or is there room of negotiation?

Recently received an offer and was surprised there was any type of signing bonus at all, but now wondering if I’m leaving money on the table by not countering...

likehelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal