{ "media_type": "text", "post_content": "How much money do you have left over after you pay all of your expenses and tax? After taxes and rent, healthcare, 401k, and food, I have about 12-14k left over at the end of the year. Is this low? Should I be saving more?", "post_id": "5f7bb8a51a316a0022e04f81", "reply_count": 23, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

How much money do you have left over after you pay all of your expenses and tax? After taxes and rent, healthcare, 401k, and food, I have about 12-14k left over at the end of the year. Is this low? Should I be saving more?

funnyhelpful
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To the person who laughed at OP’s post: you’re a horrible person! OP: My brother who makes about the same as you do, living in a HCOL city, saves about as much as you do annually.

likefunnyuplifting

Thank you!

-20.67

funnylike

That is fantastic, there are people at your age or income level blowing money on wants not needs and adding debt on top of debt. Quickly that 12-14k will be 100k.....

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I'd max Roth at this point while you are in lower tax bracket. after your income grows past 110K, traditional makes a whole lot more sense. If you aren't planning to buy a house, go for maximum a year now.

Monthly??? That’s pretty good

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Annually!

Kinda depends what you earn..

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Doing well

$70k that is great I’d max a Roth IRA while you’re at it

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I’ve been saving my entire second check, about 3k. I’m normally an aggressive saver, plus with the pandemic, it’s been easier not to splurge.

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Same D4. Those random expenses throw me off and I hate when I miss my goal. But I try to focus on getting to it as close as possible

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Do you max your 401k? If so, then that is alright

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The earlier on in your career you can save more for retirement the better. 10% certainly isn't terrible but I would try to out away more than 7k a year in retirement if you can manage. 20% is a good benchmark. Right now it looks like you are saving about 30% overall (including retirement), so you have some room to move things from one savings bucket to the other. It's hard to say more objectively of you're saving enough without knowing more. E.g. do you have debt , how much are you paying on that and interest, etc. If you're looking to boost savings (and if I read between the lines, I think you are), take some time and analyze your monthly finances to understand what you are spending on, what you think you can reduce, and create a detailed budget. Use software like mint, simplifi, or quicken to track.

likehelpful

This is an excellent start. If you make 70, your actual take home is more like 40, so kudos to you for ending up with that much per year in savings, which probably excludes the money you are growing in the retirement accounts. Find more corners to cut and be smart with investments. Every drop helps, and Rome wasn't built in a day.

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I saved $9.34 this year. Last year it was $8.05. My goal next year is triple digits. Ladies try not to be too impressed.

You guys are saving money?

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