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Savings rate is 18%. Another 15% goes toward student loans. That’s about all I can manage in my HCOL city
Mine was abysmal (8%) until I moved back home because I had credit card debt and am in public interest. One year later my finances are finally on track, I'm credit card debt free and can start saving more.
Dual JD couple. Save 20-25%. Was 30% prior to having our first child early this year.
Did a 15 year refi back when first republic was still doing sub 3% fixed rates so that’s another 5-6% of gross.
To be clear, I consider principal debt pay down (of non-CC debt) part of savings rate. What savings rate is really getting at is % of income goes towards wealth building and paying down mortgage and or student loan principal is increasing your net worth.
I’m currently at 60% savings rate including that. 45% is pure savings, 15% is student loan pay down.
60% is net. 45% of gross. Live in Texas so no state or local income taxes makes it around 22%.
Beyond that, we live pretty cheap (for equivalent earners). One $3k car between the two of us. Bought a house much lower than similar earners. Only fancy habit we have is travel. Will finally finish paying off $200k in student loans between the 2 of us in the next 2 years.
For context, 7 years ago, or combined income was 70k. 4 years ago it was 150. Next year it should be 400.
Just have to fight lifestyle inflation to get it up. We expect we can get net savings rate up above 70% and net to mid 50s
Wife and I live on our own and save close to 50% (after expenses and 401k match limit). We put every penny of the saved money towards the student loan. We still have a solid emergency fund locked away in a HYSA, but decided that it would be better for us to forgo investing for a year (hopefully less) to just get rid of the student loan for good. Totally possible to live on your own and pay the loan off.
I paid $6k in student loans one year when I made $60k. Savings rate was 25% minimum in NYC. If you truly prioritize financial freedom, you can make it work.