I’m just stating out. 26yo F. 90k gross salary. Roughly 2,400 in monthly bills.

Any tips and tricks to saving and building wealth. I don’t want to live paycheck to paycheck anymore.

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Sign up for mint.com so you know where your money is going. Then you can figure out what expenses are important and what should be cut.

likefunny

With 90k gross, your net monthly take home should be around 5.5k?
With 2400 in fixed bills that leaves you with around
$3100.
If you want to build wealth, then be sure to “pay yourself first” each month. 15% of your gross is a good target, so around $1100 to long-term savings.

This would leave you with $2000 a month for other spending, including saving for any short term goals like a vacations or a car.
Your $1100 should first go to an emergency fund of around $10k, then paying off any high interest debt, then into a tax sheltered retirement account (eg, 401k).
Also, don’t buy anything on credit cards, or with a loan, apart from a home.
When you get raises try not to increase your spending.

likesmart

Agree with this. Make a budget in excel or Google sheets to lay out your expenses and what you can save from that. I usually set home much I want to save a month ($2000-$2700 a month and then budget from there). The pay yourself principle holds true. If you commit to what you want to save you’ll look at other areas of spending and what you can cut to reach that goal.

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At 90k and 2400 expenses, you should not feel like you are living paycheck to paycheck. You should have 2-3k disposable each month? Where is your money going now?

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Ok. Maybe paycheck to paycheck was an over exaggeration. But I’d like to move some of the money I play with and save it/invest it/make it work for me.

You’ll be fine. You’re only 20 once in your life :) that being said - try to cut your expenses to $2000.
When you get paid - write yourself a check for $400 first. Pay yourself before you pay others 😁

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Read Smart Women Finish Rich and listen to the Her Money podcast with Jean Chatzky.

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Another financial resource aimed at women ive heard about is Her First 100k.

Ok. I’ll do that !!

A lot is just time. Save what you can now, even though it won't seem like much in the big picture. I was in the same position. The key is to be consistent, and keep your expenses the same as your income goes up. That's been the biggest thing for me. I track all my expenses in Mint, and over the past 10 years, I've kept my expenses relatively flat. All of the sudden your savings/investments jumps so much faster, and you see meaningful progress year over year.

Learn to be happy with what you have and don't try to keep up with everyone else. I've seen many people spend more and their happiness actually appeared to go down.

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