{ "media_type": "text", "post_content": "I'm not saving anything on a 6 figure salary. I'm 26 years old. I don't spend money on electronics, travel, cars, or clothes. I never learned to budget - can you please recommend some self-help guides", "post_id": "583488e0ea86d50016d7ff18", "reply_count": 98, "vote_count": 42, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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I'm not saving anything on a 6 figure salary. I'm 26 years old. I don't spend money on electronics, travel, cars, or clothes. I never learned to budget - can you please recommend some self-help guides

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Until you budget you're blind.

EXCEL: while totally feasible, it takes a lot of upfront building and likely requires notable upkeep.

MINT: it's a good introduction program—it's like the kid sister of Quicken and owned by the same company.

QUICKEN: If you're serious I'd recommend getting a serious program like this one. Link your cards and bank accounts, set up regular paychecks and payments. Once all of your historical data is in, categorize everything—you will be surprised to find out where your $ goes. Then make a realistic budget, keeping in mind your usual spending and making goals.
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TIP #1: DRIVE BEHAVIOR. Whatever program you use, remember that your planning has to drive behavior to make any difference.

TIP #2: PAY YOURSELF FIRST. I'm serious. Saving even a few hundred dollars now will make thousands of dollars difference at retirement. Set a percentage that you put aside in a fund every time you get paid. You can even set up your direct deposit to split a portion of your paycheck into a savings account.

TIP #3: LIMIT RECURRING PAYMENTS. Your internet/phone bill seems way too high. Consider new plans or jumping just on your company phone. Do you pay for Netflix? Spotify? Amazon prime? Hulu? Fabletics? Dollar shave co? Magazine subscriptions? You get it.

TIP #4: CALCULATE INTEREST. You have student loans. Would you make/save more money by putting your money in a 401k or by paying down your loans rapidly? Find out. If you have credit card debt, shed that like dead skin, even if it means taking out personal loan. Those interest rates will rape your bank account.

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Also in DC and can only wish I was making 6 figures at 26! I was significantly less than that, but was saving 10-15% a year (including match). Granted I've been using Quicken since college and always budget, but it's not super detailed. Here's a keep it simple plan. 1) like about everyone else said, you're killing yourself on rent - move in with your parents or find roommates or a studio in a less great building. 2) pay your retirement and savings accounts first - you can't spend what you don't have access to. 3) create a basic budget. Start with your net after savings/401k, subtract all of your fixed cost bills (rent, phone), and what's leftover it is what you get to spend on everything else.
My second trick (only works if you're disciplined enough) was to charge everything and pay the bill off every month. You know what your leftover budget is, so that's your charge limit (account for some cash spending). Easier to see where you're at without the hassle of tracking every single purchase. It also helps create an initial savings bc you don't pay the bill until the next month. And if you get a good rewards card, you'll earn $400-800 in benefits.

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It's the eating out. Breakfast, lunch, dinner that is let's say $50 a day x 7 = 350 a week x 4 weeks 1,400 a month. Need to cook at home man

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Coming from an immense saver over here, most important thing is being honest about what you spend (ex., rather than pretending you spend $50 at the bar when you know it's $100), picking a budget, and sticking to it. In my life, it's 1/3 to rent, 1/3 to student loans, and other 1/3 split up by life - $50 phone bill, $90 yoga, $110 public transit, $100/wk groceries, and $150/wk for going out/new clothes. But if I buy a new dress, that means I'm inviting my friends over for dinner that weekend, not immediately going out to show it off. Hope this helps and good luck! First step is wanting to change :)

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Omg! Are you my inner voice! I just had the same ephiphany today! 26 year old here too! 🙋🏽

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Food, cloths, bar, gf? That crap adds up

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1600 rent is pretty high. Do you have roommates?

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I have the opposite problem. 24 yo in Midwest. I save maybe 40K per year. Any way to increase my spending??

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I don't cook my meals at home and I do have a gf. I don't spend money on her other than when we eat out together which isn't anything over the top. Usually chipotle or something. It must be the eating out 😭

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Lol go live with your parents OP

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Paying way over my minimum, goal is to have them done in 2.5 years instead of 10

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Check out YNAB

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A3, who are you? 🙄

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This is far too relatable for me. Make 90K and essentially live paycheck to paycheck. Great advice everyone. Thanks!

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26 yo and 6 figure salary? What am I doing wrong?

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You need to find a way to lower your rent. Are you in NYC/SF? Else there's no need to pay that much. Also the 2 cities suck your tax money as well. The 6 fig might not be doing that well here.

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Total money makeover, financial peace university.... Mint.com to track ask expenses in real time

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also, OP, you need to sit down with your bank account and line budget what you actually spend because i think you're missing somethings.

ex: you say you dont spend money on cars but you have a monthly car payment (380) and car insurance (120) not to mention gas, check ups, parking and/or parking permit. be honest with yourself-go crunch some numbers

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I would also suggest reading Ramit Sethi's book I Will Teach You To Be Rich. It's an incredibly easy read with a slightly different perspective that fits the millennial generation and the instruments we have today.

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Omg so many phenomenal responses on here, I've read each and every one. This post should be consolidated and published into an Official Budgeting Guide 😂
Signing up for Mint. Also split up the bank accounts for 15% of my salary to go in. Time to get groceries 😁

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Car - 380 a month. Car Insurance - 120. Rent - 1600. Student Loans - 400. Phone + Wifi~ 220 monthly. Still, my whole paychecks disappear

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