How much of your paycheck do you put into savings?

[RickBlast]

I start my new job on Monday making 39k. My rent is 525 and my expenses are gas and my gym membership. My girlfriend pays for electric. We split grocery cost which is about 30-40 bucks a week individually. And I also split paying for gas in her car. I will be paying back about 1,000k a month in student loans, and would like to send my mom 150/month as well. 

I am a pretty frugal and decipline dude so I wont be buying any clothes or sneakers anytime soon. 

I am thinking of putting away 100 bucks a month. Do you guys think this is doable or will I have enough to put away more? I would like to put away as much as possible. I just feel its always good to have money aside incase of a rainy day.

So NT fam I was wondering how much do you save from your paycheck? 

 

[Sonny Corinthos]

I spend money like there's no tomorrow , I need an intervention

 

[stillin729]

like $500 a month is what I put into savings

damn $1000 a month in student loans? How much did you borrow and for what?

 

[fly23s]

I spend money like there's no tomorrow , I need an intervention

Bro idk what saving means

 

[RickBlast]

like $500 a month is what I put into savings

damn $1000 a month in student loans? How much did you borrow and for what?

Ha I know right. I just finished grad school in May so between grad and undergrad im at 65k in student loans

 

[stillin729]

Ha I know right. I just finished grad school in May so between grad and undergrad im at 65k in student loans

damn man I hope it works out

I refuse to finish grad school unless my work wants to pay for it

 

[timcity2000]

i send 13% to my 401(k)

 

[eyanks]

I put at least $500/mo into savings (my take home pay is around $2900/mo). The money is automatically transferred from my checking account to my savings account.

 

[JVII]

Saving?

Where they do that at?

 

[RickBlast]

damn man I hope it works out

I refuse to finish grad school unless my work wants to pay for it

Thanks man. I dont regret it at all I want to get my PhD so I will have more school after this. I went to the university of colorado denver for undergrad and went to graduate school at Washington University in St. Louis. A private university who's social work program is the best in the country, which is what my masters is in. I made a lot of connection there which helped me get a research gig here at Yale. I do a lot of volunteer work with profs here Yale which is making more connection that im sure will benefit me in the future.

 

[sniper]

Is $39K your gross salary?

Regardless of the amount you make, you should aim to set (on average) 10%-20% of your net income into savings/retirement. I believe CNN noted a couple of years ago that the average American saved only roughly 4% of their annual income. With my current situation, I put 20%-22% of my yearly income into savings as well as 15%-18% into my 401K/Roth IRA. Everyone's situation will vary due to poor judgement and/or extenuating circumstances, but based on your salary, I believe it's feasible to save more than $100 per month...

 

[superb]

1. You better make your girl bring more to the table. Make her split the rent and pay for her own dang gas

2. 39k salary . You won't be able to pay 1k a month in loans.

3. Who actually even pay back student loans? I'm trying to get mines wiped out 70k inoans private school and community college. I think I somebody took out extra loans

 

[stillin729]

you should invest in sneakers if you really want to see your returns pile up...forget those 401k and 403b's

 

[rell826]

Your girlfriend has to bring more to the table than electric and half the groceries. She should pay the other bill as well as her own gas if you're the sole bearer of rent.


superb
Why would you not pay your loans back? Curious.

 

[Mark Antony]

Your girlfriend has to bring more to the table than electric and half the groceries. She should pay the other bill as well as her own gas if you're the sole bearer of rent.


superb
Why would you not pay your loans back? Curious.

I just assumed they split the rent when he said 525. If not where the **** do you find an apartment that cheap?

 

[Betonblck]

Like a $1000 and 12% for retirement.

 

[stillin729]

1. You better make your girl bring more to the table. Make her split the rent and pay for her own dang gas

2. 39k salary . You won't be able to pay 1k a month in loans.

3. Who actually even pay back student loans? I'm trying to get mines wiped out 70k inoans private school and community college. I think I somebody took out extra loans

umm I work in the financial aid industry

not paying your loans back is RIP to your credit and the government will garnish your wages

have fun renting and driving a used Kia paid for in cash the rest of your life

you aren't getting those loans wiped out; even if you filed bankruptcy they can't be included

 

[nfynite]

$1k each paycheck since I dont have to pay for school anymore( I love working for the school I go to. 8 free credits a semester). Before that I was putting in like $250.

 

[RickBlast]

Is $39K your gross salary?

Regardless of the amount you make, you should aim to set (on average) 10%-20% of your net income into savings/retirement. I believe CNN noted a couple of years ago that the average American saved only roughly 4% of their annual income. With my current situation, I put 20%-22% of my yearly income into savings as well as 15%-18% into my 401K/Roth IRA. Everyone's situation will vary due to poor judgement and/or extenuating circumstances, but based on your salary, I believe it's feasible to save more than $100 per month...

I just assumed they split the rent when he said 525. If not where the **** do you find an apartment that cheap?

Yes rent is 1050. And I pay for half her gas because I do not have a car and use her car more than she does.

umm I work in the financial aid industry

not paying your loans back is RIP to your credit and the government will garnish your wages

have fun renting and driving a used Kia paid for in cash the rest of your life

you aren't getting those loans wiped out; even if you filed bankruptcy they can't be included

 

[rell826]

Why don't you just move back home? There's no shame in doing so especially when you're working. You're literally pinching pennies.

 

[6 Rings G.O.A.T.]

I spend money like there's no tomorrow , I need an intervention

I spend money like there's no tomorrow , I need an intervention

Bro idk what saving means

Saving?

Where they do that at?

 

[superb]

umm I work in the financial aid industry

not paying your loans back is RIP to your credit and the government will garnish your wages

have fun renting and driving a used Kia paid for in cash the rest of your life

you aren't getting those loans wiped out; even if you filed bankruptcy they can't be included

They can be files in bankruptcy if your in hardship. My brother did it although it is rare.

Credit is close to 700 with the loans in default. I own my busindss they can't garnish me. I got all my duckies covered

 

[Top Boy]

Why don't you just move back home? There's no shame in doing so especially when you're working. You're literally pinching pennies.

This.

And I get you may have a passion for social work.. But you must have known what you were getting yourself into beforehand.

 

[RickBlast]

Why don't you just move back home? There's no shame in doing so especially when you're working. You're literally pinching pennies.

This.

And I get you may have a passion for social work.. But you must have known what you were getting yourself into beforehand.

My mom lives in Denver and my gf family lives in Chicago. We are pretty serious so there is no way we could live apart. and  I agree with both of you guys there is nothing wrong with moving back home. But for me I grow and learn the most when I am new places and uncomfy situations and living here in New Haven and in St. Louis knowing nobody helped me grow so much. I also cant move back home because The population I am passionate about working with and researching are gang members and Denver does not have a very large gang population. next year I will prob be in Chicago working in the southside and doing research at U of C on my off time. 

And I def knew what I was going into by getting my masters in social work. That is why I want to go back to school for my doctorate to have a career in academia and policy where the pay is way better and I can have a more macro effect.

 

[ctidda]

I do 50 dollars a week and I've been doing so for the last 8 months.. Its not much but its a start for me. In my past I wasn't good with money but this savings account is letting me know that I can be responsible with my funds..Next year I'll probably do 75 a week.

Do what works for you op, and remember u can't pay it all back in one payment.. Pick an amount that u can steadily pay without missing it and roll with it.. Theres is no need to break yourself trying to pay back loans in a hurry..