do i save too much?

[Al Neri]

I'm 23...

i'm doing this for input and to get my finances in order

I see roughly $950 a paycheck... 2 paychecks a month...

****That is after 10% pretax investment into my 401(k) and a 10% post tax contribution into a stock fund (basically it buys QQQQ without having to pay the buy fees)****

my expenses are:

$365 a month for my car
$60 for my cell phone
$10 for XM radio
$15 for usenet subscription
----> $450 a month for bills

i save $1000 a month, so i alot myself about 350 a month to drink go out and have fun
(i rotate every pay period, roth, savings acct, mutual funds) once in a while i miss a 500$ payment to myself if i made a dumb purchase, im trying to limit these to zero


luckily i live at home and don't pay for lunch (if i use what my mom buys (i can tell her to buy almost anything no problem)) or dinner

I live at home, in suburban NYC and wish to live in the city, but i dont think id be able to foot the bill for an apartment...

as for car insurance, i pay that lump sum every 6 months out of my savings account...

is saving that $1000 + 10% pretax, 10% post tax too much?

 

[DaTT]

Keep it up...you'll thank yourself one day.

 

[sygyzy]

Are you trying to show off? Saving a $1000 a month is great. And what do you mean by you rotate? Do you consider investing into your roth, savings, etc part of your $350 "fun"?

 

[Skunkwourk]

Originally posted by: sygyzy
Are you trying to show off? Saving a $1000 a month is great. And what do you mean by you rotate? Do you consider investing into your roth, savings, etc part of your $350 "fun"?

great in general, or for his paycheck?

 

[Al Neri]

i really am not tryint to show off, im very lucky i got this sick job, sorry if i look like im gloating, i just hate living at home, but i love it.


i save 500 a paycheck and i set up a scheme where i save 500 here, 500 there, 500 there, basically i max out my roth within the year and the rest gets split to the mutual fund/ing

 

[Al Neri]

the $350 includes breakfast every day -$ 5 (oh so fun) and haircuts (3 a month at 17 bucks each)

 

Move out of your parents house.

 

[yobarman]

THere's no such thing as saving too much. Just keep some on the side so you can enjoy life... but if you're living fine while saving that loot, then you're doing good!

 

[Baked]

You're Asian.

 

[lobadobadingdong]

save all you can, when you get married, hopefully can continue that trend. (I saved a ton before I got married, after about 4 years my wife and I met in the middle...she used to spend her money before she got her paycheck.) We'd be doing ok if it weren't for getting screwed over twice by hospital billing. (sent to collection twice hospitals fault but they wouldn't fix it, so it was either lose my credit rating or put some 20k on a credit card to save my rating, since we were buying a house it ended up on credit.)

 

[yobarman]

Originally posted by: SampSon
Move out of your parents house.

also a good idea. Save up to buy a house while you're living with the rents. Never a bad investment

 

[MaxDSP]

Originally posted by: SampSon
Move out of your parents house.

That's the solution to everything :roll:

 

[Al Neri]

Originally posted by: Baked
You're Asian.

I'm white


actually italian

 

[Skunkwourk]

Originally posted by: Baked
You're Asian.

50/50 chance, his last name says Rodriguez in his profile. I thought he was also, dunno now.

 

Originally posted by: MaxDSP

Originally posted by: SampSon
Move out of your parents house.

That's the solution to everything :roll:

It's part of growing up, you should try it out.

 

[Al Neri]

the thing is, i save 1000 a month... if i move out id spend $800 a month to live locally or >$1000 a month to live in the city... two things i can't do... leasing a car was not a great idea, but ill be out by august 07 :disgust:

 

[spidey07]

Move out loser.

You have no bills, of course you save.

 

[Skunkwourk]

Originally posted by: SampSon

Originally posted by: MaxDSP

Originally posted by: SampSon
Move out of your parents house.

That's the solution to everything :roll:

It's part of growing up, you should try it out.

Isn't learning to save money also part of growing up? Maybe he'll be able to buy a house before his peers who aren't busy saving right now.

 

[Feldenak]

Originally posted by: spidey07
Move out loser.

You have no bills, of course you save.

 

[mugs]

Originally posted by: SampSon

Originally posted by: MaxDSP

Originally posted by: SampSon
Move out of your parents house.

That's the solution to everything :roll:

It's part of growing up, you should try it out.

He's smart to stay there and get a head start on saving.

 

[radioouman]

3 haircuts a month is too much! You can save more money by limiting it to one!

 

[Al Neri]

Originally posted by: Feldenak

Originally posted by: spidey07
Move out loser.

You have no bills, of course you save.

if i lived outside of NYC... i would in a heart beat

 

[spidey07]

Originally posted by: matstars

Originally posted by: Feldenak

Originally posted by: spidey07
Move out loser.

You have no bills, of course you save.

if i lived outside of NYC... i would in a heart beat

And now that's twice you've offered excuses for not providing for yourself.

#1 - I have a more car than I can afford
#2 - I live in an expensive area

Why again are you still living with your parents? And secondly, why are they not charging you rent.

You are an adult. time to act like one.

 

Originally posted by: matstars
the thing is, i save 1000 a month... if i move out id spend $800 a month to live locally or >$1000 a month to live in the city... two things i can't do... leasing a car was not a great idea, but ill be out by august 07 isgusted;

If you live locally with all your current bills you are spending only $1300.
You make $1900, post tax and post 20% savings.
You have more than enough to either save more and buy or move out and live.

He's smart to stay there and get a head start on saving.

A head start, to do what? Live at home forever and eventually move out when he's 40?
You should save money (10%) no matter what. You can live on your own and save at the same time, most people do it.

Isn't learning to save money also part of growing up? Maybe he'll be able to buy a house before his peers who aren't busy saving right now.

His saving strategies appear to be long term.

I'm not critisizing him for living at home. But with disposable income like that, it's time to grow up and live his life. He could still save 10-15% and do very well.

 

[Al Neri]

Originally posted by: spidey07

Originally posted by: matstars

Originally posted by: Feldenak

Originally posted by: spidey07
Move out loser.

You have no bills, of course you save.

if i lived outside of NYC... i would in a heart beat

And now that's twice you've offered excuses for not providing for yourself.

#1 - I have a more car than I can afford
#2 - I live in an expensive area

Why again are you still living with your parents?

im not following

getting the car was out of impetuity... i regret it, but i made my bed, time to live in it...

my job an best chances to advance are not far from wall street, which is in an expensive area that i like, we can't all live in kentucky...