How much money did you save each month when you were 25?

[fuzzybabybunny]

I'm trying to get an idea for how much money I should be saving for retirement, buying a home, etc.

From here on out I'll just think of monthly savings as a recurring expense that I have to pay each month.

I make about 60k a year and live in NorCal. I was getting by ok making a motorcycle payment of $800 a month, and now that the payments are complete, I guess I can contribute $800 a month into savings and still be ok, now that I have a baseline? All my other monthly payments are not looking to change for another 5 years or so. Is $800 a month considered ok for my income level?

 

[Jumpem]

None. I was just finishing up college.

 

[Schadenfroh]

25 now, still in graduate school, not much to save...

 

[Powermoloch]

The more you can save, the better you're off.

I'm in private college right now and barely saving anything

 

[Mike Gayner]

I'm 25 years old and since buying the house my savings level has been zero. I literally have no savings, except for my super scheme (which still gets about 8% of my income).

 

[fuzzybabybunny]

I just feel like I'm so far behind my peers. All my other friends are 30 and starting to have kids, buying houses, etc. At the rate I'm going I don't see myself even being able to afford a down payment on a house when I'm 30, and if I can squeak one by, that'll completely blow my savings and then I'll be back at square 1 for retirement, children's college, etc.

Townhouses in CA start at $400k... and the HOA fees are like rent fees all on their own - $300 a month.

A regular small detached home could be $700k starting, and then there's property taxes...

 

[Jumpem]

I just feel like I'm so far behind my peers. All my other friends are 30 and starting to have kids, buying houses, etc. At the rate I'm going I don't see myself even being able to afford a down payment on a house when I'm 30, and if I can squeak one by, that'll completely blow my savings and then I'll be back at square 1 for retirement, children's college, etc.

You don't need anything on hand to buy a house. I bought with nothing down and closing costs rolled in.

 

[Powermoloch]

Even though i haven't got any "real" savings, I've enrolled myself into a life insurance. So when I kick the bucket, either my family (or my children, etc etc) can benefit from it.

 

[Scouzer]

I'm 23 and I've been socking away between $1000 and $1400 a month for about 4 years. No I don't live at home.

I bought my townhouse last year with my savings.

 

[bonkers325]

as much as i can until i have a 6 month living expense cushion (~10k)

 

[fuzzybabybunny]

I'm 25 years old and since buying the house my savings level has been zero. I literally have no savings, except for my super scheme (which still gets about 8% of my income).

Super scheme what?

I don't understand how someone so young can already have a house...

 

[amdhunter]

$1000-2300 week. I miss the pre-9/11 cable industry.
I lived off tips that wealthy Manhattanites would toss my way after fixing their computers.

 

[AlienCraft]

I didn't save anything.
At 26 , I was building custom vans, recording studios and sound systems.
I was living paycheck to paycheck, looking for a gig on the road with a band, sound or lighting company.
The common wisdom said there would be plenty of time for saving for retirement.
Right.
The common wisdom is often not.

 

[fuzzybabybunny]

You don't need anything on hand to buy a house. I bought with nothing down and closing costs rolled in.

In this economy and the economy in 5 year's time... I think you would need money down. And a lot of it.

 

[TecHNooB]

Super scheme what?

I don't understand how someone so young can already have a house...

asian parents foot the bill

 

[Engineer]

I don't remember. I was just settling into my first full time job and think I put 6% into my 401k plan at the time. Wish I would have put more as the market exploded between that time and the late 1990's / early 2000's.

 

[AgaBoogaBoo]

I'm trying to get an idea for how much money I should be saving for retirement, buying a home, etc.

From here on out I'll just think of monthly savings as a recurring expense that I have to pay each month.

I make about 60k a year and live in NorCal. I was getting by ok making a motorcycle payment of $800 a month, and now that the payments are complete, I guess I can contribute $800 a month into savings and still be ok, now that I have a baseline? All my other monthly payments are not looking to change for another 5 years or so. Is $800 a month considered ok for my income level?

Do some basic calculations of where you want to be when you retire. Pick an age of retirement, how much you'll be spending at that time per year, what age you think you'll live to etc. and discount it into present terms (just pick something like 3% inflation).

Saving "enough" is not going to be determined by those around you - you have to decide for yourself. If you don't save enough, it's your issue and responsibility, no one else's. If you save more than you need, you'll be able to find something to spend it on

Live cheap at this age - have freedom to go do whatever you want, survive a downturn, etc.

 

[xSauronx]

I just feel like I'm so far behind my peers. All my other friends are 30 and starting to have kids, buying houses, etc.

ill be 28 when i graduate with a bachelors...i wouldnt feel too bad, youre doing better than a lot of people by the sound of it.

/broke

 

[nageov3t]

I've never been good enough to save X/month.

I like to keep my checking account somewhere between $750-$1000.

right now, I pay off all my bills/rent and whatever is left over goes into savings (where I'd like to have enough cash to live off of for 9 months with no other income... if I ever build up that chunk, I'd start saving the excess for grad school)

 

[Jumpem]

In this economy and the economy in 5 year's time... I think you would need money down. And a lot of it.

I checked the website of the company I have my mortgage through now and FHA loans are 3.5% down. I've seen plenty of lenders online offering 0% down loans still.

I plan to move in the next year or so with only closing costs down. Maybe a 5% down payment depending on timing.

 

[Mike Gayner]

Super scheme what?

Hmm not sure if you guys use that terminology - Super = superannuation - retirement savings scheme.

I don't understand how someone so young can already have a house...

asian parents foot the bill

Fuck off idiot, you know nothing. We paid a 10% deposit on our house - $33,000. That's a lot of money, but any dedicated 25yo couple can save that in < 2 years. BTW not asian, retard. Born and bred NZer.

 

[TecHNooB]

Hmm not sure if you guys use that terminology - Super = superannuation - retirement savings scheme.





Fuck off idiot, you know nothing. We paid a 10% deposit on our house - $33,000. That's a lot of money, but any dedicated 25yo couple can save that in < 2 years. BTW not asian, retard. Born and bred NZer.

still mean what i said. asian parents foot the bill for asians.

 

[Mike Gayner]

still mean what i said. asian parents foot the bill for asians.

Yes, every Asian that has ever bought property had it paid for by their parents Because all asians are wealthy, right?

 

[TecHNooB]

Yes, every Asian that has ever bought property had it paid for by their parents Because all asians are wealthy, right?

no and not necessarily.

 

[kranky]

Adjusted for today's dollars, at age 25 I was probably saving about $100 a month and had about $2000 in the bank, lived in a slum apartment and hoped every day nothing went wrong with my junker car.

I think it is wise to save as much as you can afford.