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

[esun]

I'm not 25 yet, but I'm close enough to give a reasonable answer.

Not too long ago (recently my finances changed drastically due to the purchase of a home), my fixed monthly expenses were as follows:

Rent $800
Utilities $100
Food (including eating out) $300
-------
Total $1200

I'm on my parent's family cell plan and my dad was paying my car insurance. If you roll those in it may be up to $1500 or so.

I put 5 % of my income into my 403(b) (same as a 401(k) but for non-profits) and then saved everything else. That came out to about $2500 per month (I saved about $30k, not including retirement accounts, my first year of work). Now this is because I was saving for a housing down payment. If I were just saving for retirement I would have put more into the 403(b).

I'm a pretty frugal person though so I wouldn't say keeping expenses this low is really necessary. If you save even $500 a month that's not bad. Just make sure you keep at it.

 

[Mr. Lennon]

25 with one year left of college. I have saved around $2 grand total. My friend who is 26 just bought his first condo ($200 grand)...I too feel way behind compared to my peers. Another friend (same age) got his masters and is already teaching at a cal state. Oh well, thats what I get for not going to school for 2 years and partying my ass off like an idiot.

 

[ultimatebob]

At 25, I was putting 6% of my income in my 401k, which was the amount that the company I was working for matched at the time.

7 years later, I only put in 4% in the 401k (because that's how much they match), and contribute another 2% in my rollover IRA. Saving more for retirement would be nice, but I'm more concerned with building up my emergency fund at this point.

 

[Chaotic42]

I had about $13K saved up to buy a house. I bought mine just after turning 26. I was going to buy at 24, but waited. Guess I should have waited till 28...

 

[boomhower]

$0 when I was 25. Paycheck to paycheck on a good month.

 

[Brainonska511]

Not even 25 yet and in graduate school as well. But I put away a decent amount each year. At least max my Roth IRA every year.

 

[Kelvrick]

Fuck, I'm 28 right now and am barely saving with my company's 401k matching. I was saving as of 2-3 years ago, but a house's downpayment and renovation costs wiped me out. The wedding this year should re-wipe me out, pretty much. After the wedding, my wife and I should be able to put away 1.5k a month, not including our 401k and pension contributions

 

[Bignate603]

I got my first real job around 25. Since the beginning I do 8% pretax into the 401k (employer throws in 2%), 10% post tax into cash savings (to pay for stuff like a house down payment, buying a car, etc, living stipend from wife's scholarship). Most 1 time sources of income (tax returns, bonuses, etc) also got thrown in to our cash savings.

Through some luck and being frugal I'm sitting on around 1 year of living expenses in cash after less than 3 years of work. It's time to start shifting any additional savings into longer term stuff like an IRA, stocks, etc.

 

[EliteRetard]

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.

RAWR!!!!!!!!!!!!!!
*FLAMING RANT*

Statements like that really piss me off...I was going to chew you out and wrote up a huge ass rant, but I deleted it because nobodys gives a fark. I still have to show how pissed I am at you lucky bastards who really have no idea how hard it can be for some.

Thats like Bill gates coming to your house to shit in your face and tell you how worthless you are. How lazy stupid and pathetic you are because you dont have it as good as he does. Just because you work your ass off doesnt mean your going to get jack shit.

 

[Mike Gayner]

RAWR!!!!!!!!!!!!!!
*FLAMING RANT*

Statements like that really piss me off...I was going to chew you out and wrote up a huge ass rant, but I deleted it because nobodys gives a fark. I still have to show how pissed I am at you lucky bastards who really have no idea how hard it can be for some.

Thats like Bill gates coming to your house to shit in your face and tell you how worthless you are. How lazy stupid and pathetic you are because you dont have it as good as he does. Just because you work your ass off doesnt mean your going to get jack shit.

Wut? Comparing me to Bill Gates is completely retarded. How am I lucky? I have worked for everything I have. I went to school, got a good job and worked hard. How does that make me lucky?

 

[zerocool84]

I was out of work for most of the time I was 25 so wasn't able to save at all.

 

[Koing]

25 I was putting away
6&#37; towards the company pension
4% company contribution

And saving about &#163;1.5-1.6k a month.

Just save as much as you can mate. When I was 21 and at my first job I didn't save much as I didn't earn much. 2nd job was a bit better but it was much better on my 3rd job.

Koing

 

[SarcasticDwarf]

Didn't start saving until 26 with new first decent-paying job.

50k income
7&#37; contribution to retirement account (plus equal matching)
Primarily working on paying off 40k in student loans within the next five years

 

[Dirigible]

At 25 I was saving nothing and had a net worth in the negative five figures.

Don't worry about others, FBB. Figure out what your goals are and act appropriately.

 

[Imp]

I save 55&#37; of my paycheck and can afford almost any BMW 100 or 300 series...

Hi, I live at home with my parents, and pay minimal "rent". I reduced my "rent" because I have to "save" for my graduate school tuition. Two months until I hit 25. No debt except my credit cards, which I pay off bi-weekly immediately after receiving my paycheck.

I'm a major major anomaly in almost every way you can think of, so don't even bother comparing yourself to me. I get off more on seeing big numbers in my bank account than buying some new expensive piece of shit to show off.

 

[Capt Caveman]

Saved enough to buy a house with a 20&#37; downpayment at 27.

 

[soulcougher73]

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...

This is why you move away from CA. CA is not a normal place to live price wise. Im glad i dont live there anymore.

 

[alkemyst]

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...

o'rly

http://www.dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx

You know you probably will have to commute if you are making $60k and your work is located in an area where pricing starts at $400k.

 

[alkemyst]

I save 55% of my paycheck and can afford almost any BMW 100 or 300 series...

Hi, I live at home with my parents, and pay minimal "rent". I reduced my "rent" because I have to "save" for my graduate school tuition. Two months until I hit 25. No debt except my credit cards, which I pay off bi-weekly immediately after receiving my paycheck.

I'm a major major anomaly in almost every way you can think of, so don't even bother comparing yourself to me. I get off more on seeing big numbers in my bank account than buying some new expensive piece of shit to show off.

wow still living at home and making bank, that's straight ballah.

If you are saving over half your paycheck and can afford more than a $600 car payment, why?

 

[Engineer]

wow still living at home and making bank, that's straight ballah.

If you are saving over half your paycheck and can afford more than a $600 car payment, why?

Because he/she can and it makes great financial sense?

 

[Mike Gayner]

I would live with my parents if it were practical. I'd be able to save so much money. As it is, 70&#37;+ of my paycheck goes to paying mortgage and bills. Living with my parents would be epic.

Unfortunately I don't think my GF would agree.

 

[AgaBoogaBoo]

Because he/she can and it makes great financial sense?

Yeah - you'll save tons. It's a question of freedom from parents right now or tons more financial freedom later on.

 

[Linflas]

0. I was in my third year of college after doing 4 years in the Navy. I did split my student loan in half and put half in a CD until I was ready to use it for spring semester but that was about as close as I came to "saving" when I was 25.

 

[Fenixgoon]

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...

found your problem.

right now i put 10% into retirement every pay period.

 

[Zebo]

LOL zilch I had a young family at 23... Lucky our parents gave us down payment for house (grand kids FTW) or we probably would have lived in apartment for a long time. Didn't start saving again until we were both working ~26.