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Question about life.. (financial)

M

mrCide

Diamond Member
im 20 years old.. i have a decent fulltime job.. at this point in time, i have no debt or bills exceeding $100 a month.

how much is a good amount to have saved before moving out? after a car, an apt/condo, insurance and basic payment, how much should i be spending a month, and how much should i be saving a month from my income? what's the healthy norm here? 🙂

just trying to see where i should be in the future..
 
it almost completely depends on where you live. in some places, you cannot live comfortably on 40k/yr. In others, you can support a family of 4.
 
The "Norm" for people your age is to spend every nickel they have and supplement spending with increased credit debt.

Since you're not so silly it depends on your comfort zone. You have to balance security of your job with your goals. Do you want a condo soon or not? I think any adult would do well to be saving 10% of their income. If your bills are low now save even more. Actually saving is for chumps: invest it, even if it's in a low interest area.

You should get a book on basic personal finances. There are lots in the bookstore or on amazon.com
 
Originally posted by: chiwawa626
They say a healthy goal to keep saved is half your years salery or enough to live for 6 months.
Click to expand...

Right on man thats what i would have said,

Also if u have money saved and u are 20 yrs old, try setting up an IRA, I am 21 and i set mine up last year, its a retirement fund, but if your company u work for has a 401(k) then u really don;t have to worry, but its just a thought. If u move out then u prob won;t be able to put money into your IRA.

Dogg
 
thanks for the replies..

going rate for a decent 1bdroom condo is 700-800 in my area.. i'm looking to move out between 1 and 2 years..

work provides a 401k for me so not too worried about that 🙂 the 6month thing is the kind of answer i was looking for, which is what i'm trying to do by living at home and saving, but when you do have your savings, and you have a car payment, and rent/mortgage, what's the norm to try and put away each month.. 10% a year of your income? if so i can handle that.. i just don't wanna be in over my head when i'm ready to do things.. and i don't wanna be anal about money either.. i just want to be comfortable
 
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