Ya live payday to payday?

[Evadman]

Originally posted by: Jzero
$25k in retirement (401k, Roth IRA), $6000 in savings. That's not too too bad, I guess. I'm 24. I stopped contributing as much to my retirement over the past year because with a wedding/home purchase coming up, it seemed to make more sense to have more liquid money at this point in time. Once the wedding is over, I'll kick the 401k back up to 15% and then put the balance of the surplus in Roth IRA and the remainder in savings.

You are planning quite a pit farther ahead then just about every other 24 year old I know.I don't understand why no one wher eI work goes into the 401k. I spent about an hour explaining that for 5%, and the company match of 5.5% (over 100%, yay!) and starting NOW means you will have a sh!tload more money than contributing 40% 10 years from now.

Lets say you make $1000 before taxes. 5% of that is $50. But usually, of that 50, $12+ is taken in taxes. So you are only missing $35 out of pocket that would have been on your check. But the company matches that $50, with $55. So for $35 missing off your check, you have $105 in your 401k. so you have a 200% gain, without any stock market gains. HELLO!

 

[Svnla]

I only spent about 50% of my take home pay, that is after taxes. I have no debt whatsoever (no credit card debts, paid car in cash, and student loan just paid off last month). I can go on for a few years without any incomes.

 

[DrNoobie]

Originally posted by: nick1985

Originally posted by: DrNoobie
I make minimum wage, I don't save right now.

minimum wage rocks

Mmmm...yea, I'm gonna have to go with "No," on that one.

 

[brunswickite]

college student (21) have 7000 in savings...

plan on getting a job soon as a i grad, but living at home so i save more

 

[arcenite]

i try to put $100 away a week, so far i'm up to 400 (i just started saving up, doing pretty well, being as I only make $150 a week)

I work two days, go to school 5.

Bill

 

[BD231]

I save about $800 a month ($1000 for the past 2 months after the fat raise I got), but I've only had a job capable of letting me save that amount since last June. Before that it was something like 500 or 600 for just a little over a year that I was able to put away.

In that time I've had to purchase 2 cars (mothers car died, and I flat out didn't have one), one of which needed almost $2,000 in repairs. Paid off my mothers credit card debt of over $6,000 and was subjected to a *HUGE* medical bill over one of my balls twisting stopping all blood flow!!!!

I think the total hospital bill came out to almost $18,000. Lucky for me my job took care of almost all of it, so all I had to pay was a little over $2,000 for anesthesia.

I'll be 20 next month............, paying for a PAINFUL cosmetic surgery in Guatemala where I'll be getting skin chopped off over a weight loss I had a few years back.

I swear, money is spent 100x faster than it's made. I think it's time to get 100k+ a year job .

 

[CrazyDe1]

No...I'm basically out of things to buy except large things like a boat, waverunners, or a motor cycle. When you're out of things to buy you don't really spend anything. I do spend about 500 bucks a month on booze and late night drunken meals tho.

Saved about 20k in 6 monthes. Although almost all of my real paycheck goes to living expenses..

 

[CrazyDe1]

Originally posted by: Evadman

Originally posted by: Jzero
$25k in retirement (401k, Roth IRA), $6000 in savings. That's not too too bad, I guess. I'm 24. I stopped contributing as much to my retirement over the past year because with a wedding/home purchase coming up, it seemed to make more sense to have more liquid money at this point in time. Once the wedding is over, I'll kick the 401k back up to 15% and then put the balance of the surplus in Roth IRA and the remainder in savings.

You are planning quite a pit farther ahead then just about every other 24 year old I know.I don't understand why no one wher eI work goes into the 401k. I spent about an hour explaining that for 5%, and the company match of 5.5% (over 100%, yay!) and starting NOW means you will have a sh!tload more money than contributing 40% 10 years from now.

Lets say you make $1000 before taxes. 5% of that is $50. But usually, of that 50, $12+ is taken in taxes. So you are only missing $35 out of pocket that would have been on your check. But the company matches that $50, with $55. So for $35 missing off your check, you have $105 in your 401k. so you have a 200% gain, without any stock market gains. HELLO!

I'd do that but my company has no 401k plan. My 401k plan consists of giving my dad a large chunk of my money every month to throw in the stock market..

 

[cerebusPu]

Originally posted by: Jzero
$25k in retirement (401k, Roth IRA), $6000 in savings. That's not too too bad, I guess. I'm 24. I stopped contributing as much to my retirement over the past year because with a wedding/home purchase coming up, it seemed to make more sense to have more liquid money at this point in time. Once the wedding is over, I'll kick the 401k back up to 15% and then put the balance of the surplus in Roth IRA and the remainder in savings.

Im 24. i have no money in retirement. And maybe $6000 in credit card debt, $15K debt for student loans. i just started working 1.5 years ago. Contrast that to you where you have $25K in retirement and $6K in savings!!! I hope you've been working alot longer than 1.5 years to save that much.

 

[Ryan]

Geeze, I'm only 19 and have already eclipsed $10k in my savings once. I just bough a new car with that money, and my goal is to reach the 10k mark again by Christmas. I'm currently at $4k.

And it's all from deliverying pizzas, oh yeah

 

[ultimatebob]

Originally posted by: DrNoobie

Originally posted by: nick1985

Originally posted by: DrNoobie
I make minimum wage, I don't save right now.

minimum wage rocks

Mmmm...yea, I'm gonna have to go with "No," on that one.

Yeah. Minimum wage is only cool when if you happen to own the company that's paying it out!

Earning it really sucks, even when you're teenager working your first job. At least it will give you motivation to finish college and get a REAL job, anyway

 

[ultimatebob]

Originally posted by: CrazyDe1
No...I'm basically out of things to buy except large things like a boat, waverunners, or a motor cycle. When you're out of things to buy you don't really spend anything. I do spend about 500 bucks a month on booze and late night drunken meals tho.

Saved about 20k in 6 monthes. Although almost all of my real paycheck goes to living expenses..

Sounds like you need to get a sports car. Between the car payments, gas, and insurance, they are GREAT at sucking money out your wallet!

 

[CrazyDe1]

Originally posted by: ultimatebob

Originally posted by: CrazyDe1
No...I'm basically out of things to buy except large things like a boat, waverunners, or a motor cycle. When you're out of things to buy you don't really spend anything. I do spend about 500 bucks a month on booze and late night drunken meals tho.

Saved about 20k in 6 monthes. Although almost all of my real paycheck goes to living expenses..

Sounds like you need to get a sports car. Between the car payments, gas, and insurance, they are GREAT at sucking money out your wallet!

Part of the reason why I'm able to save that much is cause I don't have car payments. MY car already sucks 70 bucks of a gas a week. 14 mile per gallon SUV and I'm heavy on the gas...

 

[nick1985]

Originally posted by: CrazyDe1

Originally posted by: ultimatebob

Originally posted by: CrazyDe1
No...I'm basically out of things to buy except large things like a boat, waverunners, or a motor cycle. When you're out of things to buy you don't really spend anything. I do spend about 500 bucks a month on booze and late night drunken meals tho.

Saved about 20k in 6 monthes. Although almost all of my real paycheck goes to living expenses..

Sounds like you need to get a sports car. Between the car payments, gas, and insurance, they are GREAT at sucking money out your wallet!

Part of the reason why I'm able to save that much is cause I don't have car payments. MY car already sucks 70 bucks of a gas a week. 14 mile per gallon SUV and I'm heavy on the gas...

rice burners are your friend

 

[Pliablemoose]

Wife & I kick in ~1.2K/month into retirement, have done so for some time

We do not live from check to check, it's a nice place to be

 

[Carrot44]

Originally posted by: nick1985
your 44 and have $105? where do you work?

im 19 and have $2200 in savings. but im in college and all that $$$$ will go to student loans...

Bummer about the student loans
I had thousands in savings but had a roomate that was money hungry and ciged me out.
Then I had a girlfriend that liked to bounce checks to the tune of several thousand dollars.

I am an unemployed Pharmacy Tech there are just no jobs in Spokane WA. I now work for a temp agency doing
plastic molding.

My bills total about 458 a month.
Make about 1 grand try to (but computer stuff gets in the way) save 300 a month.

Ken

 

[CrazyDe1]

Originally posted by: Pliablemoose
Wife & I kick in ~1.2K/month into retirement, have done so for some time

We do not live from check to check, it's a nice place to be

Do you do any investments with that money or is it all savings? If you are investing it, what kind of returns have you been getting and what areas have you been investing in?

 

[chasem]

im 19, maybe i should start a roth IRA? anyone got anymore info on that?>

 

[Thegonagle]

Nope. I could pay rent for several months out of savings. I can't tell you how long it took me to finally be able to say that though. I hope I never have to go back, because I feel so much less stress now.

 

[Yossarian]

Originally posted by: Carrot39
I had thousands in savings but had a roomate that was money hungry and ciged me out.

what does that mean?

 

[Lvis]

I really only save the money that goes into the 401k plan. It's at like 16 percent of the gross now. I do have an emergency accout outside of that, too.

 

[kenshorin]

I try to stash one whole paycheck a month into savings. I been good though, been doing almost two whole checks lately.

 

[dquan97]

Originally posted by: rufruf44
25% of salary automatically goes to saving. Can't spend what you don't have

that's a pretty good plan...the gov't pays my pension.

 

[kalster]

was saving well, was upto ~15 k then i bought myself a 1800 laptop as a birthday present so down almost 2k and more (trip to DC)
well atleast i like the t41

 

[rudeguy]

I have my retirement account that is automatically deducted from my check, my emergency stash of cash, and my savings account.

I dont feel the need to tell you how much is in any of those.