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Started By
Message
How much do you save 80k salary
Posted on 1/22/14 at 1:37 am
Posted on 1/22/14 at 1:37 am
A month after expenses (salary 80k)
14
Posted on 1/22/14 at 4:56 am to BearCrocs
That all depends on how much the expenses are. Rule of thumb is at least 10% however.
Posted on 1/22/14 at 6:00 am to BearCrocs
If you haven't created expenses outside of your means, you should be trying to save 10-15% each month.
Are you paying into a retirement plan?
Are you paying into a retirement plan?
Posted on 1/22/14 at 6:46 am to kywildcatfanone
Can't be answered without knowing details. Depends on city and family size.
80k is about $5,000 net take home each month. I would live on about 2k and save 3k/month in that scenario.
80k is about $5,000 net take home each month. I would live on about 2k and save 3k/month in that scenario.
Posted on 1/22/14 at 6:49 am to kywildcatfanone
Posted on 1/22/14 at 6:52 am to lynxcat
quote:
80k is about $5,000 net take home each month. I would live on about 2k and save 3k/month in that scenario.
This is why asking these dry questions on the MT do not make sense. There is not enough information to go off of.
I would love to spend only 2k/month. But I have a kid and support my lady while she's finishing school. So 2k is difficult.
I stick with a 20% of net pay rule of thumb and any tax return money. 30% would be fantastic.
Posted on 1/22/14 at 6:55 am to BearCrocs
quote:
How much do you save 80k salary
A month after expenses (salary 80k)
Depends on what you owe... Whats your mortgage/rent? Car Note? Credit Card Debt? Student Loans? Etc...
If you aren't over the top on any of those, you should be able to put away 1-2k a month.
Posted on 1/22/14 at 6:56 am to 756
Rule number one! Pay yourself first and live in your means.
20% to retirement
10% to savings
Then the rest for bill and living expense.
If I didn't do this over the years, I would be in one hell of a fix. Was forced into retirement at 52 due to my health, but retirement is good.
20% to retirement
10% to savings
Then the rest for bill and living expense.
If I didn't do this over the years, I would be in one hell of a fix. Was forced into retirement at 52 due to my health, but retirement is good.
Posted on 1/22/14 at 7:08 am to 756
one other note, save as much as you can while you can . Life sometimes has a way of being cruel to us and adversity is often expensive. If you have saved during good times when difficult times arrive you will survive
Posted on 1/22/14 at 7:08 am to BearCrocs
right now, being single, I'm able to save around 25%
Posted on 1/22/14 at 7:18 am to b-rab2
Always try and save at least 20%. It's a lot easier to do than people think you just have to be disciplined.
Posted on 1/22/14 at 7:31 am to BearCrocs
I am fortunate that I make a nice salary in an area where living expenses are cheap, and there is little to nothing to do on a daily or weekly basis. A portion of my monthly breakdown is below
Retirement - 25%
Taxable Account - 13%
Rent - 8.8%
Expenses (Food, electricity, etc...) - 10.3%
I still save after all of that nearly ~ 10% that funds emergency savings, vacations, purchases, etc...
Retirement - 25%
Taxable Account - 13%
Rent - 8.8%
Expenses (Food, electricity, etc...) - 10.3%
I still save after all of that nearly ~ 10% that funds emergency savings, vacations, purchases, etc...
Posted on 1/22/14 at 7:39 am to lynxcat
Lynx, you got an email? Want to ask you something.
Posted on 1/22/14 at 7:44 am to RickAstley
quote:
Retirement - 25%
Taxable Account - 13%
Rent - 8.8%
Expenses (Food, electricity, etc...) - 10.3%
I still save after all of that nearly ~ 10% that funds emergency savings, vacations, purchases, etc...
I am pretty similar to this. Single, 25, renting, no kids or significant other.
I put 11% into 401k and max the Roth IRA each year. Rent is about $1,000 all-in. Expenses vary on travel schedule, but shouldn't be north of 1k/month living a fairly lavish lifestyle.
Living as a single guy or without kids makes finances extremely easy.
I hope to have a family one day, however, I cannot imagine how easy finances are if you are 40, making 200k and supporting only yourself.
Posted on 1/22/14 at 7:44 am to HeadyMurphey
(no message)
This post was edited on 1/22/14 at 7:49 am
Posted on 1/22/14 at 7:46 am to lynxcat
Got it. Sending shortly, thanks.
Posted on 1/22/14 at 7:57 am to lynxcat
quote:
80k is about $5,000 net take home each month
That seems pretty high. I am a little above that and don't take home nearly as much as that. After taxes, 401K, health care for a family of 3, HSA contribution and company supplied life insurance, you really eat into that net figure.
Posted on 1/22/14 at 7:59 am to BearCrocs
I really have no excuse to not be saving more than I am. This thread makes me feel bad.
Posted on 1/22/14 at 8:12 am to BearCrocs
$80k/year on 1 salary or two with a child. If you think you're saving money... Good luck. Car seats, medical bills, clothes, baby room stuff, toys, friends/family getting married, friends/family having kids, birthday presents/valentines/Christmas etc. This list might be more or less but probably not terribly far off from most in this salary range. Sure you could add/subtract things here or there, but the truth is 80k/year, you ain't saving money if you plan to do annnnything other than sit at home.
$1,100 mortgage, PMI, property tax
$800 Daycare
$500(1 or 2) car notes
$200 insurance
$150 phone bill
$100 cable/internet
$200 gas
$800 groceries/house needs/general baby stuff
$120 Entergy
$60 Water
$30 Alarm
Good luck. Car seats, medical bills, clothes, baby room stuff, toys, friends/family getting married, friends/family having kids, birthday presents/valentines/Christmas etc. This list might be more or less but probably not terribly far off from most in this salary range. Sure you could add/subtract things here or there, but the truth is 80k/year, you ain't saving money if you plan to do annnnything other than sit at home. $1,100 mortgage, PMI, property tax
$800 Daycare
$500(1 or 2) car notes
$200 insurance
$150 phone bill
$100 cable/internet
$200 gas
$800 groceries/house needs/general baby stuff
$120 Entergy
$60 Water
$30 Alarm
This post was edited on 1/22/14 at 8:28 am
Posted on 1/22/14 at 8:23 am to LSUAfro
Pretty spot on. It isn't easy. I have a 1 year old and it looks like this:
$950 mortgage, PMI, property tax
$0 Daycare (Wife stays home)
$400 1 car notes
$120 insurance
$120 phone bill
$100 cable/internet
$300 gas
$800 groceries/house needs/general baby stuff
$120 Entergy
$45 Water
$50 Alarm (80 pound Doberman)
$950 mortgage, PMI, property tax
$0 Daycare (Wife stays home)
$400 1 car notes
$120 insurance
$120 phone bill
$100 cable/internet
$300 gas
$800 groceries/house needs/general baby stuff
$120 Entergy
$45 Water
$50 Alarm (80 pound Doberman)
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