How much do you spend and save each month?

cavemanit

Hey guys,

New here. I just wanted to get a general idea of how much money people save each month. I spend about $2000+ a month and save about about $1500. Would this be enough a month to save for my retirement? I'm 24 years old.

Archi_Bald

Since cost of living and options to save/invest are different from country to country, you might do better trying to find a site in your country. This site is 100% UK focused.

However, the principle of how much you need in retirement is the same wherever you live: it depends on how much you expect to need.

grumbler

cavemanit wrote: »

Hey guys,

New here. I just wanted to get a general idea of how much money people save each month. I spend about $2000+ a month and save about about $1500. Would this be enough a month to save for my retirement? I'm 24 years old.

• How much should I put in?

... the simple answer of how much to put in is as much as possible, as early as possible. There is a rough rule of thumb for what to contribute for a comfortable retirement...

Take the age you start your pension and halve it.
Put this % of your pre-tax salary aside each year until you retire.


Make sure you include your employer's contribution in that percentage.

So someone starting aged 32 requires 16% of their salary for the rest of their working life.

SG27

That sounds pretty similar to my situation (after converting the currency) if the $1500 is purely for retirement ie into a pension or similar and you will definitely not touch it until then I think you are doing very well!

I save a similar amount each month but it's emergency savings/ holiday savings/ house move savings too.

This website is amazing for anything you need to know about anything! But you would get better info on a US based site.

innovate

SG27 wrote: »

This website is amazing for anything you need to know about anything! But you would get better info on a US based site.

Except it is no use whatsoever, apart from a few forum posts, when it comes to investments. There's a big clue in the name of the site - moneysaving, and it is very UK-centric. Nothing wrong with that.

CLV

I just quit my job and started a new business. Thing are going good but I'm scraping right now! LOL

I have to tell you I'm super happy about it though!

John1993_2

Spam post, thheir profile mentions their investment site.

cavemanit

Thanks for the response guys. Very valuable information. I like this site, but can anyone recommend a good us based forum savings site?

DCFC79

cavemanit wrote: »

Thanks for the response guys. Very valuable information. I like this site, but can anyone recommend a good us based forum savings site?

Google is your friend