Lately I've been reading and hearing a lot about saving 50% of your income. I decided to calculate if doing so was feasible with my current income and basic expenses.
Current retirement savings rates:
- 6% of gross to 401k
- 4% of gross to HSA (counts as saving assuming I don't need any of this for medical expenses)
- 2% of net to Roth IRA
Saving 50%, after rent, cell phone, home internet, average electric bill, car insurance, car tabs, and renter's insurance, I'd have:
$455 per month left for everything else.
I need to think more about this.
saving 50%
January 9th, 2018 at 04:17 pm
January 9th, 2018 at 04:51 pm 1515516660
January 9th, 2018 at 07:10 pm 1515525017
January 9th, 2018 at 09:07 pm 1515532077
January 9th, 2018 at 09:13 pm 1515532438
snafu - I hadn't considered SS - great thought!
January 9th, 2018 at 10:51 pm 1515538312
January 10th, 2018 at 12:49 am 1515545352
Side note, I just had my hair cut and my stylist (single, same age, significantly higher income) saves 50%. I need more income.
January 10th, 2018 at 12:30 pm 1515587435
Heck, if you can't do 50%, 40% or 30% would still be outstanding.
January 10th, 2018 at 09:38 pm 1515620283