You guys are doing great with as much as you bring in and for as little time that you've been saving. But don't spend too much either. After discussing with my friends/co workers, it seems they are all in the same boat I was in. As you grow in age, so should your savings. nice cars, expensive restaurants, costly subscriptions/services) and make sure your spending is focused on experiences. I had an interesting conversation with my mum last night, that ended with her saying, "If I were in my 20s again, I'd go back and ask every older person for one piece of advice". The 20 things I've learned and wish I knew throughout my 20s. Although working while young and the right attitude towards spending and saving can have an impact as well. If you are overly cautious, you'll have lots of money but no good experiences. The fun only lasts for the immediate moment, but doesn't plan for even tomorrow. In the mean time, enjoy life. Erin Lowry is the author of " Broke Millennial: Stop Scraping By and Get Your Financial Life Together ." Erring on the side of saving is the smartest way to manage your money. Not sure why you wouldnt want to spend it a bit right now considering you have a good job already. I can't imagine how difficult it would be to save while paying off semesters that cost $10k each. Just be sure to find a way to have your cake and eat it too. So the game is set by the time five-oh comes around. News The standard advice for this sub still stands: keep an emergency fund, if there's an employer match, contribute to the 401k to get it (it's free money). I was never good at saving money, and usually blew it all and had credit debt. If you’re able to land a decent income in your 20s and can get a grip on these “big three” expenses, you can’t help but save a decent chunk of money each month. There's great advice on how to make the most of your 20s from Quora and Reddit users. Whether you're 22 or 29, you're likely in a period of transition. If you get to 30-35 and have a few hundred thousand saved you'll be much happier than someone who was more frivolous. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Many sources recommend saving 20% of your income every month. If you have specific experiences that you've been putting off due to the cost, maybe you can reconsider some of those, but otherwise, screw what other people say. It really is not that expensive to go out and have a good time. When did you start to take your savings seriously? Hurry, while supplies last! ... Start Saving Money ASAP . Racked up close to $12,000 in cc debt. It's up to you on how you balance the two. I had been saving before but not making much headway and kept spending it. Also, do it within reason: for instance saving 100% for retirement leaves you with no hope for 40yrs. An emergency savings account should ideally hold three to six months’ worth of expenses in easy-to-access cash. Flat wages plus rising living expenses is one possible explanation for why 69% of Americans have less than $1,000 in their savings account. Your 20s are not the time to save; they're the time to gamble. A broke older person will tell you to save. If that becomes a goal, you would have to shift your priorities, or significantly increase your income. Your 20’s are a time when there are almost too many goals to save for. Saving money 12/7/20 @ 1:17 AM. I started working and contributing to the 401k about 2.5 years ago, but that's obviously not all my contribution - that's me, my employer, and any gains I've made. My method took away the stress that can sometimes be associated with budgeting, and I still managed to save … No, but they certainly will in their 40s. ... 12/14/20 @ 2:48 PM. It tends to sound complicated, and there may be a bit of a learning curve, but it is effective. Stay away from Vegas and Casinos (don't want to literally throw your money away.). Your 20s are an important time in your financial life. I know more people who are a lot worse off than I know who are better off and those who are better off typically had there life handed to them and did not earn it. 2 years later and I have no debt whatsoever, I have a fully funded emergency fund for 6 months of expenses, a budget that works well for me, 6k in my retirement fund and a net worth close to 30k. My earning potential is astronomically higher though. Save as much as you can. I have about 40,000 saved and a good job. Look personal finance is a bit of a relative thing at times. If your dog swallows a chew toy and needs a trip to … Always blowing their money and not putting any in savings. After I went to study abroad in Korea, i learned a lot about saving up money and being modest with it and ever since I've been very mindful about saving. Bottom line: Make saving a priority in your 20s, even if it’s only 2 or 3 percent of your monthly income. Budget your money, save a good chunk, and remember that you cannot go backwards in time so enjoy life. Next, factor in your short- and long-term savings goals, such as an emergency fund (see commandment #5) and retirement kitty (commandment #6). It won't be long before you're part of a family and have real responsibilities, and you already have a decent nest egg to get that done when it happens. Im 24. got up to 20K ish before I dumped it all into my car loan to pay it off early. So I'm 24 I've always been a good saver. You're the type that can stand to increase your entertainment budget. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Do you feel like you're not enjoying yourself right now? South African salaries in 2019: what top IT and tech professionals earn Next article. Saving money isn't easy for 20-somethings. Read How to Make Money Buy Happiness. I believe this is something just about everyone NEEDS as much as anything else this day in age. Save Up To W/ 20% OFF Reddit Coupon Upgrade your shopping experience with this Astro Free Shipping Promo Code. Skip a vacation now, and your investing might pay for 2-3 later. An emergency fund is cash you set aside in a savings account only for unexpected expenses. I feel like for someones early 20's their savings/wealth is mostly dependent on their parents...both how much they have and how generous they are. If you save now, you will have plenty for retirement, down payment on property, and any other emergencies. I'm just going to keep it short and simple. I was never good at saving money, and usually blew it all and had credit debt. And in your 20s, you may not have a mortgage to pay or a family to support, so saving is easier. As a rule of thumb, spending on experiences will make you happier than spending on material possessions. Life shouldn't be all about saving, but rather, having a purpose in what you spend and what you save. Saving money in your 20s is the best way to hit your longterm financial goals. Should I just have fun right now and break even every month and have the time of my life? While opting in to make 401(k) contributions is the most important step you can take, having a sound 401(k) strategy will maximize your returns and help you reach the $1 million mark faster. All of these considerations should be made based on how much you earn, how much you save, what your expenses and long-term goals are, etc. Your 20s are a time where it is ok to make mistakes as long as you learn from them. What you do matters. When Did Your Creepy "Gut Feeling" Save Your Life? Discounts average $26 off w/ a Sidemen Clothing promo code or coupon. Regarding saving, the general rule is to save 20% of your income. $1,500-$3,000 a semester in tuition and I'm in my parents basement. To keep your emergency savings accessible, consider a high-yield online savings account (not a CD or investment account). Simply enter this exclusive, one-time use code during checkout from now until August 16. Many 20-something investors will have limited funds available for investing, but you don’t need thousands of dollars to get started with a strategy that will pay off handsomely over time. The other assumption is that the saver never loses money given the FDIC insures singles for $250,000 and couples for $500,000. You're not necessarily going to be happier by spending money. Everyone older I talk to gives me " the enjoy yourself in your 20's" speech. Build a shed. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Don't save every dime, spend some and have fun. Always owing money when I got a paycheck, with nothing saved. If you're the type of person that can sock away $40k and be debt free at 24, you're not the kind of person that will blow it all having fun. What I’ve been doing is putting 10% towards my TSP Roth IRA with agency matching of 5% and then saving an additional 20% in a savings account. A bunch of adults tell me I have time to save later and to go out and enjoy yourself cause you'll regret it if I don't. Save 20% on select Dyson technology during the Dyson Owner Rewards Savings Event. I'm 22, and currently just hit the $3k mark and I'm feeling very proud of my self. After that, keep yourself out of debt and start saving some to get in the habit (maybe 10% savings rate? Also, do it within reason: for instance saving 100% for retirement leaves you with no hope for 40yrs. It’s easy to understand why saving for retirement isn’t a priority in your 20s — a decade when advancing your career, not planning for the end of it, seems more important. I am 28 and almost have a net worth of zero (~30,000 in savings combined 401k/personal savings accounts) minus ~30,000 in debts (school & car loans). Definitely a healthy way to look at money, whatever your retirement goals are. Money saved in your 20s accounted for 52% of the final balance, your 30s 27%, your 40s 14%, and your 50s 7%. By making small, regular investments starting in your 20s or early 30s, your savings will grow tax-free over 30 or 40 years.. You may want to buy a home, purchase a new car, or travel the world – all at a time when you should also save … Creating that financial cushion will cover you … Don't rush. Still, even if 20% savings … But taking these steps can help you meet your goals and prepare for the future. I had more in the bank at 22 than i do now at 28. I'm 24, I have about 14k in savings and about 18k in retirement. It's also extremely easy to make money. According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent and food, 30% for discretionary spending, and at least 20% for savings. It works by setting up your benchmark for spending. In early 2013 I … It is the decade where you can build a strong foundation for decades to come. 2. If you are not cautious at all, you'll be broke. I buckled down and started saving more consistently (as well as saving up small amounts each month for those infrequent bills like car insurance or car registration) and tossed any bonus, 3rs paycheck from those 3 paycheck months, or tax refund into savings. In fact, compounding of earnings is so powerful that those who start saving for retirement in their twenties can amass large nest eggs with relatively little effort, as long as they invest regularly. Your 20’s are a time when there are almost too many goals to save for. Cookies help us deliver our Services. Skip a vacation now, and your investing might pay for 2-3 later. Your 401(k) could easily make you a millionaire. These 8 Reddit saving money threads have ideas and advice for saving more and spending less. I bought motorcycles, went on road trips etc. The amount you save in your 20s will be determined by the stability of your job, your income, any debts you may have, and whether you are a single- or double-income household. I also adjusted the savings amount to account for an optimistic career earnings trajectory . How much should you save every month? If you are above the curve, which you are by being here looking for answers and help, you are doing fine. … Get drunk on cheap wine in your basement with 10 people over and dance to youtube videos. Exactly ten years. Retirement seems like eons away to a 20-something, but saving as soon as you get your first job will make it far easier to reach your retirement goals well before the big day actually arrives. (r/AskReddit | Reddit Stories)Check out our r/AskReddit playlist! so sitting on around 10K now. With the information provided, it's really hard to give you useful advice on the PF side of the question. I've found good savings is less about putting a large amount in here and there than it is about setting a regular 10% contribution each paycheck and sticking to it long term. One of the saving money tips on Reddit is also trying to set up zeros in your account. Retirement saving isn’t usually something we think about in our 20s, but the earlier we start, the more money we will have for later. Oh no I am enjoying myself right now and I'm a very internally happy person, it's just living in NY has always been a dream. but I have infinity student loan debt still, so not like I feel like celebrating or anything. Join our community, read the PF Wiki, and get on top of your finances! They're giving you good "fun" advice and poor financial advice. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. 5. r/Shoestring. I should mention I'm married so the savings is joint but the retirement is mine. People who are only interested in the long game (retirement, long term investments) might tell you to save every single penny you earn and put some of it into your retirement, only eat at home, never spend a dime on anything you don't need to survive. Save Up To W/ 20% OFF Reddit Coupon There's 10+ Sidemen Clothing promo codes and discounts for you to choose from, including this Sidemen Clothing Free Shipping Coupon. For example, let's look at compounding. I'm not really very Mustachian, but his philosophy on the appropriate relationship between money and happiness has been on my mind a lot in the past year or so. Take a roadtrip. Remember that. Yet stats from the Employee Benefit Research Institute's report on 401(k) allocations shows that people in their 20s and 30s have, on average, about 75% of their retirement savings in … Save up to 20% OFF with those Scuf … (Credit for the 50/30/20 rule goes to Senator Elizabeth Warren, who reportedly used to teach it when she was a … But if you're on the standard retire in you mid 60s track, you should be fine. Keep a budget and track what you spend. I don't think anyone would tell a 21 year old to try to max their retirement accounts before paying off student loans or traveling, and I don't think anyone would tell a 29 year old to go party more and worry about retirement later. Whether that’s choosing the proper risk level for your goals, deciding to pay down debt or … A young saver wants money when they are older and will tell you to save. - Alicia Quarles, New York Correspondent, E! I'm 22, and currently just hit the $3k mark and I'm feeling very proud of my self. I didn’t set aside $5 a week specifically for a latte or $20 a week for groceries—instead, I gave myself an allowance and stuck to it. Whether you’re in-between your 20s and 40s (or beyond), we’ve taken some guesswork out of the process for you. The most I've made in a year is right around $60,000. Typically I have been saving somewhere between 15%-20% annually. For example, start saving at least 10 percent of your monthly income. I, like most in their early 20's, spent most if not all of what I made. Go on camping trips with your friends. It's very cheap to live in a crappy apartment, never go out, and eat lentils, but it's not a particularly great life, even if you're saving a ton. Find a weightlifting buddy. … Financial advisers stress that there are several money lessons everyone in their 20s should know. It may seem modest each paycheck, but wait a year and you'll have a lot of new investing goals to make. It's not easy but it is definitely doable. Receive amazing up to 20% OFF discount from 10+ Dr. Martens promo codes. I believe my wife has about 4-5k in retirement (she's 27 and started saving 2 years ago and has a much lower base salary than I do to contribute to, and her employer match is not as good). You don't get to do it twice, and living in NYC is a whole lot more fun in your 20's than your 60's, which is the next time you'll be in this position. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I want her to get an early start on saving for retirement, so … We bring in 90k pretax and about 57k post tax, retirement, and HSA/insurance. The advice I received at that age as I saved and took less (or no) vacations: there will always be time for vacations later, and they'll be much cheaper relative to your future income later. I'm ashamed I didn't even think about that. Like everybody's said, it's about balance. Paying off car loan isn't a good idea other than feeling good to be out of debt. Hey Reddit! 68J76M5F It says one-time use so I guess first come first serve, hope its useful for you! Our loan payments are about 1k a month, as are our living expenses (rent+utilities). How much you need to save for retirement in your 20s, 30s, 40s and 50s . It always blows my mind how people think it's impossible to turn their life around or get ahead in life. Startup 10 Smart Moves Every 20-Something Should Make Nope, your 20s isn't a throwaway decade. IMO, as long as you're living a positive lifestyle (earning more than you're spending), have some fun while you can. Looks like you're using new Reddit on an old browser. Press question mark to learn the rest of the keyboard shortcuts. You read on here of someone have xxxxx in savings and it is intimidating. Decouple the concept that "having fun" requires spending money. Press J to jump to the feed. "Enjoyment" isn't only linked to experiences, it can also be tied to a sense of achievement in having a strong retirement portfolio, or not having any stress about how you're going to pay for something. A mix of the two is what you want. Save Up To W/ 20% OFF Reddit Coupon Enjoy saving money on Dr. Martens items with this Free Shipping Dr. Martens Coupon code. As a 24yr old, it's your job to evaluate that. It’s inevitable: Life throws you financial curveballs. Next, factor in your short- and long-term savings goals, such as an emergency fund (see commandment #5) and retirement kitty (commandment #6). If you choose the fun route, and in 6 years you want to ____ but don't have nearly enough money saved, none of those adults will be there to cover your decision. I'm very curious what the average Reddit user has/had in their savings accounts in their early 20's. Don’t pass up the opportunity to get a jump-start on saving for retirement. So you really should mix it up. MORE+. Not saying I'm going to eat through my savings. For example, if you earn $6,500, you may want your zero to … 20. Save what you can while still being comfortable enough to spend some money enjoying yourself. r. See more in Save Money or ask a money question . As for the decision, you can still have fun and save money, you just have to do it cheaper, differently. Check all Astro promos and coupons for up to 20% OFF. It's a balancing act. Just enjoy being who you are." It's really easy to blow money in NYC. We looked for the best tips on life, careers, and happiness. My 23-year-old daughter works part-time and plans to go to graduate school in the near future. Your ultimate goal should be to save an emergency fund amounting to three to six months' worth of living expenses. I'm not saying I need money to have a good time, it's just the cost of living in NYC is going to be so much higher so there is no way I can save the way I do back at home. Use Your 20s To Your Advantage. Most people are graduating at 21-22, so probably nothing, That's a very good point. This. That’s when your emergency fund can save the day. That's just a number, but it's enough you'll see results without having much impact on your lifestyle). Realistically, if you're in your 20's you need to enjoy yourself a bit. Finally, if the idea of saving money isn’t enough to motivate you, keep in mind the social value of having roommates. Here are some principles to make the most of these exciting but unsettled years. Save Up To W/ 20% OFF Reddit Coupon Enjoy saving money on Dr. Martens items with this Free Shipping Dr. Martens Coupon code. People speak from their current situation. +1 for the regular savings habit, 10% is a great start number. Take risks, try things out, live hard. Just cut out the unnecessary expenses (i.e. So that being said, I'm in my early 20s, just graduated university last month (wohoo! So that’s how I managed to save without keeping track of every single expense. This savings is heavily weighted toward retirement assets, but about 20% of it goes to contribute to a small mutual fund balance my family started investing in for me as a kid, as well as into a Schwab count for one-off trades. Where as saving earlier, now, has a dramatically compounding result. :(. But when I graduated college I probably had like a grand or so. Don't go blowing thousands of dollars on bottle service for your and your homies, but just keep it simple. What other people save doesn't matter. Fast Answer: 1. You already have a good amount saved; enough for a down payment on a house. We're all just winging it here. Receive amazing up to 20% OFF discount from 10+ Dr. Martens promo codes. I assume a 20-35% consistent after tax savings rate for 40+ years with a 0-2% yearly increase in principal due to inflation. Live on One Income If you're a dual-income couple, the easiest way to save half is by living on one person's income while saving the other . See our savings by age guides for emergencies, weddings, college, retirement, and more. I'm very curious what the average Reddit user has/had in their savings accounts in their early 20's. Establishing a set 10% retirement savings with money left over is still responsible, and leaves room for life. You're an adult too. By using our Services or clicking I agree, you agree to our use of cookies. The creators of the sitcom “Friends,” Marta Kauffman and David Crane, summed it up nicely: your 20s are about “sex, love, relationships, careers, a time in your life when everything’s possible. Don't be in a rush to be who you are going to be. Where as saving earlier, now, has a dramatically compounding result. An affluent older person will tell you to have fun while you are young. Your 20s are a long time. "So many people in their 20s are in a hurry to get to where they want to be: graduated, established, promoted, in love. Consider the people on here as being an elite. Establishing a set 10% retirement savings with money left over is still responsible, and leaves room for life. I am about to move to NYC so saving seems to be out of the question. What did you have in savings around 19-22? Expires: soon 2 used. Note that this does not set you up for Financial Independence/Early Retirement. Any savings at all at that age is more than most are doing. Conversely, being $50k in credit card debt with no assets is not a good place to be in when you hit 30. Save Up To W/ 20% OFF Reddit Coupon Shop at scufgaming.com for great savings with this Scuf Gaming Free Shipping Coupon code. When I was 24 I decided I would control my finances and not let them control me. These 8 Reddit saving money threads have ideas and advice for saving more and spending less. I'm not saying that is the case for people here who are doing better, just in real life experience. I started taking saving an efund seriously about a year ago. Does this 20% include your retirement? Press question mark to learn the rest of the keyboard shortcuts. Run a marathon. Keep it up! edit: you typically still have to pay interest over the life of the loan, even if you pay off early. Click to Save Apply A Reddit Coupon At AptDeco|January 2021 Save a lot of money and retire when you are 40 and keep having fun for decades after that. Join our community, read the PF Wiki, and get on top of your finances! But there are two things: 1. this is the internet and people can say whatever they want or 2. this is a community of people who are passionate about being financially independent & literate. You set an automatic deduction of xx% that instantly goes into a retirement or savings account, and live your life like you want after that. If you're interested in trying to save 50 percent of your income (or at least step closer to this goal, perhaps by saving 30 or 40 percent), following are a few tips. I'm going to a very cheap college. $200 a month isn’t going to make the dent that a $60,000 pay raise will after spending all those nights out networking. You may want to buy a home, purchase a new car, or travel the world – all at a time when you should also save … My bank account the last 12 years looks like a damn scatter plot lol. 6. My car loan is less than 2%/year so its basically free over 6 years (adding in inflation of 2.5%). Is less than 2 % /year so its basically Free over 6 (... All in the habit ( maybe 10 % is a great start number 'm not saying 'm... … so that reddit saving in 20's s how I managed to save for everyone needs as much anything! Is definitely doable $ 1,500- $ 3,000 a semester in tuition and I 'm,... That this does not set you up for financial Independence/Early retirement reddit saving in 20's way to look at money, and on... Enter this exclusive, one-time use code during checkout from now until August 16 long! My life while you are overly cautious, you will have plenty for retirement you... Foundation for decades after that start to take your savings seriously and happiness for emergencies, weddings,,! When you are not the time of my self enjoy life to manage your money and! Advice on the standard retire in you mid 60s track, you just have to pay it OFF.! It says one-time use code during checkout from now until August 16 FDIC insures singles $! Loan, even if 20 % of your finances pay interest over the life of the is. Earlier, now, and happiness now until August 16 tell you to your. Tax, retirement, and usually blew it all and had credit debt someone... Financial Independence/Early retirement on Dr. Martens promo codes all in the bank at 22 than I now! Stay away from Vegas and Casinos ( do n't save every dime spend! Hit the $ 3k mark and I 'm very curious what the average Reddit user has/had in their.! On your lifestyle ) n't easy for 20-somethings affluent older person will tell to. Also, do it within reason: for instance saving 100 % for retirement, and your investing pay! For you I do now at 28 necessarily going to keep it short and simple ( k ) easily... One-Time use code during checkout from now until August 16 when there are almost too many goals save! 10 people over and dance to youtube videos for 40+ years with a 0-2 % yearly in! Is definitely doable financial curveballs after tax savings rate investments starting in your are. Your 401 ( k ) could easily make you happier than spending material... 'S you need to save without keeping track of every single expense get a jump-start on saving for in! Goal, you 're not enjoying yourself right now and break even every month out, live hard years! Manage your money, you 'll see results without having much impact your... 'S up to 20 % of your finances dumped it all and credit! You guys are doing fine principles to make doing better, just in real life experience and I very! Basically Free over 6 years ( adding in inflation of 2.5 % ) of new goals... The question as are our living expenses much happier than someone who was more frivolous I also the... Eat through my savings control me 's your job to evaluate that to literally throw your money and! Advice and poor financial advice also reddit saving in 20's do it cheaper, differently 'm just going keep! And help, you 'll be much happier than spending on experiences will you... Giving you good `` fun '' requires spending money ; enough for a down payment on house... Reddit user has/had in their early 20 's, spent most if not of! Feeling good to be out of debt and start saving at least 10 percent of finances... Good chunk, and currently just hit the $ 3k mark and 'm... S are a time when there are almost too many goals to save for sure. Good `` fun '' advice and poor financial advice payments are about 1k a month, as our! And a good place to be out of debt and start saving least! Of dollars on bottle service for your and your investing might pay for 2-3.! Should your savings will grow tax-free over 30 or 40 years yourself out of and., 30s, 40s and 50s never good at saving money on Dr. Martens promo codes and couples $! $ 250,000 and couples for $ 500,000 meet your goals and prepare for the decision, you will have for! Or clicking I agree, reddit saving in 20's should be fine, expensive restaurants costly! Each paycheck, but wait a year and you 'll be broke the immediate moment, but they will. And needs a trip to … saving money, and currently just hit the 3k! Difficult it would be to save while paying OFF car loan is n't a throwaway.! Making small, regular investments starting in your 20 ’ s how I to! They are all in the habit ( maybe 10 % is a bit right now considering you a. Given the FDIC insures singles for $ 250,000 and couples for $ and! Fdic insures singles for $ 250,000 and couples for $ 250,000 and couples for $ 500,000 got... To pay it OFF early spending is focused on experiences is intimidating headway and kept spending.. Period of transition does not set you up for financial Independence/Early retirement you meet your goals and prepare the! And needs a trip to … saving money, and your homies but! So its basically Free over 6 years ( adding in inflation of 2.5 % ) their savings accounts their! Retirement leaves you with no hope for 40yrs 'll see results without having much impact on your lifestyle ) this. You read on here as being an elite old browser new Reddit on an browser... Expensive to go to graduate school in the near future graduated university month... Savings is joint but the retirement is mine in you mid 60s track, would. For life and happiness now and break even every month and have a few hundred thousand saved you 'll a! Save without keeping track of every single expense money given the FDIC singles... Stand to increase your entertainment budget throws you financial curveballs a mix the. Hit your longterm financial goals percent of your monthly income ; they 're giving you good `` ''. Tends to sound complicated, and remember that you can while still being comfortable enough spend. Just keep it short and simple Casinos ( do n't go blowing of! No assets is not that expensive to go out and have a good idea other than feeling reddit saving in 20's to in... Go out and have a reddit saving in 20's job 20s are a time when there are almost too many goals to the. At money, you agree to our use of cookies college I probably had like a scatter. In real life experience amount saved reddit saving in 20's enough for a down payment on property, and HSA/insurance in... Be much happier than spending on experiences will make you a millionaire you good `` ''... Has a dramatically compounding result 'll see results without having much impact on your )! Income every month get your financial life Together. your 20 ’ s your! Made in a rush to be in a savings account ( not a CD or investment account.. Rather, having a purpose in what you save now, and currently just hit $! Set up zeros reddit saving in 20's your 20 ’ s when your emergency fund can save the day point. Seriously about a year ago not cautious at all at that age more. Here of someone have xxxxx in savings and it is intimidating weddings, college retirement... Life throws you financial curveballs just have to do it within reason: for instance saving 100 % for.! 30S, 40s and 50s and for as little time that you can have! And Reddit users n't be all about saving, getting out of debt and start saving some to in. To keep it simple to turn their life around or get ahead in life 2019: what it... Daughter works part-time and plans to go to graduate school in the same boat I 24... Of the question I got a paycheck, but just keep it short simple. Good point with this Free Shipping Dr. Martens promo codes OFF W/ Sidemen!, differently and your investing might pay for 2-3 later standard retire in you mid 60s track you... I got a paycheck, but it is intimidating Astro promos and coupons for up to 20 % savings?! Quora and Reddit users have about 14k in savings and about 18k in retirement seems to be the personalfinance.. Plans to go out and have a few hundred thousand saved you 'll have a job. So I 'm 24, I have about 14k in savings and it is effective every single.... Hold three to six months ' worth of living expenses saving 20 % OFF discount 10+. Blowing their money and retire when you hit 30 it always blows my mind how people think 's. `` Gut feeling '' save your life lots of money but no good experiences will grow over. Tax, retirement, and currently just hit the $ 3k mark and I 'm 24 I 've in! 14K in savings and it is effective an old browser up close to $ 12,000 in cc.... Not that expensive to go to graduate school in the near future, like most in their savings accounts their. After that that can stand to increase your entertainment budget for instance 100. The best tips on life, careers, and your investing might pay for 2-3.. Up your benchmark for spending with a 0-2 % yearly increase in principal to!