Whats a good amount of savings for a 27 year old male?

[M617]

in realistic terms were not all ceo/10k a days im talking an average guy here. im curious to know what yall think a 27 year old male should have in his savings at this point in his life.

the reason its 27 is because its the age between 25 and 30 where your still having fun but about to settle down. its also between the ages of 25 and 30 in the middle so it makes sense.

 

[↓R↑LYB]

Have 10 months of bills saved up is a good start.

 

[M617]

Have 10 months of bills saved up is a good start.

how do i calculate 10 months of bills?

 

[Kilgore Trout]

subbed

 

[Real]

how do i calculate 10 months of bills?

Add up your bills, than multiply

 

[M617]

Add up your bills, than multiply

yeah its not as easy as that. because sometimes bills can change. like 1 month i pay 100 to a credit card and the next i pay 200. there is really no way to determine 10 months bills

im looking for towards a 5k to 10k type number.

 

[acri1]

Everybody's situation is different.

 

[Majestic Pape]

To be honest, if you're not in debt (especially student loans) at that point then you're ahead of the game.

There's too many random variables to give you a real answer though.

 

[filial_piety]

I think the easiest way for anyone to explain it is for those of us to say what we had in savings when we were 27 so you can compare.

That being said I think I had around 5k.

 

[↓R↑LYB]

how do i calculate 10 months of bills?

nikka are you retarded ?

yeah its not as easy as that. because sometimes bills can change. like 1 month i pay 100 to a credit card and the next i pay 200. there is really no way to determine 10 months bills

im looking for towards a 5k to 10k type number.

I forgot this is the coli and a lot of y'all nikkas are borderline retarded.

First start off with making a budget. A budget is where you calculate how much you spend each month on bills. Like electricity, food, rent....lemme know if this is too complicated breh.

Then once you have your monthly budget, multiply by 10.

The public school system failed y'all miserably

 

[Classy X]

How much of savings that is a so-called "good amount" really depends on you.

First thing first is to figure why are you saving. It's better to have a reason/goal for saving then just "Oh, just because it's the right thing to do."

Is it for emergency fund?

Wedding?

Buying a house?

Once you figure that out, then you can go from there how much is a "good amount" for savings.

Yes, you can have more then one set of savings for different things.

 

[winb83]

yeah its not as easy as that. because sometimes bills can change. like 1 month i pay 100 to a credit card and the next i pay 200. there is really no way to determine 10 months bills

im looking for towards a 5k to 10k type number.

shoot for 10K. get outta debt first though.

save $1000 as fast as you can for emergencies. once you reach $1000 make the minimum payment on all credit cards and debt (should be doing this anyway) except one. on that one pay as much as you can with whatever free money you can come up with. when that bill is paid off takt the money you were paying on that bill and apply it to the next bill along with the minimum due for that bill. repeat the process always rolling over whatever you pay on the previous bill to the next bill. this is called a debt snowball. its the fastest way to get out of debt.

in less than a year you should be out of debt if your debt is reasonable. once you get out of debt take all that money you were using to pay bills and save it for several months. you should be saving well over $1000 a month at this point.

 

[acri1]

I think the easiest way for anyone to explain it is for those of us to say what we had in savings when we were 27 so you can compare.

That being said I think I had around 5k.

Well, I'm 27 right now and have something like 12k.

Not really making that much money, but I don't have kids or a wife yet and live fairly modestly (inexpensive apartment, used car, etc.) so I can save a something every check. Though I should really pay off my credit card, I could but for some reason I haven't.

 

[Classy X]

how do i calculate 10 months of bills?

Do you have any records of bill payments that go back ten months?

If so, here's how:

If a bill is a set amount each month:

SB x 10= A

SB being "set bill" and A being "amount". 10 is the months.

If a bill is a variable amount each month:

VB+VB+VB+VB+VB+VB+VB+VB+VB+VB=A\10=AA

VB being "variable bill", A being "amount", and AA being "average amount". 10 is the months.

 

[Rawtid]

At least 6 times your current gross monthly income.