What % of your income should be saved with income 100k?

[Anonymous]

I am 27 years old,
I been spending 50 dollars a day in Lunch and Dinner most of the time I order Door Dash with $2 or $3 dollar tip not a crazy amount, but I still spend about $20 per meal .
On the weekends, I will go out to eat with my buddies and might spend about $50 on food and drinks for just a Saturday night and about $30 on the Uber Ride back, since they are no busses on the way home.

I don't like cooking so I spend $1500 on Food and dinning out a month, and I don't eat a lot for breakfast just cold breakfast.
Family of 1:
Gross income: 100k net income is approx $6K/month)
condo $2000
Mostly food :$15000/month
Car payments and insurance: $350/month
Other spending $600. ........

[Anonymous]

20% + should be a goal for everyone

[Anonymous]

15% of gross min

[Anonymous]

Sure, you should be saving 15% gross but let's be honest, that seems overwhelming.

So instead start with this:
Reduce your $1500 a month in food spending to $900 a month. Put that $600 a month directly from your paycheck and put into your 401k. You will barely miss it.

In 40 years, thanks to compounding which, at your age, is on.your.side, you will have $1.4M.

https://www.calculator.net/investment-calculator.html?ctype=endamount&ctargetamountv=1%2C000%2C000&cstartingprinciplev=0&cyearsv=40&cinterestratev=6&ccompound=annually&ccontributeamountv=600&cadditionat1=end&ciadditionat1=monthly&printit=0&x=Calculate#calresult

[Anonymous]

That's what my family of 3 spends on groceries and restaurants we make $400k+

[Anonymous]

Save 10% of your income. If your behind in your savings, bump it up to 11%. You can buy bags of shit with the rest of the money, it doesn't matter much.

Eat healthy food and exercise.

[Anonymous]

In your 20s is the best time in your life to save for retirement, you get way more bang for your buck: https://www.businessinsider.com/personal-finance/retirement-savings-start-at-25-vs-35-2019-4

In general you should aim to have the equivalent of your annual salary saved for retirement by age 30-- so a total of $100K, in your case.

[Anonymous]

I knew people would immediately start knocking you for spending too much on food. However, I spend that much and on food and have forever (on an inflation-adjusted basis). I’m now 41 and doing well financially.

As a single person, there’s no way I’m going to waste time preparing elaborate dishes – not to mention grocery shopping and dishwashing – to feed just one person. Since you referenced your “buddies,” I’m assuming you are a guy, and this is especially likely the case for single men.

As long as you keep your other expenses in check, you’ll be fine. And hopefully since you’re 27, you still will be able to increase your income meaningfully over the years.

[Anonymous]

Cut down on food a little and should have $2k a month left over. Invest the $2k monthly in high growth stocks (be it $1500 some months), and get back here in 5 years to tell us how you did.
Investing is just as interesting as hanging out with buddies. So is cooking and exercise.
Find a balance.

[Anonymous]

Anonymous wrote:I knew people would immediately start knocking you for spending too much on food. However, I spend that much and on food and have forever (on an inflation-adjusted basis). I’m now 41 and doing well financially.

As a single person, there’s no way I’m going to waste time preparing elaborate dishes – not to mention grocery shopping and dishwashing – to feed just one person. Since you referenced your “buddies,” I’m assuming you are a guy, and this is especially likely the case for single men.

As long as you keep your other expenses in check, you’ll be fine. And hopefully since you’re 27, you still will be able to increase your income meaningfully over the years.

You don't have to make elaborate dishes.

Make 1 or 2 dishes per week and make them for 4-5 people. Freeze 2-3 servings of each for future weeks. Then eat the same thing for 2 nights or take it the next day for lunch. By eating 3 dinners at home you will save a ton and likely eat healthier.
On weekend every 2-3 months, make a lasagna and freeze the rest in individual servings. Then with a bag of salad or precut veggies you have dinner (really it's 9-10 more dinners)

[Anonymous]

Anonymous wrote:I am 27 years old,
I been spending 50 dollars a day in Lunch and Dinner most of the time I order Door Dash with $2 or $3 dollar tip not a crazy amount, but I still spend about $20 per meal .
On the weekends, I will go out to eat with my buddies and might spend about $50 on food and drinks for just a Saturday night and about $30 on the Uber Ride back, since they are no busses on the way home.

I don't like cooking so I spend $1500 on Food and dinning out a month, and I don't eat a lot for breakfast just cold breakfast.
Family of 1:
Gross income: 100k net income is approx $6K/month)
condo $2000
Mostly food :$15000/month
Car payments and insurance: $350/month
Other spending $600. ........

You need to save at least as much as your company match in your 401k, save for an emergency fund, and to learn how to cook or at least walk to get your food. It's ridiculous that you're buying crappy meals and spending that much a month on food. At least go to some good restaurants if you're going to spend 25%+ of your take home pay on food.

[Anonymous]

Anonymous wrote:That's what my family of 3 spends on groceries and restaurants we make $400k+

Same!

[Anonymous]

Anonymous wrote:Save 10% of your income. If your behind in your savings, bump it up to 11%. You can buy bags of shit with the rest of the money, it doesn't matter much.

Eat healthy food and exercise.

Seems like this post contains contradictory advice.

[Anonymous]

Anonymous wrote:I am 27 years old,
I been spending 50 dollars a day in Lunch and Dinner most of the time I order Door Dash with $2 or $3 dollar tip not a crazy amount, but I still spend about $20 per meal .
On the weekends, I will go out to eat with my buddies and might spend about $50 on food and drinks for just a Saturday night and about $30 on the Uber Ride back, since they are no busses on the way home.

I don't like cooking so I spend $1500 on Food and dinning out a month, and I don't eat a lot for breakfast just cold breakfast.
Family of 1:
Gross income: 100k net income is approx $6K/month)
condo $2000
Mostly food :$15000/month
Car payments and insurance: $350/month
Other spending $600. ........

Any student loan payments restarting soon ?

[Anonymous]

My DC is 26 and makes around $100k and has an apartment that is close to $2k a month; so they hav3 a similar situation. They put in 15% into 401k and are saving around $1k a month on top of that. They decided they wanted to live in a nicer apartment alone and that has impacted their ability to save.