For someone that nets $1920 per month, would you consider $300 saved per month a good savings goal?
- 1 year ago
By nets, do you mean after bills or after taxes? If it's just after taxes, $300 is on the upper side but can pay off down the line. If after bills, you could probably save a bit more.
- zipperLv 61 year ago
A very good gold, but may be a bit high. Good Luck with that!
- WhoLv 71 year ago
Dont concentrate on how much you save- concentrate on what you spend (what you dont spend you must save)
Spend enough to live comfortably (not spend enough to have GREAT life -yes is good to splash out now and then , but not every day/week . Doing it now and then you appreciate it more than doing it every day)
Quite a large factor in "wasting" money is debt - cos debt means you are gonna be paying interest - and interest is "dead" money - paying it does not benefit you - all it does is to allow you to buy something earlier than oyu could do
Yes it allows you to spread out payments - but that assumes you are gonna be in a position to make them (i.e you got a job) - but what if at some point you cant (you lose your job)?
you COULD finish up paying interest, losing your job, losing whatever you bought (cos the loan was secured on this). and still owe only a bit less than you borrowed
If you must borrow then it more important that you repay is as soon as you can rather than save it (or have savings) - so the interest (and risk) is minimised .Cos the interest will always cost you more than the interest you can get on your money
- babyboomer1001Lv 71 year ago
No. I'd find that very disappointing. It's only $3,600 per year. There's no way I would be satisfied with that.
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- 1 year ago
Before you get an answer, you can consider a few things, do you have debt? how is your retirement plan going? Do you owe mortgage? Do you invest? My general principal is that you don't want to save too much if you are paying for interest. Manage your money in order with the principal of having the least interest payment, including car leasing etc.
- JJLv 51 year ago
Yes, a very good goal
- RichardLv 71 year ago
Yes, it is pretty good (but not great) for your income range.
- JudyLv 71 year ago
- SumDudeLv 71 year ago
yes, that is over 15% ... but hopefully this means you have no debt (like credit card debt) out over 30 days. [Car loans and mortgages are in the 30 day zone if you are faithfully paying - although you can "save" money and save real interest expense by paying down a car loan quicker.]
- 1 year ago
Yes. Its a good start. But, I would suggest you put away what you dont use. And not just put it into savings. Put it into some mutual fund.