 Getting Education Degree: If I take a loan of 60,000 will earn 40,000: How will I save for retirement? |
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TheDude | How do I create a budget? |
I Just got a new high paying job, and, making about.. 14.00 an hour, I've added my bills, and all together, It adds to $ 930.00 ( including rent, credit cards, untilies and health ins. I don't need a car, I live and work downtown.)
How do i calcualte how much to save for retirement, emergency savings, recreation and groceries? |
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Smilin'Bob_ The Enzyte Guy
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First, build up a nest egg that will carry you through 8 months in case you get hurt or lose your job, then look at what to set back for retirement. Fund retirement in this order.....Matching 401K, Roth IRA, traditional IRA.. NO WHOLE LIFE INSURANCE... buy TERM... |
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dpryor79
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The best way to plan for retirement in my opinion is to get a 401K. Ask your company if they have this option and then talk with the financial advisor. There is usually no minimum amount that you invest. I invest 4% of my income which comes out to approximately $50. To reach my goal by retirement age I need to be contributing 14%, but I won't be able to do that for another year or so. Your financial advisor can figure out these amounts for you. There is some risk of course as there is no guarantee on your return, but over long periods of time, the stock market has proven to be a good investment. A good financial advisor will go over this information. Savings accounts with banks can earn you up to 5% interest on your money. However, over a length of time 401Ks can earn anywhere from 10-20%, which is why I've opted for the 401K. Ideally, a person should have both so their portfolio is diversified.
As far as emergency savings, I've always been told to have 3 months worth of paychecks or if that's not feasable right away, 10% of your paycheck. If that won't work either, start with 1%. Some money saved is better than none.
Recreation is all dependent on lifestyle and what you like to do for recreation. If you like to travel that will be more expensive than saving to go out to dinner and a movie every once in awhile, obviously. I don't have a lot of money for recreation because of my priorities - which are: paying current bills, saving for retirement, and then paying off credit card debt.
As for groceries, this is another lifestyle choice. You could feasably live off of $100 for food if you ate lots of pasta, cereal, potatoes, and Top Ramen. Most people like to have variety in their diet however and so a more reasonable amount is $150-$200. If you like to eat out, that amount doubles, if you figure $5 a meal ($5 X 3 meals X 7 days a week X 4 weeks in a month=$420). That amount will change depending on where you like to eat out and what you eat of course.
Creating a spreadsheet in Excel has helped me to budget my money as well.
Good luck. |
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ssi1111
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I use this free online tool expenseRegister.com. I use to set up a budget, track my expenses and setup reminders. Setting up a budget is very easy, I just enter my net income and the program splits the amount into various categories including a suggestion to save!! Check it out, it is free!
And to estimate your retirement savings, check out this calculator: http://www.expenseregister.com/Home/calculators/retirementCalculator/retirementCalculator.php |
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jon
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you want to save about 5% of your salary. Set up a seperate account and have 5% of your weekly paycheck automatically go into that account and you don't have to worry about it. |
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epoulin
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I use CalendarBudget to organize my finances. It won't tell you how much to save, but once you figure that out, this tool will help you stay organized with the many bills, expenses, etc.
What you should really do is find a financial adviser. They usually do not charge any money for their services (they get referral fees for signing you up for insurances...). A financial adviser will be able to work with you to determine what your goals are for retirement and savings, etc and help you set a plan for meet these goals.
Then a regular budget will help you meet these goals. |
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sahmiam0622
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According to my calculations, if you work full time (40 hours per week), you will only need about half of your wages to pay your bills. The other half can then be divided into retirement, savings, fun and food. First off, find out if your company offers a 401K plan and what percent they match. Most companies match you, up to 5% of your paycheck. If I were you, I would start contributing the full 5% or more of your paycheck now, as once marriage and kids set in, you may have to cut back (that's what we had to do). For savings, the saying is that you should always have three month's wages in savings. So just set a chunk of each paycheck aside and commit to putting it into a savings account, and act like it is a bill that you MUST pay and not skimp on. Set a reasonable amount that will add up, but stay realistic, you want to have fun with some of your hard earned money! As far as groceries go, if you are living alone, the possiblities are endless. Do you like to eat out a lot or do you prefer to stay home? Do you like to buy frozen entrees or cook "from scratch"? Do you entertain people or do you usually eat your meals alone? Developing a grocery budget can be as detailed as you like, or fairly flexible. The best way to do that part of your budget is to just track all you food purchases (restaurants, gas stations, groceries, etc.) for one month and get a feel for how much you spend and where. There's no sense in buying a full cart of "from scratch" groceries only to have to throw them out a month later. For fun, I would advise doing the same thing - watch what you spend in a month (movies, trips, clothing, music/CDs, dates, etc.) and get a feel for what you like to do, how often and how much it costs. Good luck! |
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criminal_justice2007
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I'd start putting anywhere from $50.00 to $100.00 toward retirement. $75.00 toward emergency and $50.00 toward food and another $50.00 toward fun. |
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mister ed
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you put 10% into a rainy day fund until you have 6 months of expenses set aside!!!
5 % into retirement and that goes to 15% once the rainy fund is intact
the rest you can blow on your self!!! |
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DebtFree
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http://www.gazelleintense.com/forms.html
pay off the plastic... they are evil. |
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mirrorinthesky
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You don't state how much you make in total-how much time you actually work or your age, so I'm just giving estimates.
Retirement account-5-10% depending on your age.
Savings-5% or until you have at least 6 months worth of liveable income inside-enough to pay for food, clothes, rent, bills, etc, if something were to happen.
Groceries- start clipping coupons. learn how to shop- just because something is on sale doesn't mean it's a good deal-only buy something if it's what you truly need/or want to eat. Often times the allure of such a *cheap* price will make you overspend- in the fact that you often spend just as much money buying the buy two for the price of one items, then end up not even using up all of the product.
Recreation- this depends on your salary and what you consider recreation. Anything from things to eating out or paying to swim at the local pool can qualify. So try to figure out how many times you do things that don't fall into the upper category, and estimate how much they cost per week. Then limit yourself to that much. |
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malakit
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Quicken is a good one to have. Save 10-16% of your income for you retirement, if your employer provide 401k sign up, most company will match your contribution to 401k up 10%. Your income tax is minus the 401k contribution. Emergency money should last 6 months, should you lost your job. Save all your grocery and recreation/vacation receipts for 2-3 months and you can average on what you will need to save. |
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