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Stephen T | How much does the average 24 year old have in checking and savings? |
Also in mutual funds, retirement accounts, etc? I can't find any info on the web about it.
I am 24 with 300 in checking, 3100 in savings, 2500 in a savings CD, 3500 in a vanguard mutual fund (+75 every month), and 113 a month in retirement from my work. I have no debt. How do I compare to other 20 somethings? It seems like I struggle month to month and yet others have big screen TVs, new computers, etc, etc. If they just put it on "their cards", how will they ever pay it off - and should I start doing that too. I mean it will catch up to them eventually, right? |
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The Professor
 |
You sound like you are doing pretty well for a 24 year old. Considering the US savings rate is NEGATIVE 1.7% (yep, Americans spend more than they make...shocking isn't it..LOL), you are way ahead of most people because you are saving money.
Your friends that are buying big screen TVs are most likely doing so by incurring debt with credit cards. This is surely something you do not want to do. It will catch up with you eventually. Only buy something if you have saved the money to pay for it. It will save you from being one of the numerous people on Yahoo! Answers that are constantly posting questions about declaring bankruptcy!
Keep up the good work! |
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adamc44
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im seeing the same thing where im at but i keep telling myself while everyones out playing, just keeping putting it away, years down the road when theyve got 10000 in debt working till they die, and you have 2 or 3 million socked away traveling everyweek retired by 50. it will be all worth it. |
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Mrs. T
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It will catch up to them. It did me. At 24 with little or no debt you are doing great! Don't fall into the credit card trap. If you want something badly enough, save for it! Good luck and keep up the great work! |
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SICARIUS
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I am 27.
$600 in checking
$5,000 in savings
$5,000 in CDs
$22,800 in 401k
$900 per month to retirement
$500 in interest-free credit card debt for Circuit City (60" TV)
I got 5 TVs (14", 20", 27", 40", and 60" all SONY)
3 computers (2 laptops, and a desktop connected to a 40" Sony LCD flat screen.)
2 cars paid off (2005 Scion TC and 2000 Civic Si)
1 house 1,300 st feet with $1,000 mortgage
Playstation 2 and 3; XBOX regular and 360
The secret... don't waste your money is crap that you don't keep like beer, eating out, STAR-FREAKING-BUCKS, and stupid bars.
Save and live below your means. That adds to a nice living and great savings. |
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perfectlybaked
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Well, at the movie theater when you get your ticket from the kiosk, a printout of your account automatically comes out, and most people just leave it and go.
I followed some dude with his girlfriend, and inevitably caught sight of his statement, $4000 in savings.
That makes me feel bad because I have $70 in checking and $1.42 in savings. |
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LM-723
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You are in great financial shape. Keep investing wisely. Do not get a credit card! People who are spending money on new cars and TVs now will likely have problems down the road, especially when they won't have saved enough money for retirement. |
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Marysue
 |
This age group varies wildly in income, savings & spending habits, and marital status because most of us are just establishing ourselves. Direct comparisons are hard to make. If your friends want to use their credit cards irresponsibly, that’s their decision, just as you can choose not to follow the same path.
That said, are you really aware of the reasons why your friends use credit cards?
Putting a big ticket item like a TV or a computer can be a smart decision for the consumer. Many credit cards provide automatic protection (i.e. the same as the extra warranty Best Buy tries to sell you) for free. Additionally, if you have to order something online and it doesn’t arrive, the credit card company can help you get your money back if the merchant gives you a hard time. Obviously, you don’t want to charge a bunch of stuff you can’t afford to pay off, but there is a valid reason to use a credit card for this. Credit cards also help you build a credit history to help you buy cars & houses down the line.
I’m 24 too. I’m past the point of living paycheck to paycheck, but I also have the benefit of a second income because I’m married. At this point, I don’t carry credit card debt, but I have in the past when I had expenses I couldn’t immediately cover (car repairs, necessary work clothes). To be truthful, most of my honeymoon and some of my wedding were paid that way with a budget in place to pay off those expenses, and I don’t regret the decision. |
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Greg S
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You my friend are doing fantastic, keep doing what you are doing and since you have already set up a pattern of savings if you are thinking you want that big-screen TV or whatever, set up a seperate savings account for that pick out the TV you want and put a few bucks aside every check for it, once you reach your goal, BOOM buy the TV outright and guess what since you didn't buy it right away it will be cheaper and you can also buy some DVDs. As far as other people go, don't try and keep up with the Jones's they are setting themselves up to work for the rest of their lives to pay for what they are splurging on now. |
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Sarah
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depends on whether or not they are in college. haha. in my case, not much. |
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rjm
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ZELCH!!! You are out of the ordinary good planning. |
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eauclaire101
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Don't put anything on a credit card, instead check my profile for a cheaper way to get a loan. It is like ebay for loan websites.
You are probably above average for 24 year olds, but not by much. Try to avoid spending money when you don't have to. If you have a friend with a big screen TV, then hang out with them. Why get your own?
You can probably find more cost cutting measures if you look for them. Have you tried cutting your own hair? |
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Mizz Zero
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You're doing VERY well. DO NOT get any credit cards. EVER. The only reason for a credit card is to build up credit or for EMERGENCIES. I have so many friends who got credit cards for "emergencies" and eventually an "emergency" was running out of beer... it DOES catch up with them. Keep up the good work. |
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Moosey
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yeahhhhh......you struggle every month why most people go out and buy toys and what not. of course it will catch up to them. 3 years ago when i was in this position, i purchased a new house. but i started saving for retirement the day i started a full time job. the toys come later, AFTER all the saving are put away and the bills are paid |
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