How much I should expect to save on 143k TC?

Amazon NothinToLo
Jan 21 31 Comments

Seattle. Single. Live in a studio in downtown. A paid off 2013 car. Mostly cook by myself. Dine out at least twice a week. Will not try too hard to save, but will not buy any luxury stuff as well. After tax should be between 95k and 100k I guess. Just want to know how much I can expect to save? I target to save at least 50k. Is it doable?

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TOP 31 Comments
  • Google / Eng catburglar
    More than 70 should be doable.
    Jan 21 8
    • Google / Eng catburglar
      19k pretax + 50k post tax
      Jan 21
    • Google pixel2
      Difference between "can be" and "must be". Rent is 1000/mo in Queen Anne, even less in Udistrict (with roommates). This leaves 1500 for other monthly expenses. You can also sell your car and either bus or get a 90s beater for ~2k.
      Jan 22
    • He sleeps in a shopping cart.
      Jan 22
    • Amazon djsjsjsj
      queen anne monthly rent for a bedroom is only 1000?
      Jan 24
    • Google pixel2
      Yup, can get an even better deal (have heard of $900 for a single):https://seattle.craigslist.org/search/roo?query=Queen+anne&availabilityMode=0
      Jan 25
  • eBay
    seat

    eBay

    BIO
    Why did you click on me 😡
    seatmore
    Live on the streets and lease a Ferrari
    Jan 21 0
  • Blizzard others
    Anybody who saying more then 50k is delusional assuming he is maxing our his 401k
    Jan 21 3
    • Amazon NothinToLo
      OP
      I didn’t max out 401k. Also, 401k should be part of savings as well
      Jan 21
    • Blizzard others
      Yes and no. I feel 401k is different is because while it’s savings it’s savings for your future life goals.

      Your not going to use it to buy a house/use it for rent if you fired/emergencies/start a business etc.
      Jan 21
    • Microsoft JSYW47
      If you're properly saving, your 401K should comprise a small fraction of your overall net worth, such that there's no difference between money used to buy a house or money used for retirement.
      Jan 22
  • This comment was deleted by original commenter.

    • Google / Eng catburglar
      You don't need a car in Seattle
      Jan 21
    • Amazon NothinToLo
      OP
      Need a car to enjoy life. Public transportation is not that good
      Jan 21
    • Amazon NothinToLo
      OP
      Also, 60k is a lot. I don’t think I can do that
      Jan 21
  • Amazon kurt13
    50k is definitely doable. Spend 55k a year with rent just over 2k per month. Living pretty comfortably.
    Jan 21 0
  • Amazon / Eng Russian
    With 150k in Seattle:
    35k taxes
    20k rent
    10k travel and other fun
    8k food
    5k helping relatives, gifts, donations
    2k health /gym
    2k bills and utilities
    3k everything else
    Leftover : 65k. Put it in 401k, backdoor Roth, hsa, then savings account, then invest.
    Jan 22 3
    • Amazon NothinToLo
      OP
      10k for fun is too little. Also, taxes should be higher than 35k for 150k TC
      Jan 22
    • Amazon kurt13
      Agreed, you'll take home close to 72% of gross after federal, ss, Medicare, and benefits such as healthcare
      Jan 22
    • Amazon / Eng Russian
      Yes, forgot about Medicare and ss. "fun" budget is whatever you want it to be, it's the easiest one to control.
      Jan 22
  • Amazon / Eng
    Why are you asking us. Bust out an excel sheet and figure it out.
    Jan 21 2
    • Amazon NothinToLo
      OP
      See how much others save. Just want to know that I’m not spending too much
      Jan 21
    • Amazon / Eng
      Everyone will save a different amount based on personal situation. You need to make your own budget and figure it out.
      Jan 21
  • Jack Henry / Eng QbAH11
    If your saving for retirement, Max your 401k, HSA, and open a Roth IRA. That would get 33k saved immediately and all but 5k is tax free.

    Then you can put the other 17k into stocks (S&P indeed fund or Vanguard total market indeed fund). That money will be taxed, but at the <120k rate, saving you quite a bit because of the other stuff I mentioned. That leaves you about 85k to live off of (pre tax).
    Jan 22 1
    • Amazon kurt13
      How do you save 33k? Max 401k is 18.5k, max hsa is 3,450, and roth IRA is not eligible past 135k salary. Assuming single
      Jan 22
  • Intel / Eng
    minato4

    Intel Eng

    PRE
    ANSYS
    minato4more
    The tc includes stocks right? Are you looking to save from your base+annual? Then you can shoot for 40-50
    Jan 21 1
  • Cisco Wdgetyds
    You should be saving at least ~20%(before tax) of your TC each year. This 20% includes 401k contributions. Anything over 20% will only make you richer when your older if you invest it and don’t spend it!
    Jan 22 0
  • New kahl20
    Similar TC. Living on half my income. In other words. The amount going into my 401k + other savings is equal to the amount going into my checking account for living expenses. The first $20k or so saved is pre-tax. The other $30k saved is post-tax, and I live on $50k. So psychologically, it feels like I’m only saving 1/3 of my income after maxing out my 401k.
    Jan 22 0

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