What % of income do you save? (in NYC)

New
XXMt56

New

XXMt56
Apr 7 5 Comments

Wife and I (in late 20s) moving to NYC and we are trying to come up with a target savings rate. We have always saved at least 65% of our post-tax (and post pre-tax stuff like 401k/HSA) income.

We are moving from Seattle with a new/higher paying job, but the new state tax + local tax, along with the higher rent/cost of living will definitely be a burden on our savings rate.

We wanted to get a more realistic expectation from hearing how much other folks save in the same industry.

Combined TC: 390K

#newyork #savings #investments #housing #personalfinance

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TOP 5 Comments
  • Meta
    erlInbnw

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    erlInbnw
    Depends on so many things, don’t worry about comparing yourselves with others here. Just make sure to budget a good quality life, and save as much as you can.
    Apr 7 3
    • Meta
      erlInbnw

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      erlInbnw
      Minimum is 10% to 20%, you’re way past beyond that, now it’s all up to you to define what a good lifestyle is.
      Apr 7
    • Meta
      dhecc

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      dhecc
      Savings rate is personal to you. Don’t go by a specific guidance from blind.

      Even at 600 combined tc, we paid 1200 in rent, shopped at Walmart for groceries, etc. we ended up saving 70-80% for 2 years and helped us buy at good house.

      Remember that your peers might have had a higher tc for several years. No need to emote their lifestyle
      Apr 7
  • New
    data-geek9

    New

    data-geek9
    With that TC you can spend 4K/month on rent and save 4K/month. Or try to spend less on rent, maybe down to 3K if you don’t live in a prime area
    Apr 7 0