im living in SF finance district and im making 115k as an software engineer. after taxes its basically 7k a month. how much should i save? my rent is 2k a month and i currently spend 1k a month on food.
At the least least you need to be maxing out 401k. And learn to buy groceries! 1k a month?
If you’re looking for benchmarking, checkout Bogleheads forum. They say ideally you should save 30% of your salary. In your case, that will be $2875. I am able to save 20-22% max.
I don’t see how you can save anything on that salary in SF unless you live extremely frugally.
4k left over after food and rent. Another 1k on leisure, which is generous I think. You'd still save 3k a month.
If saving on your current expenses is the goal, I’d recommend saving on food. $1000 looks a bit steep. Maybe $50x4 weekends for restaurants. $400-500 monthly groceries & cooking at home for weekdays. That should save you some ($300-400) money.
You sure 7k / month? Your company def not withholding enough taxes
It should be more like 6-6500 a month n
The general rule of thumb is to save 15% of income.
However much you want to save?
You could max your 401k contributions. That's automatic savings since you'll never see that money hit your bank account
Only u can answer that question.