Help me with my finances, I can’t seem to save money at all.
At times I find myself in need of guidance and seeking opinions.
I am a 30-year-old man with several years of work experience. Presently, my monthly income stands at approximately $17,000.
On many occasions, I experience a genuine sense of financial challenge, as I struggle to accumulate sufficient savings and investments. Trying to achieve a savings rate of 50% proves to be quite tough, and I believe that in order to retire sooner, I must aim to save and invest at least $10,000. However, even with this target in mind, it seems insufficient.
When talking with friends and family they don’t seem to understand as I do not come from wealth and everyone thinks that I’m entitled.
Frankly, I feel that I should be asking for a raise of perhaps around 25% more (not joking) and work isn’t easy as well to begin with.
How would you guys allocate your money? Do u think I’m saving too much? Maybe I should spend more? How much do y’all save that is hitting your retirement goal?
Am I earning too little? Like honestly, I don’t smoke, drink or have a car but still feel like I’m struggling sometimes trying to spend within 5k monthly for myself…
A bit at a lost here…
Netizens’ comments
- 17k, but cannot save 5k. I think you failed badly. Moreover 30 yo. Means not mature enough to handle money, don’t know what is priority in life..
- I think barring the fact of your income, if you’re in your 30s and having not much liabilities/debts, 5K/m should be more than enough to survive. If you’re spending too much you prob have to calculate where your expenses go.
Also, are your peers around you earning waay more than you? Is that why you might be stressed on it?
A surplus of ~12K/m, about 144K a year is really a good savings record. You should be happy about that!!