How much money should a 25 year old person have saved?
Posted by admin @ Friday, Nov. 28th 2008
Chris R asked:
I need to save, and I know I am behind. How much money should a 25 year old have saved? I am thinking somewhere between 10-15k, is that accurate?
I need to save, and I know I am behind. How much money should a 25 year old have saved? I am thinking somewhere between 10-15k, is that accurate?
Posted in Personal Finance
November 30th, 2008 at 7:40 am
There is no set amount that someone should have saved at a certain age. If you have anything at all saved, consider yourself fortunate.
December 3rd, 2008 at 3:22 am
So much depends on how long that person was working. If you started to work as a 16 year old, then you could have a few years’ savings tucked away. If you did a long university course, say up to age 23 or 24, then there has been less time and opportunity to save. There are no hard and fast rules, but if you can put away one third or more of your pay regularly, then you are on the right track – however recently you have joined the workforce.
December 4th, 2008 at 4:27 pm
Estimation that you get let say 100 dollar for each birthday and chirstmas thats dollar 5000 (Assuming if you really do)
Then lets say you get 5 dollar a week allowance starting at 8?
That’s 270 dollar then times 17 that’s 4590. *(If you really did get that much allowance and didnt spend any)
Most people have a summer job between the age 18-22 since they are in college. And summer is around 3 months? And lets say the get pay 8 dollar for 6 hours each 5 days. There is 12 days in 3 month so altogether that is $2304
And lets just say parents give 500 dollar to a kid in college each year so they can put it in their debit card. Im just assuming they do because my sister in college do. So 500 dollar times 4 year of college thats 2000 dollar. ( if you didnt spend any but i bet you did)
Then after graduation college you will have a job but because i always assume that you didnt spend any of the money lets not count that.
So 2000 dollar + 5000 dollar +4590+2304=13894.
This is all assuming that these thing happen. So I guess you’re correct 10-15k