Late 20s $120,000 salary with no debt/loans, no dependencies, live alone renting. How much should you be able to save a year if being conservative?
Just trying to track my spending and finding any others in similar position as me saving more than me. My saving goal at this salary is $30,000 but it seems hard to achieve.
So far my 'fixed' outgoing costs are:
- rent: $300 p/w (incl utilities)
- insurance: $30 p/w
- fuel: $15-20 p/w
- allowances to parents: $180 p/w
- didn't list food/groceries as it fluctuates heavily depending on how many times I eat out vs cook.
I don't have that many outgoings and with a decent salary while living alone (have a gf but don't live together) I should be expected to save a lot as my weekly earnings would be $1,400 p/w. That leaves me ~$840 left.
If saving goal is $30,000 it leaves me ~$330 p/w to spend on groceries, dining out, purchases, and outgoings. Is $330 per week /saving goal of $30,000 too conservative?
I just paid off my loan so that's another $221 per week breathing space but I am saving up for traveling overseas from this surplus (~$7,000 travel budget) while maintaining my $30,000 saving goal.
To those who are in similar position as me and able to save more, how do you achieve it?