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Yes, everything tracked. However I'm not sure this is the most efficient, depends on your personality and it can be a lot of work. A simple and powerful time tested kludge is just to 'pay yourself first', have a set amount deducted each week from your pay to whatever high interest account or offset account and just make sure the rest of the money covers everything else....Or should I be asking instead: how many of you keep track of your income and expenses?
Currently trying to build up a deposit after starting work full time 7 months ago. Worked out after all expenses (including rent) that I'm saving over $2000 a month.
Yes, everything tracked. However I'm not sure this is the most efficient, depends on your personality and it can be a lot of work. A simple and powerful time tested kludge is just to 'pay yourself first', have a set amount deducted each week from your pay to whatever high interest account or offset account and just make sure the rest of the money covers everything else.
If putting money into an offset doesn't count as saving then I also save zero.
save 2k per month? Wow, alot of high income earners on this forum then.
For a young single professional with after-tax pay of, say $800/week. Rent $300/week. Transport, food & bills at least $200/week....where are the savings....?
save 2k per month? Wow, alot of high income earners on this forum then.
For a young single professional with after-tax pay of, say $800/week. Rent $300/week. Transport, food & bills at least $200/week....where are the savings....?
its easy when you have a couple earning say 110K (just plucked that figure out )plus between them. most bills/rent/mortgage is shared. entertainment/holidays/food somewhat shared + a little extra
what im saying is its easier for a couple do save than a single
We don't keep track of income or expenses, but at a rough guess, save 80% of after tax income.
This is a perfect example of why the thread topic should be considered in context..... Ie. the context of diposable income.
80% is fine for a high income earner or someone that has been able to achieve a low cost of living via either owning their own home outright or sharing accommodation or living with parents.
If, however, you are in the early accumulation phase, have a moderate income and/or your circumstances lead to a higher cost of living, then perhaps 80% is unrealistic. Ie. Single income family of 4 with mortgage or rent obligation, with after tax income of $60K would definitely not survive on $12K a year (saving the other 80%).
If you were on $200K per year, then yes, saving 80% is quite achievable, even supporting a family.
My point: it is all relative... relative to disposable income and personal circumstances.
Some people will find it difficult to save 20%, whilst others will find it easy to save 80%. Personally, I currently save between 45-50%, but my current circumstances allow me to do this. Next year, I expect that to change as my circumstances will change considerably. Hence my response will alter significantly as I am not financially at a "steady state".
Besides, 50% is meaningless to anyone as it is all relative to disposable income, personal circumstances & family composition. Ie. Do I support 1 or 5 people, earn 50K or 250K, have mortgage/rent commitments or have very low living expenses?
However now that I've moved into my temp-PPOR/IP (1st week!), my finances seem to hit have a plateau or even gone negative due to the numerous initial expenses incurred with renovations/bills.
It depresses me when I see no movement in my bank account at all