How much money should I be saving every month?

RohezS474585 · ‎11-21-2023

I live in NYC and currently gross 85K a year. I take home $4520 a month and my rent is $1295. I know, it’s a bit high but I had to spring for space because I have a dog and two cats. I realize I probably shouldn’t have so many animals but giving them away is very hard to imagine. (I adopted them with a partner and the relationship didn’t pan out.)

My 401K at this new job won’t kick in until at least October and right now I haven’t been saving anything and have only $10K in a previous 401K. It’s been a hard few years for me and my family and I burned through my previous saving’s unfortunately, please don’t judge.

I am 36 and generally healthy, my dog is 9 years old and may start having health costs in the next couple years. I have health insurance through work and use it to get regular weekly treatment for my ADHD (meds and therapy.)

If you were me and living in a HCOL how much would you try to set aside each month?

Sorry if this is a very basic question, I have some family trauma history around finances etc and this stuff is very hard for me to wrap my brain around.

jonibee · ‎11-21-2023

As much as you can manage atleast 10% which would be around $500 a month if that's not manageable 5% or $250..look at your life for wasteful spending and that's where you can cut back for instance if you like expensive coffee takeout go to a different brand look for discounts and learn to buy when things go on sale and plan for a major purchase...Perhaps at your job have so much taking out before you get your paycheck and auto deposit it,,Live cheaper but don;t deny yourself or you will go on a spending spree..Budget your cash and write down everything so you can see where the money is going...Pets are expensive today from food to healthcare for them. If you can afford pet insurance it's wise to have it as just one occurrence of bad health can really take a bite out of your lwallet..Perhaps using public transportation may save on the cost of maintaining a car and all that goes with it...Look at juink food costs and allow so much for entertainment ..At first it will be hard but you will adjust once you see the dramatic change in your life for the better...Good Luck...