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For what it's worth, I saved my first $10k back when I was making $34k/yr. It took about two years of living cheap (in Portland, which is around the average in
by jasonkester 14y ago
For what it's worth, I saved my first $10k back when I was making $34k/yr. It took about two years of living cheap (in Portland, which is around the average in terms of cost of living for the US).
Doing this was my absolute number one priority from the moment I landed my first job after university. As it should be for everybody.
Once you have that stack in place, you can think about moving off of "college student scrounge mode" and into a world where you might consider owning a new-ish car, television, moving to non-shared housing or an area without crazy hobos camping on your doorstep, etc.
- jiggy2011 14y agoThis is easier when you don't have a significant other :)
- jasonkester 14y agoIn what way? Splitting rent/utilities/etc. in half is never a bad thing. Just make sure you pick a significant other with similar priorities to yourself (which also is never bad advice).
- jiggy2011 14y agoWell, in my experience most young ladies ideas about frugality tend to differ a little from my own.. There's definitely a social pressure that once you get a real job you should have grown out of eating ramen and taking public transport.
- BSousa 14y agoWhile I agree with the spirit of what you are saying, it isn't as easy as mentioned. I think I mentioned this in previous comments, but finding someone that likes to liv frugally, and is a potential mate (all other things combined) isn't that easy. And if you put a kid on the mix, it is event worse.
- sneak 14y agoYes, it is that easy. Don't date people that don't have prudent attitudes toward personal finances. God forbid you end up sharing a bank account one day...
- jiggy2011 14y agoYou will reduce your choice of partners very considerably. I would wager most people in their 20s have net debt rather than net savings. My girl is extremely frugal compared to most of her friends, but we still argue about money a lot.
- sneak 14y agoThat has not been my experience. I am financially prudent and I still have 2-4 more than I know what to do with.
- precisioncoder 14y agoNever share bank accounts, ever. I'm married and we still have separate personal bank accounts and a shared for expenses. Personal accounts mean freedom to spend money on whatever you see fit. I'd never give that up.
- xijuan 14y agoBut the author has children....Children are like totally dependent on the parents..It is a totally different story if he just has a partner/wife.