How To Save Money From Different Salaries

In Today’s post I am going to talk about how to save money from different salaries. Everyone makes different amounts of money yearly and knowing how much you are able to save will put into perspective what you can accomplish. If you find this post helpful then consider sending it to a friend that could also benefit.

I will be using the website neuvoo to do calculations and I will be assuming that everyone works in California. You can use the website and change the location yourself after reading this post.

Also, everything that I say in this post is based on only opinion by me. The amount of money that I suggest you save is based on 30% of your monthly earnings.

$12,000 A Year

Monthly: $924

Biweekly: $426

What you should aim to save: If you are making 12K a year then the amount of money to save each month should be about $250. I know that I am not including a lot of other variables, so you need to add all your expenses that you have and still try to aim for what I suggested you save.

In 5 months, you will have saved $1,250.

$25,000 A Year

Monthly: $1,794

Biweekly: $828

What you should aim to save: The amount of money that you should aim to save is $530 a month. In the span of 5 months, you will have $2,650 in savings.

$35,000 A Year

Monthly: $2,430

Biweekly: $1,122

What you should aim to save: Now you should choose to save 30% of what you make which will come out to $729 a month. If you want to be more extreme than jump it to 50%. in 5 months you will have 3,645 saving only just 30%.

Now I am going to skip $40,000 and jump straight to $50,000.

$50,000 A Year

Monthly: $3,360

Biweekly: $1,551

What you should aim to save: If you are making $50,000 a year, then the goal should be saving $1,008 a month. stay discipline and in 5 months that will turn into $5,040 in savings.

It doesn’t matter what your income is when trying to save money. I have shown you that without a lot of outside variables, the amount of money that can be saved is a lot. Now of course the numbers you save might be lower, but at least some money is being put away.

Yes, being young and making money does have an advantage when it comes to savings compared to older adults, but everyone has a different situation. Adapt to what is workable and improve on it.

Remember, Budgeting is the biggest factor in. determining how much you are really going to save long term. get ahead, stay consistent, and be mindful with personal finances.

Make sure to send this blog post to a friend that could also benefit from reading. Thanks for supporting The Finance Starter and don’t forget to read what else I have written below