At 26 years of age and still living at home, can anyone suggest some good ways to manage and save my money?

Question

I have a 401k plan at work, a savings acct, and that's about it. Do I need anything else?

Answer 1

I think the most important thing you can do is set up a budget for yourself. You list all of your expenses including monthly bills, any debt, any spending you want to do (clothes, entertainment, etc.), and savings you want to do. Then list all of your income. The two should match up.

If you budget the savings in a monthly budget, you'll be amazed at how quickly you can save.

Answer 2

Rent should total about 30% of your income, and you should save 10% of your paycheck. So you need to start putting away 40% of your income every month in your savings account. That way you'll get used to not having the money you need to pay on rent. You might even want to save a few hundred more than that--whatever you'll need to spend on utilities and groceries (which I assume you're not paying for now).

Once you have a few thousand dollars saved up, you can afford to move out. Just keep saving 10% of your salary in addition to your 401k.

Answer 3

I'd take a look at housing in your area start putting enough aside each month to pay for a mortage, put this in a high interest savings/money market account (something like ING direct). When you have enough for a down payment, buy a house and get out.

If you still have money left over after that open an IRA account to subsidize your 401k (assuming you have already maxed that out of course).

Answer 4

It all depends on your take home pay, the current debt that you have, and the lifestyle you want to live. But, if you're serious about moving out, try to save at least 8 months of of living expenses so you'll have an emergency fund in place (just for those rainy days). Depending on the city you live in, rent can be very expensive. Also, to furnish an apartment or house can also cost alot. So, if you plan it just right, you can buy house furnishings and store them in local storage so when you decide to move you'll have at least a mattress to sleep on :) If you don't live above your means and have a budget in place that allows you to save at least 25% of your take home pay; you should be fine. Good Luck!!!

Answer 5

It's great to save money by living at home, but you'll probably have a hard time getting laid. Get out and get some before you retire.


It sounds like you have a good start- just keep at it and enjoy life a little.
There's so much more to life than saving in a 401 (k). I'm not suggesting that you don't save but keep it in balance.

Answer 6

STAY AS LONG AS YOU CAN!!! Don't listen to these guys telling you to leave because they're probably broke or spending 800-2k a month on rent.

Save every penny and you can retire in a few years. Rent is expensive and all that money can go in your savings.

Open a Roth IRA because it grows tax free and you can withdraw the money tax free at retirement. Buy a few mutual funds, ETFs and stocks with your extra money.

Answer 7

The best way to manage and save money is to use (and stick to) a budget.

I have one I use that I created in Excel. If you'd like a copy, just email me!

Answer 8

why dont you save like 200 dollars a month for a year and then rent a apartment try not to spend money on things you DONT need..

hope i helped

Answer 9

Get a 36 years old girlfriend.

Answer 10

if you have a job you could put half of your checks away every time or have a swear jar every time you swear you have 2 put a dollar in the jar.