On a $32,000 a year salary, how long would it take to save up $10,000 ?

Answer 1

Figure on $100.00 per month, this is affordable with your salary (only $25 per week). At this rate it will take you a little over 8 years to save $10K. The nice thing about using $100.00 per month is just the ease in calculating. if you set aside $200 per month, then you just cut the number of years in half. As all have said, it depends on what expenditures you have, I am assuming you are paying rent/mortgage, car payment, insurance, etc. so that is why I used $100.00. If my assumption is correct, 8 years is a long time, I would set that money into a 401K or invest it somehow each month so that in reality, that 10K you have set aside, could be more like 15 - 25K(at least) when all said and done.

Answer 2

Depends on your living situation. I'd say if you have to pay bills and rent and all that good stuff, it could take over a year to save up $10,000. Now is that $32,000 gross pay or after taxes? If it's gross pay, then your after-tax income will probably be around $24'ish? If you don't pay a dime for anything, then it will probably take you 5-6 months to get to $10,000. But granted you weren't born with a silver spoon in your mouth and life isn't catered to you, then I'd presume it would take about a year.

Answer 3

It depends; I would advise taking all of your monthly bills and the other money you spend such as entertainment and subtract that from what you make on a monthly basis. Once you have that number you will then know how much you have available to save.

Assuming you can save $500.00 a month and you put it into a money market account such as ING money market or Capitol One money market which will get you around 4.5% it will take you about 19 months.

Of course the more you can save the less time it will take.

Answer 4

How much do you spend in a year? We will need to know that before we can answer your question. There are some people who can save $10,000 in a year and be making only $20,000 a year. There are some who make $1,000,000 a year and will never be able to save $5000. It all boils down to how much money you have leftover after you pay the bills.

Answer 5

It depends on how much you can afford to set aside and where you put the money you save. You can get an idea by setting up a budget.

Answer 6

I guess that would depend on what you are having to pay for other bills such as house, car, utilities, food, gas, etc.
Then how much do you have left over from your paycheck?
How much can you spare to put back in savings?
Figure that up-

Answer 7

A year (If you save at least 30% of your salary)

Answer 8

depends how much expenses you have. My first year out of college I was making $28K and living with my parents. In one year I saved $10K. But everything (food, a place to live, sanitary items, etc) were free.

Answer 9

It depends on how much you can free up to save every month, and what rate of return you're getting (interest or stock gains including dividends).

Here's a handy calculator for you:
http://moneycentral.msn.com/Investor/calcs/n_savapp/main.asp

Answer 10

Well that depends on how much you losing to things such as rent, food, phone bill, etc...

Try and put away some of your paycheck into a svings account and DONT touch it.