How much money should I have saved by the time I graduate from college?

Question

In other words- What is a good amount to start out with when I'm ready to get out on my own.
I suppose you could say "The more the merrier", but I want to hear from those that have "been there done that"- like, have graduated from college and have learned first hand just how much they should have saved.

Thanks people!

Answer 1

It would be great to have a few thousand dollars saved away for future expenses... it can come in handy for new bills, house down payments, rent, or just to have on hand for an emergency. If you don't have much money saved up by the time you graduate, take advantage of the six-month grace period and try to pay minimum payments on your lower interest loans until you have some extra money saved up from your job.

Something just as important is saving up for retirement. After you have graduated and settled into a job, look into a 401k or other retirement options. Everything you can put away at a younger age will double many times over by the time you retire, and it's taken out of your paycheck before taxes, so only about 85% of that amount that you're putting away would be your take-home income.

Answer 2

Good luck on that pipe dream! Most people have huge debts after graduating. Unless you are gifted enough to land a full scholarship, you will owe for years on that diploma!

Answer 3

Most people graduate deeply in debt, so if you don't, you are way ahead of the game even without saving anything.

Answer 4

honestly, what you have saved will probably never be enough. really it wasn't even paying for school that got me...you can get deferred loans for that stuff, but it's housing and parking and just general stuff and i've even got loans for those haha

Answer 5

I'd say 30k is a safe amount.