- April 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Troubles and Lack of Savings
Hello,
I am a 23-year-old who is struggling to save money, despite living at home with minimal expenses. Even though I make $50,000 a year, I find myself with only $1,200 in my bank account at the end of the month, despite having $45,000 saved up in my brokerages. My investments are on autopilot, including maxing out my 401k, but I still can’t seem to have any extra cash left over.
I am confused about where my money is going, as my real wages for the year show that I should have ended up with $5,700 after taxes. Yet, I am left with just $1,200. I tend to go out to eat frequently and indulge in occasional splurges without a clear idea of how these expenses are adding up.
Some of my biggest expenses so far this year include $750 owed in taxes, $1,200 lost in gambling (which I regret), $100 spent on a dinner for my girlfriend and me, $150 on gas, and $65 on alcohol. I also cannot track the amount spent on dining out regularly.
I am questioning if I have a spending problem, as I fear that if I were to move out of my parents’ house, I would struggle even more financially.
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****** just grabbed a
You are maxing out your 401k on $50k income? Half your pay nearly is going into your 401k, so that is clearly where all your money is going.
Fine I’ll do it:
-$1200 lost gambling (don’t get me started on this one)
-I cannot calculate the dinners out I get them pretty often
jfc, my brother are you looking for help solving this complex mystery?
> I literally don’t know where my money goes
There is an easy solution for that. You write down/put into a spreadsheet every single expense, every time you have one. Take down the date, the amount, and what it was for. That’s how you figure out where your money is going.
> Do I have a spending problem?
More of a “tracking” problem. Again, the fix for that is easy.
No reason not to start doing that today.
> I literally don’t know where my money goes all I do is go out to eat and do occasional splurges
This very much feels like a case of “we’ve tried nothing and we are out of ideas.”
Pull up your bank statement and credit card statement for the last 30 days and literally look at everything. Tally it all up and account for every purchase you’ve made. This isn’t a finance problem it’s a critical thinking problem.
“Idk why i cant save”
Proceeds to eat out often and not keep track of it
I don’t get why you owe on taxes if you are putting roughly 50% of your salary into a 401k. You should be in a low tax bracket. Maybe you need to update your w4?
If you want to know where your money is going, write down literally every dime you spend during the month. You now what your take home pay is and you can then compare it to what you spent. I would probably also buy everything cash which makes it easier to do this because you can collect receipts and put them in an envelope when you take the cash out. That covers the expenses. Then you can look at your paycheck and see what you are taking out of your gross like retirement, and anything else. If your take home is too low, then you are taking out too much for retirement. If you are 23, then 15% is a good place to start. If you did that for live, you’d have well over a million at retirement. You can adjust as your pay changes and your needs change, but don’t start with some crazy amount going to retirement. Its not necessary.
You have quite the investment portfolio, you should be very proud! I would just see if there are any ways you could lower your tax burden or reduce your spending on unnecessary things. Depends on your situation.
Try to go a month without making a single purchase other than groceries and anything like soap or medications you know the point I’m trying to drive home. If you can do that then there’s your wake up call and if you can’t do that then there’s your wake up call.
Not actually bothering to track expenses aside, how soon are you looking to move out?
If you cut your 401k down for 6 months to a year, you’d have enough for a security deposit and an emergency fund.
But if you’re not in a hurry to move our, there’s nothing wrong with maxing your 401k and keeping a low balance of cash. Especially if your parents can help you out of a jam. You’re young and that money will have more time to grow. That’s a huge benefit.