#StrugglingToSave #FinancialStress #MoneyManagement
##### Are you feeling stressed about your savings?
If you find yourself feeling like you aren’t saving enough, you’re not alone. Many people, like the 22-year-old in this scenario, struggle with the pressure of saving for the future. But fear not, there are steps you can take to ease your worries and improve your financial situation.
###### Evaluate your current saving habits
Take a closer look at your monthly budget and expenses. Are there areas where you can cut back or save more? Understanding where your money is going can help you make adjustments to increase your savings.
###### Set specific savings goals
Instead of focusing on an arbitrary number, set clear savings goals for yourself. Whether it’s saving for a new car, a down payment on a house, or a dream vacation, having specific goals can motivate you to save more.
###### Explore different saving options
Consider opening a high-yield savings account or investing in a retirement account like a 401(k) or IRA. These options can help your savings grow faster and provide you with financial security in the long run.
###### Seek advice from a financial advisor
If you’re still feeling overwhelmed, consider seeking advice from a professional financial advisor. They can help you create a personalized financial plan and give you guidance on how to reach your savings goals.
###### Don’t be too hard on yourself
Saving money takes time and effort, and it’s okay to have setbacks along the way. Remember that every little bit counts, and even small savings add up over time. Be patient with yourself and stay committed to your financial goals.
In conclusion, feeling like you aren’t saving enough is a common struggle, but it’s important not to let that stress consume you. By evaluating your saving habits, setting specific goals, exploring different saving options, seeking advice from a financial advisor, and being kind to yourself, you can take steps to improve your financial well-being and feel more confident about your savings. Remember, it’s never too late to start saving for your future! 💸🌟
$1500 saved each month after all expenses and retirement contributions is pretty good, especially at 22 when your income is relatively lower than it’ll be the rest of your working life.
I hope you’re not paying interest and fees on the credit card debt. I’d pay that off before adding to savings.
Are you saving for retirement in a 401k? Time is everything. The sooner you can get the money in there, the better
. I really didn’t feel financially OK until a I hit my emergency savings goals. Maybe that’s what you need? Financial goals to meet?
Whenever I start feeling like this I remember there are people double my age making 40k a year with 300k in non mortgage debt. We’re doing just fine.
Tough to say without for context, but it’s certainly better then I was doing at 22. Is that 1500 including retirement? What’s your gross income?
You have a roof over your head, you can eat good and have reliable transportation that’s hopefully paid off. What more do you want? For a 22 year old you’re doing better than most and I’m proud of that. Payoff that debt and invest your money for the future while you’re ahead!
Omg I was in a VERY different position when I was 22, you are doing incredibly well! Well done, and try not to put too much pressure on yourself (easier said than done I know). Take care OP and celebrate your great progress from time to time! 🙂
I had nothing saved at your age. I’m 34 now and saving exactly how much you are now on a monthly basis. Don’t let headlines and comparisons of others online rot your perception of reality. Roughly 60% of adults don’t save at all and are paycheck to paycheck and unable to do so. You have so much life ahead of you and are already saving a ton.
You’re doing great!
Has anyone talked to you about getting an emergency fund, opening up a Roth IRA, and other investment options?
After you pay off your credit card: future you will thank past you for putting $500 a month, at least, in your IRA. Compound interest is very powerful and saving a little now into investments can really snowball by the time you’re nearing 40 and thinking more about retirement.
I suppose that I should have started with: you definitely need a budget and goals. Do you want to go on vacation? It’s great going when you don’t have as many responsibilities. Do you want to buy a house? Clothes?
You doing pretty good. Knock out that cc debt as fast as you can. Is there a reason you have 2 cars?
Pay off that card! Do you know what interest rate they are charging you? Unless it is 0% you are not saving!
You save around 1500 a month as a 22 year old? Are you putting in to an index fund?
If you want something to look forward to, just put in 1500 a month into an interest rate calculator, at 8% a year (long running average), you’ll be surprised how much you will have by the time you are 45, and that is assuming you won’t be increasing that 1500 a month in the future.
You are 22. Relax. You have like 40 working years ahead of you. Enjoy life’s moments
I’ve felt this before and while I’m only 3 years older than you I won’t lie and say you won’t feel like you’re not going fast enough at times. I have certainly felt that myself and it sometimes creeps up on me too. But you gotta try and look at it a different way. What helped me the most was telling myself to not think about retiring tomorrow, hell don’t even think about retiring in 10 years. Just think about goals. The first goal I made for myself after getting out of the “not going fast enough” headspace was to have 100k in my retirement accounts. I’m almost there. You know what my second goal will be once I do that. 200k. Just focus on your goal. Don’t make your goal the finish line because the longer it takes you get to the finish line the harder it’s gonna be on your mental to keep pushing towards it. Baby steps are you friend. The only way to eat an elephant is one bite at a time. Keep saving, keep making headway in your career, don’t let a bigger paycheck give you the courage to spend more unless that also means you put more into retirement. Keep It Simple Stupid.
Serious question, why do you own 2 cars?
Dawg what is this most people your age aren’t able to save anything a month and barely afford the 1 car they have. You’re doing fine
Saving is good but but what are you investing???
All the time lol.
Problem is now I’m in my mid 30s so I have a lot less time than you 😉
Fortunate to have finally paid off debt, now also make a lot more money, but company limits me to 5% deferrals. So always new battles along the way to get past!
I can relate, I’m a similar age (21) and I save a good amount of my paycheck per month but I still feel like I’m not saving enough for how much money I feel like I’ll need in the future and I wish I were earning by a higher income so I could save more.
The only thing I would recommend is your credit card debt at the monthly due date should be $0.
It doesn’t really make sense to save to invest and earn 10-15% annually when you are bending over and paying 20+% APR on your credit card.
If you carry a monthly balance on a credit card, cut it up and pretend it doesn’t exist.
Dude, you’re 22. Have some fun right now and stress less. You save more monthly right now than I do (I’m 31) and things are fine for me.
I just booked a trip next week to NYC. Could that money be saved? Sure, but then it’s a memory I didn’t have. Go make some memories.
probably less than 0.02% of 22 year olds are saving 1500 per month, most are probably lucky to earn 3k per month with 2 part time jobs. I would say you are well ahead of the curve, Hell’s bells, there are plenty of people who work full time who are in their 30’s 40’s 50’s and beyond who are saving far less than that. If you can keep up that pace with no long term setbacks you should easily be in the 7 figure club one day.
So funny how unrealistic the internet advice is when a 22 year old is saving $1500 a month and feels Ike it isn’t enough. This just shows how bad the advice on the internet is.
Buddy, $1,500 a month saved it incredible for your age, in fact it’s incredible for just about any age. Your biggest advantage is time, if you do this for 33+ years … you’ll retire early as a millionaire.
$1500 a month, youre doing better than 90% of the population. Not an official number obviously. But you should not be prioritizing savings until you pay off all CC debt and anything higher than 3% interest
Why are you saving 1500 per month but have “a little” cc debt? That makes no sense