My saving plan

[peterj]

I am looking at putting away around 5-600 each fortnight I am 22 turning 23. Is this a good amount?

[TBH]

Hi, peterj.

It totally depends on your income, goals, how much debt you have, where you're putting it away, etc. Tell us more and we'll be able to give a better answer.

But I think having a saving plan at all at 23 is great. I started saving at about age 20 and it has given me so much more flexibility to take career risks, buy a house before age 30, go back to school to change careers, travel, work less to spend time with my young son, etc. Having money in the bank means you will always have more options.

[illinigamer]

peterj,

I agree that we need more information on your situation (any debt such as student loans, budget) to give any specific advice, but from my own personal experience (I was in the same boat about 5 years ago), I would say a new grad saving 1k per month is quite good. I started off in a similar situation and really did not adjust my standard of living as my salary increased so that 1k/month continued to grow and grow. I hope the same happens for you.

Jason

[MyLifeFinance]

I would have to agree. $1000 a month into savings is good for anyone really. $12,000 a year in an account with a good interest rate can add up quickly over a few years.