If you have a 5 day job for 8 hours that pays 18 per hour how long would it take to save up 20k?

[xJayleenx]

And you spend like 500-600 a month. Would it be possible to save 20k in a year and 3 months? I’m asking for someone else not me

Updates

+1 y

I have to save 10k and now college is charging me 2,229 a semester :( man it sucks being broke

Updates

+1 y

Guys nevermind it is possible

[Adaeva]

There are 2080 hours in a year = $37440. Deduct $4,292 for federal taxes = $33,138. Depending on the state deduct $1,000 for state income tax = $32,138. Deduct $2,321 for SS tax = $29, 816. Deduct $337 for Medicare tax = $29,478. Deduct, $1,000 for compulsory health insurance = $28,478. Depending on your age, mile per year, location and other factors, deduct $,1000 for compulsory auto liability insurance = $27,478. Perhaps deduct $1,500 for collision and other auto insurance = $25.978. Deduct spending $600 per month ($7,200 per year) = 18,778 balance per 12 months or $1,565 per month. $20,000/$1,565 per month = 12.8 months. (1 year, 1 month). Since that is less than 1 year, 3 months, it is possible.

.

[Adaeva]

Google Sources: Tax table for single person. Social Security and Medicare withholding.
Other Sources: Parents and grandfathers auto and medical insurances payments.

[Adogdog]

Wow, you seem smart! lol

[xJayleenx]

Thank you so much

[Haha456]

maybe its the fact that you can't do basic math which is why you're making 18 an hour. If you can't do this, how the hell are you gonna plan out your life?

[xJayleenx]

It’s not me it’s my boyfriend

[xJayleenx]

And apparently it’s not 18 it’s 18.75

[xJayleenx]

So he’ll make 31,200 a year minus 4,800 he spends so I’m assuming he’ll have 25,000-26400 in a year saved up

[Redstang88]

Well theoretically you could do it in about a year, if you could actually spend that little. Taxes on that little aren’t gonna be much, but given cost of living I’d be shocked if someone could actually get by spending that little. My basic living expenses are like $2500/ mth before rent and I don’t live extravagantly

[xJayleenx]

He lives with his parents that’s why

[Redstang88]

Still that’s pretty low. I’m assuming you’re talking about your boyfriend? Does he drive? My fuel and insurance alone is more than that, and I assume you two go out and do something at least occasionally? It all adds up

[xJayleenx]

We’re not even going to go out anymore to try to save.

[SnowedIn]

You have to factor in taxes as well. Federal, state, and sometimes local.

[xJayleenx]

Of course

[xJayleenx]

Coukd he possibly save that amount of money is one year?

[SnowedIn]

It'll take about 2 years if all your numbers are right.

$18 per hours x 8 hours = $144/day
$144 per day x 5 days = $720/week
$720 per week x 52 weeks = $26,208
Using a VERY ROUGH amount of 30% for taxes: $26,208 x 70% means that he'd take home $18,346 per year.
Spending $600 per month x 12 months = $7,200.
Thus, $18,346 - $7,200 = $11,146 saved in one year.

The tax percent is going to make a difference but not a big one.

[xJayleenx]

We’re supposed to get married April 2024 :( and he refuses until he has 20k

[SnowedIn]

I do NOT see the numbers working out in the next 15 months. Something has to change to make the numbers work.

Congratulations though! :)

[xJayleenx]

I don’t think that he does taxes though I don’t know

[SnowedIn]

Employers are required to take taxes out when they pay you. Now he may get it back each year when he files if he's eligible for a refund. But the employers should be withholding taxes (Federal and State, Local if you live in one of those places) as well as Medicare and Social Security.

[SnowedIn]

Regarding your update, how did you guys make it work?

[xJayleenx]

I did the math he’s going to be making 31,200 a year (18.75 an hour) and if he spends like 5,000 dollars a year he could spend 11,000 a year and still make 20,000 he only wastes like 400 a month he told me so he’ll most likely spend 4800-7000 if car expenses are included. He’s also not in college anymore so he doesn’t have to pay them

[SnowedIn]

Nice! Well done!

[EaterPeter]

I doubt that. Saving is a tough process.

5 day in to 8 hours
Makes it 40 hours a week
40 hour times 18 makes it 720
Out of 720 1/3rd goes into taxes and other deductions which makes it 480
Out of 480 this person is using 500 600 spending a week?

[EaterPeter]

So this person spends 500 600 per month which makes it little over

[EaterPeter]

About 2000 income out of that they spend 550

[EaterPeter]

So they are left with 1400 a month if they can save all of it and have no emergencies and no credit card bills then

[EaterPeter]

20,000 ÷ 1400 = as many yers and months

[EaterPeter]

They can save 20 k in 15 months

[EaterPeter]

Thanks for like!

[Tyrael]

It would almost certainly take longer. Maybe someone could help them out.

[xJayleenx]

Im saving 10k but he wants to save 20k even though i told him it’s going to take longer than one year

[KostasKouvalis]

Ugh, please don't make me do math. But I make around $17000 a year with my hours and pay, so I will guess about 10 months, after taxes. That's assuming you're only saving and aren't spending a dime of it

[HighValue]

It also depends on your tax rate where you are at for how much you get to keep.

[OddBeMe]

You’d have to do a lot of math like comparing expenses as well as factoring in taxes.


Just go shopping and let us men run the world. Mkay?

[saffoler]

34 weeks with no other expenses.

[GoodGuyBreakingBad]

I believe you can do it

[TallAnon]

18 before or after tax?

[Bklynbadboy12]

Yes he can if he really wants to why do you ask

[Guardian45]

TOO LONG!

[xJayleenx]

That’s what I’ve been trying to tell him but he is so confident. Im like dude that’s going to take at least two years and I don’t want to keep living her for another 2 fucking years.