What is the minimum amount of money I should save?

Discussion in 'Self Improvement and Being Successful' started by Chrisj0401, Oct 14, 2009.

  1. Chrisj0401

    Chrisj0401
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    I just want a ballpark average of a minimum amount of money I should save when I should start seeking internships...

    I know I shouldn't do this now, but having a ballpark cost would help me I think.

    Here's my plan:

    - Finish College with B.S. Business Administration Degree, time estimated 4 years (from Jan2010, so Jan2014.

    - Save whatever amount of money that seems safe to start seeking an internship in areas/states I've never been to. i.e. CA, FL is my targeted areas where I have film studios I want to try to look for a internship. I was thinking a safe number would be $50,000 to last me for a full year if I couldn't find a part time job while I work the internship(s). A minimum I'm thinking is $20,000 that could last me 6months, maybe 12 months if I live very, very light. Of course the $20,000 sounds better because I want to get into my internship as soon as possible and go into the fields I want to specialize as well. But I want to prepare for any draw backs such as living expenses while I internship. I will first try to get the internship, work it, then a week or two after doing that I plan to get a part time job that I can qualify for and work around my schedule from my internship.

    What you guys think?
     
  2. seanstevens

    seanstevens
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    Chris, you certainly have plenty of great questions!!

    My own rule of thumb when it comes to saving is 3 x monthly outgoing. Put together a detailed listing of all your outgoings (or what you expect them to be) and save 3x this amount. Lets face it your very resourceful (guessing this from your previous posts) so getting any kind of part time work should not be any issue so 3x your usual outgoings on top of any incoming cash should really last you 6+ months, longer if you live on a budget.

    Sean
     
  3. Chrisj0401

    Chrisj0401
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    Well, I'm hoping and predicting I'll have the same job till the end of my 4yr education. As for income level I doubt it would raise much by then, sadly. Within 2, hopefully 4yrs or even more my mother will be retiring and moving in. I'll have to get a job with my new education being completed, and hopefully I will quickly when completing that. I'll have to pay at least $1,000 a month for the house I'm living in since my mother will be living on retirement funds.

    I know I would need to pay off my debt first before seeking my internship(s), at least all debt but from school if there is any. So, if I got no debt (but school) I got on clue lol.. I think $20,000 I can live on for 6months, with a $1200-$1500 apartment, utilities, food, net/cell, monthly costs should be around $3k. That should last me, a bit more than 6 months. But I will be finding a part time to help me survive while interning. So I think this will be a wait and see, and calculate when time moves closer to this area. I right now dont know if I'll do so good in community college to get scholarships for expensive Univeristy I want to go to. If I dont do good I may end up going to a cheaper school and using loans and every possible scholarships/grants I can get.

    And hopefully and is very likely the economy will be better than it is today by the time I finish school. So getting part time work shouldn't be a problem.

    What you recommend the $20,000 or $50,000 as my minimum? I want to get into my internships (in my field) as soon as possible, but I also want to be as safe as possible financially too. Which ever job I get here (after college) I would need to save up to pay off debt and/or then save up for my internship fund, and once I got the right number in my internship fund, I may have to quit whatever job I may have at that time. So I will be risking a lot once I do start my adventure in seeking an internship and part time job.

    Also I may be involved in 6 or even 12month internships. Just to get the experience and even try to get hired by the employer hopefully. Thats why I want to save a bit more than $20k since that would only really last 6months.
     
  4. stevebarnard

    stevebarnard
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    Hi Chris,
    Appreciating you to save money, it’s my advice to earn and utilize 60% to 70% amounts on your study and business. Don’t try to save all amounts if you want to grow. To start part time, you can find more home base works available on internet and work and earn. Finally you will increase your bank balance faster.
     
  5. johndale

    johndale
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    Nice questions Chris. I've been there. College and saved money from my work. 50% money for school then 50% for myself. It's an adventure and challenge for me. You can try my style too.
     
  6. SummEr101

    SummEr101
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    I read to save good at least 35% of your earning should be into bank so you don’t be tempt of using it. The rest you can go ahead and decide what you would like to do with the remaining 65%.
     
  7. matthew0099

    matthew0099
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    how much you ll save ,,,,,
    The answer of this question depends upon the inflation figure of your country........
    but i would suggest you to save at least 30% of your earnings and invest 60% from your savings...........
     
  8. mdmd

    mdmd
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    I think that at least 50%
     

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