How much should I have in savings?

[Anonymous]

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1) Sell your car. It's too much for your income no matter how much saving you have, nobody care what you drive. 

2) Saving 10-15k while living at home is too little. You should save 35-40k, cus you dont have RENT!

3) You need at least 30-50k cash in hand while having your first home. When I buy my first house, everything is perfect base on inspection, but this, that, here , there need replacement and it cost money.

Good luck [quote]

Thsi is excellent advice.

No need to get a house so arly in life. Most peple get a house for these reasons:

1.  tax deductions because they are making a lot of money

2. more space for the family and/or pets, cars, boats

3. peace fo mind from apartment living.

4. appreciation due to buying a distressed home or to be used as a rental

If your reason does not meet one or mroe of these I would not be too adamant about buying one.

[disdreamin]

My suggestion would be to put away whatever rent and other expenses associated with living on your own would cost. On top of that you should also be saving some percentage of your income, but I would recommend putting the rent/expenses money into a different account from your normal savings.

Doing the above is basically simulating paying rent so that you will be fully prepared for those expenses when you move out and not have a false sense of how far your income will really go. As a bonus, you'll be banking all that money instead of possibly not allocating it toward a particular goal.