I’ve spent all my money partying for years. I’m now 28 and have -$5000 to my name. Everyone I know is miles ahead of me and buying houses and has like 50k+ to their name. I make 65k a year…did I fuck if my life?
I’ve spent all my money partying for years. I’m now 28 and have -$5000 to my name. Everyone I know is miles ahead of me and buying houses and has like 50k+ to their name. I make 65k a year…did I fuck if my life?
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Is that NEGATIVE $5k or just $5k?
Lots of time to catch up if you want it bad enough.
I was pretty broke until 30.
You have a job and money in the bank, that is better than the vast majority of people.
Just chill
No worries, I don’t have savings neither and living paycheck to paycheck!
you’re never too old to start saving or to turn your life around
65k/yr you should be able to budget yourself some savings before 30.
You have a $65,000 a year job. You’ll be fine. Head down and work at it.
I didn’t get my act together until I was 30+, don’t sweat it.
You’re 28, buddy. Calm down. It’s time to get started, but don’t panic. Recommendations:
Get that debt paid off first. If it’s in multiple loans, pay the lowest balance first and work your way to the largest.
Maximize your contribution to your 401k plan, particularly if your employer matches your contributions. Put that money away and forget about it. You have 40 years. Invest in growth stocks, not treasuries. Don’t try to time the market. Putting in money every paycheck will average out your purchase levels.
Start tracking your expenditures. Easiest thing is to make a spreadsheet with a column for every payroll period. Track every cent you earn and spend. After you do this, you will be able to make a budget and compare what your actuals against what you planned. You’ll get better at it over time. Most important thing you need to know right now is where all your money has gone. Seeing it on paper makes it much clearer what you’re doing with your money. I’ve been doing this for 39 years now. It was the key to getting out of debt and then accumulating wealth.
There are apps that do what I’m suggesting in this spreadsheet. You can do that instead, but don’t do it if you can’t clearly see where every cent is going.
I’m 43, owe £4k and still rent… You’re in a good place to turn things around.
I was paycheck to paycheck at 30. Now at 40 I have bought two properties and savings to live off for around two years.
Even the longest journey starts with a single step.
I remember starting a new job and setting up a direct debit for $200 each week on the day my pay went in to go to a savings account.
Its tempting at 1k and then at 5k but then you get addicted to saving.
I’d be willing to bet the average savings of a 30 year old is near zero. Most people do what you’ve done, party away their 20’s or bet it all on some random idea and lose everything.
Starting over at 30 is very much the norm. You may be behind some of the people you know, but you aren’t behind your age cohort.
On a similar boat here except for the girlfriend part lol. You’ll get back on your feet man. I’ve recently found out it usually takes between 5 to 6 months to find a new job. Previously I switched between jobs when I had a new job secured already. Last year I decided I would take some time off and didn’t take into consideration how long it will be until I get a new job. It’s been a struggle but now I have secured a job starting next week. Keep your head up and don’t worry much about the financial status on your current relationship I’m pretty sure she’s with you for more than just money. Stay focused, keep applying to jobs, get in shape, take some classes or courses online for free, enjoy the company you have while it lasts. Remember the stress or pressure you feel right now it’s only temporary. If you need to talk feel free to dm. We all need a space to vent and let go the stress. Stay positive man you got this.
Each month put 500 or so in an investment or savings account that’s a bit of a faff to withdraw from. Spend the rest on whatever you want.
Increase the amount each time your salary goes up. Any bonuses etc., put them straight in the account.
$5,400 is the median checking and savings balance and $20,540 is the average for people under age 35. 65K a year is really good at your age. It really depends on the lifestyle you want.
Lol. No. You’re still young. Just start saving.
It’s helped me to learn how to manipulate my impulsive mind into things that help me.
I also do a spreadsheet to know where all of my money is going + it’s something I can control. I also add a column to use it as a bank register.
My manipulation trick: I can’t leave the house/go to bed until I’ve done my spreadsheet for the day. I have to account for money that’s auto paid from my account that day/week/until next pay day, as well as what I’ve spent today so far.
It’s training yourself to look at it constantly. I’ve been doing it so long that I’ve added additional columns to account for who or what is costing me more money and why, as I have a husband, kids, dogs. It isn’t used to be critical, but simply put, my husband and adult kids are hell on my finances, so when they come to me, I’m a bit more firm with them than I am when the 8 year old asks for a treat while grocery shopping with me. I used to buy a fancy coffee every day, I’m down to only about 3 x a week or less. I’m supplementing with an energy drink that costs 1/2 the price(I buy in bulk while grocery shopping)most days because I still need that boost of caffeine, but don’t need to go to my coffee shop 10 miles away from home every single day, just to find the will to live in the mornings. All this to say, I still don’t go without, but I find a way to “do better” with my particular vice.
Make sure you have a savings account open so you can easily transfer to it, and do so regularly.
Other ideas:
If you eat out a lot, figure out what your most common places are. Ex: if you door dash pizza 3 nights a week, start buying frozen at the grocery store so you have them on hand. Every time you make one, you have to transfer $15 to your savings account.
Find a hobby/interests or weed out the ones you have that you’re spending significant amounts on.
Go hiking/biking/walking around the block to pass the time or wear yourself out. Even if these aren’t real options where you live specifically, occupy your impulsive mind with thoughts of “how else could I do this? Is it more cost effective than what I’m doing now? How would it affect my quality of life?” With EVERYTHING you do. (Ex: driving to work- can you walk? Bike? Public transit? What’s that look like with your schedule?) If nothing else, it preoccupies your mind and gives you something to think about other than your go-to impulsive behavior.
Get checked for ADHD. Late life diagnosis here, and I cried the first day I was medicated, because it’s like all of my inner monologue, impulsive actions, and even my temper quieted to a whisper for the first time in my life. It was amazing.
Look into a second job. I noticed if I was too busy working 20 hours a day, I couldn’t spend money on anything but the necessities. (Note: husband, kids, dogs did not love this season of my life, nor did I, but… sometimes we have to grin and bear it when we’ve dug ourselves a very deep hole.)
Travel virtually when you get impulsive urges. We have about 20 full vacations fully planned for “someday”. Pass some time by figuring out how you will get there, who’s coming? What would you need? Where do you want to go when you get there? What do you want to do? How much does it cost? How long do you stay to do alllll the things? Etc.
Been where you are OP, it’s depressing and so frustrating, but in my best mom voice: you have to change your focus on growing up instead of wallowing in the “I’m not good enough” mind set, it’s not doing you any favors. We’re all here for you.
Not too late. Never too late.
You need discipline dude. Saving becomes easy when you save first! Don’t keep the spare money at the end of each pay period, keep it first! Put it somewhere hard to get like an account with a different bank. That way the two day wait for the bank transfer will make it seem stupid to touch it.
Nope. You can start saving again now. You only fuck your life if you keep making the same mistakes.
Try to find a fixed term investment plan where you can’t take money out for a year or more, and put spare cash regularly into that. Or open a new savings account, set an automatic deposit from your regular account, and destroy the cards and checkbook for the savings account. Make it difficult for yourself to get the money out. Then you’ll start to see it increase and eventually get into the mindset where you are proud of your efforts and don’t want to get it out until you’ve built enough for a house deposit.
3 years ago I had £31k on 2 credit cards in total, I’m now down to £23.8k on 1 and I have a flat which if I didn’t have my gf 8 years ago I wouldn’t have been able to afford. My point is life can turn in an instant, no matter how bad things get there’s good things round the corner for every single human. Keep going (39yr old male)
Owing only 5000 is awessome, most people owe a lot more than that
Cancel your amazon prime account if you have one. Being required to physically go to a store to buy something will be a real help.
Stop taking debit cards/Google pay out with you. Only cash. Withdraw a set amount of cash each week (be realistic about what you will need) and try and live on that.
When you get paid, immediately
Set aside an amount for rent/essential services.
set aside an amount for debt repayment.
Set aside an amount for savings.
Contact your creditors, try and arrange a debt repayment plan. I’m not sure where you are but in the UK there are organisations that can help as well as new law that allows people to formally seek respite from a debt to allow them time to resolve it.
Stop buying lunches etc and learn how to batch cook. Prepare your meals for the week so you don’t need to constantly keep going to the store to buy more food.
Fuck man, I didn’t party and still on the same boat . 🥲
At 29, I was in the exact same position. Except I was -9k, with no job.
I joined the Army. Debt gone, free housing, free food, free college and medical for life. I did 3 yrs and it was the best decision I ever made.
I was in a similar situation at 28.
When I broke up with my girlfriend I ended up having to move back in with my parents since I couldn’t afford where we were staying by myself.
At 34 I’d managed to pay off my debts and save up enough for a deposit on a house, so now I have a mortgage and that’s the only debt I have.
I see a lot of people on Reddit essentially say their parents are horrible, but my parents were very much “I dunno how kids survive these days, of course we’ll help”
Did you fuck your life? No. Absolutely not. You’re 28, you have decades ahead of you all going well. You could be in a far worse position; broke, 3 kids, divorced, diseased, unemployed. You’re too fixated on comparing yourself to others that have more and that’s a losing game.
I’m about to hit 31 and have about £15k in cash savings, and like 40k+ more in a private retirement fund.
I simply gave up on saving for a house, I’m not willing to sacrifice my lifestyle for an opportunity to be in debt. When I joined the workforce at 21 I calculated that at moderate savings I could get a property by the time I’m 30. The way things went I am making like 20% more than I expected to make at 30 but house prices and mortgage interest rates almost doubled.
Around 2022 I simply gave up on saving for a down payment. Because I’d take me 7+ years of money pinching to get a reasonable mortgage rate and some leftover cash to make the property livable, then I’d probably take another couple years to get all the renovations and furnishings done. I’m not willing to do that to myself. Everyone I know that has managed to mortgage a house either got cash from parents, are a couple where both make decently above median income, or lived at home rent free or paying a pittance so they could save up. Most of them did multiple of these things. I know two couples that lived rent free in their parent’s second house.
I also know some people that mortgaged homes in bumfuck nowhere, I’m not willing to do that, those towns are depressing and there’s a high chance those properties will become worthless as people keep moving closer to large urban centers and these small towns become increasingly abandoned and poorly maintained. I’m unwilling to move far away from my family and friends, so am stuck paying high rent in a more in demand area.
I simply don’t care anymore. Until I get a stable long term partner that makes reasonable income I don’t see myself getting on the property ladder. I’d have to spend the rest of my youth counting pennies, instead I’d rather enjoy this time living comfortably, and doing things I enjoy. Nowadays I just shove my leftover cash between a savings account and a stocks ISA and always keep a few months buffer for cases if I couldn’t find work and was made redundant. I also have a pretty robust health insurance policy that will cover 6 months to a year at 80% my salary should I become unable to work.
I have no hopes to ever see any of my retirement money, I generally have no long term hope for the UK. I think it’s likely that ina few years I’ll move to another country that is less of a financial circus.
I know people who had it way worse than you and turned their life around. No worries just work on it.
You need to curb your spending on unnecessary stuff. That might mean intentionally leaving the your cards home, maybe cutting them up, etc. What about getting a prepaid card that’s your every day expenses card but is limited by the balance (like $100 or something)?
Saying you have poor impulse control, which I saw in a comment you made, is good self reflection. Now you need to take ownership of that and find a way to prevent it.
Maybe put a rule on yourself that if you decide to buy something, you must wait 24 hours before making the purchase. There’s plenty of stuff I thought I needed until I got a night’s sleep and determined that while I would like it, I didn’t actually need it.
—————
First thing you need to do is pay off the credit card debt. I don’t know what your current rate is, but it might make sense to consolidate it into a card with a lower rate if you can find one. Then, every paycheck make a payment towards that debt. You need to think of that money not existing at all. Once that debt is gone, move that deposit into an automatic account builder setup and just let it grow. Again, it’s invisible to you.
—————
Create a realistic budget that pays your bills, gives you some spending room, but is also either paying down your debt or building your savings. You then must STICK to it. This might mean going out less, switching to making your own coffee/bringing your own lunch, etc. if you’re making a car payment, assess how much of that car is want versus need. It might make sense to sell it and go with something older that you can fully pay off to use that cash elsewhere. If you’re paying for a gym membership, is there a lower cost option that you’ll still use, either a different gym or workout space where you live? How many streaming subscriptions do you pay for and how many do you really need? Life’s not over if you’re unable to discuss the latest season of shows on 3 different platforms.
—————
Overall, stop comparing yourself to others. Yeah, it sucks that they might have more, but you put yourself in this situation and are now going to do the work to get out of it. Honestly if you only have $5k in debt at 28 and no college debt, you’re in a better spot than I was at that age. You make good, not great, money but certainly enough to get out of this hole and on the right track. In a way, this isn’t all that different than realizing you have a weight problem and need to fix it. You recognize there’s a problem, it’s now on you to stop making it worse and committing to doing the work to correct it.
Also, consider asking your girlfriend for help. NOT help with your debt or a loan, but help in figuring out a good budget that course corrects you and help with calling you out if she sees you falling into bad habits. You mention she’s frugal and on the right track. Assuming she cares about you, she should want to help you figure out a way to succeed if it only costs her some time and sharing her experience.
The rule? Set a hard spending amount for each check. Divide that per day. If you spend less than your daily allocation you can choose to save it or roll what’s left to the next.
No more partying. Alcohol eats money.
Yeah you screwed up. Sucks to suck. Now that you recognize the issue, get your shit together and fix it.
I typically recommend people go read the Mr Money Mustache blog for financial help. Get to it.
No you did not…was right there with you at 28…exactly when I turned my life around and began saving. Focus on putting away 10-20% of your paycheck and eliminate wasteful spending.
Also look to get a new credit card that allows zero interest transfers for a time period to help you pay it off quickly.
Nah bro. I basically did the same thing. 1st gen immigrant, moved here when i was 16. Barely speak the language with $0 in my pocket (parents lost everything to gambling). Spent my early days partying,clubbing, promoting for club trying to make friends. Im an alcoholic cuz of my past. Made a decision to become a better person at 27. Im 34 now, bis owner, local team leader in my field, homeowner, married n in the process to launch my 2nd bis. Im scared af for my life right now, but yolo cuz i can always self deport and run both business from anywhere in the world.
If i can do it, you can do it bro. American dream still alive and well. Probably just gonna take longer than it used to be.
Just like anything, just gotta be consistent, disciplined and have that burning fire to not ever stop. Bad day /week/month/year doesnt mean your life is over. Pick an industry, follow the people who have the result you want, never stop studying it and spend the 10k hours it takes to master anything.
Good luck bro
If it makes you feel better I didn’t get my life together till I was in my early thirties.
Dude, I have 5 years on you, and I am deeper in debt, and I’ll go even deeper in the next few months, buying a house.
I earn only a portion of what you do too.
Consider downgrading your lifestyle for a short period of time, you’ll be out of the hole fast.
wtf man.
Pay your debt asap. Live as modestly as possible.
A lot of people i know completed studies at 25, did have their first job at 26, cha´ged jib or sector around your age. It is normal.
This is what a Director of Sales told me once;
“The sales guys you see driving new Mercedes and BMWs are broke.”
“The sales guys that have been here years, have busy calendars, and are charismatic are wealthy. They drive Hondas, Toyotas, Mazdas, Fords, etc”
You know what I learned working there?
He was totally right. 🙂
Does your job offer some kind of investment plan with a match? If so, use it if you’re not using it. At least contribute enough to get the match.
You are 28, you are objectively still very young so stop with self resentment. As it has already been said, it’s never too late to start saving. Also, how do you know that everyone you know has 50k in savings, because they said so? I doubt it. Unless it’s inheritance and some luck, it’s very hard these days to save substantially, especially if one lives in a big city. So, while you may have made some short term decisions that had zero long term benefits, life is categorically harder for us all these days than even just a decade ago. Even adjusted for inflation, everything is much more expensive relative to income, which did not rise to compensate. Do not measure yourself against other people lest you always want to feel inferior. Measure yourself against yourself. Any progress is positive so get started now. ALSO, just putting this out there, you can own your home and be mortgages poor and default, etc. Reality has many variables so don’t assume that the grass is always greener on the other side. Be happy and start being the person you yourself want to be.
And stop comparing yourself to where everyone else is. You don’t know what their debt load is either
The best day to start was yesterday. The second best is today. Hang in there. It’s going to work out. 🤙🏻
George Clooney didn’t get his first major role until his 30s. You’re gonna be fine
I doubt everyone around you has 50k to their name. Its likely smoke and mirrors and lot of debt. They might seem like they do but they don’t why? I am pretty sure the statistic is the average American doesn’t have 500 to their name for emergencies.
My guy you’re young. I didn’t really get my life started down a good path until I was about your age.
But once I realized I wanted different I changed everything. New friend group. New job.
Got married. Started a business.
15 years later my life is pretty close to how I’d dreamed it. It’s not perfect but I’ve got a great family. Business is good. I can do most the things I want to.
You make 65k a year? How you so broke? High CoL area?
you’re making more at 28 than i did at 35 (even accounting for inflation). Make a budget and you will be fine
Unless you plan to retire in 10 years, then youll be fine
Just fix your habits
No you are not. Everyone your age is at a different spot. I have a son your age and he has nothing. He is finished a master program with massive student loans. The kid has massive catch up to do. My suggestion to get check out subs like the money guy and even Dave Ramsey. I am not a fan of the Dan Ramsey Cult but the foundation of what he teaches will help you build a foundation.
Fuck up your life? No.
Make life harder for future you? Yes.
You need to save and invest beginning now.
I didn’t really start saving until I was into my 30s.
I am 52 now, and with all of my investments, I am sitting at around 450k. If I carry on with my current trajectory, I will be close to or above one million when I retire.
You will be fine if you get serious about it soon.
I had no savings at 28
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
Give this read.
It’s never too late to start taking your finances seriously. Stop partying all the time, figure out a way to make more money, save as much money as you can, and start beefing up your retirement accounts. You don’t want to be 40 with no money to your name.
Your life, no. You may have fucked up some of your 20s, but honestly there’s plenty of well off 40-50 year olds with a house and a pile of money that WISHED they fucked off way more in their 20s.
Start making better money decisions and start saving/investing today. You’ll be fine. By the time you hit 40 you’ll have the same pile of money and also a bunch of memories of the partying and fucking off you did while you were still young enough for it.
At 28 i was in debt for over $30,000. Student loans and credit cards. I’m 35 and just now am starting to make 65k a year, and finally am able to start a real savings. Been living paycheck-to-paycheck since i left college. You’re doing just fine compared to me kid.
5 grand in debt is manageable. Cut the card and spend a bit paying it off every paycheck.
When you have a spending problem, you need to “spend” it on your debt and just be broke.
Get groceries in the fridge, pay your bills and fill your gas tank, then “spend” the rest on that debt. Get a good book from the library. It’s free. You will feel better when it’s paid off.
Once it’s done, if you still can’t save well then you can spend your money on less liquid forms of saving like have part of your paycheck automatically deposited into an account you don’t have a debit card for. One you would need to physically go to the bank to access.
Lol, sry but no, u didn’t fuck your life up. I wish I coulda said all that u said when I was 28. I’m 44, married 1 daughter, she’s 23 & lives in Cali. Over my crazy years, I’ve been through a vehicle repo, one foreclosure on our first home, countless moves, drinking addiction, pill addiction, mental health issues. Living check to check no $ in savings, no assistance at all. Return pop cans, count change, pawn some video games until the next big check comes, in debt with cash advance. Just do you and don’t worry about your friends. Trust me, don’t play that’s game, I HAD A friend that every time I’d buy something, he’d go buy it just slightly a little different. So don’t be bothered with what your friends are doing. They come and go outta your life. Now, at this stage I have my wife since high school 3 very close friends I’ve known since 7yrs old. And zero drama. Sry for story time. Good luck bro, relax and just slow down
Everyone is giving you plenty of good advice so I won’t repeat that. But I’d like to add one thing.
Stop comparing yourself to others. I made similar choices to yours (spent all the money I made for traveling the world and experiences) while my friends back home were saving. Now I’m 32 and I got 20k in savings, and that’s it. But if I had to choose between living my 20s the way I did or like my friends did… I’d choose the same path again.
Your past (whether you regret it or not) is over. Now focus on the present. You’re just 28. You’ve got a job, and you make 65k a year, that’s more than most people.
Start living more frugally, and pay back that debt first.
Then you can start saving. It’s not easy to start, but you can get used to lower standards of living.
Your story sounds very familiar to me. Here is what my life was at 28:
Here it is at 40:
I remember how hopeless I felt at 28, but you have to stick it out. Make the right choices and things can turn around faster than you think.
Dude, you’re beyond fine. Honestly, don’t sweat this too much. Plenty of people (myself included) have been in similar positions due to questionable life choices from the past lol.
Like others are saying, it’s never too late to start saving and you’re still really young, brother. My advice as an almost 40yo who only got his shit together like 6yrs ago: Take the time to make a loose budget/savings plan so you can start putting some cash away. It might feel like a pain in the ass or be scary to look at how much money you’ve blown, but once that’s outta the way you can sleep easier knowing you’re making real moves to achieve financial security. If you don’t have a 401(k)/IRA, start one now. Like right now. If you have a 401(k) through work, max that shit out, especially if they match contributions.
Don’t count other people’s money because it’ll just make you sad, but if you’re seeing your peers moving forward in life and you want a similar lifestyle, use that desire and discomfort to motivate yourself to create a saving plan and/or make some career/financial moves to elevated your ability to save.
At the same time, it’s important to ask yourself:
Are these changes (ie: home ownership, 401(k), etc) actually things that I personally want for myself, or is it more of a feeling like I’m “supposed to” be doing these things but actually have no desire for any of it? If it’s something you truly want then definitely go for it! If it’s more of a FOMO related feeling however, like you SHOULD have these things and since you don’t that defines you in some negative way, that may be indicative that you want different thing in life but have some insecurities around that, and that’s totally normal.
Lastly, if partying hard in your 20s meant you were monetarily fucked for life, only like 2% of the people on this planet would be financially secure… oh wait, maybe you’re on to something lol.
Hang in there, my guy. You’re gonna be alright 👍🏽
Man I was dead broke until 32, and ain’t no way on earth everyone you know is buying a house unless you grew up in the Hamptons.
But ultimately it’s on you to mature out of this wah I have no self control and everyone is doing better mentality. Comparison is the thief of joy. And just make a real effort to have some self control. Find a very cheap hobby to get into.
At 28 my wife and I were living paycheck to paycheck with a 1-year-old. You make twice what I made at 28 but I don’t know what the COL is where you are so it might be equivalent. At 40, we own a house and if one of us lost our job, we’d be okay for a couple of months. You’re fine.
Act like you’re poor. Alcohol is SO expensive
There are a lot of great resources on Reddit to help you better understand your financial situation and start making changes. Start by checking out the personal finance flowchart: https://www.reddit.com/r/financialindependence/s/ev426LziJK
No , you enjoyed your life and did all the things you wanted. You have all the time in the world and a 65k job , you can easily make a good life for yourself.
The best time to start saving is 10 years ago. The second best time is right now.
Just get on a budget and start saving. And if that $5K is credit card debt, pay that off ASAP.
Life isn’t a race, it’s a dance. Maybe you did exactly what you should’ve, and now you’re resetting for more serious goals. Believe me, almost nobody lives without things they’d go back and do differently.
You’ve still got plenty of time. I’d start by making a plan to get your income higher. I was in your boat at 35. Talking with a friend we figured out how to buy a run down 3 family house in a very bad area. Moved in, fixed it and the rental income saved me. Within two years I bought him out.
No, you didn’t fuck your life. I was in the same situation as you at 28. Now 10 years later, I’m fine. You will be too. Lots of great advice in the comments already, so take it to heart and you’ll be good.
Everyone has given very good advice for the most part, and every time your response is basically “but I am impulsive and spend my money”. So, why the fuck are you on this thread asking for advice if your basic answer is “I’m never going to change”.
Bro, this is on you. So I’m going to give you the hard facts since your only responses are downers. Im not going to coddle you. If you aren’t contributing to your relationship, you will probably lose her.
You know what you have to do, but it’s “too hard” and you want an easy fix. You got yourself into this. There are people way worse than you. There are a lot way better as well. Either fix your shit on your own and set a budget for savings or don’t. At the end of the day you’re only hurting yourself. No one here has a hot stock tip or sports bet that is 100% going to swing you to millionaire status. And the truth is, you’re so shit with money that as soon as you got it, you’d blow it all again.
Take a financial responsibility class. Hell, talk to your girlfriend to see what she does since she has her stuff together, and learn to live within your means. I’d be 100% for you if you had even an inkling of wanting to help yourself on any of these 200+ comments, but instead you just make excuses. So, continue to fail, or take the advice so many people have laid out for you.
Dude you’re totally fine. There’s lots of numbers being thrown around here but your situation is average if not better.
>Nov 22, 2024 — The average savings balance for people ages 64 and younger ranged from $5,400 to $8,700, according to data from the Federal Reserve.
> In 2024, the average American household debt, excluding mortgages, was around $22,713,
You gotta understand a lot of people with houses and shit are deep it debt and bills. Even if they’re making good money and have money saved.
You did not screw your life up. Chip away at your debt. Pinch pennies. Put money into a HYSA like with Marcus. You got this.
lol nah dude. You’re far from screwed. I was in a similar position at that age. Been ten years and it’s been tough but I’m in a much more manageable spot. Only thing I wish I could have done was maintain a more active lifestyle because now I’m working hard to get back in shape. Never too late though. You got this.
Time to grow up man
Don’t worry about them. Are you comfortable? Have a roof over your head? Food? If all those check then you’re doing alright.
As far as savings go, my grandfather told me that as long as you put something in savings every paycheck then your doing it. Even if it’s just ten bucks or ten cents. The trick is to not touch the savings.
Nothing you can do about the past anyways. Just start doing better with saving and being responsible with your money. It might seem like everyone is miles ahead of you, but that isn’t really the reality. Way more people are struggling than you might think. You’ll be ok
Houses are amazing and they are overated. At 28 are you ready to come home to the same place everyday, forever? Are you set on your city and your career? Some people arent, some are never set. Sometimes being young and alive, having experiences and fun is important. Sounds like you need to talk to some people about homes and life. Time to set some goals. You’ll get there. No pressure
I’m 34 just caught up to zero. I just quit going out and spending money picked up a 2nd job and I’m going to work 7 days a week for a month then back down to 6 days for the next month and I’ll back down to 5 days for the rest of the time. I also picked a second jobs that feeds me (jet ski guide out of a hotel) so I get a free buffet 11-7 and I can come on my off days so I’m eating max food and paying zero. On track to actually have money by the end of the year.
Make a budget and stick to it.
What’s your rent, what are your necessary expenses, what’s your car payment, etc.
Compare to how much you spend. Cut back on things that don’t count as savings. You’ll be fine. You have like 40 more years of working ahead of you to save.
When I was 28 I was back in school with no savings too. I’m crushing it now. 5k in debt is nothing. Pay it off as quickly as you can and save.
That’s a great start!
You’re already ahead of all 28 year olds with 6000$ in debt.
Keep it up! Pay it off, keep working, don’t compare yourself to others. It’s your life and you choose when to be happy.
From all of your comments here, I think the biggest problem isn’t your spending or your debt – it’s your attitude. You don’t think you deserve good stuff – you don’t deserve your girlfriend, you’re just a loser, you just want to give up.
You need to refocus. Figure out what is going to make you feel good about yourself. Stop telling yourself bullshit like you ain’t no good, and stop believing it! The biggest difference that happened in my life was admitting that I made a lot of dumb choices, and then making deliberate, conscious steps to do better.
What brings you joy? These have to be holistic; they can’t be self-destructive like drugs, alcohol or gambling, because that will only make shit worse. Figure out what you love to do, and start doing that. And try looking in the mirror and telling yourself good things. You won’t believe yourself at first but keep at it.
The fact that you have decided to stop the partying lifestyle and start saving is proof that you didn’t “fuck your life.” Yes you’re a few years behind some of your peers. But you can easily turn things around.
Start by making two budgets.
One for your normal, employed expenses. Don’t get too deep in the weeds. Rent, bills, loan payments, etc.
The second one is unemployment. What you’d cut out while unemployed and living off of unemployment, snap benefits, etc. Compute your out of pocket expenses for six months to one year of unemployment and make that your cash savings goal.
You negative $5k debt. Knock that thing down. If your out of pocket expenses allows you to pay 1% of that debt, do that. If you can pay 10% of that debt, do that instead. Add that payment to your first budget and make that payment automatic. If you can swing a little over $208 per month, that debt will be gone in 2 years.
Finally, put in up to your employer’s match in your 401k. It isn’t much, but you have 50 years of work ahead of you and the market is down right now, so everything is on sale. Once you pay off your debts, add that to the 401k amount. You’ve been living without it for this long so you won’t miss it. Also, set up your 401k contributions as Roth contributions. Pay the taxes while you’re working so you won’t pay taxes in retirement.
The rest advice is pretty simple – build your worth per hour to the point where you can max out your 401k and save enough for a home down payment. In the meantime, find friends who like to do things you enjoy but won’t destroy your budget. You’ll have to let a few friends go, but it sounds like a few of your friends have let you go as they moved up the success ladder.
Get a second job or upgrade your skills on your current one.
Spend as little as your possibly can.
Work as much as you possibly can.
Stop making excuses for yourself as if you’re not as capable as every other person that has been on that situation and worked their way out of it.
Come back in 5-7 years and give us an update on how well you did and how much h better life is on the other side.
Yo, so so so MANY people would be thrilled to have $5k in the bank. You’re all good. Just save your cash and get to work!
Hey dude I started my life over at 28. Alcoholic turned sober with less money to my name than you at the time. I own a house have solid savings and have been contributing to retirement funds.
If you’re willing to put in the work and start making smart money moves you can 100% be okay. Don’t compare yourself to anyone else. Start with a budget – YNAB is what I use. You need to see what you spend. Then from there start tackling financial goals.
most people in the United States have zero savings
From my readings over the years, I would say that most Americans (can’t speak for global) begin saving and investing in earnest during their 30s. Good thing you realized it earlier.