How much would one need to earn monthly to build up savings of $1k in a year?

[Kross]

Many people have savings goals for each year. Some have very big savings goals while others have very minimal savings goal.

As far as savings goals go, the income of a person would determine if that savings goal would be met.

How much do I need to earn monthly to a achieve a savings goal of $1k in a year?

 

[Fidelia]

A single person that earns up to $300 every month would be able to have savings up to $1k at the end of the year. That's just hypothetical.

 

[Augusta]

But really it's not about how much you earn it's about being self discipline. Some people are not just disciplined to save money

 

[eLdavis]

To be able to achieve the goal of saving up to one thousand dollars a year, you need to be able to save around $83 to $85 per month.

 

[Fidelia]

To be able to achieve the goal of saving up to one thousand dollars a year, you need to be able to save around $83 to $85 per month.

And that means you must have met all your basic needs and had that as extra funds somehow. That should be an income level of $200 monthly.

 

[eLdavis]

And that means you must have met all your basic needs and had that as extra funds somehow. That should be an income level of $200 monthly.

Exactly, you need to have been able to sort out all your financial needs for the month first before you can completely do this.

 

[Augusta]

To be able to achieve the goal of saving up to one thousand dollars a year, you need to be able to save around $83 to $85 per month.

This is a huge one. It's not easy to save this amount every month. Unless you are having a good job

 

[eLdavis]

This is a huge one. It's not easy to save this amount every month. Unless you are having a good job

True, with our current economy, to be able to save this can of amount monthly and still handle all your expenses, is no easy feat.

 

[Suba]

Everyone's income and expenses are different, so we can't pinpoint the exact amount of income needed to save $1,000 a year. But generally, we can use the formula: income = expenses + savings.

If you're asking how much you need to earn each month to save $1 a year, assuming your expenses are $300 per month and your savings requirement is $84, then your minimum income is $384 per month.

 

[Nomad]

You will have to save save at least $80 per month to reach $1k saving target. How much you need to earn to save that amount depends on your expenses. For me I need to make at least $1000 per month.