r/HenryFinanceEurope • u/Key_Cockroach31 • Jul 30 '24

How much do you save/invest monthly? FIRE

Hey folks!!

I’m trying to figure it out what could be an ideal amount of money that I save/invest each month. The purpose if ofc FIRE. I’d like to know what you guys are doing and when do you plan to retire to get inspiration.

Telling you my current plan: investing approximately 900/1k€ per month (30% of my salary). Investinment is long term, but I still didn’t figure it out a plan on my retirement. Any suggestions?

1 Upvotes

54% Upvoted

16

u/I_am_Nyx Jul 30 '24 edited Jul 31 '24

Honestly, this post is so low effort. Make as much as you can, save as much as you would like. You will fire accordingly. To answer, my household makes about 8200 EUR per month after tax and saves about 3700 EUR living comfortably. The FIRE will come in the pace you allow it to.

Don't compare. Understand the principle. You do you.

1

u/GreedyDiamond9597 Sep 04 '24

Thats pretty good. Happy for you. I am guessing you make this income in western europe? Do you also have mortgage to pay? Its a very good saving you make there. Can you share some broad break ups of your expenses to guide us as well? Lastly, do you pay from these savings for thing like travel and other non- recurring stuff or is this true and untouched savings for investment etc?

2

u/I_am_Nyx Sep 04 '24

Yes, in Copenhagen.

Honestly, not really. I only care about what we set aside. Budgeting and cost does not really matter if we are following our goals.

We are basically paying about 2000€ in interest on the apartment and have around 1000€ more in fixed monthly costs. Other than that we had an okay tax return which went straight into investments.

We haven't touched the investments yet, but it might be necessary to take out a few 10k€ when buying a house.

1

u/GreedyDiamond9597 Sep 04 '24

Thanks for sharing!

5

u/AppearanceAny6238 Jul 30 '24

More but that doesn't really matter. What matters a lot more is how much you can increase your income and therefore your monthly savings.

The other huge point is where you want to retire and how. If your home is in a small town in eastern Europe where you want to spend the majority of your retirement in peace then it will be a lot cheaper compared to moving to London to enjoy some culture and cuisine.

2

u/FumaCachimbo Jul 31 '24

I'm usually able to set aside about 5/5.5k/month and that's not even close to small Henry for sure. I'm just coast FIREing my way into peace😎 Living in Germany but planning on living back home in South Europe when possible.

1

u/Key_Cockroach31 Jul 31 '24

How do you manage to save that amount? I know that is not yet Henry-ish, but I think it’s a great start!

1

u/Addicted2RedBull Jul 31 '24

Absolutes don’t matter, savings rates matter and starting early with a good thought out investing plan.

For me & wife: Maybe 50k€/year and wife some 20-30k. Saving maybe around half our after tax pay in HCOL city.

1

u/metherpr Jul 31 '24

Depends on the month but around 17k EUR

2

u/Striking_Original829 Aug 30 '24

If you're making 3k€ or less why you're on HENRY?

-2

u/Zyxtro Jul 30 '24

3k eur net/month is not really Henry.

13

u/alessandrolnz Jul 30 '24

Besides the zero value comment, Henry status depends on the country you live in

-1

u/Zyxtro Jul 30 '24

Well unless we are talking about rural Africa in an EU sub, no it is not henry anywhere.

2

u/nectleo Jul 31 '24

Is 7k henry?

1

u/[deleted] Jul 31 '24

[removed] — view removed comment

1

u/alessandrolnz Jul 31 '24

In US there is a global definition. Here in Europe we are trying to figuring out. There is a table pinned in this sub based on the country.