How much could one save per year probably with $20,000 in student loan debt to pay back? I want to pay as much as I can as soon as I can once I get out of college and get a real job instead of the part time stuff that pays crap while in college. But, I am acutely aware that even waiting until I am 30 to start saving for retirement will cut by a lot how much I can get saved than if I start out at 25. Man, I will be eating ramen noodles for a couple years or something...lol.
My wife had that much. She put 6% in an a 401(k) with 3% employer match and then put 10% of take home into an IRA until she hit the max contribution.
Do you need to scrimp and forgoe luxuries you want? Yes. Sacrafice is needed but pays off large dividends.
One of the easiest sacrafices to make but often over looked is in the choice of car. My wife has been pestering me to get myself a new mini-van for several years. She wants us to get a new Chrysler T&C. I will not do it. I will continue to drive my paid for, 225,000 mile 1991 Toyota Previa. The amount of money saved each month just in not having a car payment allows for the reduction of other debts and reduces the possibility of needing to add other debts.
And in 10 months her car will be paid off freeing up another $289 a month for faster debt reduction and increased savings.