What percent of your income should you save each month?

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  1. Marcy Goodfleisch profile image94
    Marcy Goodfleischposted 3 years ago

    What percent of your income should you save each month?

    Do you have a savings?  What's a good percent to put away each month, assuming you can afford to start saving money?

  2. supremeupbeat k profile image66
    supremeupbeat kposted 3 years ago

    I want to save 90% but succeed to 10% only.

  3. Millionaire Tips profile image92
    Millionaire Tipsposted 3 years ago

    I think that the "experts" recommend 10%, but I found that if I saved 50%, it gave me a lot of flexibility in how I spent my time.  I think it depends on your income and the amount of your fixed costs, but increasing your income and reducing your costs, so-called fixed and especially the frivolous things, would allow you to save more.  You do have to be careful to not go overboard and should allow yourself to have a splurge now and then.  My splurges tend to be small dollar amounts though.

  4. fpherj48 profile image79
    fpherj48posted 3 years ago

    Marcy.....After I pay the bills.....mortgage, utilities, car pmt, insurances, credit cards, etc....fill the tank with gas, buy some groceries and incidentals, there's usually a birthday, anniversary, graduation, wedding, baby shower or holiday of some sort to recognize......but I always make sure my last 35 cents goes into the coffee can!!   It's very important to me, so I'm religious about it!   Just this year I've been able to save $11.56.  This is down a little from last year but there's still time for me to catch up.
    Hoping by the end of the year to be able to have as much as 20 bucks.

    Looking forward to my vacation in Hawaii by my 97th. birthday.

    1. DzyMsLizzy profile image95
      DzyMsLizzyposted 3 years agoin reply to this

      I hear you on that, Paula!  You're lucky to have that 35 cents left! We can not even afford to buy gifts for anyone anymore, including the grandkids, and that really hurts our feelings.

    2. fpherj48 profile image79
      fpherj48posted 3 years agoin reply to this

      Believe me Dzy....I simply cannot "spoil" the kids....but we shouldn't do that anyway, right?   12 grandchildren, 1 great grandchild.....4 sons + 4 DILS.......17 separate special occasions (JUST birthdays!!)  LOL...oh yeah.....Oh NO!

    3. Sparklea profile image73
      Sparkleaposted 3 years agoin reply to this

      Paula, you are a RIOT!  My best friend has 14 grandchildren and a few great grands.  WOW!  I send my grandkids a card and a $2 bill on the holidays except Christmas & birthdays.  They LOVE the $2 bills1

    4. fpherj48 profile image79
      fpherj48posted 3 years agoin reply to this

      Sparklea.....I love 2 dollar bills too!.....My birthday is April 10th!  You missed it for this year, but it's OK if you send me TWO 2 dollar bills next year!!

  5. profile image0
    Larry Wallposted 3 years ago

    Naturally, it depends on how much money  you make. If you have a minimum-wage job and do not live near your parents, or have a spouse and children you are not going to save much.

    When I was working at my last job for 23 years, I increased my savings as my salary increased by contributing more to m 401K.
    I started with five percent and was up to 15 percent the last few years. With the aid of a good broker, I could invest it well.

    So my short answer is to increase your savings as your income improves. One person I know skips every other pay raise and deposits the money in savings--a workable approach.

    The amount is important, but having a consistent plan for savings is also important. Hit or miss savings will not provide security. A plan to save what you can afford, even it it means skipping the new car one year, then save that amount regularly.

    Finally, I have seen a lot of retirement predictions, and they always assume that you are going to start spending the money saved to finance your retirement. Your plan should be to use the money earned as interest and dividends to finance your retirement and to leave the corpus or base amount intact  so it can continue to earn income. Even being unemployed for several yeas, this has been the approach  I have used. We are not going to Paris, but money is not the reason. Other unexpected circumstances make that impossible.

  6. profile image0
    Lee Cloakposted 3 years ago

    In Ireland at the moment and for the foreseeable future being able to save any amount is but a dream, at the end of the month there is nothing left, Lee

  7. LoisRyan13903 profile image81
    LoisRyan13903posted 3 years ago

    What you can afford.  Usually it is 5-10%, I do have 15% of my  paycheck put in my 401K (pre-tax).  But even if you can't afford a percentage, try to put $5.00 each time you get paid.  Then try to build up your savings until you get three months of living expenses saved up, just in case something happens and you are unable to work for a while.  Then if you get a monthly bill paid off, keep paying on it but not to a bank but to yourself by putting it into your savings.

  8. peachpurple profile image83
    peachpurpleposted 3 years ago

    All our hse expenses, education are paid by hubby. No idea how much he put aside.

 
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