how should i use my salary?

Question

how much should i deposit in my account, how much should i use for my shopping,

Answer 1

use 20 percent for living, save the rest or use for housing only.

Answer 2

I think putting 10% minimum in a deposit account OK.
You should keep every receipt of things bought and at the end of each month write down what you spent. For example, so much on food, so much on clothes, so much on social occasions etc. After a couple of months of doing this you will understand what kind of monthly expenses you need.

Answer 3

Tithe 10% of your pretax income. If you don't attend a church, then give your tithe to an outreach center, missionary group, or some worthy charitable cause. You'll be glad you did.

Contribute 10% of your pretax income to your 401(k). Do not miss out on the power of compounding interest. If you don't want to contribute 10%, then at least contribute enough to get the company match. That's free money and you'd be a fool to turn it down.

If you don't have health insurance with your employer, then get it.

Don't pay any more than 30% of your take-home pay for your mortgage/rent.

Start an emergency fund and accumulate 3-6 months of living expenses.

Everything else - invest and let your money grow, buy some things that you want, or do a little of both.

Good luck!


EDIT: To the person below named Jason - I do tithe 10% of my pretax income. I practice what I preach. I don't tithe to a religion. I tithe to my church so that the church can operate, provide a living for the people who work there, and for the church to fund outreach programs. Plus, I'm a Christian and The Bible is clear about tithing.

However, notice that I gave several other worthy places to tithe to in case you are not a Christian. Thanks for giving me a thumbs down even though I gave great advice, though!

Answer 4

30% should be for housing. If you are living rent free you should be banking that for a future apartment/house.

Does your employer do 401k matching? If they do - you're losing free money by not taking advantage. Open a 401k. Open a Roth IRA.

Budget for all expenses in the month - food, gas, utilities, the Church (if you attend, it's 10%), and any other monthly expenses. Your credit cards should be paid off in full every month.

With what's left, save at least 10% in the bank, and the remainder, do as you see fit.

Answer 5

30% should be for rent/mortgage

if you can get your light bill and phone bill in there good for you
your bills should be covered before you put anything in the bank
remember over the min. on a CC payment

and if you are close to paying something off under 1 yr ie.. car loan, CC balance double up to pay it off first
lower the amount you put in the bank
then once it is pd off you can deposit 1/2 in the bank and put 1/2 on another bill to pay it off

Answer 6

Depends on your circumstances u haven't given enough info. Do u pay rent ? Do u have a mortgage? Minimum I would try to save at least 20% of my earnings.

Answer 7

God, Shelter, Food, Family, Savings, Transportation, Amenities, extras. in that order... As to how much in each category...?? 10% is traditional tithe, but your locality will determine the rest.

Answer 8

Just spend as long as you can afford it, but never ever forget to save some for a rainy day. :)

Answer 9

50% for shopping (If you have a house)
25% for shopping (If you don't have a house)