I'm a single and live separately from my parent. What do you think of how much money should I save from my monthy salary? Is it 20%, 30%, 50% or more? Any advice pls?
2007-07-30 17:52:16 · 4 answers · asked by p|nky 2 in Business & Finance ➔ Personal Finance
Try to save as much as you can, but at least 30%. Good luck.
2007-07-30 17:59:30 · answer #1 · answered by BlueDal 3 · 0⤊ 0⤋
It depends on what your goals are. The sooner you want to retire, the higher the percentage you should save. If you want to work 30 years and retire, save at least 20% of your pre-tax salary. Save more if you want to retire sooner. If you expect to have kids at some point, saving more is good, because you'll want the money for their college expenses. There's really no such thing as saving too much. The worst that happens is you have a lot of champagne and caviar in your golden years.
2007-07-31 04:23:18 · answer #2 · answered by Uncle Leo 5 · 0⤊ 0⤋
Try to live on 60% save 10% for short term goals, 10% for long term goals, 10% for retirement and spend 10% on fun. Short term goals are things like Christmas that are less than a year away and surprise expenses like car repairs. Long term goals can be saving a good emergency fund, down payment on a home and a car replacement fund. Fun money can be used for vacations, going out to dinner, attending weddings anything that makes you life not so drab.
2007-07-31 00:59:02 · answer #3 · answered by shipwreck 7 · 1⤊ 0⤋
30%, straight in the bank. if you can save more, definitely try.
2007-07-31 00:59:19 · answer #4 · answered by vegas 4 · 0⤊ 0⤋