Say you only make $232 dollars a week. How much would you put back in the bank?

Answer 1

I would put none in the bank. I would look for a pre-tax investment (like a 401K in the US). I would try to put at least 10% pre-tax, even on that income ... 20% would be better.

Answer 2

I suppose it would depend on your circumstances. The general rule of thumb is to try to save at least ten percent of your income, but if you are supporting yourself on that amount of money, it may not be possible to save much of anything.

On the other hand, if you're a student and Mom and Dad are paying your way, or you have your living expenses covered through scholarships and student loans, I would say try to save ninety percent, because when you get out of school you will need every penny of it for making those student loan payments, paying first and last month's rent for your new apartment, and for transportation to work.

Answer 3

At about $12,064 a year you are on a tight budget. I suggest you sign up for automatic payroll deductions into a 401K that is tax exempt and have the employer put 5% into it. That way you will not be tempted to change your mind after you cash your paycheck. And it builds up nicely at compund interest.

Answer 4

half