Carpon
Valued Contributor
Your income affects your savings in so many ways and you will agree with me that you can't save more than you earn. I cannot be earning $ 200 per month and save $ 250 monthly. That is impossible because my entire earning is not up to what I plan to save.
This gives us an imprint and assumes that I must first analyse with relation to what I earn, what I will save.
A lot of times people strain themselves to save but that must not be it. You should have a good savings plan which will not allow you to squander too much and still not make you pressured and under stress.
It is advisable that your earning becomes not less than 10% of your total income and not more than 50% of the total income as well.
This will help make sure that you save to a good amount and not over do the act to the point it becomes detrimental to you and your personal life.
A good savings plan is a good step towards making good progress as a person who is intentional about making it in life and also making an impact and leaving a mark as well as living a life of comfort
And one thing to be taken into consideration is that your savings plan must be updated optimally. If you make a certain amount of income and you make a plan relative to it. You must know that as your income increases you will as well make amendments to your savings plan and increase it to the level of your income. This still applies to when your income drops. Your savings plan will also do same if not you may end up in debts just in the bid to save a good amount.
Your earnings therefore determines your savings!
This gives us an imprint and assumes that I must first analyse with relation to what I earn, what I will save.
A lot of times people strain themselves to save but that must not be it. You should have a good savings plan which will not allow you to squander too much and still not make you pressured and under stress.
It is advisable that your earning becomes not less than 10% of your total income and not more than 50% of the total income as well.
This will help make sure that you save to a good amount and not over do the act to the point it becomes detrimental to you and your personal life.
A good savings plan is a good step towards making good progress as a person who is intentional about making it in life and also making an impact and leaving a mark as well as living a life of comfort
And one thing to be taken into consideration is that your savings plan must be updated optimally. If you make a certain amount of income and you make a plan relative to it. You must know that as your income increases you will as well make amendments to your savings plan and increase it to the level of your income. This still applies to when your income drops. Your savings plan will also do same if not you may end up in debts just in the bid to save a good amount.
Your earnings therefore determines your savings!