How much out of your income should be kept for saving purposes.

[CALVINDOL]

When an individual saves money he or she is totally proving to others and to him or herself as it is totally ready for any unforeseen occurrences and circumstances that possibly tries to occur in the future and it is totally true that the future is so much filled with unforeseen and uncalled circumstances that's possibly to some extent would totally need the involvement of money to handle and to resolve . When an individual do not save money he or she is definitely putting him or herself in a very critical condition , because when life hit him or her very hard on areas that totally need money to be resolved that could be a very critical and uneasy situation . There is totally no specified amount that an individual should possibly allot out of his or her income for the purpose of saving , but what is definitely advice is that whatever amount we tend to separate out of our income for the purpose of serving it should be of reasonable value and considerable amount .

The act of saving money is totally important and the benefit is inexhaustible mentioned . According to commercial textbook and financial handouts it is totally advised that we save more money in as much as we spend because they serving of money is considered to be beneficial compared to the spending of the actual . And if we should spend money out of our savings is definitely should be on things that are important and pressingly-needful to us .

 

[TOZZIBLINKZ]

I personally totally agree and concur with you on the area where you made mention that's when an individual saves money he or she is totally proving to himself and also to others that he is fully aware that the future is filled with totally unforeseen and uncalled circumstances and occurrences that to some extent would need the existence of money to be able to resolve successfully and adequately . Money has the capacity and the capability to clear debts and in order for an individual to successful clear his or her debts he or she indeed need to be ready to save money possibly a lot out from his present source of income .

There is no specified or exact amount of money that should be removed from an individual income that is to be meant for handling future unforeseen circumstances but what is advice is that whatever amount we which to allot for saving purposes it must be offer reasonable amount and of reasonable value because most of the times in order to accomplish resolving unforeseen circumstances a totally need a great deal of money .

 

[Mika]

A lot of people say you need to save at least 10 percent of your income. However, my strategy is to save at least 20 percent of my income. When I receive payment, I deposit 20 percent to my savings account. In a few months, when my money in my savings account accumulates, I use some portion of that money to make an investment. You need to save money but saving money alone will not minimize your financial risks or grow your wealth, you also need to invest your money. I have portfolios on stocks, crypto, and equity in businesses. I built all of these through saving, I first started saving, and then started investing. I don't invest everything I have saved. I always keep some funds in my savings accounts, this will allow me to manage life during financial difficulties. Some people say you can actually save 40-50 percent of your income.

 

[Shigobad2020]

Saving is very important in life and you need to be saving in order to acheive many things , you might be saving for the future just in case of any uncertainty or responsibilities like spending that might comes up that you did not plan , spendings like your children's school fees and some rentage fee and many more which are unforseen and need to be tend to .
You might be saving up to start your ideal business which will also need money and time of saving , it might take up to two or more years before you can finish saving the money needed .
And when saving , you must first check your responsibility to known how much you are spending to know the amount you need to be saving weekly or on monthly basis .
In my own opinion , I normally saves up aeiund 30 - 40% of my salary depending on my responsibility for the month .

 

[eldavis]

Though there are so many persons put there who save specific amounts, but for me I do not have a specific amount I save on a regular basis. I tend to save whatever I can when I can. What happens if you are not able to earn enough to save up your regular amount? Or what happens when you earn more than you normally do, would you still save the standard amount or make an increase. I also do not save based on what others save, cause what they might call little and save, might be my entire earning and vise versa.

 

[Augusta]

The first thing anyone should understand is that saving us good. it doesn't matter how much you want to start saving the thing is to just start saving that's the truth. it is good to save not just for retirement but to always have money.

As life is so unpredictable nothing is promised or sure as such one needs to be careful with money. You need to start saving to be sure that you are have money for emergency. The truth is that sometimes urgent situation come up and you need to rise to the occasion if you want to nip the situation in the bud as early as possible

So if one can save up to 10% income monthly then. it will go a long way both for the retirement funds and even emergency funds. But the fact remains that we need to always save to have money for the rainy day

 

[Ithedicious]

The point is that there is no way we can be saving money more than what we are spending because we have so many things to take care of in our lives and all these things will require money. In fact it will be very difficult for people to be saving 50% of their monthly earning , most especially those that are working for the government in a much more lower categories.

I know its quite possible for people to save 40% and 30 depending on the salary they are earning.

It's not really about saving of money but we also have to plan towards making use of the little amount of money we have made for proper and profitable things.
A lot of people may be saving money but at the end they still don't know what to use this money for , In any case people that are working for any organisation should try as much as possible to save 30% of their monthly earning.

 

[Heartstrings]

I don't think there is a specific amount of money that should be kept,it depends on your daily expenses and how much you earn. But if you must make it a mandatory to save from your income,I think 20-30% is okay and anytime you can't meet up when there's a new bill then it's all good.

If you are a monthly earner,30-40% is okay,also depends on how much you earn and your bills. If you are a business man/woman,is better to save up a good reasonable amount of your profits, but the thing there is that it depends on every individual,what works for me may not work for you. I may have much bills to pay while you don't. Every individual has what works for them.
As we save,we should also Make a plan towards it and not just save for saving sake. In all we should save for no one knows what the future has in store for us all.

 

[Mastergp]

Well it would be nice to add your own plan on the amount of money one would like to save but as one is thinking of doing so they are other problems that may pop out or arise from no way and most of this problem are very critical which may force one to spend much money including all our savings or path of them, and as it keep on draining our income we may get affected financially, well it would be good to save 40% of our income because was we keep solving the present issues other issues may result in the future that might need our attention and at most time we may not get much income at that period of time one could depend on his saving but depending on your saving doesn't mean we make use of all of them but one need to make wise use of it so that he won't go broke or stranded at some point. Making money depends on the person controlling the business.

 

[Peninsula]

There is no one correct response that applies to everyone. It varies from person to person and is dependent on the requirements and preferences of the individual.