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[QUOTE="Mika, post: 257551, member: 29399"] Given the current economic climate and inflation, you need to save as much as you can. Most people can save only 5-10 percent of their take-home pay (after tax deduction or provident funds cut). However, considering the increasing expenses and the emergency funds we might need in the future, 5-10 percent saving is not enough. So, how do we save 20 percent or even 30/40 percent of our take-home pay? Here is a simple strategy. Make a list of your expenses and categorize your expenses into categories like necessities, wants, and luxuries. You cannot cut your necessities because you need them to live. You might also not be able to cut your wants because that’s how your life becomes interesting, however, what’s the role of luxury in your life, when you do not have enough savings for the future. Even your expenses under the wants category can be cut for certain months. You might also adjust your necessities by switching to cheaper alternatives for food or moving to a cheaper neighborhood. [/QUOTE]
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