Saving a Part of your Income is Necessary

[raaman]

Saving a portion of the income we earn is definitely needed. However, saving money is a tiresome task for almost every person. At the same time, it is also important to manage your money in a better way.

With costs of everything and lifestyle ambitions rising higher and higher these days, the task of saving some money becomes all the more difficult as well as challenging. However, saving is a necessity for every one of us.

It may be difficult for some and easy for others. Gathering the power of will go a long way in saving some money, but what helps even further are following some good money saving tips.

 

[Alexandoy]

This is a nice topic but it is easier said than done. When I got a high-paying job for my first employment I thought that I could save to buy a house since I was single at that time. But every payday the money seemed to just pass by my hands. I am generous to my family especially to my mother but that is not the problem. When friends would invite me for a night out I would go and spend. Worse, that became my lifestyle for some years because I enjoyed it. There was no savings to speak of although the debts are minimal and manageable. With a family I learned to be frugal but still no savings because we had a baby. I did not expect a child to be expensive (lol). When I reached middle age that was the time that I got financially independent, no more debts and I have full control of my spending.

 

[Sam Dede]

Saving money have never been an easy process for anybody. Making money is hard, Saving is a little bit difficult because there are always needs to spend the money on.

 

[seclete]

Personally I don't see savings as needed though it's also an option. Everyone knows how saving is very hard to do. The best form of action is to find a part-time gig that you can serve as your spending money then you can use the money you earn from your full time job for your bills, expenditure, investments etc.

 

[Augusta]

It is a necessity now to have some savings, life is becoming unpredictable and the only way to fight unforeseen circumstances especially when it involves finance is to save ahead of time, this is why it is of utmost important to have a saving. This can easily be achieved by 1/4th of one’s income being set aside either monthly or quarterly for the future expenses. I know no one want to go through unplanned issues but this is life for us, anything can happen anytime

 

[Nova]

I think if you are living with parents during the earlier years of college and the job. Then you can save at least 90 percent of that salary. And save it for few years and then get out. I think that is much better approach. And it can give you much better control over your mindset too. Always save more when you have shelter and food from some other people. And when you have your own stuff then you can move ahead with the savings and the money in your hand.

I think saving some amount of income every month into say mutual fund can also be a good option. A lot of folks that I know are doing it for years. and over a period of time I think they are in much better period of their life now. Though I won't say that saving alone is enough, you have to invest the funds.

 

[bashcomp]

Your income or the savings is the source of your food to eat and you cannot neglect it anyways.Its the most crucial thing in your life so saving some of it is important.

 

[Josemendez]

You have said it all . There is what is called emergency fund which is normally saved for unforseen circumstances which will always come out .

This helps one to take care of such situations without running helterskelter for how to raise the money to tackle the issue.

This is why most people follow the 50-30-20 rule when it comes to structuring their money.

One without a good saving plan is planning to fail ,because he has nothing to look up to when things gets bad.

Another reason is that things are getting costly and thus one need to have a good savings in order to meet up with the high cost of things

 

[Ithedicious]

The point is that people are to try as much as possible to save the little money they have because it is absolutely necessary, but some people might just give an excuse that the economy of the country and how things are difficult is a challenge and is the reason why they cannot save some money.

Inasmuch as this is also a contributing factors but this shouldn't really be the reason why we can't save money because at the end of the day if you are not able to start up a business or establish anything that will really help you in the future, you are the one that will be responsible because we can't hold anybody responsible for our success or failure.

Some people who cannot save their money because of how difficult it is to make money should rather consider having more than one source of income because so many people consider this to be one of the most simplest way of making money.

Personally I try as much as possible to save as much as I can , If I cannot save the little money I have I will make sure I have another source of income to help me save.

 

[sincerem]

I understand high cost of living, it isn't easy to save up when the prices of goods services are high. Here in my country, prices of products have tripped in the past 12 months, it's just like weird, but it seems the inflation is going out of hand too, the prices of products aren't showing any signs of going down, making it just hard to come up with reasonable amount of savings when your income isn't covering for your primary needs. For you to save, it means you can happily solve your primary needs first and when you have remainder you can keep that one as savings. But whereby your earnings aren't high, and your primary needs becomes bigger than what you earn, I don't think such a person can save up at the moment. Unless he or she is squeezing things money can buy and buying low, adjusting his or her demands just to fend out for savings. Not everyone can do that, trying to cut down their most important needs just to save up, even eating less amount of meal just to have savings, and improve your life in the future. Some can do it, but not everyone.

 

[Shigobad2020]

If you are aiming for a better future , by wanting to start a business of your own , or you also have a project like building a house or buying a vehicle in the future , then you need saving most especially when your income is not enough to get what you needed to secure your dream at once .

There are ways in which you can start saving for what you need but you need to make a good and necessary research concerning the actual amount you needed and also plan on what you will be needing for your personal upkeep and at home before you know and decided on the percentage that you needed , when i study myself and my responsibilities , I realises saving between 30 - 40% of my salary will be sufficient for me without going back to the money .
Some can stick to the plan but some people are greedy and cannot save without going back there .

 

[eldavis]

Saving a part of your income is indeed necessary but not compulsory, though I am not in support of does who do not save anything form their earnings as it is not a wise decision, but the choice is left for you to make in the end. Some persons might also ask how much percentage is needed for saving, the truth the matter is save according to your pocket.