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 M¢25  Funded By Mahalo ? |  July 19, 2009 12:20 PM

Savings?

I save 10% of my salaried income for future! Is it good or should i save more? Please share your thoughts. I am really confused.
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Interesting: williamwaco

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Best Answer  Chosen by Asker

 
July 19, 2009 03:02 PM
How much you should save really depends on ;
1. The time period you hope to achieve the money amount
2. The amount you need to acheive within that time period
3. Your Monthly / Annual Income

You should save money depending on what you are planning for your future. If you are looking to save within a short term target, then I would suggest you saving the maximum you can, to achieve the money amount within that time period.

If you are looking forward for something you can are not in an emergency, or a luxurious need, then you can consider about saving a little which remains after your spending for the month.

The salary you receive compared with the expenditures for one month is also another factor you should consider. If the salary you receive is already enough for your monthly expenditures, then you should try reducing the unwanted spending you are currently doing.

I recommend you to make a list of the expenditures and the monthly bills (water, gas, electricity ...etc) you make for a month. There you can see which you are mostly spending for the month. Then you can try saving the money by using that particular thing economically.

In my point of view, I think if you are hoping for saving money in a short term, then I suggest you putting something between 25-30% of your income to the bank. If it is not really urgent, then I think 10-15% would be enough.

Also there is a nice page in Mahalo on How to Save Money. Spend some moment to take a look at that How to Page & Sources for getting some professional ideas.

http://www.mahalo.com/how-to-save-money

Best of Luck ! :-D
Source(s):
http://www.mahalo.com/how-to-save-money
http://www.ehow.com/how_2196117_save-money-future.html

Asker's Rating:
• Good narration . keep up the good work.


Tags: economy

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Helpful: williamwaco

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July 19, 2009 03:56 PM
I would suggest saving as much as you can without having to sacrifice too much. For me, I just try to save as much as I can and only spend money on necessities and things that I really want. The rest stays in the bank as savings. The best thing to do is to make sure you come out ahead at the end of the month and not go into debt. The more you save, the better.

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July 20, 2009 12:25 AM
It really depends on where you are putting your money. If it is in a savings account or a CD, you probably aren't earning enough interest to keep in front of inflation.

If you've got your money in tax sheltered IRAs, 401ks etc- and they are invested in good mutual funds, you've got a good start!

Most financial recommend that you stash away 15% of your income into retirement. In fact, I just watched a PBS broadcast entitled Can you Afford to Retire- and one of the people they interviewed in there said that the people that do well during retirement put 15% of their income into mutual funds.

Anyway 10% is a great start! Especially when you consider that most people aren't saving anything. If you can't save 15% right now, maybe you can slowly ease up on it. Or when you get a bonus or extra income, you can put that away as well.

Keep up the good work! You're doing awesome!

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