Chim Chim
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At least 10%. Put it away before you do anything else. You won't even miss the money. Once you're comfortable with that, up it to 15%.
Build up an emergency fund of 6 months income, then do a Roth IRA. |
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dumbbbutttholeee
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Before thinking of a savings fund, one should have three months pay available for emergency fund. Once you have your 3 grand, review your life's goals, monthly expenses, hopes for the future. Of course try to make sure you have some health insurance and a life insurance policy wouldn't be bad to look into if in the event of unexpected death, especially if others are dependent on you. |
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Charlie Bucket
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10% is a good place to start, so $25 per week, and this amount will grow as you earn more. |
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Rev. Dr. Al Poe
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10 percent. |
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Paul V
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Put 10% in a savings account at a bank with a good interest rate and one that is not where your current checking account is. Do not get an ATM card for that account so it is harder for you to take the money out. |
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robertochahin
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10% is the common rule of thumb |
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Mr KIA
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Don't know what your expenditures are but Start with $20.00
This is impossible to anser without knowing what bills you have each month |
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celebrate
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Pay your bills then save what is left over. If you like to have extra money to spend put 10% of what is leftover in a separate place to save for entertainment or what ever extras you want. |
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The Lemur
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Yah that's not a big income. I would invest more in learning a trade or something at this point. If you can double that income then youll be able to save a LOT more. |
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Ricky J.
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You can live on that!?! What are you,,, a gerbil? |
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nicdon
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I was told to always save 15% of my paycheck....that would be 37.50. It doesn't seem like a lot but it will grow over time....and you'll still have the money to pay your bills. You should keep it in a seperate account too so the temptation to spend it isnt' there.
If you have no bills then you should save more if you can. Basically you want to save as much as possible while still being able to get along. With the economy the way it is you want to have a nice cushion for an emergency. Also, if you plan on buying a house at some point it would be helpful to have at least 20K down payment. |
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D D
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What plans do you have for your savings? Do you have bills that exceed your current income level? After you pay your bills/taxes/etc. how much cash is left? Even if you have $2.00 left over I would save one ($1.00). You'll be ahead of the game if you do. Best wishes! |
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hawks1690
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Hi,
The answer is it is up to the individual. Have a look at the following site which is full of tips resources and advice on proper budgeting and planning
Thanks
http://good-financial-planning.info |
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Sharon M
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If you can save 25 a week your doing real good. If you can do 50 your doing great but remember if you put too much away and then you need in mid week then you tampered with your savings which can and will be a bad habit. If 100.00 dollars a month can turn into 1200.00 and you dont need to touch it then by all means put it in an account to make the interest worth your while and good luck with all you choose to do in your life |
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rapnroc
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at least $50...a week |
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mitch9262002
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10% of whatever you take home is a good place to start. I have my check direct deposited to two separate accounts. All but $25.00 is depositing into checking and the rest goes into savings. |
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lilmissdisorganised
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Make yourself an envelope budget system and see how much you have left after all the essentials are paid, and you have allowed yourself a budget for clothing and entertainment etc. Then save that. But dont put it all in an account that you have difficulty getting access to. You should keep some in a standard savings account so you can withdraw it in an emergency.
I wish i had followed your idea when i was younger. |
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Ralph N
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as much as you can. set up a checking/saving acct. at the end off each month--sweep the ck acct money to savings. watch your balance so no bounce cks. |
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lord_balanon
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Do you have any expenses or are you just deciding between party money and saving? But, here is a suggestion-
Take whatever you make and subtract whever month-to-month expenses you have (rent, car payment, phone bill, etc). Split the rest up three ways equally:
1) Spending money
2) Savings for something big (trip to Cancun, new car, etc)
3) Save for retirement. Maybe put it in a Roth IRA because your taxes now are way lower then they will be later and you can take the money out to help buy a home without penalty. |
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JustinGR81
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depends on what bills you have to pay first! |
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kelly
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Everyone needs to have a saving no matter hoe much or little you make, okay here is the "Never go Broke Plan", if you make 250.00 a week, then automatically pay your self first, what I mean by that is take 10% out of that so that would be 25.00 a week or 100.00 a month and stick that inot savings now take another 10% out of that and turn over you tithes, if it wasn;t for the grace of god then you wouldn't have that job and when you do watch all the doors and blessing open up to you and promotions ( remember if he can't trust you with a little then whay with a lot.) Then stick the rest of it in your checking account and pay your bills and live your life off of it, but never get your lifestlye totaly dependpent off of your full paycheck that is where people sink and destro there self so fast. Be Blessed and ihope this has helped you as far as me it has and that is why we are not struggling as everyone else. Oh, and one more thing never get into credit card debit, have one yes for emergency only, if you don't have the cash now for it what makes you think you will in 30 days and why do you work so hard for your money and then throw it out the window with all the high interest rates? |
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Raider
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150 |
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