How much of your salary should you save for the future?

@bindishah (2062)
India
March 1, 2007 1:45am CST
Thanks to everyone who responded to my discussion about whether to save money for the future or spend it on the present. So we should save a bit of it for the future and spend a bit of it now. Approximately, how much of your salary do you save for the future?
1 person likes this
5 responses
@littlemoo (317)
• Australia
1 Mar 07
I didn't see your original thread, so I'm just going to answer this post as I read it, and tell you how I manage all my long and short term goals. My general rule is 10% goes into saving for the future. 20% I get to save for fun stuff, like holidays, or gadgets, or stuff that I consider a big treat for me. The other 70% is for my everyday household bills, groceries, necessities. If I have any left over after that pay fortnight, the extra goes into my "savings for the future" account, never to be touched again. OK, maybe not never, but it will only be touched for an investment of sorts. That's how I bought my car outright after 3 and a half years of working. I didn't need a loan, I just went with a cheque. Admittedly, it's a little car, but it was the biggest thing I've bought outright, and I'm still damned proud of that achievement. The best part is, I didn't even feel like I was trying! That 10%+ over 3 years slowly accumulated without me even trying, because what I didn't see, I didn't miss! I learnt to manage on 90% of my wage. OK, so this doesn't work for everyone. But I'm sure if you stick to a certain goal, you can make it work for you! Tweak the numbers until you're happy with what you can accept, and make sure you stick to it, come hell or high water! I hope you figure out your formula for saving, and get to do everything you want to do in life!
@soumyaraj (401)
• India
1 Mar 07
If I had the option I would like to the save at least 50% of my salary .....but most of the time I dont use my salary atall .....because my husband tell me to use his salary only and keep my for emergency....fortunately which hasent come yet ....and I pray it never comes..... May be after a while I would buy something which my husband would always treasure....
@chardyme (1631)
• Philippines
1 Mar 07
at least 20% of your salary you should save. i think it's enough to make you rich in the future. :-)
@weezy250m (1892)
• United States
1 Mar 07
I take 20% of my income to my savings. Then if sometime in the future it grows. Then i'm going to invest it.
@joby_09 (498)
• Philippines
1 Mar 07
ideally, you must save at least 20% of your earnings. but this is really hard to do. for small earners like me, my salary is just enough to compensate for my expenses. No savings at all!