How much of your income should be allotted for saving.

[TOZZIBLINKZ]

When an individual saves money he or she is trying to prove that he or she is indeed cautious and alert about the future because the future is definitely filled with a whole lot of unforeseen and uncalled occurrences , actions , activities , and circumstances that would definitely need money from time to time to be able to resolve and to harness . With that being said a whole lot of people I caught up with the question on what amount of money out of their income should be allotted or kept for the purpose of saving . Well I am going to tell individuals who are actually caught up with this question that there is no place that they can find a specific answer on what amount of money that they must save out of their income and that is because individuals incomes varies just as our works , jobs , businesses and whatever means that we used to earn a living varies .

And so with that being said what is definitely advice and recommend is that whatever amount of money we choose to take out of our income for the purpose of saving must be of reasonable amount and of reasonable value . And also it is advised that the money allocated for saving should be higher and way more greater than the ones we used for spending . But anyways that is not mandatory because majority of individuals possibly have various priorities and responsibilities to accomplish with money but as a single individual or student that could definitely be applicable to you .

 

[Ajebo25]

if you have another way by which you can earn income that will sustain you for a whole month then I'll advise you to save all your income for future use but if you think that there is no way by which you can make any extra income apart from your salary then I'll advise you to save what you know that if you save it, you won't be affected financially but if you think that you really need the money then you can spend it then save your next salary.

for example like me now I live with my parents so I don't need to take care of my personal needs which means that any money I make online is going straight into my savings account or my personal needs which I know my parents will refuse to buy for me for some best reasons known to them.

 

[Augusta]

No matter how much we earn it is pertinent to do some savings. like I always state out here life is very unpredictable there's always room for emergency and a lot of times we might not have money handy so you would need to get money from your savings. Now if you were not saving how would you be able to tackle such a problem

Saving has personally helped me have an emergency case quickly resolved. I sometimes wonder what would have happened if I didn't have my savings intact. it is not even advisable to loan out your savings no matter the person involved.

When it comes to big projects you can save like 20% of your income so that you can have something tangible at the shortest possible time. But you need to always save even if you don't have any project at the moment it will help you take advantage of anything cheap at a particular time.

 

[mmrahmantitu]

Unfortunately, there is no single answer to this question as it depends on individual circumstances and preferences. However, some guidelines can help you figure out the right amount to allocate towards saving.

Firstly, it is essential to understand that saving does not happen automatically. It requires effort and dedication. So, it is essential to set a goal for how much you want to save and why you want to save that amount.

Secondly, you can use your savings to finance your lifestyle or defer purchases. The amount that you choose to save depends on your circumstances and preferences. However, it is recommended that you aim for at least 10% of your income to be saved for long-term goals such as buying a house or starting a family.

Finally, ensure that you keep an eye on your spending and the inflation rate in the country, as this will help you determine whether your savings are growing at the same rate as your income or if there is a gap between them. If this happens, it may be necessary to increase the amount that goes into the long-term goals or cut back on other items to bridge the gap.

 

[CALVINDOL]

I personally have never read in any commercial textbook or commercial hand out where it is being speculated and enforced that this is the amount of money out of every individual savings that should be allotted or kept for saving purposes but to be sincere what is definitely advised is that whatever amount of money and individual set aside from his or her income for the purpose of saving should be of reasonable value and of considerable amount and this possibly due to the fact that the future is totally filled with unforeseen occurrences and circumstances that will definitely need a considerable amount of money to be able to handle and to solve .

Saving money in itself is kind of a way that an individual's tell him or herself that he or she is definitely prepared for the future and like I already mention future activities is always unexpected and totally unforeseen and sometimes it could be a low-risk investment that could possibly show up in the future and worthy of investing or possibly it could be as a result of unexpected illness from you or from a family member all these are something that our saving money is mainly used for resolving .

 

[Ithedicious]

Everybody will always have their own different percentage of their monthly income they will always save but sometimes it depends on so many things like the responsibilities they have to take care of and maybe other unknown factors like your location.

People that are earning so much may even save 50% of their monthly income on the saving account and that will not in any way affect their life because the remaining 50% is obviously huge enough to carry them till the next month but at the same time there are some people that can't save up to 50% of their monthly income because their earning is so low.

But it seems nowadays some people save between 30 to 50% of their monthly income for future use . 30% should be the least amount everyone should try to self. Although this depend on the amount of money you are earning a month , the higher the better.

 

[Shigobad2020]

The type of works we are doing in life normally depends and has to do with the amount of money you are earning and also has to do with your personal dedication towards money saving , because we have some people making millions of naira on monthly basis and they don't seem it fit to save any amount all because they be live the moneywill be coming like that everyday , and we also have some set of people that has target in the future , so they are saving to meet the target , while the third set of people just normally saves for future circumstances that might arises , so they prefer saving incase they need money in the future ,
Depending on your daily earning , or monthly income , i prefer saving at least thirsty to fourty percent of my monthly income because it really help me a lot .

 

[Carpon]

Savings is very vital and important. Your savings have so many ways it can help you like in times of unprecedented events or accidents.
Therefore, savings must first be recognized as vital and important.

Now, what percentage of your earning or income to save is another thing to carefully examine.
As for me I think, you must first know your spending level and see what you actually spend on. Making a scale of preference comes in as you might have to for go some things and save.

 

[King bell]

This depends on your budget and your lifestyle, but as a general guideline, about 10% of your income should be allotted to saving towards a financial goal. For many people, this is more than enough. It's a good idea to save at least a little bit, even if you can't afford to put aside much. Saving in small amounts slowly, over time, will eventually stack up and leave you with more money than you would have without putting any away at all.

Choosing the wrong financial goal is one of the worst choices that one could make. For example, when saving for retirement it's important to know how much your monthly expenses will be in retirement so that you don't spend your money too quickly and end up destitute later on.

There are a number of different things people do with their money once it’s saved such as investing or buying property.