What percentage of your income should you save?

[joy101]

However, if you do not have huge bills on your table , you can decide to save 30% of your income. More so, saving such percentage is very encouraging because you will have more money in the bank.

You are right, when you are saving such percentage it is very encouraging and it will help you to save more money, before you can know it you have save enough money for the future use.

 

[Syldan]

I think it depends on the level of your earnings or income generation.

You can decide to save like 50% or even more than that depending on how much you earned and the level of your expenditure too.

 

[Ononivami]

I think it depends on the level of your earnings or income generation.

You can decide to save like 50% or even more than that depending on how much you earned and the level of your expenditure too.

You have made a very wonderful point! The amount or percentage you will save from your income depend on your total earnings and it will vary depending on the amount you are receiving at the end of the month.

 

[Chibson]

I would recommend to save 10% of your income because savings has a lot of advantages . It is crucial to save so that you can save your future and invest to protect your future as well.

Saving just 20% is not advisable in my perspective. You need to save up to 20% and invest up to 30%. Without that you may not achieve financial freedom.

 

[Riberet19]

It is a good question, but to answer it the individual the first thing that has to do is to see how much expense he has, knowing this he could make a calculation of how much he has left over per month, and know what is an adequate percentage that he could save monthly, the less expenses you have the more you should save certainly, if your expenses are very close to your salary you should try to reduce expenses.

 

[Joy123]

I believe that you can save 20% of your income (even if you are a beginner, you can start saving 10% of your income slowly and gradually increase it.) it's also depends on how much you are earning.

 

[Syldan]

Personally I sees savings depending on the amount of income you earned both online and offline.

You are not supposed to save more than what you earned but advisable you save like 20 or 30% of your income for the future.

 

[Chibson]

I believe that you can save 20% of your income (even if you are a beginner, you can start saving 10% of your income slowly and gradually increase it.) it's also depends on how much you are earning.

Yeah, anyone who finds it very hard to save should start saving little by little. The person can save 10% in the first few months and as time goes on he or she can increase it to 20% or even more.

 

[Ernestnari]

It is ideal to save about 20% of your total income. If you can't do up to that level you can still do fine with just 10%. It also has to factor in the level of income. People with high income tend to have higher disposable income and higher savings.

 

[Heatman]

No doubt, one of the best way to build your wealth is by saving consistently even if it is small. Experts in finances that everyone should try to save at least 30% of their income every month.
Also when you collect a paycheck the first thing you should do is to save that percentage first before you spend on other needs that you might have.

Once you have built discipline saving consistently like this, you are on the right track to wealth.

Being able to save any percentage of your money is strictly dependent on the amount of money that you are actually earning when checked with the responsibilities that you need to take care of. This is because if you are earning small and you have many responsibilities to take care of, you will find it very difficult to save a higher percentage of your salary.

 

[Henrywrites]

This rule really works for me, but not 30 percent is a lot for my earnings, but I started with 10 percent and now I already save more than 15 and the most important thing in this matter is discipline. And I wish that in the near future I could save 30 percent and it would not be a big blow to my financial affairs

Starting from a comfortable rate in terms of savings is good. You won't want to save more just to go hungry for the rest of the month. This is why I will always advise that caution is applied when one is planning to start saving a part of thier income as what works for person A may not work for the other person.

 

[Good-Person]

Being able to save any percentage of your money is strictly dependent on the amount of money that you are actually earning when checked with the responsibilities that you need to take care of. This is because if you are earning small and you have many responsibilities to take care of, you will find it very difficult to save a higher percentage of your salary.

Well, you may need to become very strict when it comes to saving money. Saving money will benefit you in the future and the lesser you spend, the more you will be able to save. I am not saying that a person should become really stingy. However, buying things that you need and avoiding buying unnecessary things is the key in here.