Savings
By sunita64
@sunita64 (6469)
India
10 responses
@milk_shaking (227)
• United States
4 Dec 06
I wish I could afford to save 30% I think we actually put up ( anod not touch ) about 5% of our earnings but we also make a semi-annual contribution to IRA's and things like that.. We are becoming more and more finacially stable as the years go on we are a young family Im only 24 and my husband is 26 and we have two children so we are learning and growing but we are self sufficent.
1 person likes this
@milk_shaking (227)
• United States
7 Dec 06
I am Native American and my children both have a trust fund with a dividend deposited into it twice a year of about 4500.00 each deposit, saving for my childrens future isnt really nessecary. once they turn 18 they will have access to this account assuming they have finished their high school education and if they havent finished school they have to wait until they are 21 years old..
I as well receive this check, we live a nice life it's just what's in savings is very minimal that is actually going up to retirement only 5% like I mentioned above but as far as what is in my savings bank account( well... it's enough )
@Desdemona (1301)
• Canada
28 Nov 06
I say you should take 10% off every pay cheque and lock it in the bank.
1 person likes this
@tarachand (3895)
• India
27 Jan 07
You should save as much as you can, the amount depends upon the nature of responsiblibties you have and your income. As an advisor (I am a qualified Financial Advisor), I suggest to my clients that they must have at least two months income amount that can be liquidate easily to meet emergencies, which could be built to around 6 months income over time. And this should be topped up as often as you can, or maybe invest in mutual funds or other asset clases.
@katrina21 (116)
• India
10 Dec 06
Savings depend on your needs and on your responsibilities as also your ultimate goal for the savings. If you are saving for retirement, and hope to retire soon, then saving the maximum you can manage will help you to retire sooner.
If you have kids, you will have expenses which you cannot totally avoid.
If possible save at least 30% of your income before taxes. Then you could achieve financial freedom in about 10.5 years (assuming a return of about 15% from equity over the long term)
Investing in equity is the only way to beat inflation over long periods (more than 7 years).
@mygreyparrot (1461)
• United States
7 Dec 06
I've always heard you should have at least 3 months worth of paychecks saved up in case you lose your job. Lots of other people say at least $1,000. I try to keep as much in savings as possible.
@fluffhead (79)
• United States
7 Dec 06
I Agree-3-6 months worth of expenses is a good target for your cash reserves. If your expenses are $1000 per month, try to maintain reserves of $3000-$6000 at all times if possible.
