I was always taught by my parents to save as much as you can, I find it helps having goals...I always try and save for my next purchase or just put money away for a 'rainy day'.
I try to stick to a 60/40 plan meaning I put 40% of my income into savings with 10% going towards retirement savings, 10% for short term surprises, 10% for long term surprises, and 10% for my current goal of saving for another Antarctic cruise. For the most part it works for and when I cannot put away 40% I can usually still do the 10% for retirement and the cruise even if I am actually moving money from my short term or long term part of savings to those parts.
No, you're not. I'm not a parent, but a few friends of mine who work in the financial industry told me that this is a common thought error. Parents want to do everything for their kids, often to their own detriment. But think about this. If push comes to shove, your kids can take out loans, or they can get scholarships, or they can work part time while they're in school to pay for their own education. You don't have any of these options when it comes to your retirement.
I am trying the best I can because emergencies do come up when you lest expect it but it's been so hard to do when I have very little coming in.
I am unable to save money presently because of various demands and expenses but I'm also trying to increase my online earning that will enable me to save some money per month.
Please please please tell me what you do for a living, those of you who save above $100! I save around $50 and considering my paychek I am good at saving.
In this tight economy it's tough to put anything aside, however I have been able to invest a little every pay period, and when I say "a little" that is exactly what I mean. E-Trade makes it kinda fun because you can see your gains and losses and play around with all the financial tools they offer. Since I am investing long-term, and only a small amount per pay period, it's not something that affects me one way or the other, at least not in the short run.
I've been told about etrade. In fact a friend of mine set me up with an account once. I'm deathly terrified of investing on my own though. I would rather pay a professional to do it for me... except that I can't afford to do this right now.
My question is, Can you pay everything you need with only the 60% of your salary? I think it's really hard to do that. Usually, people aren't available to save up that amount of money. That's why the advice is to put aside only the 10%
We automatically take $400.00 out of my husband's paycheck every two weeks and put it into a separate bank account for savings. I take anywhere from $150-$200.00 from my paycheck and I put it in the savings account. This really does help save extra money. I would recommend doing this. Most banks will do this for you.
I could actually live on less than that. No, I do not make much money, but my main job includes free room and board. I really do not make much and my income is very varied in that my freelance work and other sitting jobs are not always consistent, but my only non-entertainment expenses are my cell phone bill and scooter insurance.
You're pretty lucky. Most of the people I know can hardly live on the salary they're making, even when they don't spend any money on frivolous things. Then again, most of the people I know have incredibly low incomes (musicians and artists... go figure) and don't get free room and board.
I see, now I can understand how you do to save up that percentage of money. It's really important to have less non-entertainment expenses.
I'm trying to do that, too. But I don't know many ways to earn money on the internet so my savings are too small and I use them if I order sometnig in Ebay or other sites!
It really depends on my finances. Sometimes I find myself living from paycheck to paycheck, but other months I have a little left over that I put in my savings. I just opened an actual savings account last month and I was feeling great about it!
I put everything into savings and only spend when I absolutely have to. I still never seem to have saved enough money haha but then again when is there ever enough money?!
I try to put 10% aside to cover things, but always have to end up taking just about everything I saved up back out. I have a new job now that pays really well so I'm hoping that I can put it aside and leave it there now!
I love coupons. But sadly there aren't any coupons in my country! There are just some discounts on some products! But you aunt's way is a great way to save some money! Maybe the next time when I buy something on lower price I will put aside the rest of its price! That's a really good idea
I put money aside from every paycheck I receive, but sometimes I need to use that money for emergencies. It becomes really difficult to save money when you keep spending it, but I hope to have a little something left over for food. I often use my savings for unexpected things that goes wrong, sometimes my laptop will stop working, and I need to buy a part to fix the computer. Another example is I might need to pay a bill, and I will take money out of my savings to pay for it. I really hope I can start saving because if I keep spending I won't have any money left for myself.
I have the same problem! When I try to save up money, I always spend it before getting enough money to buy what I really want. I've always wanted to buy a tablet for example, LOL
