How Much Money Do You Set Aside Every Month?

Everyone is different in their risk aversion but personally I would see investing in the stock market as a last option when just starting out. Personally I think the first thing is to have money in a high interest account you can access for emergencies or big purchases. I would say at least 5,000 but probably closer to 10,000 depending on your situation and if you own a home. Even if not, that money can also be useful for a car when you need a new one. After that is topped up, I would look into putting away money in approximately thirds. A third in liquid savings you can gather and purchase cd's with, a third in mutual funds, and the final third in stocks. After things grow and change I would readjust everything and take a different route, but if just starting out I think that is one of the safest routes to go that will give you a solid base to feel confident.

 

I have a couple of insurance investment (paying around $50 monthly) for my retirement (senior years). And I also set aside a few bucks a month (between $10 to $20) for emergencies. Advice for saving up? - Just always think "long-term".

 

The rule of the thumb is to save at least 10-20% of your income every month. But saving is not the only way to financial freedom. You have to learn personal finance. Saving is not the only thing you need to know.. you need to alse be aware of how you manage your debt.. how important it is to also have an emergency fund (aside from the savings), you also have to keep note of the risks specially if you are the breadwinner of the family.. and most of all, if you are able to make it a habit to save and other areas of your finances well managed, you may also consider putting some of your savings towards INVESTMENT. Goodluck to you!

 

I save around $80 per month. Half of it goes to my emergency fund while the other half goes to my investment fund. I also tend to save more by putting the coins that remain from my daily allowance to my piggy bank. I also do a little bit of online work that enables to me to save more money that I can put to my ongoing businesses.

 

I always put aside 20% of my monthly salary aside. Half of it goes to my emergency fund while the other half goes to investment in form of socks. The investment keeps me going because I believe my money will eventually work for me.

 

I have no specific amount of money which I save each month because my earnings aren't fixed. Instead I set a limit on the amount of money I spend each month. This does help with the savings because no matter how much I earn I don't get to spend more simply because I have to save a specific amount of money at the end of the month.

My savings usually are invested but I do have an emergency fund at home, just in case and I add a little money to it every two months.

 

Personally, I like to save as much as possible. Besides setting aside money for tithing (not church tithing, fyi) and my emergency fund, I ferret all my extra money away, and then if I want to buy something I actually sit down and look at my accounts and seriously consider whether or not I really want the thing I'm thinking of buying. Some people are successful setting up a certain amount of 'play' money and saving the rest, but with that I always that I A) make lots of little purchases that -while small- I don't really find useful or B) I would have preferred to save that money and buy a bigger ticket item.

I haven't started investing yet... quite honestly I still dislike having my money in a bank, but I've seen too many horror stories on legal websites about people that have had their money stolen by the police and not returned to try keeping it at home.

 

I think you should set aside a set amount, but then also add any extra that you might still have available to you at the end of the month if you can. I would never say that you should go without having fun or anything, because life is too short for that and you only live once, but by preparing for your future you are taking good care of yourself.

 

Would you believe it if I told you I put away almost 90% of what I earn? I work from home and have been a freelancer for about 2 years. I have no cc debt, and no repayments to make. I live rent free with my mum because it made much sense, no matter how much people talk about the need to go away. I don't feel that need. I am an entrepreneur building a business on the side, and I prefer building a business instead of worrying about what anyone thinks.

Words of wisdom? Well, I had a high paying job and I used to trade and invest in the stock market a lot. I even delved into options, forex, trading penny stocks, and buying bonds. Here is what I learned - the stock market is a ponzi scheme. Stocks go up when more and more people invest and they go down when people pull their money out.

In any other investment vehicle, its always the opposite. For example, if tomorrow fewer people started purchasing houses, the price of my home would actually go up or stay the same. At least I have some say in it. With stocks, the moment someone pulls out the money, the stock crashes. Also, you can't compete with computers that trade a zillion times a day and manipulate stocks.

I never realized how much money I was burning through because of brokerage and stocks because I had money coming in every month.

This is why, when I say I put away the money, I mean I literally save money in a low yield savings account. Right now, I can go out and buy a nice sedan all cash! That's the power of cash. Also, I buy bonds and some silver. And I lend money to other people online. And I market online -
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I would like to see a single stock yield that kind of a return.

The funny thing is I was always strapped for cash when I was working full time bringing in 6k a month. I just struggled with cc payments and what not. Now, all of that is in the past.

 

I set aside a mere £20/month currently. Finances are better than they have been, and I have no debt, so all money goes to building a small savings pot.

 

I do not earn much from both my freelance gigs and full-time job so I can save as much as $50. If I save more than that, I'd fall short. I still have insurance, utility and credit card bills to pay every month. On a more regular basis, though, I can save around $25. I automatically deposit the amount to my personal savings account. I have another account specially designated for paying bills.

 

My husband is all praise for me when it comes to budgeting money especially that concerning our savings. In the olden days, I used to keep some pesos every day that is the excess of my daily allowance. But later on the pesos became hundreds and now it is thousands that I keep from my salary. Last December, I made an inventory of the money I had saved in 2015, it was surprising that it amounted to 76,000 pesos, that's about $2,000. Not bad eh?

 

I always make sure that I do have savings every month. I do maintain a personal savings and a joint bank account with my husband. We also have some investments like health insurance and bought a small farm as a part of it.

 

I am working on a savings account right now and I try to put $100 in every couple of weeks when we get paid. Sometimes that is too much money and I end up having to pull a little of it back out, and other tunes it all gets to sit in the bank. It is a delicate balancing act that is for sure. I do not have an investment account at the moment, but would like to eventually get one.

 

It is suggested to have 6 months expenses set aside for an emergency. I have not been that good at setting that much aside but I do see the need and the wisdom of setting money aside for a latter need. One way to save money is to have a whole life insurance policy that is growing a cash value that is available for a loan that you do not have to pay back but will reduce the final benefit amount paid out.

 

I've been putting away 20% of whatever I earn. The rest of the money is used for household/living expenses and whatever is leftover from that goes into my rainy day funds(our fun jar).

 

Nowhere near enough! Some years back I was able to put away about 25%-30% of my salary when I was still in the corporate world. It worked out very well for me. Unfortunately these days I freelance and run my own business and I'm not able to save anywhere near that. Once things do stabilize in coming months, hopefully I'll be able to start putting away 5%-10% and then gradually build it up.

 

I normally do not save money on a monthly basis preferring to go as the situation dictates. There was a time I used to save money in form of coins which I got as change and it was a convenient method of fast accumulation of cash. However, financial contingencies and lack of advance planning put paid to the effort. I think the best way to save is to invest in a passive income fund.