Fixed montly savings

[cocobaby]

I understand that fixed monthly savings will depends on your montly take home pay.

There is always a saying .........at least to save 6 mths of salary to keep for raining days (out of job or for emergency etc).

I discipline myself to save 30% of my take home pay which does not include monthly payment of endowment policies and life insurance plans which comes up to SGD 450 per month.

I have two bank accounts just for my savings which I can monitor and discipline myself.

I do have friends with no savings or even cant save at all. Some of them in mid 30's dont have a sum of 10K or any endownment / life policies.

Anyone to share what is too much and or too little.

 

[lovingyou]

Sufficient and right amount is up to the individual.. What are the lifestyles that you are leading, any family commitments etc etc.

 

[whynot123]

nowadays, prudent savings alone is not enough.
With bank interest rate keeps plummeting & inflation rate is at 3-4%, we lose the value of our $$ saved in the bank.
we also need to invest strategically to get better returns.

i have cash savings in bank, life insurance, hospitalization plan, term insurance, investment in unit trusts, investments in blue chip stocks, and now, investment in gold as well. hv been doing this in the past 8yrs. the blue chip dividends/year alone can surpass the bank interests by many folds. but of course, there's risk attached to it as well. no risk no gain.

 

[powder]

coco,

dun mention frens, they shouldn't even be in the equation of the post. u just need to put aside 12months of your expenses... (6mths isn't good enough at all)

why i say dun mention frens is becos like the typical sporean, u might find comfort n security that they are worse off than u, which is kinda wrong. and also - wat makes u think their parents dun have 500k put aside for them, or that they are more than capable of being supported?

u'll then be screwed into thinking u have a 'partner' to suffer with... next thing u know they have rich parents to supply them all the cushion they need, and u'll be feeling shitty as u brave the storm alone.

many donkey years ago in sec school, seems the whole class didn't study for exam... or at least everyone declare they didn't study... when the results came, u know who studied and who didn't, but most importantly - u know who Lied.

so dun bother with pple around u in setting standards for yourself. just decide your expenses, the kind of job industry u'll be setting your career in, and figure from there... cos some industries very fast find job, some very long...

as a habit i dun set aside anything cos finding a job is easy for me. besides i think the Best saving habit - is to have the best earning habit, meaning u earn Much more than u can spend... so u end up saving much more than If u earned lesser.

 

[mrs_beast]

Powder's comments abt school exam is so funny and yet so true. But i have difficulty saving, once got $, tempted to spend. don know how..

 

[otelle]

Open one more bank account and discipline yourself to park some $ in this account and do not withdraw. Soon you will see the $ increasing and you will be more tempted to save one day. Perhaps this help.