How much of our take home salaries should we save for a comfortable future?

by ABSIVAKUMAR in General Discussions

85 135 1.33k

10 years ago

These are days of hyper-inflation, and the Government is largely helpless. Things are going out of hand with each increase in petrol prices.

We have just one choice -- to save a good amount of our fixed salaries for the future. What exactly is the percentage? While I guess it should be around twenty percent, many others opine that it should be even as high as thirty percent, as only this kind of a saving can help us fight inflation.

What are your views? I would like to hear from Members, and based on their views, one can always take better decisions.

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rambabu

1.49k 32k 218.8k

10 years ago

#379494

These are days of hyper-inflation, and the Government is largely helpless. Things are going out of hand with each increase in petrol prices.

We have just one choice -- to save a good amount of our fixed salaries for the future. What exactly is the percentage? While I guess it should be around twenty percent, many others opine that it should be even as high as thirty percent, as only this kind of a saving can help us fight inflation.

What are your views? I would like to hear from Members, and based on their views, one can always take better decisions.

Necessities vary from person to person. So are the priorities. Additionally, the size of the family has to be taken in to consideration.It's only the person concerned can know what and how much to be saved. Not others.

usha manohar

704 19.5k 126.1k

10 years ago

#379501

Common sense says that you shold have at least 6 months of your monthly expenditure tucked away in your sb account or in a FD. If you spend Rs 20,ooo per month you should have set aside at least 1 lakh to 1 lakh 50,000 .for future emergencies.If you start working on that and save on a regular basis you will be able to save a substancial amount which can be invested...

Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

vijay

31 4.98k 28.3k

10 years ago

#379531

At least 30% of gross salary should be attempted to be saved in long term savings like FD, Mutual Funds, shares of good companies, insurance policies etc. Liquid funds can be anywhere 3-4 times salary. However in reality it would depend on many factors and may vary between individuals.

Taniya Choudhury

18 278 1.76k

10 years ago

#379535

I think it depends on the amount your monthly expenditure. It is wiser to save as much as possible and curbing the expenses given the present economic conditions.

I love writing and sharing ideas

rambabu

1.49k 32k 218.8k

10 years ago

#379536

First and foremost task is to identify the most essential things ,minimizing the less essential things and finally completely discarding the non essential things is a must. Spending on cosmetics and pleasure trips should be kept to minimum. On the whole, you should be able to see your savings thus saved.

Mousumi Ghosh

59 2.72k 23k

10 years ago

#379539

Both saving and expenditure is driven by the amount of salary you receive each month. It is always better to identify needs, wants, and desires and put aside some money every month for rainy days. A contingency amount, a saving which you can fall back on in case of emergency.

“A mistake is a crash-course in learning” – Billy Anderson

rambabu

1.49k 32k 218.8k

10 years ago

#379545

I always ensure that I do not spend more than my monthly fixed amount. Not going for loans is also a saving.

Gulshan Kumar Ajmani

3.48k 21.9k 176.9k

10 years ago

#379563

My idea is that everyone should save 10% for future liability. This saving should be constant and withdrawn only in real emergency.

G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

ABSIVAKUMAR

85 135 1.33k

10 years ago

#379971

I have seen all replies to the topic I initiated. Generally, there seems to be some agreement that if we save between twenty and thirty percent, we can be very comfortable in future. In fact, we need to factor in the inflation, which is a real cause for worry -- at over eight or even ten percent, year on year. I think saving with a twenty year span is the best.

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