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Txxnz

20 Jul 2021

Adulting

Budgeting Tips

I am relatively new in the workforce (abt 1.5years) and I would like to know what is a good % to set aside for spending and saving?(: I have monthly commitments for insurance premium payments and my other main expenses include transport and food.

Discussion (3)

What are your thoughts?

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Hi its depend on your spending style and habits u have.
Normally for myself since I'm still a student I don't earn much but I try to allocate my money in this way
4,3,2,1
40%- expenses
30%- investing
20%-saving
10%- insurance
In the case if u don't invest u can always put it as saving and save up a emergency money first which is about 6 month of your salary/expenses

This is just my way of doing my budgeting.
At the same time I do use seedly expense tracker to track all my spending to ensure I'm on the track and not overspending

View 1 replies

It depends really on your take home pay and what are your habits.

Most people should be able to save at least 20%. However, this would unlikely be sufficient for FIRE.

If your pay is around 3k range, it should be easy to save and invest around 30-50% of your pay given main expenses are food and transport.

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