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Anonymous
Is 50 a norm or should be saving more?
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The percentage of take-home salary that individuals save can vary widely based on personal financial goals, lifestyle, and living expenses. There isn't a one-size-fits-all answer, but financial experts often recommend following general guidelines for budgeting and saving. Here are some common suggestions:
Ultimately, the "right" percentage to save depends on your financial situation, goals, and comfort level. It's recommended to create a detailed budget, track your spending, and regularly review and adjust your savings plan as needed. If possible, consider consulting with a financial advisor for personalized advice based on your specific circumstances.
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Alois Oh
17 Nov 2023
Solution and Data Architecture Lead at Woh Hup Pte Ltd
As a single person, I aim to save at least 15-20% of my take home pay to meet my financial goals. I automate transfers to my savings accounts, have an emergency fund, and contribute enough to get employer retirement match. Saving more is great if I can swing it, but I'm careful not to deprive myself too much. My savings rate is tailored to my individual circumstances.
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Whichever amount you are comfortable with and you can slowly do adjustments from there
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Hui Juan
15 Nov 2023
Content Manager at Seedly
You can follow the 50 (expense) - 30 (wealth) - 20 (save) rule for starter, but you can adjust depen...
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% is a guideline. 50% of 5k will still achieve less than 20% of 15k.
More importantly, you can think of what is your end goal e.g. the house u wanted to get and how this amount of money can get you there