facebookHow much % of take home salary do singles out here save? Also, What is an average % to save / good to save for singles? - Seedly


13 Nov 2023



How much % of take home salary do singles out here save? Also, What is an average % to save / good to save for singles?

Is 50 a norm or should be saving more?

Discussion (26)

What are your thoughts?

Learn how to style your text

% 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

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:

  1. 20-30% Rule:A commonly recommended guideline is to save 20% to 30% of your take-home salary. This includes contributions to savings accounts, retirement funds, and other investment vehicles.
  2. 50/30/20 Rule:Another popular budgeting rule is the 50/30/20 rule, where 50% of income goes to necessities, 30% to discretionary spending, and 20% to savings and debt repayment.
  3. Emergency Fund:Experts often advise building an emergency fund that covers 3 to 6 months' worth of living expenses. This can provide financial security in case of unexpected expenses or job loss.
  4. Retirement Savings:Saving for retirement is crucial. Financial planners often recommend contributing at least 10-15% of your income to retirement accounts like 401(k) or IRA.
  5. Personal Goals:Consider your personal financial goals, such as saving for a home, travel, education, or other major expenses. Allocate a portion of your savings toward these goals.
  6. Living Within Means:It's important to live within your means. Analyze your spending habits and adjust your lifestyle to ensure that you can comfortably save while meeting necessary expenses.
  7. Adjust for Circumstances:Individual circumstances vary, and life events such as student loans, medical expenses, or other financial obligations may influence how much you can save.
  8. https://kingselectricals.co.uk/

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.

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.

Whichever amount you are comfortable with and you can slowly do adjustments from there

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...

Write your thoughts