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I am currently earning $850 from my part-time job. from this, i save $350 and an additional $200 for a prudential plan that i have. is that enough for savings or am i supposed to be doing more?
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Zac
03 Feb 2021
Noob at Idiots Invest
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Bullythebear
03 Feb 2021
Tutor at Self employed
I think that's crazy savings you have in terms of percentage. Well done! I think the next step is to see how to improve your total earnings. Savings = earnings - expenses. I think you've shown yourself to keep your expenses low, so the next logical step is to try to improve your earnings!
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Pang Zhe Liang
03 Feb 2021
Lead of Research & Solutions at Havend Pte Ltd
Generally, you should save at least 10% of your monthly income, and your total savings ratio should ...
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You're already saving a lot for the amount you earn. Good job.
But there's only so much you can save from a certain amount of income. Earn $2k, save 100% = $2k. Earn $10k, save 20% = $2k. One is compatible with life, the other is not..
So the next step would be to increase your income. Life is meant to be enjoyed. Spend within your means, but increase those means so that you can enjoy life.