facebookHow much should I be saving if I'm 24 years old and am currently on a 1-year contract with $2,240 take-home pay? - Seedly

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Anonymous

31 Aug 2019

Saving Hacks

How much should I be saving if I'm 24 years old and am currently on a 1-year contract with $2,240 take-home pay?

Breakdown of expenses:

  • $400 (daily)
  • $85 (bills)
  • $161 (insurance)
  • $200 (savings plan)

Not be getting married/BTO anytime soon. Parents expect me to give them money every month (amount at my discretion).

I read online that I should be saving 20% of my income, but I think it's too low.

I'd love to have guidance on how much I should be saving (& how much to give my parents).

And perhaps where is the best place for me to channel these savings. Thanks!

Discussion (3)

What are your thoughts?

Hariz Arthur Maloy

Hariz Arthur Maloy

31 Aug 2019

Level 15·Independent Financial Advisor at Promiseland Independent

20% is minimum.

When you're single without much commitments, you should be saving 60%. Once you get married and a home, that drops to 40%, and then when you have kids, you'll probably save 25-30%.

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