What's a good ratio to consider? any tips to save more after just coming out of school?
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Ernest Yeam Wee Leong
23 Dec 2019
Content Creator at www.youtube.com/c/JustBeingErnest
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Cedric Jamie Soh
22 Dec 2019
Director at Seniorcare.com.sg
I used to save only 20% of my salary.
while a friend of mine save more than 50% of her salary.
I used to think that making money is way more important than saving, especially for people of young age (I was barely making $3k when I graduated)
However now i think a good saving ratio at the start of your work life helps to prepare you for the future.
Go for a high ratio that you can afford while still at a comparatively comfortable social life. :)
(as in, you can still afford to date and socialise sensibly)
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Bjorn Ng
22 Dec 2019
Business Analyst at 10x Capital
Hey there! Well.. I honestly do my best to save 50% of my salary! As much as I can.. I know that I will only spend on what's necessary. Even up till today! With that said, I don't actually keep very close track on what I spend.. It's definitely important but my personal view is that it makes me more stingy.. So yeah. Haha! But at the start, try your best to build up at least 6 months of emergency funds first!
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As much as possible basically.. For me when I started, I saved up to 50% of my salary. As long as you are prudent, you would be able to save a lot more.
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I would say depends on your liabilities.
For me, my fixed expenses when I just entered the workfor...
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I will say instead of asking for the perfect ratio, first find out what exactly you spend every month first. Then the leftover money is what you can save.
Saving 40% per month should be quite good already unless you income is quite high then you can save 50-70% and that will be good enough.
I write cool stuff about personal finance and money-saving hacks here.