I've been setting aside 30% of my salary each month but find that I cant cover all my expenses. I've got a car loan + expenses, insurance premiums, income tax (we're allowed to pay in instalments), utilities and I give money to my parents too. Don't have a mortgage to pay yet because I'm staying with my grandfather. All these expenses take up almost half my salary and there are other expenses too of course. I was thinking of investing in stocks but I dont think I can afford to at this point in time.
Was thinking of reducing my savings rate to 20% and maybe increasing it again when my salary is higher. Anyone has any advice on what is the optimal percentage of your salary you should save? I know that alot of financial advisors say that you should have at least 6 months of your current salary in the form of savings and I'm pretty much covered for that.
So, how much do you guys save a month?
Was thinking of reducing my savings rate to 20% and maybe increasing it again when my salary is higher. Anyone has any advice on what is the optimal percentage of your salary you should save? I know that alot of financial advisors say that you should have at least 6 months of your current salary in the form of savings and I'm pretty much covered for that.
So, how much do you guys save a month?
